Smead Capital Management, Inc. In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 7, 2024), Smead Capital Management, Inc. reported 29 stock positions worth $7.0 billion . Its top holding was Lennar Class A (LEN) at 7.1% of the portfolio, followed by D.R. Horton (DHI, 6.9% ) and Simon Property (SPG, 6.3% ). Compared with Q2 2024, it sold out of 2, added to 28 and reduced 1. The biggest buy was D.R. Horton (DHI, shares +3% ) and the biggest sale an exit from Warner Bros Discovery (WBD).
Location Phoenix, AZ
CIK 0001427008
Portfolio Value $7.0B (Q3 2024) Holdings 29 stocks · $7.0B 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 Q2 2024 LEN Lennar Corp. Class A 2,666,905 $500.0M Add +3.5% DHI D.R. Horton Inc. 2,516,673 $480.1M Add +3.5% SPG Simon Property Group Inc. 2,620,355 $442.9M Add +3.5% AXP American Express Co. 1,629,480 $441.9M Add +3.5% MRK Merck & Co. Inc. 3,380,469 $383.9M Add +14.3% AMGN Amgen Inc. 1,172,866 $377.9M Add +3.5% MAC The Macerich Co. 20,433,449 $372.7M Add +3.5% NVR NVR Inc. 36,218 $355.4M Add +3.5% OXY Occidental Petroleum Corp. 6,700,697 $345.4M Add +3.0% BAC Bank of America Corp. filed as BANK AMERICA CORP 7,935,264 $314.9M Add +3.5% JPM JPMorgan Chase & Co. 1,409,521 $297.2M Add +3.5% CVE Cenovus Energy Inc. 15,416,146 $257.8M Add +39.3% EBAY eBay Inc. 3,725,760 $242.6M Add +3.5% OVV Ovintiv Inc. 6,303,203 $241.5M Add +3.5% APA Apa Corp. 9,667,452 $236.5M Add +3.5% COP Conocophillips 2,196,884 $231.3M Add +3.5% DVN Devon Energy Corp. 5,879,516 $230.0M Add +3.5% HD Home Depot Inc. 516,204 $209.2M Add +3.5% TGT Target Corp. 1,243,928 $193.9M Add +3.4% UHAL.B U-Haul Holding Co.-Non Voting 2,431,771 $175.1M Add +4.5% QCOM Qualcomm Inc. 687,507 $116.9M Add +3.5% WAL Western Alliance Bancorp 1,350,195 $116.8M Add +3.5% BRK.B Berkshire Hathaway Inc. Class B 211,972 $97.6M Add +3.5% FITB Fifth Third Bancorp 2,224,047 $95.3M Add +3.5% CACC Credit Acceptance Corp. 207,828 $92.2M Add +3.5% MTB M & T Bank Corp. filed as M & T BK CORP 493,817 $88.0M Add +3.5% UHAL U-Haul Holding Co. 543,233 $42.1M Reduce -0.8% FRO Frontline PLC 670,581 $15.2M Add +5.1% WFG West Fraser Timber Co. Ltd. 118,108 $11.5M Add +5.1%
Other holdings (1): bonds, preferreds, convertibles and warrants · $4.5M (not counted above) Security Class Shares / Principal Value Change OXY.WS Occidental Petroleum-CW27 *W EXP 08/03/202 150,860 $4.5M Reduce -6.7%
Total filed on the 13F, all lines: $7.0B.
Portfolio Sells Q2 2024 → Q3 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 Q2 2024 % Of Portfolio Change To Portfolio ▲ WBD Warner Bros Discovery Inc. Sold out 0.00% −0.81 GOOS Canada Goose Holdings Inc. Sold out 0.00% −0.06 UHAL U-Haul Holding Co. Reduce -0.8% 0.60% +0.07
Portfolio Buys Q2 2024 → Q3 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 Q2 2024 % Of Portfolio Change To Portfolio ▼ DHI D.R. Horton Inc. Add +3.5% 6.85% +1.50 LEN Lennar Corp. Class A Add +3.5% 7.14% +1.10 NVR NVR Inc. Add +3.5% 5.07% +0.92 AXP American Express Co. Add +3.5% 6.31% +0.61 MAC The Macerich Co. Add +3.5% 5.32% +0.56 EBAY eBay Inc. Add +3.5% 3.46% +0.44 WAL Western Alliance Bancorp Add +3.5% 1.67% +0.39 UHAL.B U-Haul Holding Co.-Non Voting Add +4.5% 2.50% +0.32 SPG Simon Property Group Inc. Add +3.5% 6.32% +0.32 HD Home Depot Inc. Add +3.5% 2.99% +0.30 CVE Cenovus Energy Inc. Add +39.3% 3.68% +0.28 FITB Fifth Third Bancorp Add +3.5% 1.36% +0.13 MTB M & T Bank Corp. Add +3.5% 1.26% +0.13 BRK.B Berkshire Hathaway Inc. Class B Add +3.5% 1.39% +0.09 WFG West Fraser Timber Co. Ltd. Add +5.1% 0.16% +0.03 TGT Target Corp. Add +3.4% 2.77% −0.01 FRO Frontline PLC Add +5.1% 0.22% −0.04 JPM JPMorgan Chase & Co. Add +3.5% 4.24% −0.06 AMGN Amgen Inc. Add +3.5% 5.39% −0.14 MRK Merck & Co. Inc. Add +14.3% 5.48% −0.24 BAC Bank of America Corp. Add +3.5% 4.49% −0.27 CACC Credit Acceptance Corp. Add +3.5% 1.32% −0.30 QCOM Qualcomm Inc. Add +3.5% 1.67% −0.40 COP Conocophillips Add +3.5% 3.30% −0.49 APA Apa Corp. Add +3.5% 3.38% −0.92 DVN Devon Energy Corp. Add +3.5% 3.28% −0.93 OVV Ovintiv Inc. Add +3.5% 3.45% −1.01 OXY Occidental Petroleum Corp. Add +3.0% 4.93% −1.48
Notes & Other Activity Q2 2024 → Q3 2024 Security Class Change vs Q2 2024 Shares / Principal Value ▼ OXY.WS Occidental Petroleum-CW27 *W EXP 08/03/202 Reduce -6.7% 150,860 $4.5M
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