Smead Capital Management, Inc. In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 10, 2025), Smead Capital Management, Inc. reported 33 stock positions worth $5.2 billion . Its top holding was Simon Property (SPG) at 6.9% of the portfolio, followed by D.R. Horton (DHI, 6.0% ) and Cenovus Energy (CVE, 5.4% ). Compared with Q2 2025, it opened 1 new position, added to 3 and reduced 27. The biggest buy was a new position in Crocs (CROX) and the biggest sale Target (TGT, shares −7% ).
Location Phoenix, AZ
CIK 0001427008
Portfolio Value $5.2B (Q3 2025) Holdings 33 stocks · $5.2B 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 2025 SPG Simon Property Group Inc. 1,915,505 $359.5M Reduce -7.1% DHI D.R. Horton Inc. 1,839,163 $311.7M Reduce -7.1% CVE Cenovus Energy Inc. 16,389,740 $278.2M Reduce -6.6% AXP American Express Co. 821,852 $273.0M Reduce -7.1% MAC The Macerich Co. 14,931,924 $271.8M Reduce -7.1% MRK Merck & Co. Inc. 3,034,674 $254.7M Reduce -7.1% APA Apa Corp. 10,161,573 $246.7M Reduce -7.1% LEN Lennar Corp. Class A 1,948,849 $245.6M Reduce -7.1% AMGN Amgen Inc. 857,384 $242.0M Reduce -7.1% NVR NVR Inc. 26,462 $212.6M Reduce -7.1% EBAY eBay Inc. 2,173,735 $197.7M Reduce -25.9% JPM JPMorgan Chase & Co. 601,947 $189.9M Reduce -7.1% FANG Diamondback Energy Inc. 1,312,413 $187.8M Add +24.6% OXY Occidental Petroleum Corp. 3,787,043 $178.9M Reduce -7.0% BAC Bank of America Corp. filed as BANK AMERICA CORP 3,389,427 $174.9M Reduce -7.1% COP Conocophillips 1,753,485 $165.9M Reduce -7.1% TGT Target Corp. 1,830,431 $164.2M Reduce -7.2% HD Home Depot Inc. 377,406 $152.9M Reduce -7.1% OVV Ovintiv Inc. 3,459,320 $139.7M Reduce -20.6% UHAL.B U-Haul Holding Co.-Non Voting 2,636,827 $134.2M Reduce -7.2% WAL Western Alliance Bancorp 1,333,236 $115.6M Reduce -7.1% UNH Unitedhealth Group Inc. 330,118 $114.0M Add +30.8% QCOM Qualcomm Inc. 670,386 $111.5M Reduce -7.1% CACC Credit Acceptance Corp. 201,402 $94.0M Reduce -7.1% ULTA Ulta Beauty Inc. 153,423 $83.9M Reduce -7.1% FITB Fifth Third Bancorp 1,626,001 $72.4M Reduce -7.1% MTB M & T Bank Corp. filed as M & T BK CORP 361,011 $71.3M Reduce -7.1% CROX Crocs Inc. 634,082 $53.0M New DVN Devon Energy Corp. 1,478,887 $51.8M Reduce -38.4% FRO Frontline PLC 590,266 $13.5M No change WFG West Fraser Timber Co. Ltd. 120,378 $8.2M No change IWD iShares Russell 1000 Value E 5,506 $1.1M Add +57.5% VTV Vanguard Mrngstr Val ETF-Aui 1,317 $246K Reduce -13.9%
Other holdings (1): bonds, preferreds, convertibles and warrants · $3.9M (not counted above) Security Class Shares / Principal Value Change OXY.WS Occidental Petroleum-CW27 *W EXP 08/03/202 153,969 $3.9M No change
Total filed on the 13F, all lines: $5.2B.
Portfolio Sells Q2 2025 → Q3 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 Q2 2025 % Of Portfolio Change To Portfolio ▲ TGT Target Corp. Reduce -7.2% 3.17% −0.73 OVV Ovintiv Inc. Reduce -20.6% 2.70% −0.62 EBAY eBay Inc. Reduce -25.9% 3.82% −0.55 DVN Devon Energy Corp. Reduce -38.4% 1.00% −0.53 UHAL.B U-Haul Holding Co.-Non Voting Reduce -7.2% 2.59% −0.50 AMGN Amgen Inc. Reduce -7.1% 4.68% −0.49 CACC Credit Acceptance Corp. Reduce -7.1% 1.82% −0.39 AXP American Express Co. Reduce -7.1% 5.28% −0.38 MRK Merck & Co. Inc. Reduce -7.1% 4.92% −0.26 COP Conocophillips Reduce -7.1% 3.21% −0.19 QCOM Qualcomm Inc. Reduce -7.1% 2.16% −0.15 MTB M & T Bank Corp. Reduce -7.1% 1.38% −0.13 NVR NVR Inc. Reduce -7.1% 4.11% −0.10 JPM JPMorgan Chase & Co. Reduce -7.1% 3.67% −0.09 BAC Bank of America Corp. Reduce -7.1% 3.38% −0.08 FITB Fifth Third Bancorp Reduce -7.1% 1.40% −0.04 HD Home Depot Inc. Reduce -7.1% 2.96% −0.03 WAL Western Alliance Bancorp Reduce -7.1% 2.24% −0.01 VTV Vanguard Mrngstr Val ETF-Aui Reduce -13.9% 0.00% −0.00 OXY Occidental Petroleum Corp. Reduce -7.0% 3.46% +0.03 MAC The Macerich Co. Reduce -7.1% 5.25% +0.04 ULTA Ulta Beauty Inc. Reduce -7.1% 1.62% +0.07 LEN Lennar Corp. Class A Reduce -7.1% 4.75% +0.10 SPG Simon Property Group Inc. Reduce -7.1% 6.95% +0.31 CVE Cenovus Energy Inc. Reduce -6.6% 5.38% +0.59 APA Apa Corp. Reduce -7.1% 4.77% +0.76 DHI D.R. Horton Inc. Reduce -7.1% 6.03% +0.91
Portfolio Buys Q2 2025 → Q3 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 Q2 2025 % Of Portfolio Change To Portfolio ▼ CROX Crocs Inc. New 1.02% +1.02 FANG Diamondback Energy Inc. Add +24.6% 3.63% +0.73 UNH Unitedhealth Group Inc. Add +30.8% 2.20% +0.63 IWD iShares Russell 1000 Value E Add +57.5% 0.02% +0.01
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