Smead Capital Management, Inc. Long-Term Concentrated

Period: Q4 2025 (← Previous)

Filing Date: Feb 9, 2026

Total Value ($000): $4,819,072 (100.0% shares, 0.0% debt)

Holdings (32)

New Positions (1)

Value ($000) $4,257 Shares 244,261 Est. Cost $15.92 Unrealized 0.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GTX	GARRETT MOTION INC	244,261	$4,257	0.1%	$15.92	0.0%	COM	366505105

Increased Positions (4)

FITB FIFTH THIRD BANCORP 3.2%

Value ($000) $152,139 (+110.0%) Shares 3,250,139 (+99.9%) Est. Cost $35.16 Unrealized +24.1%

WAL WESTERN ALLIANCE BANCORP 2.7%

Value ($000) $130,892 (+13.2%) Shares 1,556,943 (+16.8%) Est. Cost $57.19 Unrealized +41.0%

COP CONOCOPHILLIPS 3.7%

Value ($000) $179,501 (+8.2%) Shares 1,917,545 (+9.4%) Est. Cost $68.20 Unrealized +32.0%

CVE CENOVUS ENERGY INC 5.9%

Value ($000) $283,634 (+1.9%) Shares 16,763,978 (+2.3%) Est. Cost $17.35 Unrealized +0.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
FITB	FIFTH THIRD BANCORP	3,250,139 (+99.9%)	$152,139 (+110.0%)	3.2%	$35.16	+24.1%	COM	316773100
WAL	WESTERN ALLIANCE BANCORP	1,556,943 (+16.8%)	$130,892 (+13.2%)	2.7%	$57.19	+41.0%	COM	957638109
COP	CONOCOPHILLIPS	1,917,545 (+9.4%)	$179,501 (+8.2%)	3.7%	$68.20	+32.0%	COM	20825C104
CVE	CENOVUS ENERGY INC	16,763,978 (+2.3%)	$283,634 (+1.9%)	5.9%	$17.35	+0.1%	COM	15135U109

Exited Positions (3)

OVV OVINTIV INC 2.9%

Value ($000) $139,687 Shares 3,459,320 Est. Cost $48.34 Unrealized -19.8%

DVN DEVON ENERGY CORP NEW 1.1%

Value ($000) $51,850 Shares 1,478,887 Est. Cost $45.17 Unrealized -23.1%

VTV VANGUARD INDEX FDS 0.0%

Value ($000) $246 Shares 1,317 Est. Cost $176.76 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
OVV	OVINTIV INC	3,459,320	$139,687	2.9%	$48.34	-19.8%	—	69047Q102
DVN	DEVON ENERGY CORP NEW	1,478,887	$51,850	1.1%	$45.17	-23.1%	—	25179M103
VTV	VANGUARD INDEX FDS	1,317	$246	0.0%	$176.76	—	—	922908744

Decreased Positions (25)

DHI D R HORTON INC 5.1%

Value ($000) $247,721 (-20.5%) Shares 1,719,925 (-6.5%) Est. Cost $81.22 Unrealized +87.2%

LEN LENNAR CORP 3.9%

Value ($000) $187,332 (-23.7%) Shares 1,822,291 (-6.5%) Est. Cost $73.49 Unrealized +64.2%

MRK MERCK & CO INC 6.2%

Value ($000) $298,759 (+17.3%) Shares 2,838,300 (-6.5%) Est. Cost $71.96 Unrealized +29.6%

OXY OCCIDENTAL PETE CORP 3.0%

Value ($000) $145,778 (-18.5%) Shares 3,545,182 (-6.4%) Est. Cost $38.61 Unrealized +7.6%

NVR NVR INC 3.7%

Value ($000) $180,458 (-15.1%) Shares 24,745 (-6.5%) Est. Cost $3700.55 Unrealized +102.0%

HD HOME DEPOT INC 2.5%

Value ($000) $121,405 (-20.6%) Shares 352,819 (-6.5%) Est. Cost $213.76 Unrealized +70.6%

SPG SIMON PPTY GROUP INC NEW 6.9%

Value ($000) $331,593 (-7.8%) Shares 1,791,330 (-6.5%) Est. Cost $96.85 Unrealized +85.9%

EBAY EBAY INC. 3.7%

Value ($000) $177,064 (-10.4%) Shares 2,032,886 (-6.5%) Est. Cost $41.70 Unrealized +107.1%

AMGN AMGEN INC 5.4%

Value ($000) $262,436 (+8.5%) Shares 801,796 (-6.5%) Est. Cost $193.08 Unrealized +63.6%

UHAL/B U HAUL HOLDING COMPANY 2.4%

Value ($000) $115,308 (-14.1%) Shares 2,467,011 (-6.4%) Est. Cost $58.34 Unrealized -16.6%

APA APA CORPORATION 4.8%

Value ($000) $232,444 (-5.8%) Shares 9,503,039 (-6.5%) Est. Cost $29.84 Unrealized -19.1%

MAC MACERICH CO 5.3%

Value ($000) $257,772 (-5.1%) Shares 13,963,805 (-6.5%) Est. Cost $13.76 Unrealized —

UNH UNITEDHEALTH GROUP INC 2.1%

Value ($000) $101,912 (-10.6%) Shares 308,723 (-6.5%) Est. Cost $357.06 Unrealized -5.6%

AXP AMERICAN EXPRESS CO 5.9%

Value ($000) $284,281 (+4.1%) Shares 768,431 (-6.5%) Est. Cost $118.42 Unrealized +201.4%

CACC CREDIT ACCEP CORP MICH 1.7%

Value ($000) $83,518 (-11.2%) Shares 188,334 (-6.5%) Est. Cost $472.70 Unrealized -1.9%

JPM JPMORGAN CHASE & CO. 3.8%

Value ($000) $181,343 (-4.5%) Shares 562,792 (-6.5%) Est. Cost $100.23 Unrealized +208.8%

WFG WEST FRASER TIMBER CO LTD 0.1%

Value ($000) $3,345 (-59.1%) Shares 54,678 (-54.6%) Est. Cost $79.92 Unrealized -21.7%

QCOM QUALCOMM INC 2.2%

Value ($000) $107,238 (-3.8%) Shares 626,937 (-6.5%) Est. Cost $104.95 Unrealized +62.7%

TGT TARGET CORP 3.5%

Value ($000) $167,537 (+2.0%) Shares 1,713,932 (-6.4%) Est. Cost $115.72 Unrealized -20.8%

MTB M & T BK CORP 1.4%

Value ($000) $68,020 (-4.7%) Shares 337,603 (-6.5%) Est. Cost $120.31 Unrealized +58.0%

FANG DIAMONDBACK ENERGY INC 3.8%

Value ($000) $184,571 (-1.7%) Shares 1,227,772 (-6.4%) Est. Cost $137.08 Unrealized +7.3%

ULTA ULTA BEAUTY INC 1.8%

Value ($000) $86,805 (+3.5%) Shares 143,477 (-6.5%) Est. Cost $387.42 Unrealized +41.9%

CROX CROCS INC 1.1%

Value ($000) $50,858 (-4.0%) Shares 594,690 (-6.2%) Est. Cost $91.29 Unrealized -8.4%

BAC BANK AMERICA CORP 3.6%

Value ($000) $174,339 (-0.3%) Shares 3,169,803 (-6.5%) Est. Cost $27.95 Unrealized +88.4%

IWD ISHARES TR 0.0%

Value ($000) $924 (-17.6%) Shares 4,392 (-20.2%) Est. Cost $191.86 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
DHI	D R HORTON INC	1,719,925 (-6.5%)	$247,721 (-20.5%)	5.1%	$81.22	+87.2%	COM	23331A109
LEN	LENNAR CORP	1,822,291 (-6.5%)	$187,332 (-23.7%)	3.9%	$73.49	+64.2%	CL A	526057104
MRK	MERCK & CO INC	2,838,300 (-6.5%)	$298,759 (+17.3%)	6.2%	$71.96	+29.6%	COM	58933Y105
OXY	OCCIDENTAL PETE CORP	3,545,182 (-6.4%)	$145,778 (-18.5%)	3.0%	$38.61	+7.6%	COM	674599105
NVR	NVR INC	24,745 (-6.5%)	$180,458 (-15.1%)	3.7%	$3700.55	+102.0%	COM	62944T105
HD	HOME DEPOT INC	352,819 (-6.5%)	$121,405 (-20.6%)	2.5%	$213.76	+70.6%	COM	437076102
SPG	SIMON PPTY GROUP INC NEW	1,791,330 (-6.5%)	$331,593 (-7.8%)	6.9%	$96.85	+85.9%	COM	828806109
EBAY	EBAY INC.	2,032,886 (-6.5%)	$177,064 (-10.4%)	3.7%	$41.70	+107.1%	COM	278642103
AMGN	AMGEN INC	801,796 (-6.5%)	$262,436 (+8.5%)	5.4%	$193.08	+63.6%	COM	031162100
UHAL/B	U HAUL HOLDING COMPANY	2,467,011 (-6.4%)	$115,308 (-14.1%)	2.4%	$58.34	-16.6%	COM SER N	023586506
APA	APA CORPORATION	9,503,039 (-6.5%)	$232,444 (-5.8%)	4.8%	$29.84	-19.1%	COM	03743Q108
MAC	MACERICH CO	13,963,805 (-6.5%)	$257,772 (-5.1%)	5.3%	$13.76	—	COM	554382101
UNH	UNITEDHEALTH GROUP INC	308,723 (-6.5%)	$101,912 (-10.6%)	2.1%	$357.06	-5.6%	COM	91324P102
AXP	AMERICAN EXPRESS CO	768,431 (-6.5%)	$284,281 (+4.1%)	5.9%	$118.42	+201.4%	COM	025816109
CACC	CREDIT ACCEP CORP MICH	188,334 (-6.5%)	$83,518 (-11.2%)	1.7%	$472.70	-1.9%	COM	225310101
JPM	JPMORGAN CHASE & CO.	562,792 (-6.5%)	$181,343 (-4.5%)	3.8%	$100.23	+208.8%	COM	46625H100
WFG	WEST FRASER TIMBER CO LTD	54,678 (-54.6%)	$3,345 (-59.1%)	0.1%	$79.92	-21.7%	COM	952845105
QCOM	QUALCOMM INC	626,937 (-6.5%)	$107,238 (-3.8%)	2.2%	$104.95	+62.7%	COM	747525103
TGT	TARGET CORP	1,713,932 (-6.4%)	$167,537 (+2.0%)	3.5%	$115.72	-20.8%	COM	87612E106
MTB	M & T BK CORP	337,603 (-6.5%)	$68,020 (-4.7%)	1.4%	$120.31	+58.0%	COM	55261F104
FANG	DIAMONDBACK ENERGY INC	1,227,772 (-6.4%)	$184,571 (-1.7%)	3.8%	$137.08	+7.3%	COM	25278X109
ULTA	ULTA BEAUTY INC	143,477 (-6.5%)	$86,805 (+3.5%)	1.8%	$387.42	+41.9%	COM	90384S303
CROX	CROCS INC	594,690 (-6.2%)	$50,858 (-4.0%)	1.1%	$91.29	-8.4%	COM	227046109
BAC	BANK AMERICA CORP	3,169,803 (-6.5%)	$174,339 (-0.3%)	3.6%	$27.95	+88.4%	COM	060505104
IWD	ISHARES TR	4,392 (-20.2%)	$924 (-17.6%)	0.0%	$191.86	—	RUS 1000 VAL ETF	464287598

Unchanged Positions (2)

OXY/WS OCCIDENTAL PETE CORP 0.1%

Value ($000) $2,949 Shares 153,047 Est. Cost $33.25 Unrealized —

FRO FRONTLINE PLC 0.3%

Value ($000) $12,937 Shares 586,729 Est. Cost $14.56 Unrealized +60.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
OXY/WS	OCCIDENTAL PETE CORP	153,047	$2,949	0.1%	$33.25	—	*W EXP 08/03/202	674599162
FRO	FRONTLINE PLC	586,729	$12,937	0.3%	$14.56	+60.5%	COM	M46528101