Funds › Smead Capital Management › Q1 2025Smead Capital Management 13F holdings, Q1 2025 Smead Capital Management disclosed 34 US equity positions worth $5.8bn in its Q1 2025 13F filing. Its largest position is SPG at 6.7% of the reported book, followed by AXP and AMGN. Versus Q4 2024 it opened 1 new position, added to 3, reduced 28 and exited 1.
$5.8bn 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.
6.7% Largest position The largest single position as a share of the reported equity book.
51.9% Top 10 weight The ten largest positions together, as a share of the reported equity book.
24 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 2024: 1 new , 3 added , 28 reduced , 1 exited
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Stock Sector Weight Value Shares Δ shares Action SPG SIMON PPTY GROUP INC NEW Real Estate 6.7% $388m 2.34m −8.7% reduced AXP AMERICAN EXPRESS CO Financial Services 5.7% $330m 1.23m −8.6% reduced AMGN AMGEN INC Healthcare 5.6% $326m 1.05m −8.6% reduced MAC MACERICH CO Real Estate 5.4% $313m 18.21m −8.7% reduced MRK MERCK & CO. INC Healthcare 5.1% $299m 3.33m +1.0% added OXY OCCIDENTAL PETE CORP Energy 5.0% $293m 5.94m −9.3% reduced DHI D R HORTON INC Consumer Cyclical 4.9% $285m 2.24m −8.7% reduced LEN LENNAR CORP Consumer Cyclical 4.7% $273m 2.38m −8.7% reduced APA APA CORPORATION Energy 4.5% $261m 12.40m −2.2% reduced OVV OVINTIV INC Energy 4.4% $259m 6.05m −1.5% reduced JPM JPMORGAN CHASE & CO Financial Services 4.2% $242m 987,155 −8.6% reduced BAC BANK OF AMER CORP Financial Services 4.0% $236m 5.66m −8.6% reduced NVR NVR INC Consumer Cyclical 4.0% $234m 32,283 −8.7% reduced EBAY EBAY INC. Consumer Cyclical 3.9% $225m 3.32m −8.6% reduced COP CONOCOPHILLIPS Energy 3.9% $225m 2.14m −0.3% held CVE Cenovus Energy Inc Energy 3.7% $215m 15.50m +2.5% added DVN DEVON ENERGY CORP NEW Energy 3.7% $213m 5.71m −0.5% held TGT TARGET CORP Consumer Defensive 2.9% $171m 1.64m +9.9% added HD HOME DEPOT INC Consumer Cyclical 2.9% $169m 460,325 −8.6% reduced UHAL/B U HAUL HOLDING COMPANY – 2.4% $142m 2.40m −2.3% reduced BRK/B BERKSHIRE HATHAWAY INC DEL – 1.7% $101m 189,065 −8.6% reduced CACC CREDIT ACCEP CORP MICH Financial Services 1.6% $95.7m 185,373 −8.6% reduced QCOM QUALCOMM INC Technology 1.6% $94.2m 613,096 −8.7% reduced WAL WESTERN ALLIANCE BANCORP Financial Services 1.6% $92.5m 1.20m −8.7% reduced MTB M & T BK CORP Financial Services 1.3% $78.7m 440,378 −8.7% reduced FITB FIFTH THIRD BANCORP Financial Services 1.3% $77.8m 1.98m −8.7% reduced ULTA ULTA BEAUTY INC Consumer Cyclical 1.2% $68.6m 187,167 −8.7% reduced SIRI SIRIUSXM HOLDINGS INC Communication Services 0.9% $55.3m 2.45m −8.6% reduced MRP MILLROSE PPTYS INC Real Estate 0.5% $31.4m 1.19m – new UHAL U HAUL HOLDING COMPANY Industrials 0.2% $13.7m 209,649 −53% reduced FRO FRONTLINE PLC Energy 0.2% $10.0m 685,070 −1.3% reduced WFG WEST FRASER TIMBER LTD Basic Materials 0.2% $9.3m 120,949 −1.1% reduced OCCIDENTAL PETE CORP no ticker – 0.07% $4.3m 154,699 −1.0% reduced IWD ISHARES TR – 0.02% $1.2m 6,440 −11% reduced
Exited since Q4 2024 1 row
Stock Prior weight Prior value VTV VANGUARD INDEX FDS 0.01% $800k
Sector mix Energy 25.3% Consumer Cyclical 21.5% Financial Services 19.8% Real Estate 12.6% Healthcare 10.7% Unclassified 4.3% Consumer Defensive 2.9% Technology 1.6% Communication Services 0.9% Industrials 0.2% 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