Smead Capital Management 13F holdings, Q1 2025
Holdings as of March 31, 2025 · filings on SEC EDGAR · latest filing →
Smead Capital Management disclosed 34 US equity positions worth $5.8bn in its Q1 2025 13F filing. The largest position was SPG at 6.7% of the reported book, followed by AXP and AMGN. Against the Q4 2024 filing, it opened 1 new position, added to 3 and reduced 28 among the top 34 holdings.
What did Smead Capital Management own in Q1 2025? Top 34 positions
| # | Stock | Sector | Weight | Value | Shares | Δ shares | vs Q4 2024 |
|---|---|---|---|---|---|---|---|
| 1 | SPG SIMON PPTY GROUP INC NEW | Real Estate | 6.7% | $388.1m | 2,336,798 | -9% | reduced |
| 2 | AXP AMERICAN EXPRESS CO | Financial Services | 5.7% | $330.5m | 1,228,274 | -9% | reduced |
| 3 | AMGN AMGEN INC | Healthcare | 5.6% | $325.9m | 1,046,014 | -9% | reduced |
| 4 | MAC MACERICH CO | Real Estate | 5.4% | $312.7m | 18,214,281 | -9% | reduced |
| 5 | MRK MERCK & CO INC | Healthcare | 5.1% | $299.3m | 3,334,566 | 1% | added |
| 6 | OXY OCCIDENTAL PETE CORP | Energy | 5.0% | $293.1m | 5,937,965 | -9% | reduced |
| 7 | DHI D R HORTON INC | Consumer Cyclical | 4.9% | $285.2m | 2,243,666 | -9% | reduced |
| 8 | LEN LENNAR CORP | Consumer Cyclical | 4.7% | $272.9m | 2,377,483 | -9% | reduced |
| 9 | APA APA CORPORATION | Energy | 4.5% | $260.7m | 12,404,821 | -2% | reduced |
| 10 | OVV OVINTIV INC | Energy | 4.4% | $258.9m | 6,049,598 | -2% | reduced |
| 11 | JPM JPMORGAN CHASE & CO. | Financial Services | 4.2% | $242.1m | 987,155 | -9% | reduced |
| 12 | BAC BANK AMERICA CORP | Financial Services | 4.0% | $236.2m | 5,660,444 | -9% | reduced |
| 13 | NVR NVR INC | Consumer Cyclical | 4.0% | $233.9m | 32,283 | -9% | reduced |
| 14 | EBAY EBAY INC. | Consumer Cyclical | 3.9% | $225.1m | 3,323,333 | -9% | reduced |
| 15 | COP CONOCOPHILLIPS | Energy | 3.9% | $224.7m | 2,139,377 | -0% | held |
| 16 | CVE CENOVUS ENERGY INC | Energy | 3.7% | $215.4m | 15,495,912 | 2% | added |
| 17 | DVN DEVON ENERGY CORP NEW | Energy | 3.7% | $213.4m | 5,706,322 | -0% | held |
| 18 | TGT TARGET CORP | Consumer Defensive | 2.9% | $171.0m | 1,638,296 | 10% | added |
| 19 | HD HOME DEPOT INC | Consumer Cyclical | 2.9% | $168.7m | 460,325 | -9% | reduced |
| 20 | U HAUL HOLDING COMPANY | 2.4% | $142.1m | 2,401,119 | -2% | reduced | |
| 21 | BRK/B BERKSHIRE HATHAWAY INC DEL | 1.7% | $100.7m | 189,065 | -9% | reduced | |
| 22 | CACC CREDIT ACCEP CORP MICH | Financial Services | 1.6% | $95.7m | 185,373 | -9% | reduced |
| 23 | QCOM QUALCOMM INC | Technology | 1.6% | $94.2m | 613,096 | -9% | reduced |
| 24 | WAL WESTERN ALLIANCE BANCORP | Financial Services | 1.6% | $92.5m | 1,204,088 | -9% | reduced |
| 25 | MTB M & T BK CORP | Financial Services | 1.3% | $78.7m | 440,378 | -9% | reduced |
| 26 | FITB FIFTH THIRD BANCORP | Financial Services | 1.3% | $77.8m | 1,983,539 | -9% | reduced |
| 27 | ULTA ULTA BEAUTY INC | Consumer Cyclical | 1.2% | $68.6m | 187,167 | -9% | reduced |
| 28 | SIRI SIRIUSXM HOLDINGS INC | 0.9% | $55.3m | 2,450,931 | -9% | reduced | |
| 29 | MRP MILLROSE PPTYS INC | Real Estate | 0.5% | $31.4m | 1,186,210 | – | new |
| 30 | UHAL U HAUL HOLDING COMPANY | Industrials | 0.2% | $13.7m | 209,649 | -53% | reduced |
| 31 | FRO FRONTLINE PLC | Energy | 0.2% | $10.0m | 685,070 | -1% | reduced |
| 32 | WFG WEST FRASER TIMBER CO LTD | Basic Materials | 0.2% | $9.3m | 120,949 | -1% | reduced |
| 33 | OCCIDENTAL PETE CORP | 0.1% | $4.3m | 154,699 | -1% | reduced | |
| 34 | ISHARES TR | 0.0% | $1.2m | 6,440 | -11% | reduced |
Weights are shares of the reported long US equity book (options excluded). Values are as filed, normalised to whole dollars. Share changes compare against the immediately preceding filing only.