Smead Capital Management, Inc.

Long Only Manager • Value

Smead Capital Management, Inc. is a Value-focused institution based in Phoenix, AZ led by Cole W. Smead, reporting $7.2B in AUM as of Q3 2025 with 52% concentrated in top 10 holdings.

CEOCole W. Smead

Portfolio Value: $5.2B
Positions: 34
Top Holding: SPG at 6.94%
Last Reported: Q3 2025

Address2502 East Camelback Road, Suite 210, Phoenix, AZ, 85016, United States

Top Holdings

Largest long holdings in Smead Capital Management, Inc.'s portfolio (52.1% of total portfolio)

See all holdings

GthenH

Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 Simon Property Group SPG	REIT - Retail Real Estate	$359.5M	6.94%	-$27.5M Sold	0.59% 1.9M shares	Q1 2020 Held for 5y 8m
2 D.R. Horton DHI	Residential Construction Consumer Cyclical	$311.7M	6.02%	-$23.8M Sold	0.62% 1.8M shares	Q1 2020 Held for 5y 8m
3 Cenovus Energy CVE	Oil & Gas Integrated Energy	$278.2M	5.37%	-$19.7M Sold	0.91% 16.4M shares	Q1 2021 Held for 4y 8m
4 American Express AXP	Financial - Credit Services Financial Services	$273.0M	5.27%	-$20.9M Sold	0.12% 821.9K shares	Q2 2015 Held for 10y 5m
5 Macerich MAC	REIT - Retail Real Estate	$271.8M	5.25%	-$20.8M Sold	5.91% 14.9M shares	Q3 2019 Held for 6y 2m
6 Merck & Co. MRK	Drug Manufacturers - General Healthcare	$254.7M	4.92%	-$19.5M Sold	0.12% 3.0M shares	≤ Q2 2013 Held for 12y 5m+
7 APA Corporation APA	Oil & Gas Exploration & Production Energy	$246.7M	4.77%	-$18.9M Sold	2.84% 10.2M shares	Q1 2023 Held for 2y 8m
8 Lennar LEN	Residential Construction Consumer Cyclical	$245.6M	4.75%	-$18.8M Sold	0.75% 1.9M shares	Q3 2016 Held for 9y 2m
9 Amgen AMGN	Drug Manufacturers - General Healthcare	$242.0M	4.67%	-$18.5M Sold	0.16% 857.4K shares	≤ Q2 2013 Held for 12y 5m+
10 NVR NVR	Residential Construction Consumer Cyclical	$212.6M	4.11%	-$16.3M Sold	0.96% 26.5K shares	Q4 2013 Held for 11y 11m

See all holdings

GthenH

Changes

Portfolio activity, position movements, and quarter-over-quarter changes in Smead Capital Management, Inc.'s latest filing

See all changes

GthenC

Market Value

$5.2B

Prior: $5.0B

Q/Q Change

+3.64%

+$181.8M

Net Flows % of MV

-6.88%

Turnover Ratio

5.7%

New Purchases

1 stocks

$53.0M

Added To

3 stocks

+$64.3M

Sold Out Of

0 stocks

Reduced Holdings

27 stocks

-$473.3M

Increased Positions

Position	Shares Δ	Change
1 Crocs CROX	New	0 → 634.1K +$53.0M
2 iShares Russell 1000 Value IWD	+57.49%	3.5K → 5.5K +$409.2K
3 UnitedHealth Group UNH	+30.77%	252.4K → 330.1K +$26.8M
4 Diamondback Energy FANG	+24.56%	1.1M → 1.3M +$37.0M

Decreased Positions

Position	Shares Δ	Change
1 Devon Energy DVN	-38.4%	2.4M → 1.5M −$32.3M
2 eBay EBAY	-25.87%	2.9M → 2.2M −$69.0M
3 Ovintiv OVV	-20.58%	4.4M → 3.5M −$36.2M
4 Vanguard Value VTV	-13.92%	1.5K → 1.3K −$39.7K
5 U-Haul Holding UHAL.B	-7.23%	2.8M → 2.6M −$10.5M