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Funds (13F)

Smead Capital Management, Inc.

Backtest from 9 Aug 2013 to 2 Nov 2026 · weekly · hypothetical

Watch this strategy
Return a year
+14.4%
S&P 500 +13.9%
Last 12 months
+36.4%
S&P 500 +12.1%
Sharpe ratio
0.73
S&P 500 0.77
Biggest drop
−37.3%
S&P 500 −31.8%
$10.0k$20.0k$40.0k 2013201520172019202120232025 $59.3k$55.9k
StrategyS&P 500 $10,000 in Smead Capital Management, Inc. from 9 Aug 2013 against the S&P 500 (total return) over the same dates, marked weekly, log scale. Hypothetical: before taxes and trading costs.

About

Copies Smead Capital Management, Inc.'s quarterly 13F holdings in the companies we cover, weighted by reported value: it buys on the first trading day after each 13F is filed (up to 45 days after the quarter) and holds until the next filing. A 13F shows long US-listed positions only, at the quarter's end, so this misses shorts, cash, bonds, non-US holdings and trading within the quarter.

Smead Capital Management, Inc.'s 13F holdings →

Key statistics

MeasureStrategyS&P 500
Return a year (compound)+14.4%+13.9%
Total return+493%+459%
Last 12 months+36.4%+12.1%
Last 3 months+6.0%—
Last month+7.6%—
This year so far+29.7%—
Volatility a year18.1%16.0%
Sharpe ratio0.730.77
Biggest drop−37.3%−31.8%
Beta to the S&P 5000.961.00
Alpha a year (t-statistic)+1.3% (0.48)—
Share of weeks up59%—

Sharpe ratio uses returns above the 3-month Treasury bill rate. Alpha is the yearly return left after allowing for the strategy's exposure to the S&P 500 (CAPM); a t-statistic below about 2 means it cannot be told apart from luck.

Insights

CompanyWeightHeld sinceReturn since
CVE7.3%——
SPG6.9%——
MRK6.6%——
MAC6.4%——
APA5.6%——
AMGN5.3%——
DHI5.1%——
AXP4.2%——
NVR4.2%——
TGT4.0%——
LEN4.0%——
FITB3.9%——
FANG3.9%——
COP3.6%——
BAC3.3%——
OXY3.1%——
UNH3.0%——
WAL2.9%——
JPM2.8%——
CACC2.8%——
HD2.3%——
EBAY2.0%——
ZTS1.9%——
MTB1.4%——
CROX1.3%——
ULTA1.2%——
FRO0.5%——
GTX0.2%——
WFG0.2%——

Weighted by reported value in the latest 13F, held until the next filing.

PeriodReturn a yearS&P 500SharpeS&P 500Biggest dropBetaAlpha (t)
Whole backtest9 Aug 2013 to 2 Nov 2026+14.4%+13.9%0.730.77−37.3%0.96+1.3% (0.48)
2018 onwards5 Jan 2018 to 2 Nov 2026+13.8%+13.9%0.600.66−37.3%0.95+1.0% (0.26)
Last three years3 Nov 2023 to 2 Nov 2026+19.5%+21.8%0.911.16−22.0%0.62+4.7% (0.59)
Last year7 Nov 2025 to 2 Nov 2026+35.3%+14.2%2.170.84−5.9%0.03+26.5% (2.11)
DateCompanyAction
14 Aug 2026ZTSBought
13 Feb 2026GTXBought
14 Nov 2025CROXBought
15 Aug 2025UNHBought
15 Aug 2025FANGBought
16 May 2025MRPBought
14 Feb 2025ULTABought
14 Feb 2025SIRIBought
8 Nov 2024WFGBought
8 Nov 2024WALBought
8 Nov 2024UHALBought
8 Nov 2024TGTBought
8 Nov 2024SPGBought
8 Nov 2024QCOMBought
8 Nov 2024OXYBought
8 Nov 2024OVVBought
8 Nov 2024NVRBought
8 Nov 2024MTBBought
8 Nov 2024MRKBought
8 Nov 2024MACBought
8 Nov 2024LENBought
8 Nov 2024JPMBought
8 Nov 2024HDBought
8 Nov 2024FROBought
8 Nov 2024FITBBought

Dated at the rebalance that made the change.

DateCompanyAction
14 Aug 2026QCOMSold
13 Feb 2026OVVSold
13 Feb 2026DVNSold
15 Aug 2025UHALSold
15 Aug 2025SIRISold
15 Aug 2025MRPSold

Dated at the rebalance that made the change.

Backtests are hypothetical and use today's listed companies only, which flatters results. Past performance does not predict future returns. This is research, not investment advice. How we backtest