Smead Capital Management, Inc.
Long book
$4.60B
Q1 2026
Positions
32
Top-10 weight
58%
concentration
Last quarter
+8.4%
SPY +14.8%
Turnover
0%
of book per quarter
Strategy in plain words
auto-generated from filingsSmead Capital Management, Inc. is a concentrated fundamental stock-picker, running a $4.60B US long book across 32 positions.
The portfolio is concentrated: the top 10 names carry 58% of the portfolio. The book barely moves quarter to quarter — a patient, low-turnover holder. Current anchor positions: CENOVUS ENERGY INC, APA CORP, MERCK & CO. INC., SIMON PROPERTY GROUP INC, AMGEN INC.
Over the last 9 quarters its long book ran on average 2.2pp per quarter behind the S&P 500, beating the index in 4 of 9 quarters. We rate its filings highest-signal: new buys here are worth attention.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
-4.5%
Q2 2024
+5.8%
Q3 2024
-6.0%
Q4 2024
-3.3%
Q1 2025
-1.2%
Q2 2025
+11.4%
Q3 2025
+0.5%
Q4 2025
+9.8%
Q1 2026
+8.4%
Sector allocation
Energy 34%
Financials 22%
Healthcare 13%
Industrials 13%
Consumer discretionary 9%
Services media 6%
Technology 2%
Other 1%
Long book by quarter
What does Smead Capital own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| CVE CENOVUS ENERGY INC | Energy | 14.9M | $394.5M | 8.6% | -11.3% |
| APA APA CORP | Energy | 8.3M | $351.0M | 7.6% | -13.0% |
| MRK MERCK & CO. INC. | Healthcare | 2.5M | $297.3M | 6.5% | -12.9% |
| AMGN AMGEN INC | Healthcare | 697.9K | $245.6M | 5.3% | -13.0% |
| COP CONOCOPHILLIPS | Energy | 1.7M | $220.6M | 4.8% | -12.8% |
| FANG DIAMONDBACK ENERGY INC | Energy | 1.1M | $211.5M | 4.6% | -12.9% |
| DHI DR HORTON INC | Industrials | 1.5M | $205.5M | 4.5% | -12.9% |
| OXY OCCIDENTAL PETROLEUM CORP | Energy | 3.1M | $201.2M | 4.4% | -12.7% |
| AXP AMERICAN EXPRESS CO | Financials | 602.6K | $182.3M | 4.0% | -21.6% |
| TGT TARGET CORP | Consumer discretionary | 1.5M | $180.9M | 3.9% | -12.9% |
| EBAY EBAY INC | Services media | 1.8M | $161.2M | 3.5% | -12.9% |
| NVR NVR INC | Industrials | 21.5K | $141.9M | 3.1% | -13.0% |
| LEN LENNAR CORP-A | Industrials | 1.6M | $137.7M | 3.0% | -13.0% |
| BAC BANK OF AMERICA CORP | Financials | 2.8M | $134.5M | 2.9% | -12.9% |
| FITB FIFTH THIRD BANCORP | Financials | 2.8M | $131.5M | 2.9% | -12.9% |
| JPM JPMORGAN CHASE & CO | Financials | 416.1K | $122.4M | 2.7% | -26.1% |
| HD HOME DEPOT INC | Consumer discretionary | 307.3K | $101.1M | 2.2% | -12.9% |
| WAL WESTERN ALLIANCE BANCORP | Financials | 1.4M | $96.0M | 2.1% | -12.9% |
| UHAL/B U-HAUL HOLDING CO-NON VOTING | Services media | 2.1M | $95.9M | 2.1% | -13.0% |
| UNH UNITEDHEALTH GROUP INC | Financials | 347.1K | $93.9M | 2.0% | +12.4% |
| CACC CREDIT ACCEPTANCE CORP | Financials | 210.5K | $89.1M | 1.9% | +11.8% |
| QCOM QUALCOMM INC | Technology | 545.8K | $70.3M | 1.5% | -12.9% |
| ULTA ULTA BEAUTY INC | Consumer discretionary | 124.9K | $65.3M | 1.4% | -13.0% |
| MTB M & T BANK CORP | Financials | 293.9K | $60.7M | 1.3% | -13.0% |
| CROX CROCS INC | Other | 517.2K | $42.9M | 0.9% | -13.0% |
| FRO FRONTLINE PLC | Industrials | 610.7K | $21.4M | 0.5% | +4.1% |
| WFG WEST FRASER TIMBER CO LTD | Other | 114.8K | $7.5M | 0.2% | +109.9% |
| GTX GARRETT MOTION INC | Industrials | 254.9K | $4.6M | 0.1% | +4.4% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 14, 2026 | 32 | $4.60B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 9, 2026 | 32 | $4.82B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 10, 2025 | 34 | $5.18B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 33 | $4.99B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 14, 2025 | 34 | $5.83B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 12, 2025 | 34 | $6.45B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 7, 2024 | 30 | $7.01B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 9, 2024 | 32 | $6.41B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR/ARESTATEMENT | Jul 16, 2024 | 32 | $6.41B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 10, 2024 | 32 | $6.41B | SEC ↗ |
Similar funds
Sanders Capital, LLCGATES FOUNDATION TRUSTEAGLE CAPITAL MANAGEMENT LLCWoodbridge Co LtdAlecta Tjanstepension OmsesidigtMubadala Investment Co PJSCH&H International Investment, LLCNewlands Management Operations LLCINVESTOR ABIndependent Franchise Partners LLPPineStone Asset Management Inc.Pentwater Capital Management LP