Funds › Smead Capital Management › Q4 2024Smead Capital Management 13F holdings, Q4 2024 Smead Capital Management disclosed 34 US equity positions worth $6.5bn in its Q4 2024 13F filing. Its largest position is SPG at 6.8% of the reported book, followed by AXP and MAC. Versus Q3 2024 it opened 4 new positions, added to 6, reduced 24 and exited 0.
$6.5bn Reported equity book Sum of the long US equity positions in the filing, at the values filed. Options are excluded.
34 Positions Distinct securities in the equity book with a reported value above zero. Options are excluded.
6.8% Largest position The largest single position as a share of the reported equity book.
53.8% 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 Q3 2024: 4 new , 6 added , 24 reduced , 0 exited
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Stock Sector Weight Value Shares Δ shares Action SPG SIMON PPTY GROUP INC NEW Real Estate 6.8% $441m 2.56m −2.4% reduced AXP AMERICAN EXPRESS CO Financial Services 6.2% $399m 1.34m −17% reduced MAC MACERICH CO Real Estate 6.2% $397m 19.95m −2.4% reduced LEN LENNAR CORP Consumer Cyclical 5.5% $355m 2.60m −2.4% reduced DHI D R HORTON INC Consumer Cyclical 5.3% $344m 2.46m −2.4% reduced MRK MERCK & CO. INC Healthcare 5.1% $328m 3.30m −2.4% reduced OXY OCCIDENTAL PETE CORP Energy 5.0% $324m 6.55m −2.3% reduced AMGN AMGEN INC Healthcare 4.6% $298m 1.15m −2.4% reduced APA APA CORPORATION Energy 4.5% $293m 12.68m +31% added NVR NVR INC Consumer Cyclical 4.5% $289m 35,355 −2.4% reduced BAC BANK OF AMER CORP Financial Services 4.2% $272m 6.20m −22% reduced JPM JPMORGAN CHASE & CO Financial Services 4.0% $259m 1.08m −23% reduced OVV OVINTIV INC Energy 3.9% $249m 6.14m −2.5% reduced CVE Cenovus Energy Inc Energy 3.6% $229m 15.12m −1.9% reduced EBAY EBAY INC. Consumer Cyclical 3.5% $225m 3.64m −2.4% reduced COP CONOCOPHILLIPS Energy 3.3% $213m 2.14m −2.4% reduced TGT TARGET CORP Consumer Defensive 3.1% $202m 1.49m +20% added HD HOME DEPOT INC Consumer Cyclical 3.0% $196m 503,875 −2.4% reduced DVN DEVON ENERGY CORP NEW Energy 2.9% $188m 5.73m −2.5% reduced UHAL/B U HAUL HOLDING COMPANY – 2.4% $157m 2.46m +1.0% added WAL WESTERN ALLIANCE BANCORP Financial Services 1.7% $110m 1.32m −2.4% reduced QCOM QUALCOMM INC Technology 1.6% $103m 671,266 −2.4% reduced CACC CREDIT ACCEP CORP MICH Financial Services 1.5% $95.3m 202,907 −2.4% reduced BRK/B BERKSHIRE HATHAWAY INC DEL – 1.5% $93.8m 206,954 −2.4% reduced FITB FIFTH THIRD BANCORP Financial Services 1.4% $91.8m 2.17m −2.4% reduced MTB M & T BK CORP Financial Services 1.4% $90.6m 482,120 −2.4% reduced ULTA ULTA BEAUTY INC Consumer Cyclical 1.4% $89.1m 204,891 – new SIRI SIRIUSXM HOLDINGS INC Communication Services 0.9% $61.1m 2.68m – new UHAL U HAUL HOLDING COMPANY Industrials 0.5% $31.0m 447,967 −18% reduced WFG WEST FRASER TIMBER LTD Basic Materials 0.2% $10.6m 122,321 +3.6% added FRO FRONTLINE PLC Energy 0.1% $9.5m 694,444 +3.6% added OCCIDENTAL PETE CORP no ticker – 0.07% $4.3m 156,248 +3.6% added IWD ISHARES TR – 0.02% $1.3m 7,247 – new VTV VANGUARD INDEX FDS – 0.01% $800k 4,726 – new
Sector mix Energy 23.3% Consumer Cyclical 23.2% Financial Services 20.4% Real Estate 13.0% Healthcare 9.7% Unclassified 4.0% Consumer Defensive 3.1% Technology 1.6% Communication Services 0.9% Industrials 0.5% 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