Funds › Smead Capital Management › Q4 2025Smead Capital Management 13F holdings, Q4 2025 Smead Capital Management disclosed 32 US equity positions worth $4.8bn in its Q4 2025 13F filing. Its largest position is SPG at 6.9% of the reported book, followed by MRK and AXP. Versus Q3 2025 it opened 1 new position, added to 4, reduced 27 and exited 3.
$4.8bn Reported equity book Sum of the long US equity positions in the filing, at the values filed. Options are excluded.
32 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.
53.3% Top 10 weight The ten largest positions together, as a share of the reported equity book.
23 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 Q3 2025: 1 new , 4 added , 27 reduced , 3 exited
32 rows
Stock Sector Weight Value Shares Δ shares Action SPG SIMON PPTY GROUP INC NEW Real Estate 6.9% $332m 1.79m −6.5% reduced MRK MERCK & CO. INC Healthcare 6.2% $299m 2.84m −6.5% reduced AXP AMERICAN EXPRESS CO Financial Services 5.9% $284m 768,431 −6.5% reduced CVE Cenovus Energy Inc Energy 5.9% $284m 16.76m +2.3% added AMGN AMGEN INC Healthcare 5.4% $262m 801,796 −6.5% reduced MAC MACERICH CO Real Estate 5.3% $258m 13.96m −6.5% reduced DHI D R HORTON INC Consumer Cyclical 5.1% $248m 1.72m −6.5% reduced APA APA CORPORATION Energy 4.8% $232m 9.50m −6.5% reduced LEN LENNAR CORP Consumer Cyclical 3.9% $187m 1.82m −6.5% reduced FANG DIAMONDBACK ENERGY INC Energy 3.8% $185m 1.23m −6.4% reduced JPM JPMORGAN CHASE & CO Financial Services 3.8% $181m 562,792 −6.5% reduced NVR NVR INC Consumer Cyclical 3.7% $180m 24,745 −6.5% reduced COP CONOCOPHILLIPS Energy 3.7% $180m 1.92m +9.4% added EBAY EBAY INC. Consumer Cyclical 3.7% $177m 2.03m −6.5% reduced BAC BANK OF AMER CORP Financial Services 3.6% $174m 3.17m −6.5% reduced TGT TARGET CORP Consumer Defensive 3.5% $168m 1.71m −6.4% reduced FITB FIFTH THIRD BANCORP Financial Services 3.2% $152m 3.25m +100% added OXY OCCIDENTAL PETE CORP Energy 3.0% $146m 3.55m −6.4% reduced WAL WESTERN ALLIANCE BANCORP Financial Services 2.7% $131m 1.56m +17% added HD HOME DEPOT INC Consumer Cyclical 2.5% $121m 352,819 −6.5% reduced UHAL/B U HAUL HOLDING COMPANY – 2.4% $115m 2.47m −6.4% reduced QCOM QUALCOMM INC Technology 2.2% $107m 626,937 −6.5% reduced UNH UNITEDHEALTH GROUP INC Healthcare 2.1% $102m 308,723 −6.5% reduced ULTA ULTA BEAUTY INC Consumer Cyclical 1.8% $86.8m 143,477 −6.5% reduced CACC CREDIT ACCEP CORP MICH Financial Services 1.7% $83.5m 188,334 −6.5% reduced MTB M & T BK CORP Financial Services 1.4% $68.0m 337,603 −6.5% reduced CROX CROCS INC Consumer Cyclical 1.1% $50.9m 594,690 −6.2% reduced FRO FRONTLINE PLC Energy 0.3% $12.9m 586,729 −0.6% reduced GTX GARRETT MOTION INC Consumer Cyclical 0.09% $4.3m 244,261 – new WFG WEST FRASER TIMBER LTD Basic Materials 0.07% $3.3m 54,678 −55% reduced OCCIDENTAL PETE CORP no ticker – 0.06% $2.9m 153,047 −0.6% reduced IWD ISHARES TR – 0.02% $924k 4,392 −20% reduced
Exited since Q3 2025 3 rows
Stock Prior weight Prior value OVV OVINTIV INC 2.7% $140m DVN DEVON ENERGY CORP NEW 1.0% $51.8m VTV VANGUARD INDEX FDS 0.0% $246k
Sector mix Financial Services 22.3% Consumer Cyclical 21.9% Energy 21.6% Healthcare 13.8% Real Estate 12.2% Consumer Defensive 3.5% Unclassified 2.5% Technology 2.2% Basic Materials 0.07% 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