Funds › Smead Capital Management › Q2 2026Smead Capital Management 13F holdings, Q2 2026 Smead Capital Management disclosed 32 US equity positions worth $4.7bn in its Q2 2026 13F filing. Its largest position is CVE at 7.1% of the reported book, followed by SPG and MRK. Versus Q1 2026 it opened 1 new position, added to 7, reduced 24 and exited 1.
$4.7bn 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.
7.1% Largest position The largest single position as a share of the reported equity book.
54.2% 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 Q1 2026: 1 new , 7 added , 24 reduced , 1 exited
32 rows
Stock Sector Weight Value Shares Δ shares Action CVE Cenovus Energy Inc Energy 7.1% $331m 13.37m −10% reduced SPG SIMON PPTY GROUP INC NEW Real Estate 6.7% $313m 1.40m −10% reduced MRK MERCK & CO. INC Healthcare 6.4% $300m 2.33m −5.5% reduced MAC MACERICH CO Real Estate 6.2% $289m 11.48m −5.5% reduced APA APA CORPORATION Energy 5.5% $254m 7.81m −5.6% reduced AMGN AMGEN INC Healthcare 5.1% $239m 659,241 −5.5% reduced DHI D R HORTON INC Consumer Cyclical 4.9% $230m 1.41m −5.6% reduced AXP AMERICAN EXPRESS CO Financial Services 4.1% $192m 569,063 −5.6% reduced NVR NVR INC Consumer Cyclical 4.1% $192m 28,248 +31% added TGT TARGET CORP Consumer Defensive 4.0% $184m 1.41m −5.5% reduced LEN LENNAR CORP Consumer Cyclical 3.9% $183m 2.02m +27% added FITB FIFTH THIRD BANCORP Financial Services 3.8% $179m 3.17m +12% added FANG DIAMONDBACK ENERGY INC Energy 3.8% $178m 1.01m −5.5% reduced COP CONOCOPHILLIPS Energy 3.5% $164m 1.58m −5.6% reduced BAC BANK OF AMER CORP Financial Services 3.2% $149m 2.61m −5.5% reduced OXY OCCIDENTAL PETE CORP Energy 3.0% $140m 2.89m −6.6% reduced UNH UNITEDHEALTH GROUP INC Healthcare 2.9% $136m 328,414 −5.4% reduced WAL WESTERN ALLIANCE BANCORP Financial Services 2.8% $131m 1.59m +18% added JPM JPMORGAN CHASE & CO Financial Services 2.8% $129m 392,900 −5.6% reduced CACC CREDIT ACCEP CORP MICH Financial Services 2.7% $127m 198,808 −5.5% reduced UHAL/B U HAUL HOLDING COMPANY – 2.5% $117m 2.03m −5.4% reduced HD HOME DEPOT INC Consumer Cyclical 2.2% $102m 290,159 −5.6% reduced EBAY EBAY INC. Consumer Cyclical 2.0% $91.2m 815,923 −54% reduced ZTS ZOETIS INC Healthcare 1.9% $88.6m 1.23m – new MTB M & T BK CORP Financial Services 1.4% $66.1m 277,594 −5.5% reduced CROX CROCS INC Consumer Cyclical 1.3% $59.0m 489,245 −5.4% reduced ULTA ULTA BEAUTY INC Consumer Cyclical 1.1% $53.2m 117,976 −5.5% reduced FRO FRONTLINE PLC Energy 0.5% $22.0m 633,773 +3.8% added GTX GARRETT MOTION INC Consumer Cyclical 0.2% $10.0m 275,064 +7.9% added WFG WEST FRASER TIMBER LTD Basic Materials 0.2% $8.4m 123,878 +7.9% added OCCIDENTAL PETE CORP no ticker – 0.04% $1.7m 65,345 −57% reduced IWD ISHARES TR – 0.03% $1.2m 4,956 −21% reduced
Exited since Q1 2026 1 row
Stock Prior weight Prior value QCOM QUALCOMM INC 1.5% $70.3m
Sector mix Energy 23.4% Financial Services 20.9% Consumer Cyclical 19.8% Healthcare 16.4% Real Estate 12.9% Consumer Defensive 4.0% Unclassified 2.6% 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