Funds › Smead Capital Management › Q2 2021Smead Capital Management 13F holdings, Q2 2021 Smead Capital Management disclosed 35 US equity positions worth $2.9bn in its Q2 2021 13F filing. Its largest position is CLRUSD at 7.2% of the reported book, followed by TGT and AXP. Versus Q1 2021 it opened 1 new position, added to 32, reduced 2 and exited 1.
$2.9bn Reported equity book Sum of the long US equity positions in the filing, at the values filed. Options are excluded.
35 Positions Distinct securities in the equity book with a reported value above zero. Options are excluded.
7.2% 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 Q1 2021: 1 new , 32 added , 2 reduced , 1 exited
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Stock Sector Weight Value Shares Δ shares Action CLRUSD CONTINENTAL RES INC – 7.2% $206m 5.41m +28% added TGT TARGET CORP Consumer Defensive 6.4% $182m 753,255 +14% added AXP AMERICAN EXPRESS CO Financial Services 6.1% $173m 1.05m +12% added LEN LENNAR CORP Consumer Cyclical 5.7% $163m 1.64m +14% added NVR NVR INC Consumer Cyclical 5.2% $149m 30,011 +14% added MAC MACERICH CO Real Estate 5.2% $148m 8.09m +15% added EBAY EBAY INC. Consumer Cyclical 4.7% $135m 1.92m +22% added MRK MERCK & CO. INC Healthcare 4.6% $132m 1.70m +14% added AMGN AMGEN INC Healthcare 4.5% $128m 525,632 +13% added JPM JPMORGAN CHASE & CO Financial Services 4.3% $124m 795,746 +13% added SPG SIMON PPTY GROUP INC NEW Real Estate 4.2% $121m 927,663 +13% added BAC BANK OF AMER CORP Financial Services 4.2% $121m 2.93m +13% added DHI D R HORTON INC Consumer Cyclical 3.9% $112m 1.24m +31% added COP CONOCOPHILLIPS Energy 3.6% $104m 1.71m +27% added CVX CHEVRON CORPORATION Energy 3.4% $98.1m 936,356 +14% added HD HOME DEPOT INC Consumer Cyclical 3.0% $86.9m 272,391 +13% added CMCSA COMCAST CORP NEW Communication Services 2.9% $82.9m 1.45m +12% added DISCKUSD DISCOVERY INC – 2.7% $77.7m 2.68m +120% added BRK/B BERKSHIRE HATHAWAY INC DEL – 2.6% $74.4m 267,655 +14% added UHAL U HAUL HOLDING COMPANY Industrials 2.4% $67.2m 113,974 +13% added QCOM QUALCOMM INC Technology 2.3% $64.4m 450,251 +12% added PFE PFIZER INC Healthcare 2.0% $56.3m 1.44m +14% added CACC CREDIT ACCEP CORP MICH Financial Services 1.6% $46.7m 102,841 +15% added DISCAUSD DISCOVERY INC – 1.6% $45.3m 1.48m −6.5% reduced WBA WALGREENS BOOTS ALLIANCE INC – 1.4% $40.2m 764,419 +14% added CRI CARTERS INC Consumer Cyclical 1.3% $38.3m 370,751 +13% added DIS DISNEY WALT CO Communication Services 1.2% $33.7m 191,747 −21% reduced ACCENTURE PLC IRELAND no ticker – 1.0% $28.8m 97,845 +12% added SBUX STARBUCKS CORP Consumer Cyclical 0.4% $11.3m 101,423 +12% added OGN ORGANON & CO Healthcare 0.2% $5.2m 171,855 – new OCCIDENTAL PETE CORP no ticker – 0.02% $681k 48,970 +2.9% added WFG WEST FRASER TIMBER LTD Basic Materials 0.01% $424k 5,913 +2.9% added LIBERTY GLOBAL PLC no ticker – 0.01% $258k 9,525 +2.9% added CVE Cenovus Energy Inc Energy 0.01% $213k 22,223 +2.9% added CENOVUS ENERGY INC no ticker – 0.01% $194k 35,863 +34% added
Exited since Q1 2021 1 row
Stock Prior weight Prior value ULTA ULTA BEAUTY INC 0.9% $21.4m
Sector mix Consumer Cyclical 24.3% Unclassified 16.6% Financial Services 16.3% Healthcare 11.3% Real Estate 9.4% Energy 7.1% Consumer Defensive 6.4% Communication Services 4.1% Industrials 2.4% Technology 2.3% Basic Materials 0.01% 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