Smead Capital Management 13F holdings, Q1 2026
Holdings as of March 31, 2026 · filings on SEC EDGAR · latest filing →
Smead Capital Management disclosed 32 US equity positions worth $4.6bn in its Q1 2026 13F filing. The largest position was CVE at 8.6% of the reported book, followed by APA and MRK. Against the Q4 2025 filing, it opened 0 new positions, added to 6 and reduced 26 among the top 32 holdings.
What did Smead Capital Management own in Q1 2026? Top 32 positions
| # | Stock | Sector | Weight | Value | Shares | Δ shares | vs Q4 2025 |
|---|---|---|---|---|---|---|---|
| 1 | CVE CENOVUS ENERGY INC | Energy | 8.6% | $394.5m | 14,868,003 | -11% | reduced |
| 2 | APA APA CORPORATION | Energy | 7.6% | $351.0m | 8,269,815 | -13% | reduced |
| 3 | MRK MERCK & CO INC | Healthcare | 6.5% | $297.3m | 2,471,398 | -13% | reduced |
| 4 | SPG SIMON PPTY GROUP INC NEW | Real Estate | 6.3% | $291.0m | 1,559,860 | -13% | reduced |
| 5 | AMGN AMGEN INC | Healthcare | 5.3% | $245.6m | 697,919 | -13% | reduced |
| 6 | MAC MACERICH CO | Real Estate | 5.0% | $229.7m | 12,155,332 | -13% | reduced |
| 7 | COP CONOCOPHILLIPS | Energy | 4.8% | $220.6m | 1,671,303 | -13% | reduced |
| 8 | FANG DIAMONDBACK ENERGY INC | Energy | 4.6% | $211.5m | 1,069,328 | -13% | reduced |
| 9 | DHI D R HORTON INC | Consumer Cyclical | 4.5% | $205.5m | 1,497,723 | -13% | reduced |
| 10 | OXY OCCIDENTAL PETE CORP | Energy | 4.4% | $201.2m | 3,095,535 | -13% | reduced |
| 11 | AXP AMERICAN EXPRESS CO | Financial Services | 4.0% | $182.3m | 602,643 | -22% | reduced |
| 12 | TGT TARGET CORP | Consumer Defensive | 3.9% | $180.9m | 1,492,670 | -13% | reduced |
| 13 | EBAY EBAY INC. | Consumer Cyclical | 3.5% | $161.2m | 1,771,494 | -13% | reduced |
| 14 | NVR NVR INC | Consumer Cyclical | 3.1% | $141.9m | 21,538 | -13% | reduced |
| 15 | LEN LENNAR CORP | Consumer Cyclical | 3.0% | $137.7m | 1,586,225 | -13% | reduced |
| 16 | BAC BANK AMERICA CORP | Financial Services | 2.9% | $134.5m | 2,759,684 | -13% | reduced |
| 17 | FITB FIFTH THIRD BANCORP | Financial Services | 2.9% | $131.5m | 2,831,423 | -13% | reduced |
| 18 | JPM JPMORGAN CHASE & CO | Financial Services | 2.7% | $122.4m | 416,094 | -26% | reduced |
| 19 | HD HOME DEPOT INC | Consumer Cyclical | 2.2% | $101.1m | 307,339 | -13% | reduced |
| 20 | WAL WESTERN ALLIANCE BANCORP | Financial Services | 2.1% | $96.0m | 1,355,591 | -13% | reduced |
| 21 | U HAUL HOLDING COMPANY | 2.1% | $95.9m | 2,146,425 | -13% | reduced | |
| 22 | UNH UNITEDHEALTH GROUP INC | Healthcare | 2.0% | $93.9m | 347,102 | 12% | added |
| 23 | CACC CREDIT ACCEP CORP MICH | Financial Services | 1.9% | $89.1m | 210,470 | 12% | added |
| 24 | QCOM QUALCOMM INC | Technology | 1.5% | $70.3m | 545,810 | -13% | reduced |
| 25 | ULTA ULTA BEAUTY INC | Consumer Cyclical | 1.4% | $65.3m | 124,895 | -13% | reduced |
| 26 | MTB M & T BK CORP | Financial Services | 1.3% | $60.7m | 293,869 | -13% | reduced |
| 27 | CROX CROCS INC | Consumer Cyclical | 0.9% | $42.9m | 517,170 | -13% | reduced |
| 28 | FRO FRONTLINE PLC | Energy | 0.5% | $21.4m | 610,694 | 4% | added |
| 29 | WFG WEST FRASER TIMBER LTD | Basic Materials | 0.2% | $7.5m | 114,778 | 110% | added |
| 30 | OCCIDENTAL PETE CORP | 0.1% | $6.5m | 151,211 | -1% | reduced | |
| 31 | GTX GARRETT MOTION INC | Consumer Cyclical | 0.1% | $4.6m | 254,910 | 4% | added |
| 32 | ISHARES TR | 0.0% | $1.3m | 6,264 | 43% | added |
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.