Smead Capital Management 13F holdings, Q4 2025
Holdings as of December 31, 2025 · filings on SEC EDGAR · latest filing →
Smead Capital Management disclosed 32 US equity positions worth $4.8bn in its Q4 2025 13F filing. The largest position was SPG at 6.9% of the reported book, followed by MRK and AXP. Against the Q3 2025 filing, it opened 1 new position, added to 4 and reduced 27 among the top 32 holdings.
What did Smead Capital Management own in Q4 2025? Top 32 positions
| # | Stock | Sector | Weight | Value | Shares | Δ shares | vs Q3 2025 |
|---|---|---|---|---|---|---|---|
| 1 | SPG SIMON PPTY GROUP INC NEW | Real Estate | 6.9% | $331.6m | 1,791,330 | -6% | reduced |
| 2 | MRK MERCK & CO INC | Healthcare | 6.2% | $298.8m | 2,838,300 | -6% | reduced |
| 3 | AXP AMERICAN EXPRESS CO | Financial Services | 5.9% | $284.3m | 768,431 | -7% | reduced |
| 4 | CVE CENOVUS ENERGY INC | Energy | 5.9% | $283.6m | 16,763,978 | 2% | added |
| 5 | AMGN AMGEN INC | Healthcare | 5.4% | $262.4m | 801,796 | -6% | reduced |
| 6 | MAC MACERICH CO | Real Estate | 5.3% | $257.8m | 13,963,805 | -6% | reduced |
| 7 | DHI D R HORTON INC | Consumer Cyclical | 5.1% | $247.7m | 1,719,925 | -6% | reduced |
| 8 | APA APA CORPORATION | Energy | 4.8% | $232.4m | 9,503,039 | -6% | reduced |
| 9 | LEN LENNAR CORP | Consumer Cyclical | 3.9% | $187.3m | 1,822,291 | -6% | reduced |
| 10 | FANG DIAMONDBACK ENERGY INC | Energy | 3.8% | $184.6m | 1,227,772 | -6% | reduced |
| 11 | JPM JPMORGAN CHASE & CO. | Financial Services | 3.8% | $181.3m | 562,792 | -7% | reduced |
| 12 | NVR NVR INC | Consumer Cyclical | 3.7% | $180.5m | 24,745 | -6% | reduced |
| 13 | COP CONOCOPHILLIPS | Energy | 3.7% | $179.5m | 1,917,545 | 9% | added |
| 14 | EBAY EBAY INC. | Consumer Cyclical | 3.7% | $177.1m | 2,032,886 | -6% | reduced |
| 15 | BAC BANK AMERICA CORP | Financial Services | 3.6% | $174.3m | 3,169,803 | -6% | reduced |
| 16 | TGT TARGET CORP | Consumer Defensive | 3.5% | $167.5m | 1,713,932 | -6% | reduced |
| 17 | FITB FIFTH THIRD BANCORP | Financial Services | 3.2% | $152.1m | 3,250,139 | 100% | added |
| 18 | OXY OCCIDENTAL PETE CORP | Energy | 3.0% | $145.8m | 3,545,182 | -6% | reduced |
| 19 | WAL WESTERN ALLIANCE BANCORP | Financial Services | 2.7% | $130.9m | 1,556,943 | 17% | added |
| 20 | HD HOME DEPOT INC | Consumer Cyclical | 2.5% | $121.4m | 352,819 | -7% | reduced |
| 21 | U HAUL HOLDING COMPANY | 2.4% | $115.3m | 2,467,011 | -6% | reduced | |
| 22 | QCOM QUALCOMM INC | Technology | 2.2% | $107.2m | 626,937 | -6% | reduced |
| 23 | UNH UNITEDHEALTH GROUP INC | Healthcare | 2.1% | $101.9m | 308,723 | -6% | reduced |
| 24 | ULTA ULTA BEAUTY INC | Consumer Cyclical | 1.8% | $86.8m | 143,477 | -6% | reduced |
| 25 | CACC CREDIT ACCEP CORP MICH | Financial Services | 1.7% | $83.5m | 188,334 | -6% | reduced |
| 26 | MTB M & T BK CORP | Financial Services | 1.4% | $68.0m | 337,603 | -6% | reduced |
| 27 | CROX CROCS INC | Consumer Cyclical | 1.1% | $50.9m | 594,690 | -6% | reduced |
| 28 | FRO FRONTLINE PLC | Energy | 0.3% | $12.9m | 586,729 | -1% | reduced |
| 29 | GTX GARRETT MOTION INC | Consumer Cyclical | 0.1% | $4.3m | 244,261 | – | new |
| 30 | WFG WEST FRASER TIMBER CO LTD | Basic Materials | 0.1% | $3.3m | 54,678 | -55% | reduced |
| 31 | OCCIDENTAL PETE CORP | 0.1% | $2.9m | 153,047 | -1% | reduced | |
| 32 | ISHARES TR | 0.0% | $923.8k | 4,392 | -20% | 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.