Funds › Smead Capital Management › Q3 2020Smead Capital Management 13F holdings, Q3 2020 Smead Capital Management disclosed 29 US equity positions worth $1.6bn in its Q3 2020 13F filing. Its largest position is TGT at 7.5% of the reported book, followed by LEN and NVR. Versus Q2 2020 it opened 2 new positions, added to 5, reduced 21 and exited 4.
$1.6bn 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.
7.5% Largest position The largest single position as a share of the reported equity book.
56.6% 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 2020: 2 new , 5 added , 21 reduced , 4 exited
29 rows
Stock Sector Weight Value Shares Δ shares Action TGT TARGET CORP Consumer Defensive 7.5% $118m 747,697 −16% reduced LEN LENNAR CORP Consumer Cyclical 7.0% $111m 1.36m −7.9% reduced NVR NVR INC Consumer Cyclical 7.0% $111m 27,147 −17% reduced AMGN AMGEN INC Healthcare 6.6% $104m 408,306 −9.8% reduced AXP AMERICAN EXPRESS CO Financial Services 5.6% $87.8m 875,581 −8.9% reduced DISCAUSD DISCOVERY INC – 5.4% $84.6m 3.89m −9.5% reduced EBAY EBAY INC. Consumer Cyclical 5.0% $79.2m 1.52m −5.4% reduced HD HOME DEPOT INC Consumer Cyclical 4.6% $72.7m 261,896 −8.9% reduced JPM JPMORGAN CHASE & CO Financial Services 4.1% $64.6m 670,735 −9.0% reduced MRK MERCK & CO. INC Healthcare 3.9% $61.0m 734,797 −9.5% reduced CVX CHEVRON CORPORATION Energy 3.8% $60.7m 843,066 +27% added BAC BANK OF AMER CORP Financial Services 3.7% $58.6m 2.43m −9.6% reduced DHI D R HORTON INC Consumer Cyclical 3.7% $57.8m 764,587 −8.8% reduced CMCSA COMCAST CORP NEW Communication Services 3.6% $57.6m 1.24m −9.2% reduced QCOM QUALCOMM INC Technology 3.3% $52.5m 446,147 −24% reduced BRK/B BERKSHIRE HATHAWAY INC DEL – 3.0% $47.7m 224,098 −10% reduced PFE PFIZER INC Healthcare 2.8% $44.4m 1.21m −9.7% reduced SPG SIMON PPTY GROUP INC NEW Real Estate 2.5% $40.2m 622,203 −0.1% held DIS DISNEY WALT CO Communication Services 2.5% $38.9m 313,839 −26% reduced MAC MACERICH CO Real Estate 2.3% $35.7m 5.26m +28% added UHAL U HAUL HOLDING COMPANY Industrials 2.2% $34.6m 97,183 +82% added WFC WELLS FARGO & CO Financial Services 1.9% $29.6m 1.26m −31% reduced ACCENTURE PLC IRELAND no ticker – 1.8% $28.8m 127,499 −29% reduced CACC CREDIT ACCEP CORP MICH Financial Services 1.8% $28.6m 84,308 +5.7% added CRI CARTERS INC Consumer Cyclical 1.7% $27.2m 313,871 +63% added CLRUSD CONTINENTAL RES INC – 1.0% $15.4m 1.25m – new ULTA ULTA BEAUTY INC Consumer Cyclical 0.9% $14.7m 65,631 −9.8% reduced SBUX STARBUCKS CORP Consumer Cyclical 0.8% $11.8m 137,856 −8.6% reduced OCCIDENTAL PETE CORP no ticker – 0.01% $140k 46,675 – new
Exited since Q2 2020 4 rows
Stock Prior weight Prior value BKNG BOOKING HOLDINGS INC 1.5% $24.3m PYPL PAYPAL HLDGS INC 0.7% $10.6m ETMUSD ENTERCOM COMMUNICATIONS CORP 0.0% $26.0k LTRPAUSD LIBERTY TRIPADVISOR HLDGS IN 0.0% $23.0k
Sector mix Consumer Cyclical 30.8% Financial Services 17.1% Healthcare 13.2% Unclassified 11.2% Consumer Defensive 7.5% Communication Services 6.1% Real Estate 4.8% Energy 3.8% Technology 3.3% Industrials 2.2% 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