Funds › Smead Capital Management › Q1 2024Smead Capital Management 13F holdings, Q1 2024 Smead Capital Management disclosed 32 US equity positions worth $6.4bn in its Q1 2024 13F filing. Its largest position is LEN at 6.6% of the reported book, followed by OXY and MRK. Versus Q4 2023 it opened 0 new positions, added to 26, reduced 6 and exited 1.
$6.4bn 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.
6.6% Largest position The largest single position as a share of the reported equity book.
56.2% 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 Q4 2023: 0 new , 26 added , 6 reduced , 1 exited
32 rows
Stock Sector Weight Value Shares Δ shares Action LEN LENNAR CORP Consumer Cyclical 6.6% $420m 2.44m −10.0% reduced OXY OCCIDENTAL PETE CORP Energy 6.4% $408m 6.27m +4.4% added MRK MERCK & CO. INC Healthcare 6.3% $402m 3.05m +4.3% added AXP AMERICAN EXPRESS CO Financial Services 6.3% $401m 1.76m +4.7% added DHI D R HORTON INC Consumer Cyclical 5.9% $379m 2.30m −11% reduced SPG SIMON PPTY GROUP INC NEW Real Estate 5.9% $375m 2.40m +4.3% added MAC MACERICH CO Real Estate 5.0% $322m 18.71m −8.8% reduced AMGN AMGEN INC Healthcare 4.8% $305m 1.07m +4.3% added OVV OVINTIV INC Energy 4.7% $300m 5.77m +4.5% added JPM JPMORGAN CHASE & CO Financial Services 4.5% $291m 1.45m +4.3% added BAC BANK OF AMER CORP Financial Services 4.3% $276m 7.27m +4.3% added DVN DEVON ENERGY CORP NEW Energy 4.2% $270m 5.38m +41% added NVR NVR INC Consumer Cyclical 4.2% $269m 33,161 −16% reduced APA APA CORPORATION Energy 4.2% $267m 7.76m +48% added COP CONOCOPHILLIPS Energy 4.0% $256m 2.01m +4.3% added TGT TARGET CORP Consumer Defensive 3.2% $202m 1.14m +4.0% added HD HOME DEPOT INC Consumer Cyclical 2.8% $181m 472,616 +4.3% added EBAY EBAY INC. Consumer Cyclical 2.8% $180m 3.41m +4.3% added UHAL/B U HAUL HOLDING COMPANY – 2.3% $145m 2.18m +4.7% added QCOM QUALCOMM INC Technology 2.1% $132m 779,802 +4.3% added CACC CREDIT ACCEP CORP MICH Financial Services 1.6% $105m 190,279 +4.3% added CVE Cenovus Energy Inc Energy 1.3% $86.4m 4.32m +615% added BRK/B BERKSHIRE HATHAWAY INC DEL – 1.3% $81.6m 194,074 +4.3% added WAL WESTERN ALLIANCE BANCORP Financial Services 1.2% $79.4m 1.24m +4.3% added FITB FIFTH THIRD BANCORP Financial Services 1.2% $75.8m 2.04m +4.3% added MTB M & T BK CORP Financial Services 1.0% $65.8m 452,126 +4.3% added WBD WARNER BROS DISCOVERY INC Communication Services 0.9% $57.6m 6.60m −34% reduced UHAL U HAUL HOLDING COMPANY Industrials 0.6% $37.0m 547,554 +2.4% added FRO FRONTLINE PLC Energy 0.2% $14.0m 614,726 +23% added OCCIDENTAL PETE CORP no ticker – 0.2% $12.1m 281,600 −9.1% reduced WFG WEST FRASER TIMBER LTD Basic Materials 0.2% $10.7m 124,170 +23% added GOOS CANADA GOOSE HLDGS INC Consumer Cyclical 0.06% $3.6m 298,533 +23% added
Exited since Q4 2023 1 row
Stock Prior weight Prior value SPY SPDR S&P 500 ETF Trust 0.03% $1.4m
Sector mix Energy 25.0% Consumer Cyclical 22.4% Financial Services 20.2% Healthcare 11.0% Real Estate 10.9% Unclassified 3.7% Consumer Defensive 3.2% Technology 2.1% Communication Services 0.9% Industrials 0.6% 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