Smead Capital Management: 13F holdings, Q2 2026
Concentrated value · SEC EDGAR filings (CIK 0001427008) · Explore on the interactive board
Smead Capital Management disclosed 32 US equity positions worth $4.7bn in its Q2 2026 13F filing (holdings as of June 30, 2026, filed August 11, 2026). Its largest position is CVE at 7.1% of the reported book, followed by SPG, MRK. The top ten holdings are 54.2% of the book, and the portfolio behaves like about 23 equal-weight positions. Versus the prior filing it opened 1 new position, added to 7, reduced 24 and exited 1.
What does Smead Capital Management own? Top holdings as of June 30, 2026
Change is measured in shares against the previous filing (Q1 2026), so price moves do not read as decisions. This quarter: 1 new, 7 added, 24 reduced, 1 exited.
| # | Stock | Sector | Weight | Value | Shares | Δ shares | Action |
|---|---|---|---|---|---|---|---|
| 1 | CVE CENOVUS ENERGY INC | Energy | 7.1% | $331.4m | 13,370,631 | -10% | reduced |
| 2 | SPG SIMON PPTY GROUP INC NEW | Real Estate | 6.7% | $313.0m | 1,399,725 | -10% | reduced |
| 3 | MRK MERCK & CO INC | Healthcare | 6.4% | $300.0m | 2,334,468 | -6% | reduced |
| 4 | MAC MACERICH CO | Real Estate | 6.2% | $289.2m | 11,481,712 | -6% | reduced |
| 5 | APA APA CORPORATION | Energy | 5.5% | $254.3m | 7,808,568 | -6% | reduced |
| 6 | AMGN AMGEN INC | Healthcare | 5.1% | $238.7m | 659,241 | -6% | reduced |
| 7 | DHI D R HORTON INC | Consumer Cyclical | 4.9% | $230.3m | 1,414,221 | -6% | reduced |
| 8 | AXP AMERICAN EXPRESS CO | Financial Services | 4.1% | $192.5m | 569,063 | -6% | reduced |
| 9 | NVR NVR INC | Consumer Cyclical | 4.1% | $192.5m | 28,248 | 31% | added |
| 10 | TGT TARGET CORP | Consumer Defensive | 4.0% | $184.2m | 1,409,966 | -6% | reduced |
| 11 | LEN LENNAR CORP | Consumer Cyclical | 3.9% | $182.8m | 2,020,441 | 27% | added |
| 12 | FITB FIFTH THIRD BANCORP | Financial Services | 3.8% | $178.8m | 3,171,824 | 12% | added |
| 13 | FANG DIAMONDBACK ENERGY INC | Energy | 3.8% | $177.5m | 1,009,989 | -6% | reduced |
| 14 | COP CONOCOPHILLIPS | Energy | 3.5% | $164.0m | 1,577,846 | -6% | reduced |
| 15 | BAC BANK OF AMER CORP | Financial Services | 3.2% | $148.5m | 2,606,833 | -6% | reduced |
| 16 | OXY OCCIDENTAL PETE CORP | Energy | 3.0% | $140.4m | 2,889,985 | -7% | reduced |
| 17 | UNH UNITEDHEALTH GROUP INC | Healthcare | 2.9% | $136.5m | 328,414 | -5% | reduced |
| 18 | WAL WESTERN ALLIANCE BANCORP | Financial Services | 2.8% | $131.1m | 1,594,678 | 18% | added |
| 19 | JPM JPMORGAN CHASE & CO | Financial Services | 2.8% | $128.6m | 392,900 | -6% | reduced |
| 20 | CACC CREDIT ACCEP CORP MICH | Financial Services | 2.7% | $126.6m | 198,808 | -6% | reduced |
| 21 | U HAUL HOLDING COMPANY | 2.5% | $117.2m | 2,031,260 | -5% | reduced | |
| 22 | HD HOME DEPOT INC | Consumer Cyclical | 2.2% | $102.3m | 290,159 | -6% | reduced |
| 23 | EBAY EBAY INC. | Consumer Cyclical | 2.0% | $91.2m | 815,923 | -54% | reduced |
| 24 | ZTS ZOETIS INC | Healthcare | 1.9% | $88.6m | 1,233,210 | – | new |
| 25 | MTB M & T BK CORP | Financial Services | 1.4% | $66.1m | 277,594 | -6% | reduced |
| 26 | CROX CROCS INC | Consumer Cyclical | 1.3% | $59.0m | 489,245 | -5% | reduced |
| 27 | ULTA ULTA BEAUTY INC | Consumer Cyclical | 1.1% | $53.2m | 117,976 | -6% | reduced |
| 28 | FRO FRONTLINE PLC | Energy | 0.5% | $22.0m | 633,773 | 4% | added |
| 29 | GTX GARRETT MOTION INC | Consumer Cyclical | 0.2% | $10.0m | 275,064 | 8% | added |
| 30 | WFG WEST FRASER TIMBER CO LTD | Basic Materials | 0.2% | $8.4m | 123,878 | 8% | added |
| 31 | OCCIDENTAL PETE CORP | 0.0% | $1.7m | 65,345 | -57% | reduced | |
| 32 | ISHARES TR | 0.0% | $1.2m | 4,956 | -21% | reduced |
What did Smead Capital Management sell? Positions exited since the previous filing
| Stock | Prior weight | Prior value |
|---|---|---|
| QCOM QUALCOMM INC | 100.0% | $70.3m |
Sector mix
| Sector | Weight |
|---|---|
| Energy | 23.4% |
| Financial Services | 20.9% |
| Consumer Cyclical | 19.8% |
| Healthcare | 16.4% |
| Real Estate | 12.9% |
| Consumer Defensive | 4.0% |
Sectors cover positions whose ticker resolved to a sector; the remainder is unclassified, not cash.
Filing history
| Quarter | Positions | Equity value |
|---|---|---|
| Q2 2026 | 32 | $4.7bn |
| Q1 2026 | 32 | $4.6bn |
| Q4 2025 | 32 | $4.8bn |
| Q3 2025 | 34 | $5.2bn |
| Q2 2025 | 33 | $5.0bn |
| Q1 2025 | 34 | $5.8bn |
| Q4 2024 | 34 | $6.5bn |
| Q3 2024 | 30 | $7.0bn |
| Q2 2024 | 32 | $6.4bn |
| Q1 2024 | 32 | $6.4bn |
| Q4 2023 | 33 | $5.6bn |
| Q3 2023 | 30 | $4.9bn |
| Q2 2023 | 28 | $5.0bn |
| Q1 2023 | 29 | $5.0bn |
| Q4 2022 | 26 | $4.7bn |
| Q3 2022 | 27 | $3.8bn |
Earliest filing: Q4 2007 · 74 quarters on file
How concentrated is Smead Capital Management's portfolio?
Across every quarter Smead Capital Management has filed, its median largest position is 7.4% of the book and its median top-ten weight is 55.8%, which WhaleCreep classifies as concentrated (the gate is a median largest position of 5%). Of 135 completed holding spells, the median lasted 5.0 quarters; 32 positions are still open and their final length is unknown.