Smead Capital Management, Inc. In its 13F for Q2 2026 (holdings as of June 30, 2026, filed August 11, 2026), Smead Capital Management, Inc. reported 31 stock positions worth $4.7 billion . Its top holding was Cenovus Energy (CVE) at 7.1% of the portfolio, followed by Simon Property (SPG, 6.7% ) and Merck (MRK, 6.4% ). Compared with Q1 2026, it opened 1 new position, sold out of 1, added to 7 and reduced 23. The biggest buy was a new position in Zoetis (ZTS) and the biggest sale Apa (APA, shares −6% ).
Location Phoenix, AZ
CIK 0001427008
Portfolio Value $4.7B (Q2 2026) Holdings 31 stocks · $4.7B Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q1 2026 CVE Cenovus Energy Inc. 13,370,631 $331.4M Reduce -10.1% SPG Simon Property Group Inc. 1,399,725 $313.0M Reduce -10.3% MRK Merck & Co. Inc. 2,334,468 $300.0M Reduce -5.5% MAC The Macerich Co. 11,481,712 $289.2M Reduce -5.5% APA Apa Corp. 7,808,568 $254.3M Reduce -5.6% AMGN Amgen Inc. 659,241 $238.7M Reduce -5.5% DHI D.R. Horton Inc. 1,414,221 $230.3M Reduce -5.6% AXP American Express Co. 569,063 $192.5M Reduce -5.6% NVR NVR Inc. 28,248 $192.5M Add +31.1% TGT Target Corp. 1,409,966 $184.2M Reduce -5.5% LEN Lennar Corp. Class A 2,020,441 $182.8M Add +27.4% FITB Fifth Third Bancorp 3,171,824 $178.8M Add +12.0% FANG Diamondback Energy Inc. 1,009,989 $177.5M Reduce -5.5% COP Conocophillips 1,577,846 $164.0M Reduce -5.6% BAC Bank of America Corp. 2,606,833 $148.5M Reduce -5.5% OXY Occidental Petroleum Corp. 2,889,985 $140.4M Reduce -6.6% UNH Unitedhealth Group Inc. 328,414 $136.5M Reduce -5.4% WAL Western Alliance Bancorp 1,594,678 $131.1M Add +17.6% JPM JPMorgan Chase & Co. 392,900 $128.6M Reduce -5.6% CACC Credit Acceptance Corp. 198,808 $126.6M Reduce -5.5% UHAL.B U-Haul Holding Co.-Non Voting 2,031,260 $117.2M Reduce -5.4% HD Home Depot Inc. 290,159 $102.3M Reduce -5.6% EBAY eBay Inc. 815,923 $91.2M Reduce -53.9% ZTS Zoetis Inc. 1,233,210 $88.6M New MTB M & T Bank Corp. filed as M & T BK CORP 277,594 $66.1M Reduce -5.5% CROX Crocs Inc. 489,245 $59.0M Reduce -5.4% ULTA Ulta Beauty Inc. 117,976 $53.2M Reduce -5.5% FRO Frontline PLC 633,773 $22.0M Add +3.8% GTX Garrett Motion Inc. 275,064 $10.0M Add +7.9% WFG West Fraser Timber Co. Ltd. 123,878 $8.4M Add +7.9% IWD iShares Russell 1000 Value E 4,956 $1.2M Reduce -20.9%
Other holdings (1): bonds, preferreds, convertibles and warrants · $1.7M (not counted above) Security Class Shares / Principal Value Change OXY.WS Occidental Petroleum-CW27 *W EXP 08/03/202 65,345 $1.7M Reduce -56.8%
Total filed on the 13F, all lines: $4.7B.
Portfolio Sells Q1 2026 → Q2 2026 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q1 2026 % Of Portfolio Change To Portfolio ▲ APA Apa Corp. Reduce -5.6% 5.46% −2.19 EBAY eBay Inc. Reduce -53.9% 1.96% −1.56 QCOM Qualcomm Inc. Sold out 0.00% −1.53 CVE Cenovus Energy Inc. Reduce -10.1% 7.11% −1.48 OXY Occidental Petroleum Corp. Reduce -6.6% 3.01% −1.37 COP Conocophillips Reduce -5.6% 3.52% −1.29 FANG Diamondback Energy Inc. Reduce -5.5% 3.81% −0.80 ULTA Ulta Beauty Inc. Reduce -5.5% 1.14% −0.28 AMGN Amgen Inc. Reduce -5.5% 5.12% −0.23 MRK Merck & Co. Inc. Reduce -5.5% 6.44% −0.04 HD Home Depot Inc. Reduce -5.6% 2.20% −0.01 IWD iShares Russell 1000 Value E Reduce -20.9% 0.03% −0.00 TGT Target Corp. Reduce -5.5% 3.95% +0.01 JPM JPMorgan Chase & Co. Reduce -5.6% 2.76% +0.09 MTB M & T Bank Corp. Reduce -5.5% 1.42% +0.09 AXP American Express Co. Reduce -5.6% 4.13% +0.16 BAC Bank of America Corp. Reduce -5.5% 3.19% +0.26 CROX Crocs Inc. Reduce -5.4% 1.27% +0.33 SPG Simon Property Group Inc. Reduce -10.3% 6.72% +0.38 UHAL.B U-Haul Holding Co.-Non Voting Reduce -5.4% 2.52% +0.43 DHI D.R. Horton Inc. Reduce -5.6% 4.94% +0.47 CACC Credit Acceptance Corp. Reduce -5.5% 2.72% +0.77 UNH Unitedhealth Group Inc. Reduce -5.4% 2.93% +0.88 MAC The Macerich Co. Reduce -5.5% 6.21% +1.20
Portfolio Buys Q1 2026 → Q2 2026 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q1 2026 % Of Portfolio Change To Portfolio ▼ ZTS Zoetis Inc. New 1.90% +1.90 NVR NVR Inc. Add +31.1% 4.13% +1.04 FITB Fifth Third Bancorp Add +12.0% 3.84% +0.97 LEN Lennar Corp. Class A Add +27.4% 3.92% +0.92 WAL Western Alliance Bancorp Add +17.6% 2.81% +0.72 GTX Garrett Motion Inc. Add +7.9% 0.21% +0.11 WFG West Fraser Timber Co. Ltd. Add +7.9% 0.18% +0.02 FRO Frontline PLC Add +3.8% 0.47% +0.01
Notes & Other Activity Q1 2026 → Q2 2026 Security Class Change vs Q1 2026 Shares / Principal Value ▼ OXY.WS Occidental Petroleum-CW27 *W EXP 08/03/202 Reduce -56.8% 65,345 $1.7M
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 31 $4.7B CVE, SPG, MRK, MAC, APA Q1 2026 31 $4.6B CVE, APA, MRK, SPG, AMGN Q4 2025 31 $4.8B SPG, MRK, AXP, CVE, AMGN Q3 2025 33 $5.2B SPG, DHI, CVE, AXP, MAC Q2 2025 32 $5.0B SPG, AXP, MAC, MRK, AMGN Q1 2025 33 $5.8B SPG, AXP, AMGN, MAC, MRK Q4 2024 33 $6.4B SPG, AXP, MAC, LEN, DHI Q3 2024 29 $7.0B LEN, DHI, SPG, AXP, MRK Q2 2024 31 $6.4B OXY, LEN, SPG, MRK, AXP Q1 2024 Amended 31 $6.4B LEN, OXY, MRK, AXP, DHI