Funds › Smead Capital Management › Q3 2025Smead Capital Management 13F holdings, Q3 2025 Smead Capital Management disclosed 34 US equity positions worth $5.2bn in its Q3 2025 13F filing. Its largest position is SPG at 6.9% of the reported book, followed by DHI and CVE. Versus Q2 2025 it opened 1 new position, added to 3, reduced 27 and exited 0.
$5.2bn 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.
6.9% Largest position The largest single position as a share of the reported equity book.
52.1% 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 Q2 2025: 1 new , 3 added , 27 reduced , 0 exited
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Stock Sector Weight Value Shares Δ shares Action SPG SIMON PPTY GROUP INC NEW Real Estate 6.9% $359m 1.92m −7.1% reduced DHI D R HORTON INC Consumer Cyclical 6.0% $312m 1.84m −7.1% reduced CVE Cenovus Energy Inc Energy 5.4% $278m 16.39m −6.6% reduced AXP AMERICAN EXPRESS CO Financial Services 5.3% $273m 821,852 −7.1% reduced MAC MACERICH CO Real Estate 5.2% $272m 14.93m −7.1% reduced MRK MERCK & CO. INC Healthcare 4.9% $255m 3.03m −7.1% reduced APA APA CORPORATION Energy 4.8% $247m 10.16m −7.1% reduced LEN LENNAR CORP Consumer Cyclical 4.7% $246m 1.95m −7.1% reduced AMGN AMGEN INC Healthcare 4.7% $242m 857,384 −7.1% reduced NVR NVR INC Consumer Cyclical 4.1% $213m 26,462 −7.1% reduced EBAY EBAY INC. Consumer Cyclical 3.8% $198m 2.17m −26% reduced JPM JPMORGAN CHASE & CO Financial Services 3.7% $190m 601,947 −7.1% reduced FANG DIAMONDBACK ENERGY INC Energy 3.6% $188m 1.31m +25% added OXY OCCIDENTAL PETE CORP Energy 3.5% $179m 3.79m −7.0% reduced BAC BANK OF AMER CORP Financial Services 3.4% $175m 3.39m −7.1% reduced COP CONOCOPHILLIPS Energy 3.2% $166m 1.75m −7.1% reduced TGT TARGET CORP Consumer Defensive 3.2% $164m 1.83m −7.2% reduced HD HOME DEPOT INC Consumer Cyclical 3.0% $153m 377,406 −7.1% reduced OVV OVINTIV INC Energy 2.7% $140m 3.46m −21% reduced UHAL/B U HAUL HOLDING COMPANY – 2.6% $134m 2.64m −7.2% reduced WAL WESTERN ALLIANCE BANCORP Financial Services 2.2% $116m 1.33m −7.1% reduced UNH UNITEDHEALTH GROUP INC Healthcare 2.2% $114m 330,118 +31% added QCOM QUALCOMM INC Technology 2.2% $112m 670,386 −7.1% reduced CACC CREDIT ACCEP CORP MICH Financial Services 1.8% $94.0m 201,402 −7.1% reduced ULTA ULTA BEAUTY INC Consumer Cyclical 1.6% $83.9m 153,423 −7.1% reduced FITB FIFTH THIRD BANCORP Financial Services 1.4% $72.4m 1.63m −7.1% reduced MTB M & T BK CORP Financial Services 1.4% $71.3m 361,011 −7.1% reduced CROX CROCS INC Consumer Cyclical 1.0% $53.0m 634,082 – new DVN DEVON ENERGY CORP NEW Energy 1.0% $51.8m 1.48m −38% reduced FRO FRONTLINE PLC Energy 0.3% $13.5m 590,266 0.0% held WFG WEST FRASER TIMBER LTD Basic Materials 0.2% $8.2m 120,378 0.0% held OCCIDENTAL PETE CORP no ticker – 0.08% $3.9m 153,969 0.0% held IWD ISHARES TR – 0.02% $1.1m 5,506 +57% added VTV VANGUARD INDEX FDS – 0.0% $246k 1,317 −14% reduced
Sector mix Energy 24.4% Consumer Cyclical 24.3% Financial Services 19.1% Real Estate 12.2% Healthcare 11.8% Consumer Defensive 3.2% Unclassified 2.7% Technology 2.2% 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