SC
Smead Capital Management, Inc. Quarterly 13F Portfolio Update (Q2 2026)
Smead Capital Management, Inc.CIK: 0001427008
ContrarianQuality / disciplined sizingDiversified strategy
Total reported value
$4.7B
Reporting period: 2026-06-30 · Number of holdings: 32
Smead Capital Management, Inc. disclosed 32 holdings in its latest 13F filing for the period ending 2026-06-30, with total reported value of $4.7B and a quarterly turnover rate of 21.9%.
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Personality snowflake
- Concentration
- 17.48
- Portfolio Stability
- 21.93
- Momentum
- 0
- Sector conviction
- 67.22
- Diversification
- 64
- Sizing Uniformity
- 93.59
Smead Capital Management, Inc.'s disclosed holdings carry a Herfindahl concentration index of 0.044 — mathematically equivalent to about 23 equally-sized positions, close to its 32 actual disclosed holdings. Value is spread relatively evenly across the portfolio rather than concentrated in a handful of names.
Position sizes are fairly uniform across the portfolio (a coefficient of variation of 0.64), suggesting a disciplined, rules-based approach to how much capital goes into each idea.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Source and citation information
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Recent moves
View source Form 13F filing on SEC.govTrim APA
-5.6% -$96.6M
New buy ZTS
Trim EBAY
-53.9% -$70.1M
Sold out QCOM
Trim CVE
-10.1% -$63.0M
Trim OXY
-6.6% -$60.8M
Holdings Map
New buyAddUnchangedTrim
Top 10 holdings by weight
Full holdings list this quarter
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | CVE | Cenovus Energy Inc | Stock-Energy | 7.11% | -1.47% | -10.07% | |
| 2 | SPG | Simon Property Group Inc | Stock-Real Estate | 6.71% | +0.38% | -10.27% | |
| 3 | MRK | Merck & Co. Inc. | Stock-Healthcare | 6.43% | -0.04% | -5.54% | |
| 4 | MAC | Macerich Co/the | Stock-Other | 6.20% | +1.20% | -5.54% | |
| 5 | APA | Apa CORP | Stock-Energy | 5.46% | -2.17% | -5.58% | |
| 6 | AMGN | Amgen Inc | Stock-Healthcare | 5.12% | -0.22% | -5.54% | |
| 7 | DHI | Dr Horton Inc | Stock-Consumer Disc | 4.94% | +0.47% | -5.58% | |
| 8 | AXP | American Express Co | Stock-Financials | 4.13% | +0.16% | -5.57% | |
| 9 | NVR | Nvr Inc | Stock-Consumer Disc | 4.13% | +1.04% | +31.15% | |
| 10 | TGT | Target CORP | Stock-Consumer Disc | 3.95% | +0.01% | -5.54% | |
| 11 | LEN | Lennar Corp-a | Stock-Consumer Disc | 3.92% | +0.92% | +27.37% | |
| 12 | FITB | Fifth Third Bancorp | Stock-Financials | 3.84% | +0.98% | +12.02% | |
| 13 | FANG | Diamondback Energy Inc | Stock-Energy | 3.81% | -0.79% | -5.55% | |
| 14 | COP | Conocophillips | Stock-Energy | 3.52% | -1.28% | -5.59% | |
| 15 | BAC | Bank Of America CORP | Stock-Financials | 3.19% | +0.26% | -5.54% | |
| 16 | OXY | Occidental Petroleum CORP | Stock-Energy | 3.01% | -1.37% | -6.64% | |
| 17 | UNH | Unitedhealth Group Inc | Stock-Healthcare | 2.93% | +0.89% | -5.38% | |
| 18 | WAL | Western Alliance Bancorp | Stock-Financials | 2.81% | +0.72% | +17.64% | |
| 19 | JPM | Jpmorgan Chase & Co | Stock-Financials | 2.76% | +0.10% | -5.57% | |
| 20 | CACC | Credit Acceptance CORP | Stock-Other | 2.72% | +0.78% | -5.54% | |
| 21 | UHAL-B | U-haul Holding Co-non Voting | Stock-Other | 2.51% | +0.42% | -5.37% | |
| 22 | HD | Home Depot Inc | Stock-Consumer Disc | 2.20% | — | -5.59% | |
| 23 | EBAY | Ebay Inc | Stock-Consumer Disc | 1.96% | -1.55% | -53.94% | |
| 24 | ZTS | Zoetis Inc | Stock-Healthcare | 1.90% | +1.90% | NEW | |
| 25 | MTB | M & T Bank CORP | Stock-Financials | 1.42% | +0.10% | -5.54% | |
| 26 | CROX | Crocs Inc | Stock-Consumer Disc | 1.27% | +0.34% | -5.40% | |
| 27 | ULTA | Ulta Beauty Inc | Stock-Consumer Disc | 1.14% | -0.28% | -5.54% | |
| 28 | FRO | Frontline plc | Stock-Other | 0.47% | — | +3.78% | |
| 29 | GTX | Garrett Motion Inc | Stock-Consumer Disc | 0.21% | +0.11% | +7.91% | |
| 30 | WFG | West Fraser Timber Co LTD | Stock-Other | 0.18% | +0.02% | +7.93% | |
| 31 | OXY-WS | Occidental Petroleum-cw27 | Stock-Other | 0.04% | -0.10% | -56.79% | |
| 32 | IWD | Ishares Russell 1000 Value E | ETF-Other | 0.03% | — | -20.88% |
Portfolio Performance
Performance for Q3 2026
+9.7%
Performance Last 4 Quarters
+27.8%
- Stdev
- +15.8%
- Beta
- +0.74
- Alpha
- +2.6%
- Max Drawdown
- -17.5%
- Annualized Perf
- +17.4%
- Batting Avg vs S&P
- +41.7%
- Sortino
- +1.98
- Stutzer
- +0.32
- Treynor
- +0.24
- Sterling
- +0.92
- Calmar
- +1
- Information Ratio
- -0.2
- Tracking Error
- +13.1%
- Stdev Down
- +8.8%
- Winning Months %
- +61.1%
- Losing Months %
- +38.9%
- Best 12 Months
- +42.5%
- Worst 12 Months
- -9.7%
- Efficiency Ratio
- +0.43
- Sharpe
- +1.1
- Stdev Sectors
- +6.9%
- Skewness
- -0.25
- Kurtosis
- -0.73
- Upside Potential
- +3.73
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2026 Q2 | 32 | $4.7B | 22 | ||
| 2026 Q1 | 32 | $4.6B | 21 | ||
| 2025 Q4 | 32 | $4.8B | 15 | ||
| 2025 Q3 | 34 | $5.2B | 33 | ||
| 2025 Q2 | 33 | $5.0B | 0 | ||
| 2025 Q1 | 34 | $5.8B | 100 | ||
| 2024 Q4 | 34 | $6.5B | 0 | ||
| 2024 Q3 | 30 | $7.0B | 0 | ||
| 2024 Q2 | 32 | $6.4B | 0 | ||
| 2024 Q1 | 32 | $6.4B | 0 | ||
| 2023 Q4 | 33 | $5.6B | 0 | ||
| 2023 Q3 | 30 | $4.9B | 0 | ||
| 2023 Q2 | 28 | $5.0B | 0 | ||
| 2023 Q1 | 29 | $5.0B | 0 | ||
| 2022 Q4 | 26 | $4.7B | 0 | ||
| 2022 Q3 | 27 | $3.8B | 0 | ||
| 2022 Q2 | 31 | $3.9B | 0 | ||
| 2022 Q1 | 31 | $4.3B | 0 | ||
| 2021 Q4 | 32 | $3.8B | 0 | ||
| 2021 Q3 | 31 | $2.9B | 0 | ||
| 2021 Q2 | 35 | $2.9B | 89 | ||
| 2021 Q1 | 35 | $2.3B | 35 | ||
| 2020 Q4 | 32 | $1.7B | 21 | ||
| 2020 Q3 | 29 | $1.6B | 13 | ||
| 2020 Q2 | 31 | $1.6B | 19 | ||
| 2020 Q1 | 28 | $1.4B | 57 | ||
| 2019 Q4 | 28 | $2.2B | 11 | ||
| 2019 Q3 | 26 | $2.0B | 19 | ||
| 2019 Q2 | 28 | $2.1B | 17 | ||
| 2019 Q1 | 27 | $2.0B | 17 | ||
| 2018 Q4 | 28 | $1.9B | 17 | ||
| 2018 Q3 | 27 | $2.2B | 11 | ||
| 2018 Q2 | 27 | $2.1B | 10 | ||
| 2018 Q1 | 28 | $2.1B | 12 | ||
| 2017 Q4 | 29 | $2.2B | 15 | ||
| 2017 Q3 | 29 | $2.1B | 10 | ||
| 2017 Q2 | 28 | $2.1B | 17 | ||
| 2017 Q1 | 27 | $2.0B | 11 | ||
| 2016 Q4 | 30 | $2.0B | 21 | ||
| 2016 Q3 | 29 | $2.1B | 68 | ||
| 2016 Q2 | 27 | $2.1B | 13 | ||
| 2016 Q1 | 27 | $2.3B | 64 | ||
| 2015 Q4 | 27 | $2.2B | 25 | ||
| 2015 Q3 | 27 | $1.9B | 84 | ||
| 2015 Q2 | 30 | $1.5B | 33 | ||
| 2015 Q1 | 30 | $1.4B | 32 | ||
| 2014 Q4 | 29 | $1.1B | 24 | ||
| 2014 Q3 | 30 | $927.4M | 20 | ||
| 2014 Q2 | 30 | $918.2M | 12 | 136473029314223126804 | |
| 2014 Q1 | 28 | $830.0M | 21 | ||
| 2013 Q4 | 29 | $726.1M | 27 | ||
| 2013 Q3 | 29 | $616.6M | 22 | ||
| 2013 Q2 | 28 | $493.8M | 0 |
Holding changes this quarter
Smead Capital Management, Inc.'s most significant position changes for 2026-06-30: New buy: Zoetis Inc (ZTS); Sold out: Qualcomm Inc (QCOM); Trim: Apa CORP (APA) — shares -5.58%; Trim: Ebay Inc (EBAY) — shares -53.94%; Trim: Cenovus Energy Inc (CVE) — shares -10.07%.
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | ZTS | Zoetis Inc | +1.9% | NEW | New buy |
| 2 | MAC | Macerich Co/the | +1.2% | -5.54% | Trim |
| 3 | NVR | Nvr Inc | +1% | +31.15% | Add |
| 4 | FITB | Fifth Third Bancorp | +1% | +12.02% | Add |
| 5 | LEN | Lennar Corp-a | +0.9% | +27.37% | Add |
| 6 | UNH | Unitedhealth Group Inc | +0.9% | -5.38% | Trim |
| 7 | CACC | Credit Acceptance CORP | +0.8% | -5.54% | Trim |
| 8 | WAL | Western Alliance Bancorp | +0.7% | +17.64% | Add |
| 9 | DHI | Dr Horton Inc | +0.5% | -5.58% | Trim |
| 10 | UHAL-B | U-haul Holding Co-non Voting | +0.4% | -5.37% | Trim |
| 11 | SPG | Simon Property Group Inc | +0.4% | -10.27% | Trim |
| 12 | CROX | Crocs Inc | +0.3% | -5.40% | Trim |
| 13 | BAC | Bank Of America CORP | +0.3% | -5.54% | Trim |
| 14 | AXP | American Express Co | +0.2% | -5.57% | Trim |
| 15 | GTX | Garrett Motion Inc | +0.1% | +7.91% | Add |
| 16 | JPM | Jpmorgan Chase & Co | +0.1% | -5.57% | Trim |
| 17 | MTB | M & T Bank CORP | +0.1% | -5.54% | Trim |
| 18 | WFG | West Fraser Timber Co LTD | 0% | +7.93% | Add |
| 19 | TGT | Target CORP | 0% | -5.54% | Trim |
| 20 | HD | Home Depot Inc | — | -5.59% | Trim |
| 21 | FRO | Frontline plc | — | +3.78% | Add |
| 22 | IWD | Ishares Russell 1000 Value E | — | -20.88% | Trim |
| 23 | MRK | Merck & Co. Inc. | 0% | -5.54% | Trim |
| 24 | OXY-WS | Occidental Petroleum-cw27 | -0.1% | -56.79% | Trim |
| 25 | AMGN | Amgen Inc | -0.2% | -5.54% | Trim |
| 26 | ULTA | Ulta Beauty Inc | -0.3% | -5.54% | Trim |
| 27 | FANG | Diamondback Energy Inc | -0.8% | -5.55% | Trim |
| 28 | COP | Conocophillips | -1.3% | -5.59% | Trim |
| 29 | OXY | Occidental Petroleum CORP | -1.4% | -6.64% | Trim |
| 30 | CVE | Cenovus Energy Inc | -1.5% | -10.07% | Trim |
| 31 | QCOM | Qualcomm Inc | -1.5% | EXIT | Sold out |
| 32 | EBAY | Ebay Inc | -1.6% | -53.94% | Trim |
| 33 | APA | Apa CORP | -2.2% | -5.58% | Trim |
Filing History
FAQ
What is Smead Capital Management, Inc. and what type of investor is it?
Smead Capital Management, Inc. is an investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-06-30), the firm manages a tracked equity portfolio valued at approximately $4.7B, spread across 32 disclosed positions.
What are Smead Capital Management, Inc.'s largest equity positions?
Based on the latest 13F filing, Smead Capital Management, Inc.'s top holdings by market value are:
1. Cenovus Energy Inc (CVE) — $331.4M (7.1%)
2. Simon Property Group Inc (SPG) — $313.0M (6.7%)
3. Merck & Co. Inc. (MRK) — $300.0M (6.4%)
4. Macerich Co/the (MAC) — $289.2M (6.2%)
5. Apa CORP (APA) — $254.3M (5.5%)
What changes did Smead Capital Management, Inc. make in its most recent portfolio filing?
In the latest reported quarter, Smead Capital Management, Inc. made 33 notable position adjustments: 1 new positions were initiated, 7 existing holdings were added to, 24 positions were partially reduced, and 1 were completely exited. The largest of these moves: New buy: Zoetis Inc (ZTS); Sold out: Qualcomm Inc (QCOM); Trim: Apa CORP (APA) — shares -5.58%; Trim: Ebay Inc (EBAY) — shares -53.94%; Trim: Cenovus Energy Inc (CVE) — shares -10.07%
What sectors does Smead Capital Management, Inc. focus on?
Smead Capital Management, Inc. is concentrated in the following sectors based on its current disclosed equity portfolio:
• Consumer Discretionary: 27.0%
• Energy: 26.1%
• Financials: 20.6%
• Health Care: 18.6%
• Real Estate: 7.6%
Investment Profile
Smead Capital Management, Inc. returned an annualized 17.4% over the trailing 36 months — outperforming the S&P 500 by 2.6 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 0.74 (less volatile than the market) and a 42% quarterly batting average against the index.
Its portfolio is broadly diversified and moderately active.
Its turnover score has risen from 0 to 22 over the past 4 quarters — a shift toward more active trading.
It has added to its CACC position over the past two quarters (+$43.1M, now $126.6M), while trimming EBAY over the same stretch (-$85.9M, still holding $91.2M).
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