Smead Capital Management 13F holdings, Q3 2025
Holdings as of September 30, 2025 · filings on SEC EDGAR · latest filing →
Smead Capital Management disclosed 34 US equity positions worth $5.2bn in its Q3 2025 13F filing. The largest position was SPG at 6.9% of the reported book, followed by DHI and CVE. Against the Q2 2025 filing, it opened 1 new position, added to 3 and reduced 27 among the top 34 holdings.
What did Smead Capital Management own in Q3 2025? Top 34 positions
| # | Stock | Sector | Weight | Value | Shares | Δ shares | vs Q2 2025 |
|---|---|---|---|---|---|---|---|
| 1 | SPG SIMON PPTY GROUP INC NEW | Real Estate | 6.9% | $359.5m | 1,915,505 | -7% | reduced |
| 2 | DHI D R HORTON INC | Consumer Cyclical | 6.0% | $311.7m | 1,839,163 | -7% | reduced |
| 3 | CVE CENOVUS ENERGY INC | Energy | 5.4% | $278.2m | 16,389,740 | -7% | reduced |
| 4 | AXP AMERICAN EXPRESS CO | Financial Services | 5.3% | $273.0m | 821,852 | -7% | reduced |
| 5 | MAC MACERICH CO | Real Estate | 5.2% | $271.8m | 14,931,924 | -7% | reduced |
| 6 | MRK MERCK & CO INC | Healthcare | 4.9% | $254.7m | 3,034,674 | -7% | reduced |
| 7 | APA APA CORPORATION | Energy | 4.8% | $246.7m | 10,161,573 | -7% | reduced |
| 8 | LEN LENNAR CORP | Consumer Cyclical | 4.7% | $245.6m | 1,948,849 | -7% | reduced |
| 9 | AMGN AMGEN INC | Healthcare | 4.7% | $242.0m | 857,384 | -7% | reduced |
| 10 | NVR NVR INC | Consumer Cyclical | 4.1% | $212.6m | 26,462 | -7% | reduced |
| 11 | EBAY EBAY INC. | Consumer Cyclical | 3.8% | $197.7m | 2,173,735 | -26% | reduced |
| 12 | JPM JPMORGAN CHASE & CO. | Financial Services | 3.7% | $189.9m | 601,947 | -7% | reduced |
| 13 | FANG DIAMONDBACK ENERGY INC | Energy | 3.6% | $187.8m | 1,312,413 | 25% | added |
| 14 | OXY OCCIDENTAL PETE CORP | Energy | 3.5% | $178.9m | 3,787,043 | -7% | reduced |
| 15 | BAC BANK AMERICA CORP | Financial Services | 3.4% | $174.9m | 3,389,427 | -7% | reduced |
| 16 | COP CONOCOPHILLIPS | Energy | 3.2% | $165.9m | 1,753,485 | -7% | reduced |
| 17 | TGT TARGET CORP | Consumer Defensive | 3.2% | $164.2m | 1,830,431 | -7% | reduced |
| 18 | HD HOME DEPOT INC | Consumer Cyclical | 3.0% | $152.9m | 377,406 | -7% | reduced |
| 19 | OVV OVINTIV INC | Energy | 2.7% | $139.7m | 3,459,320 | -21% | reduced |
| 20 | U HAUL HOLDING COMPANY | 2.6% | $134.2m | 2,636,827 | -7% | reduced | |
| 21 | WAL WESTERN ALLIANCE BANCORP | Financial Services | 2.2% | $115.6m | 1,333,236 | -7% | reduced |
| 22 | UNH UNITEDHEALTH GROUP INC | Healthcare | 2.2% | $114.0m | 330,118 | 31% | added |
| 23 | QCOM QUALCOMM INC | Technology | 2.2% | $111.5m | 670,386 | -7% | reduced |
| 24 | CACC CREDIT ACCEP CORP MICH | Financial Services | 1.8% | $94.0m | 201,402 | -7% | reduced |
| 25 | ULTA ULTA BEAUTY INC | Consumer Cyclical | 1.6% | $83.9m | 153,423 | -7% | reduced |
| 26 | FITB FIFTH THIRD BANCORP | Financial Services | 1.4% | $72.4m | 1,626,001 | -7% | reduced |
| 27 | MTB M & T BK CORP | Financial Services | 1.4% | $71.3m | 361,011 | -7% | reduced |
| 28 | CROX CROCS INC | Consumer Cyclical | 1.0% | $53.0m | 634,082 | – | new |
| 29 | DVN DEVON ENERGY CORP NEW | Energy | 1.0% | $51.8m | 1,478,887 | -38% | reduced |
| 30 | FRO FRONTLINE PLC | Energy | 0.3% | $13.5m | 590,266 | 0% | held |
| 31 | WFG WEST FRASER TIMBER CO LTD | Basic Materials | 0.2% | $8.2m | 120,378 | 0% | held |
| 32 | OCCIDENTAL PETE CORP | 0.1% | $3.9m | 153,969 | 0% | held | |
| 33 | ISHARES TR | 0.0% | $1.1m | 5,506 | 57% | added | |
| 34 | VANGUARD INDEX FDS | 0.0% | $245.6k | 1,317 | -14% | 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.