Smead Capital Management, Inc. Long-Term Concentrated

Location: Phoenix, AZ

CIK: 0001427008 · Show all filings

Period: Q4 2025 (← Previous) (Next →)

Filing Date: Feb 9, 2026

Total Value: $4.819B (100.0% shares, 0.0% debt)

Holdings (32)

SPG SIMON PPTY GROUP INC NEW 6.9%

Value $332M Shares 1,791,330 Share Price $185.11 Est. Cost/Share $96.85 Unrealized @ Report Date +91.1%

MRK MERCK & CO INC 6.2%

Value $299M Shares 2,838,300 Share Price $105.26 Est. Cost/Share $71.96 Unrealized @ Report Date +46.3%

AXP AMERICAN EXPRESS CO 5.9%

Value $284M Shares 768,431 Share Price $369.95 Est. Cost/Share $118.42 Unrealized @ Report Date +211.7%

CVE CENOVUS ENERGY INC 5.9%

Value $284M Shares 16,763,978 Share Price $16.92 Est. Cost/Share $17.35 Unrealized @ Report Date -2.5%

AMGN AMGEN INC 5.4%

Value $262M Shares 801,796 Share Price $327.31 Est. Cost/Share $193.08 Unrealized @ Report Date +69.5%

MAC MACERICH CO 5.3%

Value $258M Shares 13,963,805 Share Price $18.46 Est. Cost/Share $13.76 Unrealized @ Report Date —

DHI D R HORTON INC 5.1%

Value $248M Shares 1,719,925 Share Price $144.03 Est. Cost/Share $81.22 Unrealized @ Report Date +77.3%

APA APA CORPORATION 4.8%

Value $232M Shares 9,503,039 Share Price $24.46 Est. Cost/Share $29.84 Unrealized @ Report Date -18.0%

LEN LENNAR CORP 3.9%

Value $187M Shares 1,822,291 Share Price $102.80 Est. Cost/Share $73.49 Unrealized @ Report Date +39.9%

FANG DIAMONDBACK ENERGY INC 3.8%

Value $185M Shares 1,227,772 Share Price $150.33 Est. Cost/Share $137.08 Unrealized @ Report Date +9.7%

JPM JPMORGAN CHASE & CO. 3.8%

Value $181M Shares 562,792 Share Price $322.22 Est. Cost/Share $100.23 Unrealized @ Report Date +221.5%

NVR NVR INC 3.7%

Value $180M Shares 24,745 Share Price $7292.70 Est. Cost/Share $3700.55 Unrealized @ Report Date +97.1%

COP CONOCOPHILLIPS 3.7%

Value $180M Shares 1,917,545 Share Price $93.61 Est. Cost/Share $68.20 Unrealized @ Report Date +37.3%

EBAY EBAY INC. 3.7%

Value $177M Shares 2,032,886 Share Price $87.10 Est. Cost/Share $41.70 Unrealized @ Report Date +108.9%

BAC BANK AMERICA CORP 3.6%

Value $174M Shares 3,169,803 Share Price $55.00 Est. Cost/Share $27.95 Unrealized @ Report Date +96.8%

TGT TARGET CORP 3.5%

Value $168M Shares 1,713,932 Share Price $97.75 Est. Cost/Share $115.72 Unrealized @ Report Date -15.5%

FITB FIFTH THIRD BANCORP 3.2%

Value $152M Shares 3,250,139 Share Price $46.81 Est. Cost/Share $35.16 Unrealized @ Report Date +33.1%

OXY OCCIDENTAL PETE CORP 3.0%

Value $146M Shares 3,545,182 Share Price $41.12 Est. Cost/Share $38.61 Unrealized @ Report Date +6.5%

WAL WESTERN ALLIANCE BANCORP 2.7%

Value $131M Shares 1,556,943 Share Price $84.07 Est. Cost/Share $57.19 Unrealized @ Report Date +46.3%

HD HOME DEPOT INC 2.5%

Value $121M Shares 352,819 Share Price $344.10 Est. Cost/Share $213.76 Unrealized @ Report Date +61.0%

UHAL/B U HAUL HOLDING COMPANY 2.4%

Value $115M Shares 2,467,011 Share Price $46.74 Est. Cost/Share $58.34 Unrealized @ Report Date -19.9%

QCOM QUALCOMM INC 2.2%

Value $107M Shares 626,937 Share Price $171.05 Est. Cost/Share $104.95 Unrealized @ Report Date +63.0%

UNH UNITEDHEALTH GROUP INC 2.1%

Value $102M Shares 308,723 Share Price $330.11 Est. Cost/Share $357.06 Unrealized @ Report Date -7.5%

ULTA ULTA BEAUTY INC 1.8%

Value $86.81M Shares 143,477 Share Price $605.01 Est. Cost/Share $387.42 Unrealized @ Report Date +56.2%

CACC CREDIT ACCEP CORP MICH 1.7%

Value $83.52M Shares 188,334 Share Price $443.46 Est. Cost/Share $472.70 Unrealized @ Report Date -6.2%

MTB M & T BK CORP 1.4%

Value $68.02M Shares 337,603 Share Price $201.48 Est. Cost/Share $120.31 Unrealized @ Report Date +67.5%

CROX CROCS INC 1.1%

Value $50.86M Shares 594,690 Share Price $85.52 Est. Cost/Share $91.29 Unrealized @ Report Date -6.3%

FRO FRONTLINE PLC 0.3%

Value $12.94M Shares 586,729 Share Price $22.05 Est. Cost/Share $14.56 Unrealized @ Report Date +49.9%

GTX GARRETT MOTION INC 0.1%

Value $4.257M Shares 244,261 Share Price $17.43 Est. Cost/Share $15.92 Unrealized @ Report Date +9.5%

WFG WEST FRASER TIMBER CO LTD 0.1%

Value $3.345M Shares 54,678 Share Price $61.18 Est. Cost/Share $79.92 Unrealized @ Report Date -23.5%

OXY/WS OCCIDENTAL PETE CORP 0.1%

Value $2.949M Shares 153,047 Share Price $19.27 Est. Cost/Share $33.25 Unrealized @ Report Date —

IWD ISHARES TR 0.0%

Value $924K Shares 4,392 Share Price $210.33 Est. Cost/Share $194.41 Unrealized @ Report Date +8.2%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
SPG	SIMON PPTY GROUP INC NEW	1,791,330	$332M	6.9%	$185.11	$96.85	+91.1%	COM	828806109
MRK	MERCK & CO INC	2,838,300	$299M	6.2%	$105.26	$71.96	+46.3%	COM	58933Y105
AXP	AMERICAN EXPRESS CO	768,431	$284M	5.9%	$369.95	$118.42	+211.7%	COM	025816109
CVE	CENOVUS ENERGY INC	16,763,978	$284M	5.9%	$16.92	$17.35	-2.5%	COM	15135U109
AMGN	AMGEN INC	801,796	$262M	5.4%	$327.31	$193.08	+69.5%	COM	031162100
MAC	MACERICH CO	13,963,805	$258M	5.3%	$18.46	$13.76	—	COM	554382101
DHI	D R HORTON INC	1,719,925	$248M	5.1%	$144.03	$81.22	+77.3%	COM	23331A109
APA	APA CORPORATION	9,503,039	$232M	4.8%	$24.46	$29.84	-18.0%	COM	03743Q108
LEN	LENNAR CORP	1,822,291	$187M	3.9%	$102.80	$73.49	+39.9%	CL A	526057104
FANG	DIAMONDBACK ENERGY INC	1,227,772	$185M	3.8%	$150.33	$137.08	+9.7%	COM	25278X109
JPM	JPMORGAN CHASE & CO.	562,792	$181M	3.8%	$322.22	$100.23	+221.5%	COM	46625H100
NVR	NVR INC	24,745	$180M	3.7%	$7292.70	$3700.55	+97.1%	COM	62944T105
COP	CONOCOPHILLIPS	1,917,545	$180M	3.7%	$93.61	$68.20	+37.3%	COM	20825C104
EBAY	EBAY INC.	2,032,886	$177M	3.7%	$87.10	$41.70	+108.9%	COM	278642103
BAC	BANK AMERICA CORP	3,169,803	$174M	3.6%	$55.00	$27.95	+96.8%	COM	060505104
TGT	TARGET CORP	1,713,932	$168M	3.5%	$97.75	$115.72	-15.5%	COM	87612E106
FITB	FIFTH THIRD BANCORP	3,250,139	$152M	3.2%	$46.81	$35.16	+33.1%	COM	316773100
OXY	OCCIDENTAL PETE CORP	3,545,182	$146M	3.0%	$41.12	$38.61	+6.5%	COM	674599105
WAL	WESTERN ALLIANCE BANCORP	1,556,943	$131M	2.7%	$84.07	$57.19	+46.3%	COM	957638109
HD	HOME DEPOT INC	352,819	$121M	2.5%	$344.10	$213.76	+61.0%	COM	437076102
UHAL/B	U HAUL HOLDING COMPANY	2,467,011	$115M	2.4%	$46.74	$58.34	-19.9%	COM SER N	023586506
QCOM	QUALCOMM INC	626,937	$107M	2.2%	$171.05	$104.95	+63.0%	COM	747525103
UNH	UNITEDHEALTH GROUP INC	308,723	$102M	2.1%	$330.11	$357.06	-7.5%	COM	91324P102
ULTA	ULTA BEAUTY INC	143,477	$86.81M	1.8%	$605.01	$387.42	+56.2%	COM	90384S303
CACC	CREDIT ACCEP CORP MICH	188,334	$83.52M	1.7%	$443.46	$472.70	-6.2%	COM	225310101
MTB	M & T BK CORP	337,603	$68.02M	1.4%	$201.48	$120.31	+67.5%	COM	55261F104
CROX	CROCS INC	594,690	$50.86M	1.1%	$85.52	$91.29	-6.3%	COM	227046109
FRO	FRONTLINE PLC	586,729	$12.94M	0.3%	$22.05	$14.56	+49.9%	COM	M46528101
GTX	GARRETT MOTION INC	244,261	$4.257M	0.1%	$17.43	$15.92	+9.5%	COM	366505105
WFG	WEST FRASER TIMBER CO LTD	54,678	$3.345M	0.1%	$61.18	$79.92	-23.5%	COM	952845105
OXY/WS	OCCIDENTAL PETE CORP	153,047	$2.949M	0.1%	$19.27	$33.25	—	*W EXP 08/03/202	674599162
IWD	ISHARES TR	4,392	$924K	0.0%	$210.33	$194.41	+8.2%	RUS 1000 VAL ETF	464287598