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Asset manager

Smead Capital Management, Inc.

13F for the quarter to June 30, 2026, filed August 11, 2026 · SEC CIK 1427008

Reported value
$4.7bn
97% in companies we cover
Positions we cover
29
Largest CVE 7.1%
Copy, a year
+14.4%
S&P 500 +13.9%
Copy Sharpe ratio
0.73
S&P 500 0.77

How copying its 13F would have done

$10.0k$20.0k$40.0k 2013201520172019202120232025 $59.3k$55.9k
CopyS&P 500 $10,000 copying Smead Capital Management, Inc.'s filed holdings in companies we cover from August 9, 2013, buying on the first trading day after each 13F was filed and holding until the next, against the S&P 500 (total return). Marked weekly, log scale. Before costs and taxes; misses trading within each quarter and anything 13F does not show (shorts, cash, bonds, non-US holdings).

Biggest drop −37.3% (S&P 500 −31.8%); beta 0.96; alpha +1.3% a year (t = 0.48); last 12 months +36.4% against +12.1%.

Reported value by quarter

Smead Capital Management, Inc.: 13F reported value Total value of all positions in each quarter's 13F, as filed (values before 2023 were filed in thousands of dollars and are converted).
$0 $2T $4T $6T Reported value, 2013-06-30: $493.8M Reported value, 2013-09-30: $616.6M Reported value, 2013-12-31: $726.1M Reported value, 2014-03-31: $830M Reported value, 2014-06-30: $918.2M Reported value, 2014-09-30: $927.4M Reported value, 2014-12-31: $1.1B Reported value, 2015-03-31: $1.4B Reported value, 2015-06-30: $1.5B Reported value, 2015-09-30: $1.9B Reported value, 2015-12-31: $2.2B Reported value, 2016-03-31: $2.3B Reported value, 2016-06-30: $2.1B Reported value, 2016-09-30: $2.1B Reported value, 2016-12-31: $2B Reported value, 2017-03-31: $2B Reported value, 2017-06-30: $2.1B Reported value, 2017-09-30: $2.1B Reported value, 2017-12-31: $2.2B Reported value, 2018-03-31: $2.1B Reported value, 2018-06-30: $2.1B Reported value, 2018-09-30: $2.2B Reported value, 2018-12-31: $1.9B Reported value, 2019-03-31: $2B Reported value, 2019-06-30: $2.1B Reported value, 2019-09-30: $2B Reported value, 2019-12-31: $2.2B Reported value, 2020-03-31: $1.4B Reported value, 2020-06-30: $1.6B Reported value, 2020-09-30: $1.6B Reported value, 2020-12-31: $1.7B Reported value, 2021-03-31: $2.3B Reported value, 2021-06-30: $2.9B Reported value, 2021-09-30: $2.9B Reported value, 2021-12-31: $3.8B Reported value, 2022-03-31: $4.3B Reported value, 2022-06-30: $3.9B Reported value, 2022-09-30: $3.8B Reported value, 2022-12-31: $4.7T Reported value, 2023-03-31: $5B Reported value, 2023-06-30: $5B Reported value, 2023-09-30: $4.9B Reported value, 2023-12-31: $5.6B Reported value, 2024-03-31: $6.4B Reported value, 2024-06-30: $6.4B Reported value, 2024-09-30: $7B Reported value, 2024-12-31: $6.5B Reported value, 2025-03-31: $5.8B Reported value, 2025-06-30: $5B Reported value, 2025-09-30: $5.2B Reported value, 2025-12-31: $4.8B Reported value, 2026-03-31: $4.6B Reported value, 2026-06-30: $4.7B 2013-06-30 2016-03-31 2018-12-31 2021-09-30 2026-06-30 $4.7B
View chart data
Period Reported value
2013-06-30 $493.8M
2013-09-30 $616.6M
2013-12-31 $726.1M
2014-03-31 $830M
2014-06-30 $918.2M
2014-09-30 $927.4M
2014-12-31 $1.1B
2015-03-31 $1.4B
2015-06-30 $1.5B
2015-09-30 $1.9B
2015-12-31 $2.2B
2016-03-31 $2.3B
2016-06-30 $2.1B
2016-09-30 $2.1B
2016-12-31 $2B
2017-03-31 $2B
2017-06-30 $2.1B
2017-09-30 $2.1B
2017-12-31 $2.2B
2018-03-31 $2.1B
2018-06-30 $2.1B
2018-09-30 $2.2B
2018-12-31 $1.9B
2019-03-31 $2B
2019-06-30 $2.1B
2019-09-30 $2B
2019-12-31 $2.2B
2020-03-31 $1.4B
2020-06-30 $1.6B
2020-09-30 $1.6B
2020-12-31 $1.7B
2021-03-31 $2.3B
2021-06-30 $2.9B
2021-09-30 $2.9B
2021-12-31 $3.8B
2022-03-31 $4.3B
2022-06-30 $3.9B
2022-09-30 $3.8B
2022-12-31 $4.7T
2023-03-31 $5B
2023-06-30 $5B
2023-09-30 $4.9B
2023-12-31 $5.6B
2024-03-31 $6.4B
2024-06-30 $6.4B
2024-09-30 $7B
2024-12-31 $6.5B
2025-03-31 $5.8B
2025-06-30 $5B
2025-09-30 $5.2B
2025-12-31 $4.8B
2026-03-31 $4.6B
2026-06-30 $4.7B

Holdings and moves

CompanyShare of portfolioValueSharesChange in shares
CVECenovus Energy Inc.7.11%$331.4m13.37M−10.1% Reduced
SPGSimon Property Group6.71%$313.0m1.40M−10.3% Reduced
MRKMerck & Co.6.43%$300.0m2.33M−5.5% Reduced
MACMacerich Co6.20%$289.2m11.48M−5.5% Reduced
APAAPA Corporation5.46%$254.3m7.81M−5.6% Reduced
AMGNAmgen5.12%$238.7m659.2K−5.5% Reduced
DHID. R. Horton4.94%$230.3m1.41M−5.6% Reduced
AXPAmerican Express4.13%$192.5m569.1K−5.6% Reduced
NVRNVR, Inc.4.13%$192.5m28.2K+31.2% Added
TGTTarget Corporation3.95%$184.2m1.41M−5.5% Reduced
LENLennar3.92%$182.8m2.02M+27.4% Added
FITBFifth Third Bancorp3.83%$178.8m3.17M+12.0% Added
FANGDiamondback Energy3.81%$177.5m1.01M−5.5% Reduced
COPConocoPhillips3.52%$164.0m1.58M−5.6% Reduced
BACBank of America3.19%$148.5m2.61M−5.5% Reduced
OXYOccidental Petroleum3.01%$140.4m2.89M−6.6% Reduced
UNHUnitedHealth Group2.93%$136.5m328.4K−5.4% Reduced
WALWestern Alliance Bancorporation2.81%$131.1m1.59M+17.6% Added
JPMJPMorgan Chase2.76%$128.6m392.9K−5.6% Reduced
CACCCredit Acceptance Corp2.71%$126.6m198.8K−5.5% Reduced
HDThe Home Depot2.19%$102.3m290.2K−5.6% Reduced
EBAYeBay Inc.1.96%$91.2m815.9K−53.9% Reduced
ZTSZoetis1.90%$88.6m1.23MNew
MTBM&T Bank1.42%$66.1m277.6K−5.5% Reduced
CROXCrocs, Inc.1.27%$59.0m489.2K−5.4% Reduced
ULTAUlta Beauty1.14%$53.2m118.0K−5.5% Reduced
FROFrontline plc0.47%$22.0m633.8K+3.8% Added
GTXGarrett Motion Inc.0.21%$10.0m275.1K+7.9% Added
WFGWest Fraser Timber Co., LTD0.18%$8.4m123.9K+7.9% Added
CompanyBought (value)Shares
ZTSZoetis$88.6m1.23M
NVRNVR, Inc.$45.7m6.7K
LENLennar$39.3m434.2K
WALWestern Alliance Bancorporation$19.7m239.1K
FITBFifth Third Bancorp$19.2m340.4K
FROFrontline plc$800,34423.1K
GTXGarrett Motion Inc.$730,17920.2K
WFGWest Fraser Timber Co., LTD$615,4499.1K

Change in shares on the previous quarter's 13F, valued at this quarter's reported price.

CompanySold (value)Shares
EBAYeBay Inc.−$106.8m−955.6K
QCOMQualcomm−$70.3m−545.8K
CVECenovus Energy Inc.−$37.1m−1.50M
SPGSimon Property Group−$35.8m−160.1K
MRKMerck & Co.−$17.6m−136.9K
MACMacerich Co−$17.0m−673.6K
APAAPA Corporation−$15.0m−461.2K
AMGNAmgen−$14.0m−38.7K
DHID. R. Horton−$13.6m−83.5K
AXPAmerican Express−$11.4m−33.6K
TGTTarget Corporation−$10.8m−82.7K
FANGDiamondback Energy−$10.4m−59.3K
OXYOccidental Petroleum−$10.0m−205.6K
COPConocoPhillips−$9.7m−93.5K
BACBank of America−$8.7m−152.9K

Change in shares on the previous quarter's 13F, valued at this quarter's reported price.

CompanyValue last quarterShares
QCOMQualcomm$70.3m545.8K
  • Energy24.0%
  • Financials21.4%
  • Consumer Discretionary20.3%
  • Health Care16.8%
  • Real Estate13.3%
  • Consumer Staples4.1%
  • Materials0.2%

Share of the value held in companies we cover, by sector.

PeriodCopy, a yearS&P 500SharpeS&P 500Biggest dropBeta
Whole backtestAugust 9, 2013 to November 2, 2026+14.4%+13.9%0.730.77−37.3%0.96
2018 onwardsJanuary 5, 2018 to November 2, 2026+13.8%+13.9%0.600.66−37.3%0.95
Last three yearsNovember 3, 2023 to November 2, 2026+19.5%+21.8%0.911.16−22.0%0.62
Last yearNovember 7, 2025 to November 2, 2026+35.3%+14.2%2.170.84−5.9%0.03

From SEC Form 13F data sets. A 13F lists long positions in US-listed shares at the quarter's end, filed up to 45 days later; it does not show shorts, cash, bonds, non-US holdings or trades within the quarter. Positions in companies outside our coverage are not listed here. Research, not investment advice.