Smead Capital Management, Inc. In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Smead Capital Management, Inc. reported 32 stock positions worth $5.0 billion . Its top holding was Simon Property (SPG) at 6.6% of the portfolio, followed by American Express (AXP, 5.7% ) and Macerich (MAC, 5.2% ). Compared with Q1 2025, it opened 3 new positions, sold out of 4, added to 6 and reduced 23. The biggest buy was a new position in Diamondback Energy (FANG) and the biggest sale Devon Energy (DVN, shares −58% ).
Location Phoenix, AZ
CIK 0001427008
Portfolio Value $5.0B (Q2 2025) Holdings 32 stocks · $5.0B 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 Q1 2025 SPG Simon Property Group Inc. 2,062,019 $331.5M Reduce -11.8% AXP American Express Co. 884,732 $282.2M Reduce -28.0% MAC The Macerich Co. 16,074,002 $260.1M Reduce -11.8% MRK Merck & Co. Inc. 3,267,318 $258.6M Reduce -2.0% AMGN Amgen Inc. 922,968 $257.7M Reduce -11.8% DHI D.R. Horton Inc. 1,979,845 $255.2M Reduce -11.8% CVE Cenovus Energy Inc. 17,552,075 $239.0M Add +13.3% LEN Lennar Corp. Class A 2,097,906 $232.0M Reduce -11.8% EBAY eBay Inc. 2,932,396 $218.3M Reduce -11.8% NVR NVR Inc. 28,486 $210.4M Reduce -11.8% APA Apa Corp. 10,941,229 $200.1M Reduce -11.8% TGT Target Corp. 1,973,113 $194.6M Add +20.4% JPM JPMorgan Chase & Co. 648,003 $187.9M Reduce -34.4% BAC Bank of America Corp. filed as BANK AMERICA CORP 3,648,771 $172.7M Reduce -35.5% OXY Occidental Petroleum Corp. 4,071,705 $171.1M Reduce -31.4% COP Conocophillips 1,887,445 $169.4M Reduce -11.8% OVV Ovintiv Inc. 4,355,580 $165.7M Reduce -28.0% UHAL.B U-Haul Holding Co.-Non Voting 2,842,383 $154.5M Add +18.4% HD Home Depot Inc. 406,273 $149.0M Reduce -11.7% FANG Diamondback Energy Inc. 1,053,675 $144.8M New QCOM Qualcomm Inc. 721,679 $114.9M Add +17.7% WAL Western Alliance Bancorp 1,435,247 $111.9M Add +19.2% CACC Credit Acceptance Corp. 216,811 $110.5M Add +17.0% UNH Unitedhealth Group Inc. 252,438 $78.8M New ULTA Ulta Beauty Inc. 165,158 $77.3M Reduce -11.8% DVN Devon Energy Corp. 2,400,686 $76.4M Reduce -57.9% MTB M & T Bank Corp. filed as M & T BK CORP 388,621 $75.4M Reduce -11.8% FITB Fifth Third Bancorp 1,750,355 $72.0M Reduce -11.8% FRO Frontline PLC 590,266 $9.8M Reduce -13.8% WFG West Fraser Timber Co. Ltd. 120,378 $8.8M Reduce -0.5% IWD iShares Russell 1000 Value E 3,496 $679K Reduce -45.7% VTV Vanguard Mrngstr Val ETF-Aui 1,530 $270K New
Other holdings (1): bonds, preferreds, convertibles and warrants · $3.2M (not counted above) Security Class Shares / Principal Value Change OXY.WS Occidental Petroleum-CW27 *W EXP 08/03/202 153,969 $3.2M Reduce -0.5%
Total filed on the 13F, all lines: $5.0B.
Portfolio Sells Q1 2025 → Q2 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 Q1 2025 % Of Portfolio Change To Portfolio ▲ DVN Devon Energy Corp. Reduce -57.9% 1.53% −2.13 BRK.B Berkshire Hathaway Inc. Class B Sold out 0.00% −1.73 OXY Occidental Petroleum Corp. Reduce -31.4% 3.43% −1.60 OVV Ovintiv Inc. Reduce -28.0% 3.32% −1.12 SIRI Sirius XM Holdings Inc. Sold out 0.00% −0.95 BAC Bank of America Corp. Reduce -35.5% 3.46% −0.59 MRP Millrose Properties Sold out 0.00% −0.54 APA Apa Corp. Reduce -11.8% 4.01% −0.46 COP Conocophillips Reduce -11.8% 3.39% −0.46 AMGN Amgen Inc. Reduce -11.8% 5.16% −0.43 JPM JPMorgan Chase & Co. Reduce -34.4% 3.76% −0.39 UHAL U-Haul Holding Co. Sold out 0.00% −0.24 MAC The Macerich Co. Reduce -11.8% 5.21% −0.15 LEN Lennar Corp. Class A Reduce -11.8% 4.65% −0.03 SPG Simon Property Group Inc. Reduce -11.8% 6.64% −0.02 AXP American Express Co. Reduce -28.0% 5.65% −0.02 IWD iShares Russell 1000 Value E Reduce -45.7% 0.01% −0.01 WFG West Fraser Timber Co. Ltd. Reduce -0.5% 0.18% +0.02 FRO Frontline PLC Reduce -13.8% 0.20% +0.02 MRK Merck & Co. Inc. Reduce -2.0% 5.18% +0.05 HD Home Depot Inc. Reduce -11.7% 2.98% +0.09 FITB Fifth Third Bancorp Reduce -11.8% 1.44% +0.11 MTB M & T Bank Corp. Reduce -11.8% 1.51% +0.16 NVR NVR Inc. Reduce -11.8% 4.21% +0.20 DHI D.R. Horton Inc. Reduce -11.8% 5.11% +0.22 ULTA Ulta Beauty Inc. Reduce -11.8% 1.55% +0.37 EBAY eBay Inc. Reduce -11.8% 4.37% +0.51
Portfolio Buys Q1 2025 → Q2 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 Q1 2025 % Of Portfolio Change To Portfolio ▼ FANG Diamondback Energy Inc. New 2.90% +2.90 UNH Unitedhealth Group Inc. New 1.58% +1.58 CVE Cenovus Energy Inc. Add +13.3% 4.79% +1.09 TGT Target Corp. Add +20.4% 3.90% +0.97 QCOM Qualcomm Inc. Add +17.7% 2.30% +0.69 UHAL.B U-Haul Holding Co.-Non Voting Add +18.4% 3.10% +0.66 WAL Western Alliance Bancorp Add +19.2% 2.24% +0.66 CACC Credit Acceptance Corp. Add +17.0% 2.21% +0.57 VTV Vanguard Mrngstr Val ETF-Aui New 0.01% +0.01
Notes & Other Activity Q1 2025 → Q2 2025 Security Class Change vs Q1 2025 Shares / Principal Value ▼ OXY.WS Occidental Petroleum-CW27 *W EXP 08/03/202 Reduce -0.5% 153,969 $3.2M
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