Smead Capital Management, Inc.

Phoenix, AZ · CIK 1427008 · 13F filing filed 2026-08-11

SEC-registered investment adviser since 2007 · corporation

Assets managed$5.5bn
Staff18 · 10 in investment roles
Main clients (by assets)Mutual funds and ETFs 81%, Companies 8%, Private funds 7%
Websitesmeadcap.com
Form ADV · 2026-03-30SEC adviser record

Legal entitySMEAD CAPITAL MANAGEMENT, INC. (US)

Kindmutual funds, futures
Others nearbyPhoenix, AZ, Jersey City, NJ, London

As an employer

Offices in2 countries

Where they work

people there (dot area)number not reportedmain officeHover or tap a dot. Australian and UK companies are placed at their business or registered address, with their staff across the whole country.

Offices

From Form ADV: the main office and the other offices where it does advisory work (at most the 25 largest), with the people doing investment work at each. “About” is worked out: the firm's investment staff less its other offices. Each city links to the other managers there.

City	Country	People
Phoenix, AZ (main office)United States	United States	about 5
Jersey City, NJUnited States	United States	4
LondonUnited Kingdom	United Kingdom	1

Map: places from GeoNames (CC BY 4.0), outlines from Natural Earth.

$4.7bn reported value +1.4% vs Q1 2026

32positions

54.2%in top 10

1 new 7 added 24 reduced 1 sold out vs Q1 2026

Also in the report of:

PERSONAL CFO SOLUTIONS, LLC – $1.1m of shares are in both reports

Shares in two reports are counted once in each security's totals.

Holdings, Q2 2026

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	CENOVUS ENERGY INC COM CVE	CVE	13,370,631	$331.4m7.11%	7.11%	Reduced -1.5m	-1,497,372 -10.1%
2	SIMON PPTY GROUP INC NEW COM SPG	SPG	1,399,725	$313.0m6.71%	6.71%	Reduced -160.1k	-160,135 -10.3%
3	MERCK & CO INC COM MRK	MRK	2,334,468	$300.0m6.43%	6.43%	Reduced -136.9k	-136,930 -5.5%
4	MACERICH CO COM MAC	MAC	11,481,712	$289.2m6.20%	6.20%	Reduced -673.6k	-673,620 -5.5%
5	APA CORPORATION COM APA	APA	7,808,568	$254.3m5.46%	5.46%	Reduced -461.2k	-461,247 -5.6%
6	AMGEN INC COM AMGN	AMGN	659,241	$238.7m5.12%	5.12%	Reduced -38.7k	-38,678 -5.5%
7	D R HORTON INC COM DHI	DHI	1,414,221	$230.3m4.94%	4.94%	Reduced -83.5k	-83,502 -5.6%
8	AMERICAN EXPRESS CO COM AXP	AXP	569,063	$192.5m4.13%	4.13%	Reduced -33.6k	-33,580 -5.6%
9	NVR INC COM NVR	NVR	28,248	$192.5m4.13%	4.13%	Added +6.7k	+6,710 31.1%
10	TARGET CORP COM TGT	TGT	1,409,966	$184.2m3.95%	3.95%	Reduced -82.7k	-82,704 -5.5%
11	LENNAR CORP CL A LEN	LEN	2,020,441	$182.8m3.92%	3.92%	Added +434.2k	+434,216 27.4%
12	FIFTH THIRD BANCORP COM FITB	FITB	3,171,824	$178.8m3.84%	3.84%	Added +340.4k	+340,401 12.0%
13	DIAMONDBACK ENERGY INC COM FANG	FANG	1,009,989	$177.5m3.81%	3.81%	Reduced -59.3k	-59,339 -5.5%
14	CONOCOPHILLIPS COM COP	COP	1,577,846	$164.0m3.52%	3.52%	Reduced -93.5k	-93,457 -5.6%
15	BANK AMERICA CORP COM BAC	BAC	2,606,833	$148.5m3.19%	3.19%	Reduced -152.9k	-152,851 -5.5%
16	OCCIDENTAL PETE CORP COM OXY	OXY	2,889,985	$140.4m3.01%	3.01%	Reduced -205.6k	-205,550 -6.6%
17	UNITEDHEALTH GROUP INC COM UNH	UNH	328,414	$136.5m2.93%	2.93%	Reduced -18.7k	-18,688 -5.4%
18	WESTERN ALLIANCE BANCORP COM WAL	WAL	1,594,678	$131.1m2.81%	2.81%	Added +239.1k	+239,087 17.6%
19	JPMORGAN CHASE & CO COM JPM	JPM	392,900	$128.6m2.76%	2.76%	Reduced -23.2k	-23,194 -5.6%
20	CREDIT ACCEP CORP MICH COM CACC	CACC	198,808	$126.6m2.72%	2.72%	Reduced -11.7k	-11,662 -5.5%
21	U HAUL HOLDING COMPANY COM SER N UHAL.B	UHAL.B	2,031,260	$117.2m2.51%	2.51%	Reduced -115.2k	-115,165 -5.4%
22	HOME DEPOT INC COM HD	HD	290,159	$102.3m2.20%	2.20%	Reduced -17.2k	-17,180 -5.6%
23	EBAY INC. COM EBAY	EBAY	815,923	$91.2m1.96%	1.96%	Reduced -955.6k	-955,571 -53.9%
24	ZOETIS INC CL A ZTS	ZTS	1,233,210	$88.6m1.90%	1.90%	New
25	M & T BK CORP COM MTB	MTB	277,594	$66.1m1.42%	1.42%	Reduced -16.3k	-16,275 -5.5%
26	CROCS INC COM CROX	CROX	489,245	$59.0m1.27%	1.27%	Reduced -27.9k	-27,925 -5.4%
27	ULTA BEAUTY INC COM ULTA	ULTA	117,976	$53.2m1.14%	1.14%	Reduced -6.9k	-6,919 -5.5%
28	FRONTLINE PLC COM FRO	FRO	633,773	$22.0m0.47%	0.47%	Added +23.1k	+23,079 3.8%
29	GARRETT MOTION INC COM GTX	GTX	275,064	$10.0m0.21%	0.21%	Added +20.2k	+20,154 7.9%
30	WEST FRASER TIMBER CO LTD COM WFG	WFG	123,878	$8.4m0.18%	0.18%	Added +9.1k	+9,100 7.9%
31	OCCIDENTAL PETE CORP *W EXP 08/03/202 OXY.WS	OXY.WS	65,345	$1.7m0.04%	0.04%	Reduced -85.9k	-85,866 -56.8%
32	ISHARES TR RUS 1000 VAL ETF IWD	IWD	4,956	$1.2m0.03%	0.03%	Reduced -1.3k	-1,308 -20.9%

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
QUALCOMM INC QCOM	QCOM	545,810	$70.3m545.8k shares