Smead Capital Management, Inc. In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 14, 2025), Smead Capital Management, Inc. reported 33 stock positions worth $5.8 billion . Its top holding was Simon Property (SPG) at 6.7% of the portfolio, followed by American Express (AXP, 5.7% ) and Amgen (AMGN, 5.6% ). Compared with Q4 2024, it sold out of 1, added to 3 and reduced 30. The biggest buy was Cenovus Energy (CVE, shares +2% ) and the biggest sale Lennar Class A (LEN, shares −9% ).
Location Phoenix, AZ
CIK 0001427008
Portfolio Value $5.8B (Q1 2025) Holdings 33 stocks · $5.8B 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 2024 SPG Simon Property Group Inc. 2,336,798 $388.1M Reduce -8.7% AXP American Express Co. 1,228,274 $330.5M Reduce -8.6% AMGN Amgen Inc. 1,046,014 $325.9M Reduce -8.7% MAC The Macerich Co. 18,214,281 $312.7M Reduce -8.7% MRK Merck & Co. Inc. 3,334,566 $299.3M Add +1.0% OXY Occidental Petroleum Corp. 5,937,965 $293.1M Reduce -9.3% DHI D.R. Horton Inc. 2,243,666 $285.2M Reduce -8.7% LEN Lennar Corp. Class A 2,377,483 $272.9M Reduce -8.7% APA Apa Corp. 12,404,821 $260.7M Reduce -2.2% OVV Ovintiv Inc. 6,049,598 $258.9M Reduce -1.5% JPM JPMorgan Chase & Co. 987,155 $242.1M Reduce -8.6% BAC Bank of America Corp. filed as BANK AMERICA CORP 5,660,444 $236.2M Reduce -8.6% NVR NVR Inc. 32,283 $233.9M Reduce -8.7% EBAY eBay Inc. 3,323,333 $225.1M Reduce -8.6% COP Conocophillips 2,139,377 $224.7M Reduce -0.3% CVE Cenovus Energy Inc. 15,495,912 $215.4M Add +2.5% DVN Devon Energy Corp. 5,706,322 $213.4M Reduce -0.5% TGT Target Corp. 1,638,296 $171.0M Add +9.9% HD Home Depot Inc. 460,325 $168.7M Reduce -8.6% UHAL.B U-Haul Holding Co.-Non Voting 2,401,119 $142.1M Reduce -2.3% BRK.B Berkshire Hathaway Inc. Class B 189,065 $100.7M Reduce -8.6% CACC Credit Acceptance Corp. 185,373 $95.7M Reduce -8.6% QCOM Qualcomm Inc. 613,096 $94.2M Reduce -8.7% WAL Western Alliance Bancorp 1,204,088 $92.5M Reduce -8.7% MTB M & T Bank Corp. filed as M & T BK CORP 440,378 $78.7M Reduce -8.7% FITB Fifth Third Bancorp 1,983,539 $77.8M Reduce -8.7% ULTA Ulta Beauty Inc. 187,167 $68.6M Reduce -8.7% SIRI Sirius XM Holdings Inc. 2,450,931 $55.3M Reduce -8.6% MRP Millrose Properties 1,186,210 $31.4M Reduce -8.9% UHAL U-Haul Holding Co. 209,649 $13.7M Reduce -53.2% FRO Frontline PLC 685,070 $10.0M Reduce -1.4% WFG West Fraser Timber Co. Ltd. 120,949 $9.3M Reduce -1.1% IWD iShares Russell 1000 Value E 6,440 $1.2M Reduce -11.1%
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 08/03/202 154,699 $4.3M Reduce -1.0%
Total filed on the 13F, all lines: $5.8B.
Portfolio Sells Q4 2024 → Q1 2025 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 2024 % Of Portfolio Change To Portfolio ▲ LEN Lennar Corp. Class A Reduce -8.7% 4.68% −0.83 MAC The Macerich Co. Reduce -8.7% 5.37% −0.80 AXP American Express Co. Reduce -8.6% 5.67% −0.52 NVR NVR Inc. Reduce -8.7% 4.01% −0.47 DHI D.R. Horton Inc. Reduce -8.7% 4.89% −0.44 UHAL U-Haul Holding Co. Reduce -53.2% 0.24% −0.25 ULTA Ulta Beauty Inc. Reduce -8.7% 1.18% −0.21 SPG Simon Property Group Inc. Reduce -8.7% 6.66% −0.18 BAC Bank of America Corp. Reduce -8.6% 4.05% −0.17 HD Home Depot Inc. Reduce -8.6% 2.89% −0.15 WAL Western Alliance Bancorp Reduce -8.7% 1.59% −0.12 FITB Fifth Third Bancorp Reduce -8.7% 1.33% −0.09 APA Apa Corp. Reduce -2.2% 4.47% −0.07 MTB M & T Bank Corp. Reduce -8.7% 1.35% −0.06 VTV Vanguard Mrngstr Val ETF-Aui Sold out 0.00% −0.01 WFG West Fraser Timber Co. Ltd. Reduce -1.1% 0.16% −0.00 UHAL.B U-Haul Holding Co.-Non Voting Reduce -2.3% 2.44% −0.00 SIRI Sirius XM Holdings Inc. Reduce -8.6% 0.95% −0.00 IWD iShares Russell 1000 Value E Reduce -11.1% 0.02% 0.00 MRP Millrose Properties Reduce -8.9% 0.54% +0.00 OXY Occidental Petroleum Corp. Reduce -9.3% 5.03% +0.01 QCOM Qualcomm Inc. Reduce -8.7% 1.62% +0.02 FRO Frontline PLC Reduce -1.4% 0.17% +0.02 JPM JPMorgan Chase & Co. Reduce -8.6% 4.15% +0.14 CACC Credit Acceptance Corp. Reduce -8.6% 1.64% +0.16 BRK.B Berkshire Hathaway Inc. Class B Reduce -8.6% 1.73% +0.27 EBAY eBay Inc. Reduce -8.6% 3.86% +0.37 COP Conocophillips Reduce -0.3% 3.85% +0.55 OVV Ovintiv Inc. Reduce -1.5% 4.44% +0.58 DVN Devon Energy Corp. Reduce -0.5% 3.66% +0.75 AMGN Amgen Inc. Reduce -8.7% 5.59% +0.96
Portfolio Buys Q4 2024 → Q1 2025 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 2024 % Of Portfolio Change To Portfolio ▼ CVE Cenovus Energy Inc. Add +2.5% 3.70% +0.14 MRK Merck & Co. Inc. Add +1.0% 5.13% +0.04 TGT Target Corp. Add +9.9% 2.93% −0.19
Notes & Other Activity Q4 2024 → Q1 2025 Security Class Change vs Q4 2024 Shares / Principal Value ▼ OXY.WS Occidental Petroleum-CW27 *W EXP 08/03/202 Reduce -1.0% 154,699 $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