Smead Capital Management, Inc. reported 30 positions worth $4.70B for the quarter ended Sep 30, 2026, up 1.0% on the prior quarter. It opened 0 new positions, added to 9, trimmed 21 and exited 0. Its largest holding is Cenovus Energy Inc. at 9% of the portfolio.
Reported 13F market value at each quarter end. A change mixes trading with price moves in the positions held.
Dollar value of shares bought and sold each quarter, at that quarter’s price. It counts trading only, not price changes.
How many positions were opened, added to, trimmed or closed each quarter.
Share of reported value in each sector at every quarter end.
| Holding | Change | Change % | Trade Value | Weight |
|---|---|---|---|---|
| CROX Crocs, Inc. | +220.6K | +45.1% | $25.88M | 1.77% |
| ZTS Zoetis Inc. | +347.8K | +28.2% | $24.29M | 2.35% |
| WAL Western Alliance Bancorporation | +295.6K | +18.5% | $22.20M | 3.02% |
| LEN Lennar Corp | +264.3K | +13.1% | $21.56M | 3.96% |
| FRO Frontline plc | +127.0K | +20.0% | $6.29M | 0.801% |
| CVE Cenovus Energy Inc. | +197.4K | +1.5% | $6.14M | 8.97% |
| WFG West Fraser Timber Co., Ltd | +68.4K | +55.2% | $4.74M | 0.283% |
| GTX Garrett Motion Inc. | +165.2K | +60.1% | $4.30M | 0.244% |
| OXY Occidental Petroleum Corp | +49.7K | +1.7% | $2.75M | 3.46% |
| Holding | Change | Change % | Trade Value | Weight |
|---|---|---|---|---|
| AMGN Amgen Inc | -72.7K | -11.0% | $30.66M | 5.26% |
| SPG Simon Property Group Inc. | -144.7K | -10.3% | $29.05M | 5.36% |
| TGT Target Corp | -176.6K | -12.5% | $27.66M | 4.11% |
| BAC Bank Of America Corp | -439.2K | -16.8% | $23.91M | 2.51% |
| MRK Merck & Co., Inc. | -28.6K | -1.2% | $4.15M | 7.12% |
| MAC Macerich Co | -183.4K | -1.6% | $4.10M | 5.37% |
| APA APA Corp | -94.4K | -1.2% | $3.92M | 6.81% |
| NVR Nvr Inc | -419 | -1.5% | $2.58M | 3.64% |
| JPM Jpmorgan Chase & Co | -7,314 | -1.9% | $2.42M | 2.71% |
| DHI Horton D R Inc | -17.5K | -1.2% | $2.39M | 4.06% |
No new positions this quarter.
No positions were closed this quarter.
| # | Activity | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| 1 | CVE Cenovus Energy Inc. | Energy | 13.57M | $421.76M | 8.97% | +197.4K | +1.5% | Added | 0.75% |
| 2 | MRK Merck & Co., Inc. | Healthcare | 2.31M | $335.07M | 7.12% | -28.6K | -1.2% | Reduced | 0.09% |
| 3 | APA APA Corp | Energy | 7.71M | $320.45M | 6.81% | -94.4K | -1.2% | Reduced | 2.19% |
| 4 | MAC Macerich Co | Real Estate | 11.30M | $252.63M | 5.37% | -183.4K | -1.6% | Reduced | 3.98% |
| 5 | SPG Simon Property Group Inc. | Real Estate | 1.26M | $251.96M | 5.36% | -144.7K | -10.3% | Reduced | 0.39% |
| 6 | AMGN Amgen Inc | Healthcare | 586.5K | $247.22M | 5.26% | -72.7K | -11.0% | Reduced | 0.11% |
| 7 | COP Conocophillips | Energy | 1.56M | $195.09M | 4.15% | -19.0K | -1.2% | Reduced | 0.13% |
| 8 | TGT Target Corp | Consumer Discretionary | 1.23M | $193.26M | 4.11% | -176.6K | -12.5% | Reduced | 0.27% |
| 9 | DHI Horton D R Inc | Consumer Discretionary | 1.40M | $190.86M | 4.06% | -17.5K | -1.2% | Reduced | 0.49% |
| 10 | LEN Lennar Corp | Consumer Discretionary | 2.28M | $186.41M | 3.96% | +264.3K | +13.1% | Added | 0.96% |
| 11 | FANG Diamondback Energy, Inc. | Energy | 997.7K | $183.40M | 3.9% | -12.2K | -1.2% | Reduced | 0.35% |
| 12 | NVR Nvr Inc | Consumer Discretionary | 27.8K | $171.27M | 3.64% | -419 | -1.5% | Reduced | 1.03% |
| 13 | AXP American Express Co | Financial Services | 562.1K | $170.94M | 3.63% | -6,961 | -1.2% | Reduced | 0.08% |
| 14 | OXY Occidental Petroleum Corp | Energy | 2.94M | $162.62M | 3.46% | +49.7K | +1.7% | Added | 0.29% |
| 15 | FITB Fifth Third Bancorp | Financial Services | 3.13M | $158.08M | 3.36% | -46.5K | -1.5% | Reduced | 0.34% |
Tip. Select a row to see that position’s full history at Smead Capital Management.
As of its Q3 2026 13F filing, Smead Capital Management, Inc.’s five largest positions were Cenovus Energy Inc. (CVE) at 9.0%, Merck & Co., Inc. (MRK) at 7.1%, APA Corp (APA) at 6.8%, Macerich Co (MAC) at 5.4%, Simon Property Group Inc. (SPG) at 5.4% of the reported portfolio.
Smead Capital Management, Inc. reported a 13F portfolio worth $4.70B across 30 positions for Q3 2026. That is up 1.0% from the previous quarter.
Its largest purchases by value were Crocs, Inc. ($25.88M), Zoetis Inc. ($24.29M), Western Alliance Bancorporation ($22.20M). It opened 0 new positions.
Its largest sales by value were Amgen Inc ($30.66M), Simon Property Group Inc. ($29.05M), Target Corp ($27.66M). It exited 0 positions entirely.
From the Form 13F-HR reports Smead Capital Management, Inc. files with the SEC each quarter, within 45 days of quarter end. A 13F lists long positions in US-listed equities and options; it excludes short positions, cash, bonds and most non-US holdings.
13F data reflects long positions in US-listed equities and options as reported to the SEC up to 45 days after quarter end. It excludes short positions, cash, bonds and most non-US securities, so it is not a complete picture of a manager’s assets.