WhaleCreep

Smead Capital Management 13F holdings, Q1 2016

Long-only investorSEC filingsCompare with another fundHoldings as of 2016-03-31, filed 2016-05-04

Smead Capital Management disclosed 27 US equity positions worth $2.3bn in its Q1 2016 13F filing. Its largest position is NVR at 7.0% of the reported book, followed by Amgen Incorporated and Berkshire Hathaway Cl B. Versus Q4 2015 it opened 6 new positions, added to 0, reduced 21 and exited 6.

$2.3bn
Reported equity book
Sum of the long US equity positions in the filing, at the values filed. Options are excluded.
27
Positions
Distinct securities in the equity book with a reported value above zero. Options are excluded.
7.0%
Largest position
The largest single position as a share of the reported equity book.
50.7%
Top 10 weight
The ten largest positions together, as a share of the reported equity book.
24
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 Q4 2015: 6 new, 0 added, 21 reduced, 6 exited

27 rows
NVR NVR INCConsumer Cyclical7.0%$162m93,487−10%reduced
Amgen Incorporated no ticker–6.2%$144m958,785–new
Berkshire Hathaway Cl B no ticker–5.6%$130m916,276–new
TGNA TEGNA INC–5.5%$128m5.44m−8.1%reduced
A F L A C Inc no ticker–4.8%$111m1.76m–new
JPM JPMORGAN CHASE & COFinancial Services4.8%$111m1.87m−11%reduced
PYPL PAYPAL HLDGS INCFinancial Services4.4%$102m2.63m−8.3%reduced
American Express Company no ticker–4.2%$98.1m1.60m–new
WFC WELLS FARGO & COFinancial Services4.1%$95.5m1.98m−9.3%reduced
CABELAS INC no ticker–4.0%$93.1m1.91m−24%reduced
GCI1EUR GANNETT CO INC–3.9%$91.4m6.04m−10%reduced
Bank Of America Corp no ticker–3.9%$90.8m6.72m–new
HD HOME DEPOT INCConsumer Cyclical3.9%$89.3m669,026−11%reduced
MRK MERCK & CO. INCHealthcare3.5%$80.2m1.52m−7.3%reduced
DIS DISNEY WALT COCommunication Services3.4%$79.3m798,539−10%reduced
JWNUSD NORDSTROM INC–3.3%$77.3m1.35m−6.2%reduced
PFE PFIZER INCHealthcare3.3%$76.1m2.57m−8.8%reduced
CMCSA COMCAST CORP NEWCommunication Services3.3%$75.4m1.24m−10%reduced
Block H & R Incorporated no ticker–3.2%$74.9m2.83m–new
ACCENTURE PLC IRELAND no ticker–3.2%$73.5m636,716−11%reduced
GILD GILEAD SCIENCES INCHealthcare2.9%$67.9m738,927−8.3%reduced
WBA WALGREENS BOOTS ALLIANCE INC–2.9%$66.8m793,360−8.4%reduced
EBAY EBAY INC.Consumer Cyclical2.7%$62.9m2.63m−10%reduced
NWSA NEWS CORP NEWCommunication Services2.6%$60.2m4.71m−35%reduced
JNJ JOHNSON & JOHNSONHealthcare2.0%$45.7m422,742−10%reduced
SBUX STARBUCKS CORPConsumer Cyclical1.3%$29.7m496,891−11%reduced
SPY SPDR S&P 500 ETF Trust–0.01%$308k1,500−98%reduced

Exited since Q4 2015

6 rows
AMGN AMGEN INC6.3%$142m
BRK/B BERKSHIRE HATHAWAY INC DEL4.8%$108m
BAC BANK OF AMER CORP4.7%$104m
AXP AMERICAN EXPRESS CO4.4%$98.8m
AFL AFLAC INC4.3%$96.6m
HRB BLOCK H & R INC3.9%$86.8m

Sector mix

  • Unclassified50.9%
  • Consumer Cyclical14.8%
  • Financial Services13.3%
  • Healthcare11.7%
  • Communication Services9.3%

Book over time

Every quarter on file (75)
QuarterPositionsEquity book
Q3 202631$4.7bn
Q2 202632$4.7bn
Q1 202632$4.6bn
Q4 202532$4.8bn
Q3 202534$5.2bn
Q2 202533$5.0bn
Q1 202534$5.8bn
Q4 202434$6.5bn
Q3 202430$7.0bn
Q2 202432$6.4bn
Q1 202432$6.4bn
Q4 202333$5.6bn
Q3 202330$4.9bn
Q2 202328$5.0bn
Q1 202329$5.0bn
Q4 202226$4.7bn
Q3 202227$3.8bn
Q2 202231$3.9bn
Q1 202231$4.3bn
Q4 202132$3.8bn
Q3 202131$2.9bn
Q2 202135$2.9bn
Q1 202135$2.3bn
Q4 202032$1.7bn
Q3 202029$1.6bn
Q2 202031$1.6bn
Q1 202028$1.4bn
Q4 201928$2.2bn
Q3 201926$2.0bn
Q2 201928$2.1bn
Q1 201927$2.0bn
Q4 201828$1.9bn
Q3 201827$2.2bn
Q2 201827$2.1bn
Q1 201828$2.1bn
Q4 201729$2.2bn
Q3 201729$2.1bn
Q2 201728$2.1bn
Q1 201727$2.0bn
Q4 201630$2.0bn
Q3 201629$2.1bn
Q2 201627$2.1bn
Q1 201627$2.3bn
Q4 201527$2.2bn
Q3 201527$1.9bn
Q2 201530$1.5bn
Q1 201530$1.4bn
Q4 201429$1.1bn
Q3 201430$927m
Q2 201430$918m
Q1 201428$830m
Q4 201329$726m
Q3 201329$617m
Q2 201328$494m
Q1 201320$251m
Q4 201222$193m
Q3 201221$172m
Q2 201222$163m
Q1 201222$166m
Q4 201123$148m
Q3 201124$130m
Q2 201126$151m
Q1 201125$120m
Q4 201025$113m
Q2 201029$98.0m
Q1 201026$114m
Q4 200927$138m
Q3 200927$128m
Q2 200929$95.5m
Q1 200927$83.0m
Q4 200831$102m
Q3 200825$129m
Q2 200823$136m
Q1 200826$1.7bn
Q4 200723$165m

Where Smead Capital Management was early

34 rows
SLM SLM CORPQ2 20085 of 1220.2%1.2%5Exited by Q2 2015+34%
GE General Electric CompanyQ2 20086 of 2423.5%3.7%3Exited by Q1 2009−39%
JPM JPMORGAN CHASE & COQ2 20088 of 2312.8%6.4%60Still holding+864%
BEN FRANKLIN RES INCQ3 20083 of 1173.1%6.3%27Exited by Q3 2015+67%
MCD MCDONALDS CORPQ4 20083 of 1920.3%3.8%24Exited by Q1 2015+51%
GS Goldman Sachs Group Inc EQ4 20086 of 2290.8%3.5%14Exited by Q3 2012+14%
WFC WELLS FARGO CO NEWQ4 20087 of 2121.6%5.6%45Exited by Q4 2020−20%
PCAR Paccar IncQ1 20092 of 1241.4%3.9%6Exited by Q4 2010+55%
BMY Bristol-Myers Squibb CoQ2 20097 of 1973.1%4.5%18Exited by Q1 2014+162%
JNJ JOHNSON & JOHNSONQ2 20106 of 1693.9%3.9%36Exited by Q3 2019+136%
MDT MEDTRONIC INCQ1 20113 of 1733.0%3.3%16Exited by Q1 2015+83%
ABBV ABBVIE INCQ1 20131 of 2012.7%2.7%10Exited by Q3 2015+65%
MRK MERCK & CO INCQ2 20135 of 1953.7%7.1%54Still holding+228%
NVR NVR INCQ4 20135 of 1452.1%8.0%52Still holding+500%
CB CHUBB CORPQ1 20147 of 1612.1%2.2%6Exited by Q3 2015+2.6%
NAVI NAVIENT CORPQ2 20143 of 1161.4%2.0%5Exited by Q3 2015+2.8%
WBA WALGREENS BOOTS ALLIANCE INCQ4 20148 of 2063.6%5.5%23Exited by Q3 2021−31%
NWSA NEWS CORP NEWQ1 20155 of 1402.0%3.7%7Exited by Q4 2016−13%
TGNA TEGNA INCQ2 20151 of 1476.4%6.4%15Exited by Q1 2019−66%
AFL AFLAC INCQ3 20153 of 1194.4%5.4%16Exited by Q1 2020+82%
PYPL PAYPAL HLDGS INCQ3 201512 of 3223.5%5.1%20Exited by Q3 2020+461%
BRK/B BERKSHIRE HATHAWAY INC DELQ3 201516 of 1805.1%6.3%37Exited by Q2 2025+308%
AMGN AMGEN INCQ3 201517 of 1665.7%7.6%43Still holding+205%
AXP AMERICAN EXPRESS COQ3 201518 of 1945.1%6.6%43Still holding+310%
ALK ALASKA AIR GROUP INCQ3 20166 of 1401.1%2.1%7Exited by Q2 2018−5.9%
LEN LENNAR CORPQ3 201619 of 1991.0%7.5%41Still holding+102%
COR AMERISOURCEBERGEN CORPQ4 201616 of 1581.0%2.2%11Exited by Q3 2019+9.0%
CARS CARS COM INCQ2 20178 of 1251.5%1.5%2Exited by Q4 2017−0.1%
KR KROGER COQ3 201714 of 1600.9%3.1%7Exited by Q2 2019+23%
CMI CUMMINS INCQ1 201914 of 1551.1%1.1%4Exited by Q1 2020+13%
OXY OCCIDENTAL PETE CORPQ2 201914 of 1922.0%9.2%24Still holding+10%
OGN ORGANON & COQ2 20215 of 1470.2%1.1%5Exited by Q3 2022+12%
WBD WARNER BROS DISCOVERY INCQ2 202210 of 2333.0%3.7%9Exited by Q3 2024−45%
UHAL/B U HAUL HOLDING COMPANYQ4 20225 of 772.4%3.1%16Still holding−3.9%

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