Smead Capital Management, Inc.

All Holdings — 2025 Q4

AI Portfolio Summary
In 2025 Q4, Smead Capital Management, Inc. maintained a portfolio of 35 distinct positions. They heavily accumulated shares in CENOVUS ENERGY INC, increasing their position by 2.3%. Conversely, Smead Capital Management, Inc. completely exited their position in OVINTIV INC.
PCA Score Concentration Risk
Risk ENB
Total Positions
35
Quarter
2025 Q4
Top Holding
SPG (6.9%)
Top 10 Concentration
53.3%
Turnover Rate
23.4%
Sector HHI
0.18
Items per page:
1-25 of 35
Stock History Sector / Type Port % Prev % Rank / Prev Conviction Change % Change Influence Shares Mkt Value Avg Cost Price Held 1st Owned Source Source Date Date Reported
SPG
SIMON PPTY GROU...
Real Estate 6.88% 6.94% #1
Prev: #1
5.3 -124,175 -6.5%
P
S
1,791,330 $331,593,099 2020 Q1 13F Filing 2025-12-31 2026-02-14 (Est.)
MRK
MERCK & CO INC
Healthcare 6.20% 4.92% #2 4
Prev: #6
4.5 -196,374 -6.5%
P
S
2,838,300 $298,759,494 2007 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
AXP
AMERICAN EXPRES...
Financial Services 5.90% 5.27% #3 1
Prev: #4
3.9 -53,421 -6.5%
P
S
768,431 $284,281,175 2015 Q3 13F Filing 2025-12-31 2026-02-14 (Est.)
CVE
CENOVUS ENERGY ...
Energy 5.89% 5.37% #4 1
Prev: #3
3.4 374,238 2.3%
P
S
16,763,978 $283,634,484 2021 Q1 13F Filing 2025-12-31 2026-02-14 (Est.)
AMGN
AMGEN INC
Healthcare 5.45% 4.67% #5 4
Prev: #9
3.2 -55,588 -6.5%
P
S
801,796 $262,435,784 2015 Q3 13F Filing 2025-12-31 2026-02-14 (Est.)
MAC
MACERICH CO
Real Estate 5.35% 5.25% #6 1
Prev: #5
2.6 -968,119 -6.5%
P
S
13,963,805 $257,771,839 2019 Q3 13F Filing 2025-12-31 2026-02-14 (Est.)
DHI
D R HORTON INC
Consumer Cyclical 5.14% 6.02% #7 5
Prev: #2
2.6 -119,238 -6.5%
P
S
1,719,925 $247,720,817 2020 Q1 13F Filing 2025-12-31 2026-02-14 (Est.)
APA
APA CORPORATION
Energy 4.82% 4.77% #8 1
Prev: #7
2.4 -658,534 -6.5%
P
S
9,503,039 $232,444,335 2023 Q1 13F Filing 2025-12-31 2026-02-14 (Est.)
LEN
LENNAR CORP
Consumer Cyclical 3.89% 4.75% #9 1
Prev: #8
2.1 -126,558 -6.5%
P
S
1,822,291 $187,331,534 2016 Q3 13F Filing 2025-12-31 2026-02-14 (Est.)
FANG
DIAMONDBACK ENE...
Energy 3.83% 3.63% #10 3
Prev: #13
2.0 -84,641 -6.4%
P
S
1,227,772 $184,571,004 2025 Q2 13F Filing 2025-12-31 2026-02-14 (Est.)
JPM
JPMORGAN CHASE ...
Financial Services 3.76% 3.67% #11 1
Prev: #12
2.0 -39,155 -6.5%
P
S
562,792 $181,342,685 2008 Q2 13F Filing 2025-12-31 2026-02-14 (Est.)
NVR
NVR INC
Consumer Cyclical 3.74% 4.11% #12 2
Prev: #10
2.0 -1,717 -6.5%
P
S
24,745 $180,457,931 2013 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
COP
CONOCOPHILLIPS
Energy 3.72% 3.20% #13 3
Prev: #16
3.5 164,060 9.4%
P
S
1,917,545 $179,501,432 2020 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
EBAY
EBAY INC.
Consumer Cyclical 3.67% 3.82% #14 3
Prev: #11
2.0 -140,849 -6.5%
P
S
2,032,886 $177,064,382 2007 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
BAC
BANK AMERICA CO...
Financial Services 3.62% 3.38% #15
Prev: #15
1.9 -219,624 -6.5%
P
S
3,169,803 $174,339,139 2012 Q1 13F Filing 2025-12-31 2026-02-14 (Est.)
TGT
TARGET CORP
Consumer Defensive 3.48% 3.17% #16 1
Prev: #17
1.9 -116,499 -6.4%
P
S
1,713,932 $167,536,808 2017 Q2 13F Filing 2025-12-31 2026-02-14 (Est.)
FITB
FIFTH THIRD BAN...
Financial Services 3.16% 1.40% #17 9
Prev: #26
4.3 1,624,138 99.9%
P
S
3,250,139 $152,138,996 2023 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
OXY
OCCIDENTAL PETE...
Energy 3.03% 3.46% #18 4
Prev: #14
1.7 -241,861 -6.4%
P
S
3,545,182 $145,777,865 2019 Q2 13F Filing 2025-12-31 2026-02-14 (Est.)
WAL
WESTERN ALLIANC...
Financial Services 2.72% 2.23% #19 2
Prev: #21
3.1 223,707 16.8%
P
S
1,556,943 $130,892,195 2023 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
HD
HOME DEPOT INC
Consumer Cyclical 2.52% 2.95% #20 2
Prev: #18
1.5 -24,587 -6.5%
P
S
352,819 $121,404,938 2007 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
UHAL/B
U HAUL HOLDING ...
Industrials 2.39% 2.59% #21 1
Prev: #20
1.5 -169,816 -6.4%
P
S
2,467,011 $115,308,088 2022 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
QCOM
QUALCOMM INC
Technology 2.23% 2.15% #22 1
Prev: #23
1.4 -43,449 -6.5%
P
S
626,937 $107,237,512 2019 Q1 13F Filing 2025-12-31 2026-02-14 (Est.)
UNH
UNITEDHEALTH GR...
Healthcare 2.11% 2.20% #23 1
Prev: #22
1.3 -21,395 -6.5%
P
S
308,723 $101,912,437 2025 Q2 13F Filing 2025-12-31 2026-02-14 (Est.)
ULTA
ULTA BEAUTY INC
Consumer Cyclical 1.80% 1.62% #24 1
Prev: #25
1.2 -9,946 -6.5%
P
S
143,477 $86,805,108 2020 Q2 13F Filing 2025-12-31 2026-02-14 (Est.)
CACC
CREDIT ACCEP CO...
Financial Services 1.73% 1.82% #25 1
Prev: #24
1.2 -13,068 -6.5%
P
S
188,334 $83,518,435 2020 Q1 13F Filing 2025-12-31 2026-02-14 (Est.)
OVV
OVINTIV INC
Energy 0.00% 2.70%
Sold All 😨
(Was: #19)
0.0 -3,459,320 -100.0%
CLOSED
$— 2022 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
DVN
DEVON ENERGY CO...
Energy 0.00% 1.00%
Sold All 😨
(Was: #29)
0.0 -1,478,887 -100.0%
CLOSED
$— 2023 Q1 13F Filing 2025-12-31 2026-02-14 (Est.)
VTV
VANGUARD INDEX ...
ETF 0.00% 0.00%
Sold All 😨
(Was: #34)
0.0 -1,317 -100.0%
CLOSED
$— 2024 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
Showing 1-25 of 35 holdings

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