Funds › Smead Capital Management › Q2 2025Smead Capital Management 13F holdings, Q2 2025 Smead Capital Management disclosed 33 US equity positions worth $5.0bn in its Q2 2025 13F filing. Its largest position is SPG at 6.6% of the reported book, followed by AXP and MAC. Versus Q1 2025 it opened 3 new positions, added to 6, reduced 22 and exited 4.
$5.0bn Reported equity book Sum of the long US equity positions in the filing, at the values filed. Options are excluded.
33 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.
51.0% 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 Q1 2025: 3 new , 6 added , 22 reduced , 4 exited
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Stock Sector Weight Value Shares Δ shares Action SPG SIMON PPTY GROUP INC NEW Real Estate 6.6% $331m 2.06m −12% reduced AXP AMERICAN EXPRESS CO Financial Services 5.7% $282m 884,732 −28% reduced MAC MACERICH CO Real Estate 5.2% $260m 16.07m −12% reduced MRK MERCK & CO. INC Healthcare 5.2% $259m 3.27m −2.0% reduced AMGN AMGEN INC Healthcare 5.2% $258m 922,968 −12% reduced DHI D R HORTON INC Consumer Cyclical 5.1% $255m 1.98m −12% reduced CVE Cenovus Energy Inc Energy 4.8% $239m 17.55m +13% added LEN LENNAR CORP Consumer Cyclical 4.6% $232m 2.10m −12% reduced EBAY EBAY INC. Consumer Cyclical 4.4% $218m 2.93m −12% reduced NVR NVR INC Consumer Cyclical 4.2% $210m 28,486 −12% reduced APA APA CORPORATION Energy 4.0% $200m 10.94m −12% reduced TGT TARGET CORP Consumer Defensive 3.9% $195m 1.97m +20% added JPM JPMORGAN CHASE & CO Financial Services 3.8% $188m 648,003 −34% reduced BAC BANK OF AMER CORP Financial Services 3.5% $173m 3.65m −36% reduced OXY OCCIDENTAL PETE CORP Energy 3.4% $171m 4.07m −31% reduced COP CONOCOPHILLIPS Energy 3.4% $169m 1.89m −12% reduced OVV OVINTIV INC Energy 3.3% $166m 4.36m −28% reduced UHAL/B U HAUL HOLDING COMPANY – 3.1% $155m 2.84m +18% added HD HOME DEPOT INC Consumer Cyclical 3.0% $149m 406,273 −12% reduced FANG DIAMONDBACK ENERGY INC Energy 2.9% $145m 1.05m – new QCOM QUALCOMM INC Technology 2.3% $115m 721,679 +18% added WAL WESTERN ALLIANCE BANCORP Financial Services 2.2% $112m 1.44m +19% added CACC CREDIT ACCEP CORP MICH Financial Services 2.2% $110m 216,811 +17% added UNH UNITEDHEALTH GROUP INC Healthcare 1.6% $78.8m 252,438 – new ULTA ULTA BEAUTY INC Consumer Cyclical 1.5% $77.3m 165,158 −12% reduced DVN DEVON ENERGY CORP NEW Energy 1.5% $76.4m 2.40m −58% reduced MTB M & T BK CORP Financial Services 1.5% $75.4m 388,621 −12% reduced FITB FIFTH THIRD BANCORP Financial Services 1.4% $72.0m 1.75m −12% reduced FRO FRONTLINE PLC Energy 0.2% $9.8m 590,266 −14% reduced WFG WEST FRASER TIMBER LTD Basic Materials 0.2% $8.8m 120,378 −0.5% held OCCIDENTAL PETE CORP no ticker – 0.06% $3.2m 153,969 −0.5% held IWD ISHARES TR – 0.01% $679k 3,496 −46% reduced VTV VANGUARD INDEX FDS – 0.01% $270k 1,530 – new
Exited since Q1 2025 4 rows
Stock Prior weight Prior value BRK/B BERKSHIRE HATHAWAY INC DEL 1.7% $101m SIRI SIRIUSXM HOLDINGS INC 0.9% $55.3m MRP MILLROSE PPTYS INC 0.5% $31.4m UHAL U HAUL HOLDING COMPANY 0.2% $13.7m
Sector mix Energy 23.5% Consumer Cyclical 22.9% Financial Services 20.3% Healthcare 11.9% Real Estate 11.8% Consumer Defensive 3.9% Unclassified 3.2% Technology 2.3% 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