Funds › Smead Capital Management › Q2 2020Smead Capital Management 13F holdings, Q2 2020 Smead Capital Management disclosed 31 US equity positions worth $1.6bn in its Q2 2020 13F filing. Its largest position is NVR at 6.8% of the reported book, followed by TGT and AMGN. Versus Q1 2020 it opened 3 new positions, added to 3, reduced 23 and exited 0.
$1.6bn 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.
6.8% Largest position The largest single position as a share of the reported equity book.
55.7% 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 Q1 2020: 3 new , 3 added , 23 reduced , 0 exited
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Stock Sector Weight Value Shares Δ shares Action NVR NVR INC Consumer Cyclical 6.8% $107m 32,858 −6.4% reduced TGT TARGET CORP Consumer Defensive 6.7% $107m 890,489 −21% reduced AMGN AMGEN INC Healthcare 6.7% $107m 452,492 −15% reduced AXP AMERICAN EXPRESS CO Financial Services 5.8% $91.5m 961,020 −7.2% reduced LEN LENNAR CORP Consumer Cyclical 5.8% $91.1m 1.48m −7.4% reduced DISCAUSD DISCOVERY INC – 5.7% $90.6m 4.29m −7.7% reduced EBAY EBAY INC. Consumer Cyclical 5.3% $84.3m 1.61m −8.0% reduced HD HOME DEPOT INC Consumer Cyclical 4.5% $72.0m 287,363 −29% reduced JPM JPMORGAN CHASE & CO Financial Services 4.4% $69.3m 737,131 −7.1% reduced BAC BANK OF AMER CORP Financial Services 4.0% $63.9m 2.69m −7.2% reduced MRK MERCK & CO. INC Healthcare 4.0% $62.8m 812,035 −7.9% reduced CVX CHEVRON CORPORATION Energy 3.7% $59.1m 662,003 +6.6% added QCOM QUALCOMM INC Technology 3.4% $53.6m 587,327 −20% reduced CMCSA COMCAST CORP NEW Communication Services 3.4% $53.4m 1.37m −7.7% reduced DIS DISNEY WALT CO Communication Services 3.0% $47.1m 422,756 −22% reduced WFC WELLS FARGO & CO Financial Services 3.0% $46.8m 1.83m −7.6% reduced DHI D R HORTON INC Consumer Cyclical 2.9% $46.5m 838,048 −8.2% reduced BRK/B BERKSHIRE HATHAWAY INC DEL – 2.8% $44.5m 249,484 −31% reduced PFE PFIZER INC Healthcare 2.8% $43.8m 1.34m −8.1% reduced SPG SIMON PPTY GROUP INC NEW Real Estate 2.7% $42.6m 622,732 +118% added ACCENTURE PLC IRELAND no ticker – 2.4% $38.4m 178,879 −32% reduced MAC MACERICH CO Real Estate 2.3% $37.0m 4.12m −0.8% reduced CACC CREDIT ACCEP CORP MICH Financial Services 2.1% $33.4m 79,792 +41% added BKNG BOOKING HOLDINGS INC Consumer Cyclical 1.5% $24.3m 15,278 −7.8% reduced UHAL U HAUL HOLDING COMPANY Industrials 1.0% $16.2m 53,502 – new CRI CARTERS INC Consumer Cyclical 1.0% $15.5m 192,504 – new ULTA ULTA BEAUTY INC Consumer Cyclical 0.9% $14.8m 72,788 – new SBUX STARBUCKS CORP Consumer Cyclical 0.7% $11.1m 150,799 −7.3% reduced PYPL PAYPAL HLDGS INC Financial Services 0.7% $10.6m 60,662 −32% reduced ETMUSD ENTERCOM COMMUNICATIONS CORP – 0.0% $26.0k 18,544 0.0% held LTRPAUSD LIBERTY TRIPADVISOR HLDGS IN – 0.0% $23.0k 10,725 0.0% held
Sector mix Consumer Cyclical 29.4% Financial Services 19.9% Healthcare 13.5% Unclassified 11.0% Consumer Defensive 6.7% Communication Services 6.3% Real Estate 5.0% Energy 3.7% Technology 3.4% Industrials 1.0% 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