Funds › Smead Capital Management › Q2 2022Smead Capital Management 13F holdings, Q2 2022 Smead Capital Management disclosed 31 US equity positions worth $3.9bn in its Q2 2022 13F filing. Its largest position is CLRUSD at 11.9% of the reported book, followed by OXY and AMGN. Versus Q1 2022 it opened 2 new positions, added to 27, reduced 1 and exited 2.
$3.9bn 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.
11.9% Largest position The largest single position as a share of the reported equity book.
61.0% Top 10 weight The ten largest positions together, as a share of the reported equity book.
19 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 2022: 2 new , 27 added , 1 reduced , 2 exited
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Stock Sector Weight Value Shares Δ shares Action CLRUSD CONTINENTAL RES INC – 11.9% $464m 7.10m −1.8% reduced OXY OCCIDENTAL PETE CORP Energy 8.6% $335m 5.69m +2.9% added AMGN AMGEN INC Healthcare 6.4% $250m 1.03m +6.4% added MRK MERCK & CO. INC Healthcare 6.2% $244m 2.68m +6.2% added AXP AMERICAN EXPRESS CO Financial Services 5.7% $224m 1.62m +6.9% added NVR NVR INC Consumer Cyclical 4.8% $189m 47,271 +7.3% added LEN LENNAR CORP Consumer Cyclical 4.5% $177m 2.51m +7.2% added SPG SIMON PPTY GROUP INC NEW Real Estate 4.4% $173m 1.83m +6.5% added COP CONOCOPHILLIPS Energy 4.2% $164m 1.82m +2.5% added TGT TARGET CORP Consumer Defensive 4.2% $163m 1.15m +7.1% added DHI D R HORTON INC Consumer Cyclical 4.1% $160m 2.42m +7.1% added BAC BANK OF AMER CORP Financial Services 3.7% $146m 4.68m +7.1% added JPM JPMORGAN CHASE & CO Financial Services 3.6% $142m 1.26m +6.9% added MAC MACERICH CO Real Estate 3.2% $125m 14.38m +7.0% added EBAY EBAY INC. Consumer Cyclical 3.2% $124m 2.97m +6.2% added WBD WARNER BROS DISCOVERY INC Communication Services 3.1% $119m 8.89m – new HD HOME DEPOT INC Consumer Cyclical 2.9% $114m 414,148 +6.2% added CVX CHEVRON CORPORATION Energy 2.8% $111m 765,951 +2.5% added UHAL U HAUL HOLDING COMPANY Industrials 2.3% $88.9m 185,854 +6.1% added QCOM QUALCOMM INC Technology 2.2% $87.4m 684,460 +6.9% added CACC CREDIT ACCEP CORP MICH Financial Services 2.0% $78.6m 166,121 +6.6% added PFE PFIZER INC Healthcare 1.7% $67.2m 1.28m +6.0% added CMCSA COMCAST CORP NEW Communication Services 1.2% $46.5m 1.18m +6.3% added BRK/B BERKSHIRE HATHAWAY INC DEL – 1.2% $46.4m 169,893 +6.6% added OGN ORGANON & CO Healthcare 1.1% $43.7m 1.30m +6.6% added OCCIDENTAL PETE CORP no ticker – 0.2% $8.6m 233,128 +37% added CVE Cenovus Energy Inc Energy 0.2% $8.0m 418,238 +58% added WFG WEST FRASER TIMBER LTD Basic Materials 0.1% $5.3m 69,365 +56% added FRO FRONTLINE LTD Energy 0.07% $2.7m 296,905 – new LIBERTY GLOBAL PLC no ticker – 0.06% $2.5m 111,715 +56% added CENOVUS ENERGY INC no ticker – 0.02% $657k 47,223 0.0% held
Exited since Q1 2022 2 rows
Stock Prior weight Prior value DISCKUSD DISCOVERY INC 3.3% $143m DISCAUSD DISCOVERY INC 0.8% $34.9m
Sector mix Consumer Cyclical 19.5% Energy 15.9% Healthcare 15.5% Financial Services 15.1% Unclassified 13.4% Real Estate 7.6% Communication Services 4.2% Consumer Defensive 4.2% Industrials 2.3% Technology 2.2% Basic Materials 0.1% 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