Funds › Smead Capital Management › Q4 2023Smead Capital Management 13F holdings, Q4 2023 Smead Capital Management disclosed 33 US equity positions worth $5.6bn in its Q4 2023 13F filing. Its largest position is LEN at 7.2% of the reported book, followed by DHI and OXY. Versus Q3 2023 it opened 4 new positions, added to 15, reduced 11 and exited 1.
$5.6bn Reported equity book Sum of the long US equity positions in the filing, at the values filed. Options are excluded.
33 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.
58.2% Top 10 weight The ten largest positions together, as a share of the reported equity book.
21 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 2023: 4 new , 15 added , 11 reduced , 1 exited
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Stock Sector Weight Value Shares Δ shares Action LEN LENNAR CORP Consumer Cyclical 7.2% $404m 2.71m −6.9% reduced DHI D R HORTON INC Consumer Cyclical 7.1% $395m 2.60m −7.2% reduced OXY OCCIDENTAL PETE CORP Energy 6.4% $359m 6.01m −11% reduced SPG SIMON PPTY GROUP INC NEW Real Estate 5.9% $328m 2.30m −1.7% reduced MRK MERCK & CO. INC Healthcare 5.7% $319m 2.92m +0.4% held MAC MACERICH CO Real Estate 5.7% $316m 20.50m −0.8% reduced AXP AMERICAN EXPRESS CO Financial Services 5.6% $315m 1.68m −4.3% reduced AMGN AMGEN INC Healthcare 5.3% $297m 1.03m −7.3% reduced NVR NVR INC Consumer Cyclical 4.9% $276m 39,481 +0.7% added OVV OVINTIV INC Energy 4.3% $243m 5.52m 0.0% held JPM JPMORGAN CHASE & CO Financial Services 4.2% $237m 1.39m +0.7% added BAC BANK OF AMER CORP Financial Services 4.2% $234m 6.96m +17% added COP CONOCOPHILLIPS Energy 4.0% $224m 1.93m −17% reduced APA APA CORPORATION Energy 3.4% $188m 5.24m +14% added DVN DEVON ENERGY CORP NEW Energy 3.1% $173m 3.81m +17% added HD HOME DEPOT INC Consumer Cyclical 2.8% $157m 453,225 +0.7% added TGT TARGET CORP Consumer Defensive 2.8% $156m 1.10m −12% reduced UHAL/B U HAUL HOLDING COMPANY – 2.6% $146m 2.08m −1.8% reduced EBAY EBAY INC. Consumer Cyclical 2.6% $143m 3.27m +0.7% added WBD WARNER BROS DISCOVERY INC Communication Services 2.0% $114m 10.02m −15% reduced QCOM QUALCOMM INC Technology 1.9% $108m 747,576 +0.7% added CACC CREDIT ACCEP CORP MICH Financial Services 1.7% $97.2m 182,486 −0.4% held WAL WESTERN ALLIANCE BANCORP Financial Services 1.4% $78.0m 1.18m – new FITB FIFTH THIRD BANCORP Financial Services 1.2% $67.4m 1.95m – new BRK/B BERKSHIRE HATHAWAY INC DEL – 1.2% $66.4m 186,121 +0.7% added MTB M & T BK CORP Financial Services 1.1% $59.4m 433,456 – new UHAL U HAUL HOLDING COMPANY Industrials 0.7% $38.4m 534,592 +0.9% added OCCIDENTAL PETE CORP no ticker – 0.2% $12.1m 309,850 +2.7% added CVE Cenovus Energy Inc Energy 0.2% $10.1m 604,903 +2.7% added FRO FRONTLINE PLC Energy 0.2% $10.0m 500,827 +2.7% added WFG WEST FRASER TIMBER LTD Basic Materials 0.2% $8.7m 101,280 +2.7% added GOOS CANADA GOOSE HLDGS INC Consumer Cyclical 0.05% $2.9m 243,404 +2.7% added SPY SPDR S&P 500 ETF Trust – 0.03% $1.4m 2,944 – new
Exited since Q3 2023 1 row
Stock Prior weight Prior value PFE PFIZER INC 0.9% $46.4m
Sector mix Consumer Cyclical 24.7% Energy 21.6% Financial Services 19.5% Real Estate 11.5% Healthcare 11.0% Unclassified 4.1% Consumer Defensive 2.8% Communication Services 2.0% Technology 1.9% Industrials 0.7% Basic Materials 0.2% 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