Funds › Smead Capital ManagementSmead Capital Management 13F holdings, Q3 2026 Smead Capital Management disclosed 31 US equity positions worth $4.7bn in its Q3 2026 13F filing. Its largest position is CVE at 9.0% of the reported book, followed by MRK and APA. Versus Q2 2026 it opened 0 new positions, added to 9, reduced 22 and exited 1.
$4.7bn Reported equity book Sum of the long US equity positions in the filing, at the values filed. Options are excluded.
31 Positions Distinct securities in the equity book with a reported value above zero. Options are excluded.
9.0% Largest position The largest single position as a share of the reported equity book.
55.1% Top 10 weight The ten largest positions together, as a share of the reported equity book.
22 Effective positions 1 / HHI of portfolio weights: the number of equal-weight positions the book behaves like.
75 Quarters on file since Q4 2007 Quarters for which this manager's 13F holdings are on record. Holdings Against Q2 2026: 0 new , 9 added , 22 reduced , 1 exited
31 rows
Stock Sector Weight Value Shares Δ shares Action CVE Cenovus Energy Inc Energy 9.0% $422m 13.57m +1.5% added MRK MERCK & CO. INC Healthcare 7.1% $335m 2.31m −1.2% reduced APA APA CORPORATION Energy 6.8% $320m 7.71m −1.2% reduced MAC MACERICH CO Real Estate 5.4% $253m 11.30m −1.6% reduced SPG SIMON PPTY GROUP INC NEW Real Estate 5.4% $252m 1.26m −10% reduced AMGN AMGEN INC Healthcare 5.3% $247m 586,504 −11% reduced COP CONOCOPHILLIPS Energy 4.1% $195m 1.56m −1.2% reduced TGT TARGET CORP Consumer Defensive 4.1% $193m 1.23m −13% reduced DHI D R HORTON INC Consumer Cyclical 4.1% $191m 1.40m −1.2% reduced LEN LENNAR CORP Consumer Cyclical 4.0% $186m 2.28m +13% added FANG DIAMONDBACK ENERGY INC Energy 3.9% $183m 997,743 −1.2% reduced NVR NVR INC Consumer Cyclical 3.6% $171m 27,829 −1.5% reduced AXP AMERICAN EXPRESS CO Financial Services 3.6% $171m 562,102 −1.2% reduced OXY OCCIDENTAL PETE CORP Energy 3.5% $163m 2.94m +1.7% added FITB FIFTH THIRD BANCORP Financial Services 3.4% $158m 3.13m −1.5% reduced WAL WESTERN ALLIANCE BANCORP Financial Services 3.0% $142m 1.89m +19% added JPM JPMORGAN CHASE & CO Financial Services 2.7% $128m 385,586 −1.9% reduced UNH UNITEDHEALTH GROUP INC Healthcare 2.5% $119m 324,391 −1.2% reduced BAC BANK OF AMER CORP Financial Services 2.5% $118m 2.17m −17% reduced ZTS ZOETIS INC Healthcare 2.3% $110m 1.58m +28% added UHAL/B U HAUL HOLDING COMPANY – 2.3% $106m 2.01m −1.3% reduced CACC CREDIT ACCEP CORP MICH Financial Services 2.2% $104m 196,381 −1.2% reduced EBAY EBAY INC. Consumer Cyclical 1.8% $85.5m 805,908 −1.2% reduced CROX CROCS INC Consumer Cyclical 1.8% $83.3m 709,816 +45% added HD HOME DEPOT INC Consumer Cyclical 1.7% $81.5m 286,495 −1.3% reduced ULTA ULTA BEAUTY INC Consumer Cyclical 1.4% $63.6m 116,537 −1.2% reduced MTB M & T BK CORP Financial Services 1.3% $59.7m 274,204 −1.2% reduced FRO FRONTLINE PLC Energy 0.8% $37.7m 760,775 +20% added WFG WEST FRASER TIMBER LTD Basic Materials 0.3% $13.3m 192,278 +55% added GTX GARRETT MOTION INC Consumer Cyclical 0.2% $11.5m 440,241 +60% added IWD ISHARES TR – 0.02% $1.1m 4,586 −7.5% reduced
Exited since Q2 2026 1 row
Stock Prior weight Prior value OCCIDENTAL PETE CORP no ticker 0.04% $1.7m
Sector mix Energy 28.1% Financial Services 18.7% Consumer Cyclical 18.6% Healthcare 17.3% Real Estate 10.7% Consumer Defensive 4.1% Unclassified 2.3% Basic Materials 0.3% Book over time Every quarter on file (75) Where Smead Capital Management was early Concentration and tenure
7.4% Median largest position, all quarters The largest single position as a share of the reported equity book.
55.7% Median top 10 weight, all quarters The ten largest positions together, as a share of the reported equity book.
Concentrated Style, by median largest position
5 Median completed holding, quarters