Funds › Smead Capital Management › Q4 2020Smead Capital Management 13F holdings, Q4 2020 Smead Capital Management disclosed 32 US equity positions worth $1.7bn in its Q4 2020 13F filing. Its largest position is TGT at 7.3% of the reported book, followed by DISCAUSD and NVR. Versus Q3 2020 it opened 4 new positions, added to 1, reduced 26 and exited 1.
$1.7bn Reported equity book Sum of the long US equity positions in the filing, at the values filed. Options are excluded.
32 Positions Distinct securities in the equity book with a reported value above zero. Options are excluded.
7.3% Largest position The largest single position as a share of the reported equity book.
53.9% 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 Q3 2020: 4 new , 1 added , 26 reduced , 1 exited
32 rows
Stock Sector Weight Value Shares Δ shares Action TGT TARGET CORP Consumer Defensive 7.3% $126m 713,130 −4.6% reduced DISCAUSD DISCOVERY INC – 6.6% $114m 3.78m −2.9% reduced NVR NVR INC Consumer Cyclical 6.1% $106m 25,898 −4.6% reduced AXP AMERICAN EXPRESS CO Financial Services 6.0% $103m 852,264 −2.7% reduced LEN LENNAR CORP Consumer Cyclical 5.8% $99.7m 1.31m −4.0% reduced AMGN AMGEN INC Healthcare 5.2% $90.4m 393,286 −3.7% reduced JPM JPMORGAN CHASE & CO Financial Services 4.7% $82.1m 646,339 −3.6% reduced EBAY EBAY INC. Consumer Cyclical 4.3% $73.6m 1.46m −3.7% reduced BAC BANK OF AMER CORP Financial Services 4.1% $71.7m 2.37m −2.8% reduced HD HOME DEPOT INC Consumer Cyclical 3.9% $67.2m 253,124 −3.3% reduced QCOM QUALCOMM INC Technology 3.8% $65.4m 429,016 −3.8% reduced CMCSA COMCAST CORP NEW Communication Services 3.6% $62.5m 1.19m −4.1% reduced MRK MERCK & CO. INC Healthcare 3.3% $57.5m 703,173 −4.3% reduced DIS DISNEY WALT CO Communication Services 3.2% $54.8m 302,684 −3.6% reduced MAC MACERICH CO Real Estate 3.1% $53.2m 4.98m −5.2% reduced SPG SIMON PPTY GROUP INC NEW Real Estate 3.0% $51.3m 601,461 −3.3% reduced DHI D R HORTON INC Consumer Cyclical 2.9% $50.5m 732,385 −4.2% reduced CLRUSD CONTINENTAL RES INC – 2.9% $50.4m 3.09m +147% added BRK/B BERKSHIRE HATHAWAY INC DEL – 2.9% $50.1m 216,184 −3.5% reduced CVX CHEVRON CORPORATION Energy 2.8% $48.3m 572,162 −32% reduced COP CONOCOPHILLIPS Energy 2.5% $43.1m 1.08m – new PFE PFIZER INC Healthcare 2.5% $42.7m 1.16m −4.2% reduced UHAL U HAUL HOLDING COMPANY Industrials 2.4% $42.1m 92,660 −4.7% reduced ACCENTURE PLC IRELAND no ticker – 1.9% $32.2m 123,398 −3.2% reduced CRI CARTERS INC Consumer Cyclical 1.6% $28.3m 300,713 −4.2% reduced CACC CREDIT ACCEP CORP MICH Financial Services 1.6% $28.3m 81,713 −3.1% reduced ULTA ULTA BEAUTY INC Consumer Cyclical 1.0% $18.1m 62,869 −4.2% reduced SBUX STARBUCKS CORP Consumer Cyclical 0.8% $14.2m 132,852 −3.6% reduced VTRS VIATRIS INC Healthcare 0.2% $2.7m 143,553 – new SPY SPDR S&P 500 ETF Trust – 0.03% $505k 1,352 – new OCCIDENTAL PETE CORP no ticker – 0.02% $318k 46,675 0.0% held LIBERTY GLOBAL PLC no ticker – 0.01% $215k 9,078 – new
Exited since Q3 2020 1 row
Stock Prior weight Prior value WFC WELLS FARGO & CO 1.9% $29.6m
Sector mix Consumer Cyclical 26.4% Financial Services 16.5% Unclassified 14.3% Healthcare 11.2% Consumer Defensive 7.3% Communication Services 6.8% Real Estate 6.0% Energy 5.3% Technology 3.8% Industrials 2.4% 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