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 Est. Cost $96.85 Unrealized +85.9%

MRK MERCK & CO INC 6.2%

Value $299M Shares 2,838,300 Est. Cost $71.96 Unrealized +29.6%

AXP AMERICAN EXPRESS CO 5.9%

Value $284M Shares 768,431 Est. Cost $118.42 Unrealized +201.4%

CVE CENOVUS ENERGY INC 5.9%

Value $284M Shares 16,763,978 Est. Cost $17.35 Unrealized +0.1%

AMGN AMGEN INC 5.4%

Value $262M Shares 801,796 Est. Cost $193.08 Unrealized +63.6%

MAC MACERICH CO 5.3%

Value $258M Shares 13,963,805 Est. Cost $13.76 Unrealized —

DHI D R HORTON INC 5.1%

Value $248M Shares 1,719,925 Est. Cost $81.22 Unrealized +87.2%

APA APA CORPORATION 4.8%

Value $232M Shares 9,503,039 Est. Cost $29.84 Unrealized -19.1%

LEN LENNAR CORP 3.9%

Value $187M Shares 1,822,291 Est. Cost $73.49 Unrealized +64.2%

FANG DIAMONDBACK ENERGY INC 3.8%

Value $185M Shares 1,227,772 Est. Cost $137.08 Unrealized +7.3%

JPM JPMORGAN CHASE & CO. 3.8%

Value $181M Shares 562,792 Est. Cost $100.23 Unrealized +208.8%

NVR NVR INC 3.7%

Value $180M Shares 24,745 Est. Cost $3700.55 Unrealized +102.0%

COP CONOCOPHILLIPS 3.7%

Value $180M Shares 1,917,545 Est. Cost $68.20 Unrealized +32.0%

EBAY EBAY INC. 3.7%

Value $177M Shares 2,032,886 Est. Cost $41.70 Unrealized +107.1%

BAC BANK AMERICA CORP 3.6%

Value $174M Shares 3,169,803 Est. Cost $27.95 Unrealized +88.4%

TGT TARGET CORP 3.5%

Value $168M Shares 1,713,932 Est. Cost $115.72 Unrealized -20.8%

FITB FIFTH THIRD BANCORP 3.2%

Value $152M Shares 3,250,139 Est. Cost $35.16 Unrealized +24.1%

OXY OCCIDENTAL PETE CORP 3.0%

Value $146M Shares 3,545,182 Est. Cost $38.61 Unrealized +7.6%

WAL WESTERN ALLIANCE BANCORP 2.7%

Value $131M Shares 1,556,943 Est. Cost $57.19 Unrealized +41.0%

HD HOME DEPOT INC 2.5%

Value $121M Shares 352,819 Est. Cost $213.76 Unrealized +70.6%

UHAL/B U HAUL HOLDING COMPANY 2.4%

Value $115M Shares 2,467,011 Est. Cost $58.34 Unrealized -16.6%

QCOM QUALCOMM INC 2.2%

Value $107M Shares 626,937 Est. Cost $104.95 Unrealized +62.7%

UNH UNITEDHEALTH GROUP INC 2.1%

Value $102M Shares 308,723 Est. Cost $357.06 Unrealized -5.6%

ULTA ULTA BEAUTY INC 1.8%

Value $86.81M Shares 143,477 Est. Cost $387.42 Unrealized +41.9%

CACC CREDIT ACCEP CORP MICH 1.7%

Value $83.52M Shares 188,334 Est. Cost $472.70 Unrealized -1.9%

MTB M & T BK CORP 1.4%

Value $68.02M Shares 337,603 Est. Cost $120.31 Unrealized +58.0%

CROX CROCS INC 1.1%

Value $50.86M Shares 594,690 Est. Cost $91.29 Unrealized -8.4%

FRO FRONTLINE PLC 0.3%

Value $12.94M Shares 586,729 Est. Cost $14.56 Unrealized +60.5%

GTX GARRETT MOTION INC 0.1%

Value $4.257M Shares 244,261 Est. Cost $15.92 Unrealized 0.0%

WFG WEST FRASER TIMBER CO LTD 0.1%

Value $3.345M Shares 54,678 Est. Cost $79.92 Unrealized -21.7%

OXY/WS OCCIDENTAL PETE CORP 0.1%

Value $2.949M Shares 153,047 Est. Cost $33.25 Unrealized —

IWD ISHARES TR 0.0%

Value $924K Shares 4,392 Est. Cost $191.86 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SPG	SIMON PPTY GROUP INC NEW	1,791,330	$332M	6.9%	$96.85	+85.9%	COM	828806109
MRK	MERCK & CO INC	2,838,300	$299M	6.2%	$71.96	+29.6%	COM	58933Y105
AXP	AMERICAN EXPRESS CO	768,431	$284M	5.9%	$118.42	+201.4%	COM	025816109
CVE	CENOVUS ENERGY INC	16,763,978	$284M	5.9%	$17.35	+0.1%	COM	15135U109
AMGN	AMGEN INC	801,796	$262M	5.4%	$193.08	+63.6%	COM	031162100
MAC	MACERICH CO	13,963,805	$258M	5.3%	$13.76	—	COM	554382101
DHI	D R HORTON INC	1,719,925	$248M	5.1%	$81.22	+87.2%	COM	23331A109
APA	APA CORPORATION	9,503,039	$232M	4.8%	$29.84	-19.1%	COM	03743Q108
LEN	LENNAR CORP	1,822,291	$187M	3.9%	$73.49	+64.2%	CL A	526057104
FANG	DIAMONDBACK ENERGY INC	1,227,772	$185M	3.8%	$137.08	+7.3%	COM	25278X109
JPM	JPMORGAN CHASE & CO.	562,792	$181M	3.8%	$100.23	+208.8%	COM	46625H100
NVR	NVR INC	24,745	$180M	3.7%	$3700.55	+102.0%	COM	62944T105
COP	CONOCOPHILLIPS	1,917,545	$180M	3.7%	$68.20	+32.0%	COM	20825C104
EBAY	EBAY INC.	2,032,886	$177M	3.7%	$41.70	+107.1%	COM	278642103
BAC	BANK AMERICA CORP	3,169,803	$174M	3.6%	$27.95	+88.4%	COM	060505104
TGT	TARGET CORP	1,713,932	$168M	3.5%	$115.72	-20.8%	COM	87612E106
FITB	FIFTH THIRD BANCORP	3,250,139	$152M	3.2%	$35.16	+24.1%	COM	316773100
OXY	OCCIDENTAL PETE CORP	3,545,182	$146M	3.0%	$38.61	+7.6%	COM	674599105
WAL	WESTERN ALLIANCE BANCORP	1,556,943	$131M	2.7%	$57.19	+41.0%	COM	957638109
HD	HOME DEPOT INC	352,819	$121M	2.5%	$213.76	+70.6%	COM	437076102
UHAL/B	U HAUL HOLDING COMPANY	2,467,011	$115M	2.4%	$58.34	-16.6%	COM SER N	023586506
QCOM	QUALCOMM INC	626,937	$107M	2.2%	$104.95	+62.7%	COM	747525103
UNH	UNITEDHEALTH GROUP INC	308,723	$102M	2.1%	$357.06	-5.6%	COM	91324P102
ULTA	ULTA BEAUTY INC	143,477	$86.81M	1.8%	$387.42	+41.9%	COM	90384S303
CACC	CREDIT ACCEP CORP MICH	188,334	$83.52M	1.7%	$472.70	-1.9%	COM	225310101
MTB	M & T BK CORP	337,603	$68.02M	1.4%	$120.31	+58.0%	COM	55261F104
CROX	CROCS INC	594,690	$50.86M	1.1%	$91.29	-8.4%	COM	227046109
FRO	FRONTLINE PLC	586,729	$12.94M	0.3%	$14.56	+60.5%	COM	M46528101
GTX	GARRETT MOTION INC	244,261	$4.257M	0.1%	$15.92	0.0%	COM	366505105
WFG	WEST FRASER TIMBER CO LTD	54,678	$3.345M	0.1%	$79.92	-21.7%	COM	952845105
OXY/WS	OCCIDENTAL PETE CORP	153,047	$2.949M	0.1%	$33.25	—	*W EXP 08/03/202	674599162
IWD	ISHARES TR	4,392	$924K	0.0%	$191.86	—	RUS 1000 VAL ETF	464287598