Smead Capital Management, Inc. In its 13F for Q1 2024 (holdings as of March 31, 2024, filed July 16, 2024), Smead Capital Management, Inc. reported 31 stock positions worth $6.4 billion . Its top holding was Lennar Class A (LEN) at 6.6% of the portfolio, followed by Occidental Petroleum (OXY, 6.4% ) and Merck (MRK, 6.3% ). Compared with Q4 2023, it sold out of 1, added to 26 and reduced 5. The biggest buy was Cenovus Energy (CVE, shares +615% ) and the biggest sale D.R. Horton (DHI, shares −11% ).
Location Phoenix, AZ
CIK 0001427008
Portfolio Value $6.4B (Q1 2024) Holdings 31 stocks · $6.4B 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 Q4 2023 LEN Lennar Corp. Class A 2,441,883 $420.0M Reduce -9.9% OXY Occidental Petroleum Corp. 6,274,936 $407.8M Add +4.4% MRK Merck & Co. Inc. 3,046,975 $402.0M Add +4.3% AXP American Express Co. 1,760,843 $400.9M Add +4.7% DHI D.R. Horton Inc. 2,304,319 $379.2M Reduce -11.4% SPG Simon Property Group Inc. 2,399,145 $375.4M Add +4.3% MAC The Macerich Co. 18,709,363 $322.4M Reduce -8.8% AMGN Amgen Inc. 1,073,851 $305.3M Add +4.3% OVV Ovintiv Inc. 5,771,196 $299.5M Add +4.5% JPM JPMorgan Chase & Co. 1,451,104 $290.7M Add +4.3% BAC Bank of America Corp. filed as BANK AMERICA CORP 7,265,332 $275.5M Add +4.3% DVN Devon Energy Corp. 5,383,410 $270.1M Add +41.3% NVR NVR Inc. 33,161 $268.6M Reduce -16.0% APA Apa Corp. 7,759,287 $266.8M Add +48.2% COP Conocophillips 2,011,508 $256.0M Add +4.3% TGT Target Corp. 1,139,865 $202.0M Add +4.0% HD Home Depot Inc. 472,616 $181.3M Add +4.3% EBAY eBay Inc. 3,411,153 $180.0M Add +4.3% UHAL.B U-Haul Holding Co.-Non Voting 2,176,140 $145.1M Add +4.8% QCOM Qualcomm Inc. 779,802 $132.0M Add +4.3% CACC Credit Acceptance Corp. 190,279 $104.9M Add +4.3% CVE Cenovus Energy Inc. 4,322,101 $86.4M Add +614.5% BRK.B Berkshire Hathaway Inc. Class B 194,074 $81.6M Add +4.3% WAL Western Alliance Bancorp 1,236,204 $79.4M Add +4.3% FITB Fifth Third Bancorp 2,036,276 $75.8M Add +4.3% MTB M & T Bank Corp. filed as M & T BK CORP 452,126 $65.8M Add +4.3% WBD Warner Bros Discovery Inc. 6,602,461 $57.6M Reduce -34.1% UHAL U-Haul Holding Co. 547,554 $37.0M Add +2.4% FRO Frontline PLC 614,726 $14.0M Add +22.7% WFG West Fraser Timber Co. Ltd. 124,170 $10.7M Add +22.6% GOOS Canada Goose Holdings Inc. 298,533 $3.6M Add +22.6%
Other holdings (1): bonds, preferreds, convertibles and warrants · $12.1M (not counted above) Security Class Shares / Principal Value Change OXY.WS Occidental Petroleum-CW27 *W EXP 08/03/202 281,600 $12.1M Reduce -9.1%
Total filed on the 13F, all lines: $6.4B.
Portfolio Sells Q4 2023 → Q1 2024 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 Q4 2023 % Of Portfolio Change To Portfolio ▲ DHI D.R. Horton Inc. Reduce -11.4% 5.93% −1.17 WBD Warner Bros Discovery Inc. Reduce -34.1% 0.90% −1.14 NVR NVR Inc. Reduce -16.0% 4.20% −0.76 LEN Lennar Corp. Class A Reduce -9.9% 6.56% −0.69 MAC The Macerich Co. Reduce -8.8% 5.04% −0.64 SPY SS SPDR S&P 500 ETF Trust-US Sold out 0.00% −0.03
Portfolio Buys Q4 2023 → Q1 2024 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 Q4 2023 % Of Portfolio Change To Portfolio ▼ CVE Cenovus Energy Inc. Add +614.5% 1.35% +1.17 DVN Devon Energy Corp. Add +41.3% 4.22% +1.12 APA Apa Corp. Add +48.2% 4.17% +0.80 AXP American Express Co. Add +4.7% 6.27% +0.61 MRK Merck & Co. Inc. Add +4.3% 6.28% +0.57 TGT Target Corp. Add +4.0% 3.16% +0.35 OVV Ovintiv Inc. Add +4.5% 4.68% +0.33 JPM JPMorgan Chase & Co. Add +4.3% 4.54% +0.30 EBAY eBay Inc. Add +4.3% 2.81% +0.25 QCOM Qualcomm Inc. Add +4.3% 2.06% +0.12 BAC Bank of America Corp. Add +4.3% 4.31% +0.10 BRK.B Berkshire Hathaway Inc. Class B Add +4.3% 1.28% +0.08 FRO Frontline PLC Add +22.7% 0.22% +0.04 HD Home Depot Inc. Add +4.3% 2.83% +0.02 WFG West Fraser Timber Co. Ltd. Add +22.6% 0.17% +0.01 GOOS Canada Goose Holdings Inc. Add +22.6% 0.06% +0.00 COP Conocophillips Add +4.3% 4.00% −0.02 SPG Simon Property Group Inc. Add +4.3% 5.87% −0.02 FITB Fifth Third Bancorp Add +4.3% 1.18% −0.02 MTB M & T Bank Corp. Add +4.3% 1.03% −0.04 OXY Occidental Petroleum Corp. Add +4.4% 6.37% −0.07 CACC Credit Acceptance Corp. Add +4.3% 1.64% −0.10 UHAL U-Haul Holding Co. Add +2.4% 0.58% −0.11 WAL Western Alliance Bancorp Add +4.3% 1.24% −0.16 UHAL.B U-Haul Holding Co.-Non Voting Add +4.8% 2.27% −0.36 AMGN Amgen Inc. Add +4.3% 4.77% −0.55
Notes & Other Activity Q4 2023 → Q1 2024 Security Class Change vs Q4 2023 Shares / Principal Value ▼ OXY.WS Occidental Petroleum-CW27 *W EXP 08/03/202 Reduce -9.1% 281,600 $12.1M
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