Smead Capital Management 13F holdings, Q2 2025
Holdings as of June 30, 2025 · filings on SEC EDGAR · latest filing →
Smead Capital Management disclosed 33 US equity positions worth $5.0bn in its Q2 2025 13F filing. The largest position was SPG at 6.6% of the reported book, followed by AXP and MAC. Against the Q1 2025 filing, it opened 3 new positions, added to 6 and reduced 22 among the top 33 holdings.
What did Smead Capital Management own in Q2 2025? Top 33 positions
| # | Stock | Sector | Weight | Value | Shares | Δ shares | vs Q1 2025 |
|---|---|---|---|---|---|---|---|
| 1 | SPG SIMON PPTY GROUP INC NEW | Real Estate | 6.6% | $331.5m | 2,062,019 | -12% | reduced |
| 2 | AXP AMERICAN EXPRESS CO | Financial Services | 5.7% | $282.2m | 884,732 | -28% | reduced |
| 3 | MAC MACERICH CO | Real Estate | 5.2% | $260.1m | 16,074,002 | -12% | reduced |
| 4 | MRK MERCK & CO INC | Healthcare | 5.2% | $258.6m | 3,267,318 | -2% | reduced |
| 5 | AMGN AMGEN INC | Healthcare | 5.2% | $257.7m | 922,968 | -12% | reduced |
| 6 | DHI D R HORTON INC | Consumer Cyclical | 5.1% | $255.2m | 1,979,845 | -12% | reduced |
| 7 | CVE CENOVUS ENERGY INC | Energy | 4.8% | $239.0m | 17,552,075 | 13% | added |
| 8 | LEN LENNAR CORP | Consumer Cyclical | 4.6% | $232.0m | 2,097,906 | -12% | reduced |
| 9 | EBAY EBAY INC. | Consumer Cyclical | 4.4% | $218.3m | 2,932,396 | -12% | reduced |
| 10 | NVR NVR INC | Consumer Cyclical | 4.2% | $210.4m | 28,486 | -12% | reduced |
| 11 | APA APA CORPORATION | Energy | 4.0% | $200.1m | 10,941,229 | -12% | reduced |
| 12 | TGT TARGET CORP | Consumer Defensive | 3.9% | $194.6m | 1,973,113 | 20% | added |
| 13 | JPM JPMORGAN CHASE & CO. | Financial Services | 3.8% | $187.9m | 648,003 | -34% | reduced |
| 14 | BAC BANK AMERICA CORP | Financial Services | 3.5% | $172.7m | 3,648,771 | -36% | reduced |
| 15 | OXY OCCIDENTAL PETE CORP | Energy | 3.4% | $171.1m | 4,071,705 | -31% | reduced |
| 16 | COP CONOCOPHILLIPS | Energy | 3.4% | $169.4m | 1,887,445 | -12% | reduced |
| 17 | OVV OVINTIV INC | Energy | 3.3% | $165.7m | 4,355,580 | -28% | reduced |
| 18 | U HAUL HOLDING COMPANY | 3.1% | $154.5m | 2,842,383 | 18% | added | |
| 19 | HD HOME DEPOT INC | Consumer Cyclical | 3.0% | $149.0m | 406,273 | -12% | reduced |
| 20 | FANG DIAMONDBACK ENERGY INC | Energy | 2.9% | $144.8m | 1,053,675 | – | new |
| 21 | QCOM QUALCOMM INC | Technology | 2.3% | $114.9m | 721,679 | 18% | added |
| 22 | WAL WESTERN ALLIANCE BANCORP | Financial Services | 2.2% | $111.9m | 1,435,247 | 19% | added |
| 23 | CACC CREDIT ACCEP CORP MICH | Financial Services | 2.2% | $110.5m | 216,811 | 17% | added |
| 24 | UNH UNITEDHEALTH GROUP INC | Healthcare | 1.6% | $78.8m | 252,438 | – | new |
| 25 | ULTA ULTA BEAUTY INC | Consumer Cyclical | 1.5% | $77.3m | 165,158 | -12% | reduced |
| 26 | DVN DEVON ENERGY CORP NEW | Energy | 1.5% | $76.4m | 2,400,686 | -58% | reduced |
| 27 | MTB M & T BK CORP | Financial Services | 1.5% | $75.4m | 388,621 | -12% | reduced |
| 28 | FITB FIFTH THIRD BANCORP | Financial Services | 1.4% | $72.0m | 1,750,355 | -12% | reduced |
| 29 | FRO FRONTLINE PLC | Energy | 0.2% | $9.8m | 590,266 | -14% | reduced |
| 30 | WFG WEST FRASER TIMBER CO LTD | Basic Materials | 0.2% | $8.8m | 120,378 | -0% | held |
| 31 | OCCIDENTAL PETE CORP | 0.1% | $3.2m | 153,969 | -0% | held | |
| 32 | ISHARES TR | 0.0% | $679.1k | 3,496 | -46% | reduced | |
| 33 | VANGUARD INDEX FDS | 0.0% | $270.4k | 1,530 | – | new |
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.