Smead Capital Management, Inc. In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 9, 2026), Smead Capital Management, Inc. reported 31 stock positions worth $4.8 billion . Its top holding was Simon Property (SPG) at 6.9% of the portfolio, followed by Merck (MRK, 6.2% ) and American Express (AXP, 5.9% ). Compared with Q3 2025, it opened 1 new position, sold out of 3, added to 4 and reduced 26. The biggest buy was Fifth Third Bancorp (FITB, shares +100% ) and the biggest sale an exit from Ovintiv (OVV).
Location Phoenix, AZ
CIK 0001427008
Portfolio Value $4.8B (Q4 2025) Holdings 31 stocks · $4.8B 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 Q3 2025 SPG Simon Property Group Inc. 1,791,330 $331.6M Reduce -6.5% MRK Merck & Co. Inc. 2,838,300 $298.8M Reduce -6.5% AXP American Express Co. 768,431 $284.3M Reduce -6.5% CVE Cenovus Energy Inc. 16,763,978 $283.6M Add +2.3% AMGN Amgen Inc. 801,796 $262.4M Reduce -6.5% MAC The Macerich Co. 13,963,805 $257.8M Reduce -6.5% DHI D.R. Horton Inc. 1,719,925 $247.7M Reduce -6.5% APA Apa Corp. 9,503,039 $232.4M Reduce -6.5% LEN Lennar Corp. Class A 1,822,291 $187.3M Reduce -6.5% FANG Diamondback Energy Inc. 1,227,772 $184.6M Reduce -6.5% JPM JPMorgan Chase & Co. 562,792 $181.3M Reduce -6.5% NVR NVR Inc. 24,745 $180.5M Reduce -6.5% COP Conocophillips 1,917,545 $179.5M Add +9.4% EBAY eBay Inc. 2,032,886 $177.1M Reduce -6.5% BAC Bank of America Corp. filed as BANK AMERICA CORP 3,169,803 $174.3M Reduce -6.5% TGT Target Corp. 1,713,932 $167.5M Reduce -6.4% FITB Fifth Third Bancorp 3,250,139 $152.1M Add +99.9% OXY Occidental Petroleum Corp. 3,545,182 $145.8M Reduce -6.4% WAL Western Alliance Bancorp 1,556,943 $130.9M Add +16.8% HD Home Depot Inc. 352,819 $121.4M Reduce -6.5% UHAL.B U-Haul Holding Co.-Non Voting 2,467,011 $115.3M Reduce -6.4% QCOM Qualcomm Inc. 626,937 $107.2M Reduce -6.5% UNH Unitedhealth Group Inc. 308,723 $101.9M Reduce -6.5% ULTA Ulta Beauty Inc. 143,477 $86.8M Reduce -6.5% CACC Credit Acceptance Corp. 188,334 $83.5M Reduce -6.5% MTB M & T Bank Corp. filed as M & T BK CORP 337,603 $68.0M Reduce -6.5% CROX Crocs Inc. 594,690 $50.9M Reduce -6.2% FRO Frontline PLC 586,729 $12.9M Reduce -0.6% GTX Garrett Motion Inc. 244,261 $4.3M New WFG West Fraser Timber Co. Ltd. 54,678 $3.3M Reduce -54.6% IWD iShares Russell 1000 Value E 4,392 $924K Reduce -20.2%
Other holdings (1): bonds, preferreds, convertibles and warrants · $2.9M (not counted above) Security Class Shares / Principal Value Change OXY.WS Occidental Petroleum-CW27 *W EXP 08/03/202 153,047 $2.9M Reduce -0.6%
Total filed on the 13F, all lines: $4.8B.
Portfolio Sells Q3 2025 → Q4 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 Q3 2025 % Of Portfolio Change To Portfolio ▲ OVV Ovintiv Inc. Sold out 0.00% −2.70 DVN Devon Energy Corp. Sold out 0.00% −1.00 DHI D.R. Horton Inc. Reduce -6.5% 5.14% −0.88 LEN Lennar Corp. Class A Reduce -6.5% 3.89% −0.86 HD Home Depot Inc. Reduce -6.5% 2.52% −0.44 OXY Occidental Petroleum Corp. Reduce -6.4% 3.03% −0.43 NVR NVR Inc. Reduce -6.5% 3.75% −0.36 UHAL.B U-Haul Holding Co.-Non Voting Reduce -6.4% 2.39% −0.20 EBAY eBay Inc. Reduce -6.5% 3.68% −0.15 WFG West Fraser Timber Co. Ltd. Reduce -54.6% 0.07% −0.09 UNH Unitedhealth Group Inc. Reduce -6.5% 2.12% −0.09 CACC Credit Acceptance Corp. Reduce -6.5% 1.73% −0.08 SPG Simon Property Group Inc. Reduce -6.5% 6.89% −0.06 VTV Vanguard Mrngstr Val ETF-Aui Sold out 0.00% −0.00 IWD iShares Russell 1000 Value E Reduce -20.2% 0.02% −0.00 FRO Frontline PLC Reduce -0.6% 0.27% +0.01 CROX Crocs Inc. Reduce -6.2% 1.06% +0.03 MTB M & T Bank Corp. Reduce -6.5% 1.41% +0.03 APA Apa Corp. Reduce -6.5% 4.83% +0.06 QCOM Qualcomm Inc. Reduce -6.5% 2.23% +0.07 JPM JPMorgan Chase & Co. Reduce -6.5% 3.77% +0.09 MAC The Macerich Co. Reduce -6.5% 5.35% +0.10 ULTA Ulta Beauty Inc. Reduce -6.5% 1.80% +0.18 FANG Diamondback Energy Inc. Reduce -6.5% 3.83% +0.20 BAC Bank of America Corp. Reduce -6.5% 3.62% +0.24 TGT Target Corp. Reduce -6.4% 3.48% +0.30 AXP American Express Co. Reduce -6.5% 5.90% +0.63 AMGN Amgen Inc. Reduce -6.5% 5.45% +0.77 MRK Merck & Co. Inc. Reduce -6.5% 6.20% +1.28
Portfolio Buys Q3 2025 → Q4 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 Q3 2025 % Of Portfolio Change To Portfolio ▼ FITB Fifth Third Bancorp Add +99.9% 3.16% +1.76 COP Conocophillips Add +9.4% 3.73% +0.52 CVE Cenovus Energy Inc. Add +2.3% 5.89% +0.51 WAL Western Alliance Bancorp Add +16.8% 2.72% +0.48 GTX Garrett Motion Inc. New 0.09% +0.09
Notes & Other Activity Q3 2025 → Q4 2025 Security Class Change vs Q3 2025 Shares / Principal Value ▼ OXY.WS Occidental Petroleum-CW27 *W EXP 08/03/202 Reduce -0.6% 153,047 $2.9M
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