Funds › Smead Capital Management › Q3 2016Smead Capital Management 13F holdings, Q3 2016 Smead Capital Management disclosed 29 US equity positions worth $2.1bn in its Q3 2016 13F filing. Its largest position is AMGN at 6.8% of the reported book, followed by NVR and EBAY. Versus Q2 2016 it opened 9 new positions, added to 1, reduced 18 and exited 7.
$2.1bn Reported equity book Sum of the long US equity positions in the filing, at the values filed. Options are excluded.
29 Positions Distinct securities in the equity book with a reported value above zero. Options are excluded.
6.8% Largest position The largest single position as a share of the reported equity book.
54.0% Top 10 weight The ten largest positions together, as a share of the reported equity book.
23 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 2016: 9 new , 1 added , 18 reduced , 7 exited
29 rows
Stock Sector Weight Value Shares Δ shares Action AMGN AMGEN INC Healthcare 6.8% $142m 851,682 – new NVR NVR INC Consumer Cyclical 6.5% $136m 82,993 −5.8% reduced EBAY EBAY INC. Consumer Cyclical 5.7% $119m 3.63m −5.8% reduced BRK/B BERKSHIRE HATHAWAY INC DEL – 5.6% $117m 813,078 – new AFL AFLAC INC Financial Services 5.4% $112m 1.56m – new JPM JPMORGAN CHASE & CO Financial Services 5.2% $110m 1.66m −5.9% reduced TGNA TEGNA INC – 5.0% $106m 4.83m −5.8% reduced AXP AMERICAN EXPRESS CO Financial Services 4.8% $101m 1.58m – new PYPL PAYPAL HLDGS INC Financial Services 4.6% $95.7m 2.34m −5.8% reduced BAC BANK OF AMER CORP Financial Services 4.4% $93.2m 5.96m – new MRK MERCK & CO. INC Healthcare 4.0% $83.9m 1.35m −5.8% reduced WFC WELLS FARGO & CO Financial Services 3.7% $77.6m 1.75m −5.8% reduced PFE PFIZER INC Healthcare 3.7% $77.1m 2.28m −5.8% reduced HD HOME DEPOT INC Consumer Cyclical 3.6% $76.4m 593,998 −5.8% reduced DIS DISNEY WALT CO Communication Services 3.5% $73.6m 792,850 +5.3% added CMCSA COMCAST CORP NEW Communication Services 3.5% $72.7m 1.10m −5.8% reduced ACCENTURE PLC IRELAND no ticker – 3.3% $69.0m 565,013 −5.9% reduced GCI1EUR GANNETT CO INC – 3.1% $64.4m 5.53m −14% reduced WBA WALGREENS BOOTS ALLIANCE INC – 2.7% $56.8m 703,957 −5.8% reduced CABELAS INC no ticker – 2.6% $54.6m 994,493 −27% reduced NWSA NEWS CORP NEW Communication Services 2.4% $51.0m 3.65m −18% reduced JWNUSD NORDSTROM INC – 2.3% $48.0m 925,093 −5.8% reduced JNJ JOHNSON & JOHNSON Healthcare 2.1% $44.3m 375,259 −5.8% reduced EXPRESS SCRIPTS HLDG CO no ticker – 1.4% $30.3m 428,982 – new ALK ALASKA AIR GROUP INC Industrials 1.1% $24.1m 366,305 – new SBUX STARBUCKS CORP Consumer Cyclical 1.1% $23.9m 441,003 −5.8% reduced LEN LENNAR CORP Consumer Cyclical 1.0% $21.8m 514,241 – new SNI SCRIPPS NETWORKS INTERACT IN – 0.8% $15.9m 250,432 – new SPY SPDR S&P 500 ETF Trust – 0.06% $1.2m 5,897 0.0% held
Exited since Q2 2016 7 rows
Stock Prior weight Prior value AMGEN INC no ticker 6.5% $138m BERKSHIRE HATHAWAY INC DEL no ticker 5.9% $125m AFLAC INC no ticker 5.6% $120m AMERICAN EXPRESS CO no ticker 4.8% $102m BANK AMER CORP no ticker 3.9% $83.9m GILD GILEAD SCIENCES INC 2.7% $58.1m BLOCK H & R INC no ticker 0.03% $578k
Sector mix Financial Services 28.1% Unclassified 26.8% Consumer Cyclical 18.0% Healthcare 16.5% Communication Services 9.4% Industrials 1.1% 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