Smead Capital Management, Inc. In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 12, 2025), Smead Capital Management, Inc. reported 33 stock positions worth $6.4 billion . Its top holding was Simon Property (SPG) at 6.8% of the portfolio, followed by American Express (AXP, 6.2% ) and Macerich (MAC, 6.2% ). Compared with Q3 2024, it opened 4 new positions, added to 5 and reduced 24. The biggest buy was a new position in Ulta Beauty (ULTA) and the biggest sale Lennar Class A (LEN, shares −2% ).
Location Phoenix, AZ
CIK 0001427008
Portfolio Value $6.4B (Q4 2024) Holdings 33 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 Q3 2024 SPG Simon Property Group Inc. 2,558,289 $440.6M Reduce -2.4% AXP American Express Co. 1,344,431 $399.0M Reduce -17.5% MAC The Macerich Co. 19,949,757 $397.4M Reduce -2.4% LEN Lennar Corp. Class A 2,603,555 $355.0M Reduce -2.4% DHI D.R. Horton Inc. 2,456,911 $343.5M Reduce -2.4% MRK Merck & Co. Inc. 3,300,210 $328.3M Reduce -2.4% OXY Occidental Petroleum Corp. 6,549,155 $323.6M Reduce -2.3% AMGN Amgen Inc. 1,145,056 $298.4M Reduce -2.4% APA Apa Corp. 12,681,405 $292.8M Add +31.2% NVR NVR Inc. 35,355 $289.2M Reduce -2.4% BAC Bank of America Corp. filed as BANK AMERICA CORP 6,195,818 $272.3M Reduce -21.9% JPM JPMorgan Chase & Co. 1,080,528 $259.0M Reduce -23.3% OVV Ovintiv Inc. 6,142,821 $248.8M Reduce -2.5% CVE Cenovus Energy Inc. 15,123,232 $229.1M Reduce -1.9% EBAY eBay Inc. 3,637,757 $225.4M Reduce -2.4% COP Conocophillips 2,144,865 $212.7M Reduce -2.4% TGT Target Corp. 1,491,157 $201.6M Add +19.9% HD Home Depot Inc. 503,875 $196.0M Reduce -2.4% DVN Devon Energy Corp. 5,734,353 $187.7M Reduce -2.5% UHAL.B U-Haul Holding Co.-Non Voting 2,456,781 $157.4M Add +1.0% WAL Western Alliance Bancorp 1,318,211 $110.1M Reduce -2.4% QCOM Qualcomm Inc. 671,266 $103.1M Reduce -2.4% CACC Credit Acceptance Corp. 202,907 $95.3M Reduce -2.4% BRK.B Berkshire Hathaway Inc. Class B 206,954 $93.8M Reduce -2.4% FITB Fifth Third Bancorp 2,171,369 $91.8M Reduce -2.4% MTB M & T Bank Corp. filed as M & T BK CORP 482,120 $90.6M Reduce -2.4% ULTA Ulta Beauty Inc. 204,891 $89.1M New SIRI Sirius XM Holdings Inc. 2,680,495 $61.1M New UHAL U-Haul Holding Co. 447,967 $31.0M Reduce -17.5% WFG West Fraser Timber Co. Ltd. 122,321 $10.6M Add +3.6% FRO Frontline PLC 694,444 $9.5M Add +3.6% IWD iShares Russell 1000 Value E 7,247 $1.3M New VTV Vanguard Mrngstr Val ETF-Aui 4,726 $800K New
Other holdings (1): bonds, preferreds, convertibles and warrants · $4.3M (not counted above) Security Class Shares / Principal Value Change OXY.WS Occidental Petroleum-CW27 *W EXP 08/03/202 156,248 $4.3M Add +3.6%
Total filed on the 13F, all lines: $6.5B.
Portfolio Sells Q3 2024 → Q4 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 Q3 2024 % Of Portfolio Change To Portfolio ▲ LEN Lennar Corp. Class A Reduce -2.4% 5.51% −1.63 DHI D.R. Horton Inc. Reduce -2.4% 5.33% −1.52 AMGN Amgen Inc. Reduce -2.4% 4.63% −0.76 NVR NVR Inc. Reduce -2.4% 4.49% −0.59 MRK Merck & Co. Inc. Reduce -2.4% 5.09% −0.39 DVN Devon Energy Corp. Reduce -2.5% 2.91% −0.37 BAC Bank of America Corp. Reduce -21.9% 4.22% −0.27 JPM JPMorgan Chase & Co. Reduce -23.3% 4.02% −0.22 CVE Cenovus Energy Inc. Reduce -1.9% 3.55% −0.13 UHAL U-Haul Holding Co. Reduce -17.5% 0.48% −0.12 AXP American Express Co. Reduce -17.5% 6.19% −0.12 QCOM Qualcomm Inc. Reduce -2.4% 1.60% −0.07 COP Conocophillips Reduce -2.4% 3.30% −0.00 EBAY eBay Inc. Reduce -2.4% 3.50% +0.03 WAL Western Alliance Bancorp Reduce -2.4% 1.71% +0.04 HD Home Depot Inc. Reduce -2.4% 3.04% +0.05 BRK.B Berkshire Hathaway Inc. Class B Reduce -2.4% 1.46% +0.06 FITB Fifth Third Bancorp Reduce -2.4% 1.42% +0.06 OXY Occidental Petroleum Corp. Reduce -2.3% 5.02% +0.09 MTB M & T Bank Corp. Reduce -2.4% 1.41% +0.15 CACC Credit Acceptance Corp. Reduce -2.4% 1.48% +0.16 OVV Ovintiv Inc. Reduce -2.5% 3.86% +0.41 SPG Simon Property Group Inc. Reduce -2.4% 6.83% +0.51 MAC The Macerich Co. Reduce -2.4% 6.17% +0.84
Portfolio Buys Q3 2024 → Q4 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 Q3 2024 % Of Portfolio Change To Portfolio ▼ ULTA Ulta Beauty Inc. New 1.38% +1.38 APA Apa Corp. Add +31.2% 4.54% +1.17 SIRI Sirius XM Holdings Inc. New 0.95% +0.95 TGT Target Corp. Add +19.9% 3.13% +0.36 IWD iShares Russell 1000 Value E New 0.02% +0.02 VTV Vanguard Mrngstr Val ETF-Aui New 0.01% +0.01 WFG West Fraser Timber Co. Ltd. Add +3.6% 0.16% +0.00 UHAL.B U-Haul Holding Co.-Non Voting Add +1.0% 2.44% −0.06 FRO Frontline PLC Add +3.6% 0.15% −0.07
Notes & Other Activity Q3 2024 → Q4 2024 Security Class Change vs Q3 2024 Shares / Principal Value ▼ OXY.WS Occidental Petroleum-CW27 *W EXP 08/03/202 Add +3.6% 156,248 $4.3M
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