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Smead Capital Management, Inc. — 13F Holdings & Portfolio

CIK 1427008 · latest 13F-HR filed 2026-10-16

Backtest portfolio

Smead Capital Management, Inc. manages $4.71B in 13F-reported U.S. long-equity assets across 31 reported positions as of its 2026-09-30 13F-HR filing. Its largest disclosed positions are CVE (8.96%), MRK (7.12%), APA (6.81%). Quarter over quarter (versus its 2026-06-30 filing) the fund opened 0 new positions and exited 1; 12 existing positions rose in reported value and 14 fell.

AUM is the long-equity portion reported on Form 13F-HR. Excludes short positions, cash, foreign holdings, and non-13F assets. For informational purposes only — not investment advice.

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AUM
$4.71B

Long-equity book

Holdings
31

Distinct positions

Period
2026-09-30

Filed 2026-10-16

Q/Q Activity
+0 / −1 / ↑12 / ↓14

vs 2026-06-30

Portfolio charts

Latest quarter's book, what changed, and how the portfolio has evolved across filings.

Portfolio map

Q3 26
CVE9.0% · +2%MRK7.1% · -1%APA6.8% · -1%MAC5.4% · -2%SPG5.4% · -10%AMGN5.3% · -11%COP4.1% · -1%TGT4.1% · -12%DHI4.1% · -1%LEN4.0% · +13%FANG3.9% · -1%NVR3.6% · -2%AXP3.6% · -1%OXY3.5% · +2%FITB3.4% · -2%WAL3.0% · +18%JPM2.7% · -2%UNH2.5% · -1%BAC2.5% · -17%ZTS2.3% · +28%UHAL.B2.3% · -1%CACC2.2% · -1%EBAY1.8% · -1%CROX1.8% · +45%HD1.7% · -1%ULTA1.4% · -1%MTB1.3% · -1%FRO0.8% · +20%WFG0.3% · +55%GTX0.2% · +60%IWD0.0% · -8%

Box size = position value; colour = change in share count vs the prior quarter (green added, red trimmed, blue new). Rows split across managers or share classes are combined. Click a box for the stock.

Sector mix

% of 13F value

Sectors from each company's SIC code; funds and ETFs grouped separately.

Biggest buys and sells

Q2 26 → Q3 26

Estimated from the change in shares held × the quarter-end price, so price moves alone don't count as buying. New and exited positions are included.

13F assets and positions

5 quarters

Total reported 13F value (bars) and number of positions (line) each quarter. Value changes include market moves.

Top positions over time

reported value

The eight largest current positions, valued at each quarter end.

Concentration

top 10 = 55.1%

Cumulative share of the portfolio held in the largest N positions.

Firm Profile & Key People

As of the firm’s regulatory filing dated Mar 30, 2026.

Assets Under Management
$5.52B
Discretionary
$5.36B
Employees
18
Accounts
185
Address
2502 EAST CAMELBACK ROAD
SUITE 210
PHOENIX, AZ 85016
Phone
(602) 889-3660
Website
Name Title / Status Ownership Type
BRIGGS, BRIAN, LEWIS ControlCHIEF COMPLIANCE OFFICER
since Mar 2026
Less than 5%Individual
OCallaghan, Conor, William ControlCOO, SHAREHOLDER
since Jan 2025
Less than 5%Individual
SMEAD, COLE, W. ControlCEO, SHAREHOLDER
since Jan 2014
10–25%Individual
SMEAD, WILLIAM, WALLACE ControlCIO, SHAREHOLDER
since Jun 2007
50–75%Individual
LEMIRE, STEVEN, JOSEPHSHAREHOLDER
since Jul 2014
5–10%Individual
WAY, WILLIAM, GRIFFITHSHAREHOLDER
since Jul 2007
10–25%Individual
Ownership & leadership changes · 14 filings with changes since Mar 22, 2012

From the firm’s regulatory filings, newest first. Dates are filing dates: a filing that no longer lists someone does not say when they left.

Mar 30, 2026 filing
  • AddedBRIGGS, BRIAN, LEWIS · CHIEF COMPLIANCE OFFICER · Less than 5% · control person
  • AddedOCallaghan, Conor, William · COO, SHAREHOLDER · Less than 5% · control person
  • ChangedLEMIRE, STEVEN, JOSEPH · title CCO, SHAREHOLDER → SHAREHOLDER; no longer a control person
Mar 17, 2023 filing
  • ChangedLEMIRE, STEVEN, JOSEPH · ownership Less than 5% → 5–10%
  • ChangedSMEAD, COLE, W. · title PRESIDENT, SHAREHOLDER → CEO, SHAREHOLDER
Mar 2, 2021 filing
  • No longer listedSCHERRER, LEO, A · DIRECTOR OF RESEARCH · Less than 5% · listed since Jul 2012
  • ChangedWAY, WILLIAM, GRIFFITH · ownership 5–10% → 10–25%
Oct 15, 2020 filing
  • ChangedSCHERRER, LEO, A · title DIRECTOR OF RESEARCH, SHAREHOLDER → DIRECTOR OF RESEARCH; ownership 5–10% → Less than 5%
Mar 10, 2020 filing
  • No longer listedgreenfileld, jameson, alan · CHIEF FINANCIAL OFFICER · Less than 5% · control person · listed since Dec 2017
  • ChangedLEMIRE, STEVEN, JOSEPH · title CCO AND SHAREHOLDER → CCO, SHAREHOLDER
  • ChangedSMEAD, COLE, W. · title MANAGING DIRECTOR, SHAREHOLDER → PRESIDENT, SHAREHOLDER
  • ChangedSMEAD, WILLIAM, WALLACE · title CIO/CEO, SHAREHOLDER → CIO, SHAREHOLDER
Mar 4, 2019 filing
  • ChangedLEMIRE, STEVEN, JOSEPH · title CCO, DIRECTOR OF OPERATIONS, SHAREHOLDER → CCO AND SHAREHOLDER
  • ChangedSMEAD, COLE, W. · ownership 5–10% → 10–25%
Feb 21, 2018 filing
  • No longer listedMARTIN, ALISA, JANELL · COO/CFO, SHAREHOLDER · Less than 5% · control person · listed since Jul 2007
  • Addedgreenfileld, jameson, alan · CHIEF FINANCIAL OFFICER · Less than 5% · control person
  • ChangedLEMIRE, STEVEN, JOSEPH · title CCO, SHAREHOLDER → CCO, DIRECTOR OF OPERATIONS, SHAREHOLDER; now a control person
  • ChangedSMEAD, COLE, W. · now a control person
Mar 3, 2017 filing
  • ChangedWAY, WILLIAM, GRIFFITH · ownership 10–25% → 5–10%
Apr 22, 2016 filing
  • ChangedSMEAD, WILLIAM, WALLACE · ownership 75% or more → 50–75%
Mar 3, 2016 filing
  • No longer listedLARSON, BRENDA, SUE · DIRECTOR OF OPERATIONS, SHAREHOLDER · Less than 5% · listed since Jun 2007
  • ChangedLEMIRE, STEVEN, JOSEPH · title CCO → CCO, SHAREHOLDER
Older changes (5 more filings)
Mar 6, 2015 filing
  • ChangedLARSON, BRENDA, SUE · title DIRECTOR OF OPERATIONS 1% SHAREHOLDER → DIRECTOR OF OPERATIONS, SHAREHOLDER
  • ChangedMARTIN, ALISA, JANELL · title COO/CFO 2% SHAREHOLDER → COO/CFO, SHAREHOLDER
  • ChangedSCHERRER, LEO, A · title DIRECTOR OF RESEARCH 5% SHAREHOLDER → DIRECTOR OF RESEARCH, SHAREHOLDER
  • ChangedSMEAD, COLE, W. · title A MANAGING DIRECTOR 6% SHAREHOLDER → MANAGING DIRECTOR, SHAREHOLDER
  • ChangedSMEAD, WILLIAM, WALLACE · title CIO/CEO 76% SHAREHOLDER → CIO/CEO, SHAREHOLDER
  • ChangedWAY, WILLIAM, GRIFFITH · title 10% SHAREHOLDER → SHAREHOLDER
Jul 16, 2014 filing
  • AddedLEMIRE, STEVEN, JOSEPH · CCO · Less than 5%
  • ChangedLARSON, BRENDA, SUE · title CCO 1% SHAREHOLDER → DIRECTOR OF OPERATIONS 1% SHAREHOLDER
Mar 26, 2014 filing
  • AddedSMEAD, COLE, W. · A MANAGING DIRECTOR 6% SHAREHOLDER · 5–10%
  • ChangedLARSON, BRENDA, SUE · title CHIEF COMPLIANCE OFFICER → CCO 1% SHAREHOLDER
  • ChangedMARTIN, ALISA, JANELL · title CHIEF OPERATIONS OFFICER/CHIEF FINANCIAL OFFICER → COO/CFO 2% SHAREHOLDER
  • ChangedSCHERRER, LEO, A · title 5% SHAREHOLDER → DIRECTOR OF RESEARCH 5% SHAREHOLDER
  • ChangedSMEAD, WILLIAM, WALLACE · title CIO/CEO → CIO/CEO 76% SHAREHOLDER
Mar 20, 2013 filing
  • AddedSCHERRER, LEO, A · 5% SHAREHOLDER · 5–10%
Mar 22, 2012 filing (earliest on record)
  • ListedLARSON, BRENDA, SUE · CHIEF COMPLIANCE OFFICER · Less than 5%
  • ListedMARTIN, ALISA, JANELL · CHIEF OPERATIONS OFFICER/CHIEF FINANCIAL OFFICER · Less than 5% · control person
  • ListedSMEAD, WILLIAM, WALLACE · CIO/CEO · 75% or more · control person
  • ListedWAY, WILLIAM, GRIFFITH · 10% SHAREHOLDER · 10–25%

Quarter-over-quarter changes

Changes in reported position value vs the prior 13F, so price moves count too, not just shares bought or sold.

Top Adds (vs prior quarter)

Show all 12 →

Top Trims

Show all 14 →

New Positions

  • No new positions this quarter.
Show all 0 →

Exited Positions

Show all 1 →

Smead Capital Management, Inc. Holdings (2026-09-30)

Rows tagged Call or Put are options positions, not stock. Per SEC Form 13F-HR, Value shows the notional value of the underlying (shares covered × underlying price), not the option premium. Shares is the number of underlying shares covered (divide by 100 for contract count).

# Issuer Symbol CUSIP Value Weight Shares Type
1 CENOVUS ENERGY INC CVE 15135U109 $421.8M 8.96% 13,568,058 SH
2 MERCK & CO INC MRK 58933Y105 $335.1M 7.12% 2,305,916 SH
3 APA CORPORATION APA 03743Q108 $320.4M 6.81% 7,714,207 SH
4 MACERICH CO MAC 554382101 $252.6M 5.37% 11,298,361 SH
5 SIMON PPTY GROUP INC NEW SPG 828806109 $252.0M 5.35% 1,255,022 SH
6 AMGEN INC AMGN 031162100 $247.2M 5.25% 586,504 SH
7 CONOCOPHILLIPS COP 20825C104 $195.1M 4.15% 1,558,825 SH
8 TARGET CORP TGT 87612E106 $193.3M 4.11% 1,233,410 SH
9 D R HORTON INC DHI 23331A109 $190.9M 4.06% 1,396,714 SH
10 LENNAR CORP LEN 526057104 $186.4M 3.96% 2,284,725 SH
11 DIAMONDBACK ENERGY INC FANG 25278X109 $183.4M 3.90% 997,743 SH
12 NVR INC NVR 62944T105 $171.3M 3.64% 27,829 SH
13 AMERICAN EXPRESS CO AXP 025816109 $170.9M 3.63% 562,102 SH
14 OCCIDENTAL PETE CORP OXY 674599105 $162.6M 3.46% 2,939,694 SH
15 FIFTH THIRD BANCORP FITB 316773100 $158.1M 3.36% 3,125,275 SH
16 WESTERN ALLIANCE BANCORP WAL 957638109 $142.0M 3.02% 1,890,270 SH
17 JPMORGAN CHASE & CO JPM 46625H100 $127.6M 2.71% 385,586 SH
18 UNITEDHEALTH GROUP INC UNH 91324P102 $119.1M 2.53% 324,391 SH
19 BANK OF AMER CORP BAC 060505104 $118.0M 2.51% 2,167,615 SH
20 ZOETIS INC ZTS 98978V103 $110.4M 2.35% 1,580,996 SH
21 U HAUL HOLDING COMPANY UHAL.B 023586506 $106.0M 2.25% 2,005,288 SH
22 CREDIT ACCEP CORP MICH CACC 225310101 $104.3M 2.22% 196,381 SH
23 EBAY INC. EBAY 278642103 $85.5M 1.82% 805,908 SH
24 CROCS INC CROX 227046109 $83.3M 1.77% 709,816 SH
25 HOME DEPOT INC HD 437076102 $81.5M 1.73% 286,495 SH
26 ULTA BEAUTY INC ULTA 90384S303 $63.6M 1.35% 116,537 SH
27 M & T BK CORP MTB 55261F104 $59.7M 1.27% 274,204 SH
28 FRONTLINE PLC FRO M46528101 $37.7M 0.80% 760,775 SH
29 WEST FRASER TIMBER CO LTD WFG 952845105 $13.3M 0.28% 192,278 SH
30 GARRETT MOTION INC GTX 366505105 $11.5M 0.24% 440,241 SH
31 ISHARES TR IWD 464287598 $1.1M 0.02% 4,586 SH
Filing History
Period Filed AUM Holdings Accession
2026-09-30 2026-10-16 $4.71B 31 0001172661-26-004558
2026-06-30 2026-08-11 $4.66B 32 0001172661-26-003262
2026-03-31 2026-05-14 $4.60B 32 0001172661-26-001955
2025-12-31 2026-02-09 $4.82B 32 0001172661-26-000531
2025-09-30 2025-11-10 $5.18B 34 0001172661-25-004652
Filer Information
Address
2502 EAST CAMELBACK ROAD
SUITE 210
PHOENIX, AZ 85016
Phone
(602) 889-3663
Filing Manager
Smead Capital Management, Inc.
Phoenix, AZ
Signatory
Brian Briggs
Chief Compliance Officer