Q3 2026 13F · SEC CIK 1427008

Smead Capital Management, Inc.

Mutual fund managerFiled 2026-10-16 for Q3 2026. Open the filing ↗ · All SEC filings ↗

Reported 13F value: $4.7B
Reported positions: 31
Top holdings a year, 3 yrs: +12.6%
Assets under management: $5.5B

Smead Capital Management, Inc. is a mutual fund manager that reported 31 positions worth $4.7B in its Q3 2026 13F, filed 2026-10-16. Its largest holdings were Cenovus Energy Inc (CVE, 9.0%), Merck & Co Inc (MRK, 7.1%), Apa Corporation (APA, 6.8%). A portfolio copying its top holdings returned 12.6% a year over the last 3 years, against 20.4% for the S&P 500.

Smead Capital Management, Inc. holdings all 31 positions.

Weights are shares of the filer's total reported 13F value, compared with Q2 2026. Share changes may reflect splits; weight changes also reflect price moves. A 13F shows long US-listed positions only, up to 135 days after the fact.

Smead Capital Management, Inc. 13F holdings
Stock	% of 13F value	Q2 2026	Shares	Share change	Reported value
CVECenovus Energy Inc	9.0%	7.1%	13,568,058	+1.5%	$421.8M
MRKMerck & Co Inc	7.1%	6.4%	2,305,916	-1.2%	$335.1M
APAApa Corporation	6.8%	5.5%	7,714,207	-1.2%	$320.4M
MACMacerich Co	5.4%	6.2%	11,298,361	-1.6%	$252.6M
SPGSimon Ppty Group Inc New	5.4%	6.7%	1,255,022	-10.3%	$252.0M
AMGNAmgen Inc	5.3%	5.1%	586,504	-11.0%	$247.2M
COPConocophillips	4.1%	3.5%	1,558,825	-1.2%	$195.1M
TGTTarget Corp	4.1%	4.0%	1,233,410	-12.5%	$193.3M
DHID R Horton Inc	4.1%	4.9%	1,396,714	-1.2%	$190.9M
LENLennar Corp	4.0%	3.9%	2,284,725	+13.1%	$186.4M
FANGDiamondback Energy Inc	3.9%	3.8%	997,743	-1.2%	$183.4M
NVRNvr Inc	3.6%	4.1%	27,829	-1.5%	$171.3M
AXPAmerican Express Co	3.6%	4.1%	562,102	-1.2%	$170.9M
OXYOccidental Pete Corp	3.5%	3.0%	2,939,694	+1.7%	$162.6M
FITBFifth Third Bancorp	3.4%	3.8%	3,125,275	-1.5%	$158.1M
WALWestern Alliance Bancorp	3.0%	2.8%	1,890,270	+18.5%	$142.0M
JPMJpmorgan Chase & Co	2.7%	2.8%	385,586	-1.9%	$127.6M
UNHUnitedhealth Group Inc	2.5%	2.9%	324,391	-1.2%	$119.1M
BACBank of Amer Corp	2.5%	3.2%	2,167,615	-16.8%	$118.0M
ZTSZoetis Inc	2.3%	1.9%	1,580,996	+28.2%	$110.4M
UHALBU Haul Holding Company	2.3%	2.5%	2,005,288	-1.3%	$106.0M
CACCCredit Accep Corp Mich	2.2%	2.7%	196,381	-1.2%	$104.3M
EBAYEbay Inc.	1.8%	2.0%	805,908	-1.2%	$85.5M
CROXCrocs Inc	1.8%	1.3%	709,816	+45.1%	$83.3M
HDHome Depot Inc	1.7%	2.2%	286,495	-1.3%	$81.5M
ULTAUlta Beauty Inc	1.4%	1.1%	116,537	-1.2%	$63.6M
MTBM & T Bank Corp	1.3%	1.4%	274,204	-1.2%	$59.7M
FROFrontline PLC	0.8%	0.5%	760,775	+20.0%	$37.7M
WFGWest Fraser Timber Ltd	0.3%	0.2%	192,278	+55.2%	$13.3M
GTXGarrett Motion Inc	0.2%	0.2%	440,241	+60.1%	$11.5M
IWDIshares Tr	0.0%	0.0%	4,586	-7.5%	$1.1M

What Smead Capital Management, Inc. bought and sold in Q3 2026, against Q2 2026.

New positions

No new positions among the largest holdings.

Share counts compared with the Q2 2026 13F; a split also changes share counts.

How the holdings did against the S&P 500.

1 year: +28.9% /yr; S&P 500 +20.1%
3 years: +12.6% /yr; S&P 500 +20.4%
5 years: +10.8% /yr; S&P 500 +11.6%

A portfolio of the filer's 20 largest 13F positions, weighted by value, bought the trading day after each 13F was filed and held until the next one was: what copying this filer could have earned. 13Fs show long US-listed positions only, so this is an estimate of the stock picks, not the fund's reported returns.

Reported 13F value by quarter.

13F value by quarter
Quarter	13F value	Positions
Q3 2026	$4.7B	31
Q2 2026	$4.7B	32
Q1 2026	$4.6B	32
Q4 2025	$4.8B	32
Q3 2025	$5.2B	34
Q2 2025	$5.0B	33
Q1 2025	$5.8B	34
Q4 2024	$6.5B	34
Q3 2024	$7.0B	30
Q2 2024	$6.4B	32
Q1 2024	$6.4B	32
Q4 2023	$5.6B	33

Questions about Smead Capital Management, Inc.'s portfolio

What stocks does Smead Capital Management, Inc. own?

Smead Capital Management, Inc.'s latest 13F, for Q3 2026 and filed Oct 16, 2026, lists 31 positions worth $4.7B. The largest are Cenovus Energy Inc (CVE) at 9.0%, Merck & Co Inc (MRK) at 7.1%, Apa Corporation (APA) at 6.8%, Macerich Co (MAC) at 5.4% and Simon Ppty Group Inc New (SPG) at 5.4%.

What did Smead Capital Management, Inc. buy last quarter?

In Q3 2026, Smead Capital Management, Inc. added Garrett Motion Inc (GTX) (+60.1% shares), West Fraser Timber Ltd (WFG) (+55.2% shares) and Crocs Inc (CROX) (+45.1% shares), compared with its Q2 2026 filing.

What did Smead Capital Management, Inc. sell last quarter?

In Q3 2026, Smead Capital Management, Inc. sold all of Occidental Pete Corp (OXY-WT), Bank of Amer Corp (BAC) (-16.8% shares), Target Corp (TGT) (-12.5% shares) and Amgen Inc (AMGN) (-11.0% shares), compared with its Q2 2026 filing.

How has Smead Capital Management, Inc.'s portfolio performed?

A portfolio copying Smead Capital Management, Inc.'s 20 largest 13F holdings each quarter, from the day each filing was public, returned +12.6% a year over the last 3 years, against +20.4% for the S&P 500. Over 1 year: +28.9% against +20.1%. Over 5 years: +10.8% a year against +11.6%.

When is Smead Capital Management, Inc.'s next 13F filing due?

13F filings are due 45 days after each quarter ends. Smead Capital Management, Inc.'s filing for the quarter ending Dec 31, 2026 is due by Feb 14, 2027; this page updates the day after it is published.

How much money does Smead Capital Management, Inc. manage?

Smead Capital Management, Inc. reported $5.5B of regulatory assets under management on its latest SEC Form ADV. Its 13F, which covers only US-listed stocks and options, totals $4.7B.