SC

Smead Capital Management, Inc.

Momentum followerQuality / disciplined sizingDiversified strategy

Total reported value

$4.6B

Reporting period: 2026-03-31 · Number of holdings: 32

Smead Capital Management, Inc. disclosed 32 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $4.6B and a quarterly turnover rate of 21.2%.

Personality snowflake

Concentration
18.61
Portfolio Stability
21.23
Momentum/Contrarian
100
Sector conviction
69.99
Diversification
64
Sizing Uniformity
92.9

Recent moves

  • Add APA

    -13.0%　$118.5M

  • Add CVE

    -11.3%　$110.8M

  • Trim AXP

    -21.6%　-$102.0M

  • Add OXY

    -12.7%　$55.4M

  • Trim JPM

    -26.1%　-$58.9M

  • Add COP

    -12.8%　$41.1M

Holdings Map

New buyAddUnchangedTrim

Top 10 holdings by weight

Full holdings list this quarter

#TickerIssuerAsset SubclassWeightWeight ChangeShares Change4Q Trend
1CVECenovus Energy INCStock-Energy8.58%+2.69%-11.31%
2APAApa CORPStock-Energy7.63%+2.81%-12.98%
3MRKMerck & Co. INC.Stock-Healthcare6.47%+0.27%-12.93%
4SPGSimon Property Group INCStock-Real Estate6.33%-0.55%-12.92%
5AMGNAmgen INCStock-Healthcare5.34%-0.11%-12.96%
6MACMacerich Co/theStock-Other5.00%-0.35%-12.95%
7COPConocophillipsStock-Energy4.80%+1.08%-12.84%
8FANGDiamondback Energy INCStock-Energy4.60%+0.77%-12.90%
9DHIDr Horton INCStock-Consumer Disc4.47%-0.67%-12.92%
10OXYOccidental Petroleum CORPStock-Energy4.38%+1.36%-12.68%
11AXPAmerican Express CoStock-Financials3.97%-1.93%-21.57%
12TGTTarget CORPStock-Consumer Disc3.94%+0.46%-12.91%
13EBAYEbay INCStock-Consumer Disc3.51%-0.16%-12.86%
14NVRNvr INCStock-Consumer Disc3.09%-0.65%-12.96%
15LENLennar Corp-aStock-Consumer Disc3.00%-0.89%-12.95%
16BACBank Of America CORPStock-Financials2.93%-0.69%-12.94%
17FITBFifth Third BancorpStock-Financials2.86%-0.30%-12.88%
18JPMJpmorgan Chase & CoStock-Financials2.66%-1.10%-26.07%
19HDHome Depot INCStock-Consumer Disc2.20%-0.32%-12.89%
20WALWestern Alliance BancorpStock-Financials2.09%-0.63%-12.93%
21UHAL-BU-haul Holding Co-non VotingStock-Other2.09%-0.30%-12.99%
22UNHUnitedhealth Group INCStock-Healthcare2.04%-0.07%+12.43%
23CACCCredit Acceptance CORPStock-Other1.94%+0.21%+11.75%
24QCOMQualcomm INCStock-Tech1.53%-0.70%-12.94%
25ULTAUlta Beauty INCStock-Consumer Disc1.42%-0.38%-12.95%
26MTBM & T Bank CORPStock-Financials1.32%-0.09%-12.95%
27CROXCrocs INCStock-Consumer Disc0.93%-0.13%-13.04%
28FROFrontline plcStock-Other0.47%+0.20%+4.08%
29WFGWest Fraser Timber Co LTDStock-Other0.16%+0.09%+109.92%
30OXY-WSOccidental Petroleum-cw27Stock-Other0.14%+0.08%-1.20%
31GTXGarrett Motion INCStock-Consumer Disc0.10%+0.01%+4.36%
32IWDIshares Russell 1000 Value EETF-Other0.03%+0.01%+42.62%

Holding changes this quarter

Smead Capital Management, Inc.'s most significant position changes for 2026-03-31: Trim: Apa CORP (APA) — shares -12.98%; Trim: Cenovus Energy INC (CVE) — shares -11.31%; Trim: American Express Co (AXP) — shares -21.57%; Trim: Occidental Petroleum CORP (OXY) — shares -12.68%; Trim: Jpmorgan Chase & Co (JPM) — shares -26.07%.

Position changes disclosed by Smead Capital Management, Inc. for the quarter ending 2026-03-31, including ticker, issuer, weight change, shares change, and action
#TickerIssuerWeight ChangeShares ChangeAction
1APAApa CORP+2.8%-12.98%Trim
2CVECenovus Energy INC+2.7%-11.31%Trim
3OXYOccidental Petroleum CORP+1.4%-12.68%Trim
4COPConocophillips+1.1%-12.84%Trim
5FANGDiamondback Energy INC+0.8%-12.90%Trim
6TGTTarget CORP+0.5%-12.91%Trim
7MRKMerck & Co. INC.+0.3%-12.93%Trim
8CACCCredit Acceptance CORP+0.2%+11.75%Add
9FROFrontline plc+0.2%+4.08%Add
10WFGWest Fraser Timber Co LTD+0.1%+109.92%Add
11OXY-WSOccidental Petroleum-cw27+0.1%-1.20%Trim
12IWDIshares Russell 1000 Value E0%+42.62%Add
13GTXGarrett Motion INC0%+4.36%Add
14UNHUnitedhealth Group INC-0.1%+12.43%Add
15MTBM & T Bank CORP-0.1%-12.95%Trim
16AMGNAmgen INC-0.1%-12.96%Trim
17CROXCrocs INC-0.1%-13.04%Trim
18EBAYEbay INC-0.2%-12.86%Trim
19FITBFifth Third Bancorp-0.3%-12.88%Trim
20UHAL-BU-haul Holding Co-non Voting-0.3%-12.99%Trim
21HDHome Depot INC-0.3%-12.89%Trim
22MACMacerich Co/the-0.4%-12.95%Trim
23ULTAUlta Beauty INC-0.4%-12.95%Trim
24SPGSimon Property Group INC-0.6%-12.92%Trim
25WALWestern Alliance Bancorp-0.6%-12.93%Trim
26NVRNvr INC-0.7%-12.96%Trim
27DHIDr Horton INC-0.7%-12.92%Trim
28BACBank Of America CORP-0.7%-12.94%Trim
29QCOMQualcomm INC-0.7%-12.94%Trim
30LENLennar Corp-a-0.9%-12.95%Trim
31JPMJpmorgan Chase & Co-1.1%-26.07%Trim
32AXPAmerican Express Co-1.9%-21.57%Trim

FAQ

What is Smead Capital Management, Inc. and what type of investor is it?
Smead Capital Management, Inc. is a investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-03-31), the firm manages a tracked equity portfolio valued at approximately $4.6B, 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) — $394.5M (8.6%) 2. Apa CORP (APA) — $351.0M (7.6%) 3. Merck & Co. INC. (MRK) — $297.3M (6.5%) 4. Simon Property Group INC (SPG) — $291.0M (6.3%) 5. Amgen INC (AMGN) — $245.6M (5.3%)
What changes did Smead Capital Management, Inc. make in its most recent portfolio filing?
In the latest reported quarter, Smead Capital Management, Inc. made 32 notable position adjustments: 0 new positions were initiated, 6 existing holdings were added to, 26 positions were partially reduced, and 0 were completely exited. The largest of these moves: Trim: Apa CORP (APA) — shares -12.98%; Trim: Cenovus Energy INC (CVE) — shares -11.31%; Trim: American Express Co (AXP) — shares -21.57%; Trim: Occidental Petroleum CORP (OXY) — shares -12.68%; Trim: Jpmorgan Chase & Co (JPM) — shares -26.07%
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: • Energy: 33.3% • Consumer Discretionary: 25.1% • Financials: 17.6% • Health Care: 15.4% • Real Estate: 7.0% • Information Technology: 1.7%