Funds › Smead Capital Management › Q2 2024Smead Capital Management 13F holdings, Q2 2024 Smead Capital Management disclosed 32 US equity positions worth $6.4bn in its Q2 2024 13F filing. Its largest position is OXY at 6.4% of the reported book, followed by LEN and SPG. Versus Q1 2024 it opened 0 new positions, added to 25, reduced 6 and exited 0.
$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.
6.4% Largest position The largest single position as a share of the reported equity book.
54.7% 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 2024: 0 new , 25 added , 6 reduced , 0 exited
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Stock Sector Weight Value Shares Δ shares Action OXY OCCIDENTAL PETE CORP Energy 6.4% $410m 6.51m +3.7% added LEN LENNAR CORP Consumer Cyclical 6.0% $386m 2.58m +5.5% added SPG SIMON PPTY GROUP INC NEW Real Estate 6.0% $384m 2.53m +5.5% added MRK MERCK & CO. INC Healthcare 5.7% $366m 2.96m −2.9% reduced AXP AMERICAN EXPRESS CO Financial Services 5.7% $365m 1.57m −11% reduced AMGN AMGEN INC Healthcare 5.5% $354m 1.13m +5.5% added DHI D R HORTON INC Consumer Cyclical 5.4% $343m 2.43m +5.5% added BAC BANK OF AMER CORP Financial Services 4.8% $305m 7.67m +5.5% added MAC MACERICH CO Real Estate 4.8% $305m 19.74m +5.5% added OVV OVINTIV INC Energy 4.5% $285m 6.09m +5.5% added JPM JPMORGAN CHASE & CO Financial Services 4.3% $275m 1.36m −6.1% reduced APA APA CORPORATION Energy 4.3% $275m 9.34m +20% added DVN DEVON ENERGY CORP NEW Energy 4.2% $269m 5.68m +5.5% added NVR NVR INC Consumer Cyclical 4.1% $266m 34,995 +5.5% added COP CONOCOPHILLIPS Energy 3.8% $243m 2.12m +5.5% added CVE Cenovus Energy Inc Energy 3.4% $217m 11.06m +156% added EBAY EBAY INC. Consumer Cyclical 3.0% $193m 3.60m +5.5% added TGT TARGET CORP Consumer Defensive 2.8% $178m 1.20m +5.5% added HD HOME DEPOT INC Consumer Cyclical 2.7% $172m 498,788 +5.5% added UHAL/B U HAUL HOLDING COMPANY – 2.2% $140m 2.33m +6.9% added QCOM QUALCOMM INC Technology 2.1% $132m 664,319 −15% reduced CACC CREDIT ACCEP CORP MICH Financial Services 1.6% $103m 200,816 +5.5% added BRK/B BERKSHIRE HATHAWAY INC DEL – 1.3% $83.3m 204,821 +5.5% added WAL WESTERN ALLIANCE BANCORP Financial Services 1.3% $82.0m 1.30m +5.5% added FITB FIFTH THIRD BANCORP Financial Services 1.2% $78.4m 2.15m +5.5% added MTB M & T BK CORP Financial Services 1.1% $72.2m 477,160 +5.5% added WBD WARNER BROS DISCOVERY INC Communication Services 0.8% $51.8m 6.97m +5.5% added UHAL U HAUL HOLDING COMPANY Industrials 0.5% $33.8m 547,402 0.0% held FRO FRONTLINE PLC Energy 0.3% $16.7m 638,050 +3.8% added WFG WEST FRASER TIMBER LTD Basic Materials 0.1% $8.6m 112,365 −9.5% reduced OCCIDENTAL PETE CORP no ticker – 0.1% $6.7m 161,688 −43% reduced GOOS CANADA GOOSE HLDGS INC Consumer Cyclical 0.06% $4.0m 309,861 +3.8% added
Sector mix Energy 26.8% Consumer Cyclical 21.3% Financial Services 20.0% Healthcare 11.2% Real Estate 10.8% Unclassified 3.6% Consumer Defensive 2.8% Technology 2.1% Communication Services 0.8% Industrials 0.5% 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