Smead Capital Management, Inc. In its 13F for Q2 2024 (holdings as of June 30, 2024, filed August 9, 2024), Smead Capital Management, Inc. reported 31 stock positions worth $6.4 billion . Its top holding was Occidental Petroleum (OXY) at 6.4% of the portfolio, followed by Lennar Class A (LEN, 6.0% ) and Simon Property (SPG, 6.0% ). Compared with Q1 2024, it added to 25 and reduced 6. The biggest buy was Cenovus Energy (CVE, shares +156% ) and the biggest sale American Express (AXP, shares −11% ).
Location Phoenix, AZ
CIK 0001427008
Portfolio Value $6.4B (Q2 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 Q1 2024 OXY Occidental Petroleum Corp. 6,506,257 $410.1M Add +3.7% LEN Lennar Corp. Class A 2,577,009 $386.2M Add +5.5% SPG Simon Property Group Inc. 2,531,977 $384.4M Add +5.5% MRK Merck & Co. Inc. 2,958,823 $366.3M Reduce -2.9% AXP American Express Co. 1,574,522 $364.6M Reduce -10.6% AMGN Amgen Inc. 1,133,307 $354.1M Add +5.5% DHI D.R. Horton Inc. 2,431,838 $342.7M Add +5.5% BAC Bank of America Corp. filed as BANK AMERICA CORP 7,667,603 $304.9M Add +5.5% MAC The Macerich Co. 19,744,659 $304.9M Add +5.5% OVV Ovintiv Inc. 6,090,668 $285.5M Add +5.5% JPM JPMorgan Chase & Co. 1,361,980 $275.5M Reduce -6.1% APA Apa Corp. 9,341,410 $275.0M Add +20.4% DVN Devon Energy Corp. 5,681,323 $269.3M Add +5.5% NVR NVR Inc. 34,995 $265.6M Add +5.5% COP Conocophillips 2,122,839 $242.8M Add +5.5% CVE Cenovus Energy Inc. 11,064,186 $217.5M Add +156.0% EBAY eBay Inc. 3,600,052 $193.4M Add +5.5% TGT Target Corp. 1,202,534 $178.0M Add +5.5% HD Home Depot Inc. 498,788 $171.7M Add +5.5% UHAL.B U-Haul Holding Co.-Non Voting 2,327,119 $139.7M Add +6.9% QCOM Qualcomm Inc. 664,319 $132.3M Reduce -14.8% CACC Credit Acceptance Corp. 200,816 $103.4M Add +5.5% BRK.B Berkshire Hathaway Inc. Class B 204,821 $83.3M Add +5.5% WAL Western Alliance Bancorp 1,304,652 $82.0M Add +5.5% FITB Fifth Third Bancorp 2,149,023 $78.4M Add +5.5% MTB M & T Bank Corp. filed as M & T BK CORP 477,160 $72.2M Add +5.5% WBD Warner Bros Discovery Inc. 6,967,843 $51.8M Add +5.5% UHAL U-Haul Holding Co. 547,402 $33.8M Reduce -0.0% FRO Frontline PLC 638,050 $16.7M Add +3.8% WFG West Fraser Timber Co. Ltd. 112,365 $8.6M Reduce -9.5% GOOS Canada Goose Holdings Inc. 309,861 $4.0M Add +3.8%
Other holdings (1): bonds, preferreds, convertibles and warrants · $6.7M (not counted above) Security Class Shares / Principal Value Change OXY.WS Occidental Petroleum-CW27 *W EXP 08/03/202 161,688 $6.7M Reduce -42.6%
Total filed on the 13F, all lines: $6.4B.
Portfolio Sells Q1 2024 → Q2 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 Q1 2024 % Of Portfolio Change To Portfolio ▲ AXP American Express Co. Reduce -10.6% 5.70% −0.57 MRK Merck & Co. Inc. Reduce -2.9% 5.72% −0.56 JPM JPMorgan Chase & Co. Reduce -6.1% 4.31% −0.24 UHAL U-Haul Holding Co. Reduce -0.0% 0.53% −0.05 WFG West Fraser Timber Co. Ltd. Reduce -9.5% 0.13% −0.03 QCOM Qualcomm Inc. Reduce -14.8% 2.07% +0.00
Portfolio Buys Q1 2024 → Q2 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 Q1 2024 % Of Portfolio Change To Portfolio ▼ CVE Cenovus Energy Inc. Add +156.0% 3.40% +2.05 AMGN Amgen Inc. Add +5.5% 5.53% +0.76 BAC Bank of America Corp. Add +5.5% 4.77% +0.46 EBAY eBay Inc. Add +5.5% 3.02% +0.21 SPG Simon Property Group Inc. Add +5.5% 6.01% +0.14 APA Apa Corp. Add +20.4% 4.30% +0.13 MTB M & T Bank Corp. Add +5.5% 1.13% +0.10 FRO Frontline PLC Add +3.8% 0.26% +0.04 FITB Fifth Third Bancorp Add +5.5% 1.23% +0.04 WAL Western Alliance Bancorp Add +5.5% 1.28% +0.04 OXY Occidental Petroleum Corp. Add +3.7% 6.41% +0.03 BRK.B Berkshire Hathaway Inc. Class B Add +5.5% 1.30% +0.03 GOOS Canada Goose Holdings Inc. Add +3.8% 0.06% +0.01 DVN Devon Energy Corp. Add +5.5% 4.21% −0.01 CACC Credit Acceptance Corp. Add +5.5% 1.62% −0.03 NVR NVR Inc. Add +5.5% 4.15% −0.05 UHAL.B U-Haul Holding Co.-Non Voting Add +6.9% 2.18% −0.09 WBD Warner Bros Discovery Inc. Add +5.5% 0.81% −0.09 HD Home Depot Inc. Add +5.5% 2.68% −0.15 COP Conocophillips Add +5.5% 3.79% −0.21 OVV Ovintiv Inc. Add +5.5% 4.46% −0.22 MAC The Macerich Co. Add +5.5% 4.76% −0.27 TGT Target Corp. Add +5.5% 2.78% −0.38 LEN Lennar Corp. Class A Add +5.5% 6.04% −0.53 DHI D.R. Horton Inc. Add +5.5% 5.36% −0.57
Notes & Other Activity Q1 2024 → Q2 2024 Security Class Change vs Q1 2024 Shares / Principal Value ▼ OXY.WS Occidental Petroleum-CW27 *W EXP 08/03/202 Reduce -42.6% 161,688 $6.7M
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