Funds › Smead Capital Management › Q3 2021Smead Capital Management 13F holdings, Q3 2021 Smead Capital Management disclosed 31 US equity positions worth $2.9bn in its Q3 2021 13F filing. Its largest position is CLRUSD at 8.8% of the reported book, followed by AXP and TGT. Versus Q2 2021 it opened 1 new position, added to 29, reduced 1 and exited 5.
$2.9bn 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.
8.8% Largest position The largest single position as a share of the reported equity book.
54.9% 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 2021: 1 new , 29 added , 1 reduced , 5 exited
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Stock Sector Weight Value Shares Δ shares Action CLRUSD CONTINENTAL RES INC – 8.8% $256m 5.55m +2.6% added AXP AMERICAN EXPRESS CO Financial Services 6.2% $180m 1.07m +2.6% added TGT TARGET CORP Consumer Defensive 6.0% $175m 765,130 +1.6% added LEN LENNAR CORP Consumer Cyclical 5.3% $156m 1.67m +1.8% added NVR NVR INC Consumer Cyclical 5.1% $148m 30,804 +2.6% added SPG SIMON PPTY GROUP INC NEW Real Estate 4.8% $141m 1.09m +17% added MAC MACERICH CO Real Estate 4.8% $140m 8.38m +3.6% added COP CONOCOPHILLIPS Energy 4.7% $138m 2.03m +19% added EBAY EBAY INC. Consumer Cyclical 4.7% $137m 1.96m +2.1% added JPM JPMORGAN CHASE & CO Financial Services 4.6% $134m 820,070 +3.1% added MRK MERCK & CO. INC Healthcare 4.5% $130m 1.73m +2.3% added AMGN AMGEN INC Healthcare 4.4% $129m 605,100 +15% added BAC BANK OF AMER CORP Financial Services 4.4% $128m 3.01m +2.7% added DHI D R HORTON INC Consumer Cyclical 4.1% $119m 1.41m +14% added CVX CHEVRON CORPORATION Energy 3.3% $97.5m 960,625 +2.6% added HD HOME DEPOT INC Consumer Cyclical 3.1% $91.9m 279,890 +2.8% added OXY OCCIDENTAL PETE CORP Energy 3.0% $87.6m 2.96m – new CMCSA COMCAST CORP NEW Communication Services 2.8% $83.2m 1.49m +2.3% added UHAL U HAUL HOLDING COMPANY Industrials 2.6% $76.5m 118,476 +4.0% added BRK/B BERKSHIRE HATHAWAY INC DEL – 2.5% $74.5m 272,856 +1.9% added DISCKUSD DISCOVERY INC – 2.5% $72.6m 2.99m +11% added PFE PFIZER INC Healthcare 2.2% $63.9m 1.48m +3.3% added CACC CREDIT ACCEP CORP MICH Financial Services 2.1% $61.8m 105,507 +2.6% added QCOM QUALCOMM INC Technology 2.0% $59.3m 460,024 +2.2% added DISCAUSD DISCOVERY INC – 1.2% $35.7m 1.41m −4.7% reduced OGN ORGANON & CO Healthcare 0.2% $5.8m 176,114 +2.5% added WFG WEST FRASER TIMBER LTD Basic Materials 0.02% $639k 5,990 +1.3% added OCCIDENTAL PETE CORP no ticker – 0.02% $588k 49,604 +1.3% added CVE Cenovus Energy Inc Energy 0.01% $287k 22,511 +1.3% added LIBERTY GLOBAL PLC no ticker – 0.01% $284k 9,648 +1.3% added CENOVUS ENERGY INC no ticker – 0.01% $215k 36,327 +1.3% added
Exited since Q2 2021 5 rows
Stock Prior weight Prior value WBA WALGREENS BOOTS ALLIANCE INC 1.4% $40.2m CRI CARTERS INC 1.3% $38.3m DIS DISNEY WALT CO 1.2% $33.7m ACCENTURE PLC IRELAND no ticker 1.0% $28.8m SBUX STARBUCKS CORP 0.4% $11.3m
Sector mix Consumer Cyclical 22.3% Financial Services 17.2% Unclassified 15.1% Healthcare 11.2% Energy 11.1% Real Estate 9.6% Consumer Defensive 6.0% Communication Services 2.8% Industrials 2.6% Technology 2.0% Basic Materials 0.02% 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