Smead Capital Management portfolio
Concentrated managerInvestment firmPortfolio as of Sep 30, 2026 (Q3 2026) · filed with the SEC on Oct 16, 2026 · data updated on Nov 5, 2026 · Q3 2026 13F (filing) ↗ · all its 13F filings ↗
A 13F shows the portfolio at quarter-end and is filed up to 45 days later: these are not real-time positions and they may have changed.
Smead Capital Management reported a $4.7 bn portfolio of 31 positions to the SEC as of the end of Q3 2026. Its largest positions are CVE, MRK, APA.
Sections with a free account
What changed this quarter
32 positions with a change (9 added to, 22 trimmed, 1 sold). 6 are listed here: those of 0.5 points of the portfolio or more (up to 12).
- Amgen−11%fewer sharesReduced5.1% → 5.3%
- Simon Property Group−10%fewer sharesReduced6.7% → 5.4%
- Target−13%fewer sharesReduced4.0% → 4.1%
- Crocs+45%more sharesIncreased1.3% → 1.8%
- Zoetis+28%more sharesIncreased1.9% → 2.3%
- Bank of America−17%fewer sharesReduced3.2% → 2.5%
The figure on the right: for positions added to or trimmed, the change in the number of shares (%); for new and sold ones, the points of the portfolio moved (pp). Below, the portfolio weight before → after. Traded weight: what it bought or sold, excluding price effects.
Top holdings
- Cenovus EnergyCVE9.0%
- MerckMRK7.1%
- APAAPA6.8%
- MacerichMAC5.4%
- Simon Property GroupSPG5.4%
- AmgenAMGN5.3%
- ConocoPhillipsCOP4.1%
- TargetTGT4.1%
- D.R. HortonDHI4.1%
- LennarLEN4.0%
- Diamondback EnergyFANG3.9%
- NVRNVR3.6%
- American ExpressAXP3.6%
- Occidental PetroleumOXY3.5%
- Fifth Third BancorpFITB3.4%
“Since”: first quarter of the current run, unbroken until today. In the details, prices are the quarter-end prices of the quarters in which it added shares, per the 13F. The manager may have bought at any price within each quarter; the SEC only publishes the value at quarter end.
Portfolio by sector
- ● Energy 27%
- ● Financials 19%
- ● Consumer Discretionary 19%
- ● Health Care 17%
- ● Real Estate 11%
- ● Consumer Staples 4%
- ● Industrials 3%
How its portfolio changed (8 quarters)
Q3 2026: 31
Q3 2026: 55%
Q3 2026: 2.8%
Traded turnover: the weight it bought plus the weight it sold in the quarter, divided by two, excluding price moves. The plain “turnover” in the header does include that effect. With a free account: the full history and sectors over time.
Stakes above 5% (13D/13G)
Companies where this filer reported holding 5% or more of the shares. It is the figure from its latest filing on each one; history since December 2024.
How we classify it
Investment firm, per its Form ADV of Mar 30, 2026 (high confidence).
The data, as reported: SMEAD CAPITAL MANAGEMENT, INC. (CRD 143567): Manages registered funds; 5.D assets by client type: registered funds 81%, corporations 8%, pooled vehicles 7% (of $5.5 bn)
The type comes from a rule applied to that data. If it looks wrong, tell us.
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