Smead Capital Management, Inc. In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 14, 2026), Smead Capital Management, Inc. reported 31 stock positions worth $4.6 billion . Its top holding was Cenovus Energy (CVE) at 8.6% of the portfolio, followed by Apa (APA, 7.6% ) and Merck (MRK, 6.5% ). Compared with Q4 2025, it added to 6 and reduced 25. The biggest buy was Credit Acceptance (CACC, shares +12% ) and the biggest sale American Express (AXP, shares −22% ).
Location Phoenix, AZ
CIK 0001427008
Portfolio Value $4.6B (Q1 2026) Holdings 31 stocks · $4.6B 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 2025 CVE Cenovus Energy Inc. 14,868,003 $394.5M Reduce -11.3% APA Apa Corp. 8,269,815 $351.0M Reduce -13.0% MRK Merck & Co. Inc. 2,471,398 $297.3M Reduce -12.9% SPG Simon Property Group Inc. 1,559,860 $291.0M Reduce -12.9% AMGN Amgen Inc. 697,919 $245.6M Reduce -13.0% MAC The Macerich Co. 12,155,332 $229.7M Reduce -12.9% COP Conocophillips 1,671,303 $220.6M Reduce -12.8% FANG Diamondback Energy Inc. 1,069,328 $211.5M Reduce -12.9% DHI D.R. Horton Inc. 1,497,723 $205.5M Reduce -12.9% OXY Occidental Petroleum Corp. 3,095,535 $201.2M Reduce -12.7% AXP American Express Co. 602,643 $182.3M Reduce -21.6% TGT Target Corp. 1,492,670 $180.9M Reduce -12.9% EBAY eBay Inc. 1,771,494 $161.2M Reduce -12.9% NVR NVR Inc. 21,538 $141.9M Reduce -13.0% LEN Lennar Corp. Class A 1,586,225 $137.7M Reduce -12.9% BAC Bank of America Corp. filed as BANK AMERICA CORP 2,759,684 $134.5M Reduce -12.9% FITB Fifth Third Bancorp 2,831,423 $131.5M Reduce -12.9% JPM JPMorgan Chase & Co. 416,094 $122.4M Reduce -26.1% HD Home Depot Inc. 307,339 $101.1M Reduce -12.9% WAL Western Alliance Bancorp 1,355,591 $96.0M Reduce -12.9% UHAL.B U-Haul Holding Co.-Non Voting 2,146,425 $95.9M Reduce -13.0% UNH Unitedhealth Group Inc. 347,102 $93.9M Add +12.4% CACC Credit Acceptance Corp. 210,470 $89.1M Add +11.8% QCOM Qualcomm Inc. 545,810 $70.3M Reduce -12.9% ULTA Ulta Beauty Inc. 124,895 $65.3M Reduce -12.9% MTB M & T Bank Corp. filed as M & T BK CORP 293,869 $60.7M Reduce -12.9% CROX Crocs Inc. 517,170 $42.9M Reduce -13.0% FRO Frontline PLC 610,694 $21.4M Add +4.1% WFG West Fraser Timber Co. Ltd. 114,778 $7.5M Add +109.9% GTX Garrett Motion Inc. 254,910 $4.6M Add +4.4% IWD iShares Russell 1000 Value E 6,264 $1.3M Add +42.6%
Other holdings (1): bonds, preferreds, convertibles and warrants · $6.5M (not counted above) Security Class Shares / Principal Value Change OXY.WS Occidental Petroleum-CW27 *W EXP 08/03/202 151,211 $6.5M Reduce -1.2%
Total filed on the 13F, all lines: $4.6B.
Portfolio Sells Q4 2025 → Q1 2026 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 2025 % Of Portfolio Change To Portfolio ▲ AXP American Express Co. Reduce -21.6% 3.97% −1.93 JPM JPMorgan Chase & Co. Reduce -26.1% 2.67% −1.10 LEN Lennar Corp. Class A Reduce -12.9% 3.00% −0.89 QCOM Qualcomm Inc. Reduce -12.9% 1.53% −0.70 BAC Bank of America Corp. Reduce -12.9% 2.93% −0.69 DHI D.R. Horton Inc. Reduce -12.9% 4.48% −0.67 NVR NVR Inc. Reduce -13.0% 3.09% −0.66 WAL Western Alliance Bancorp Reduce -12.9% 2.09% −0.63 SPG Simon Property Group Inc. Reduce -12.9% 6.34% −0.55 ULTA Ulta Beauty Inc. Reduce -12.9% 1.42% −0.38 MAC The Macerich Co. Reduce -12.9% 5.00% −0.35 HD Home Depot Inc. Reduce -12.9% 2.20% −0.32 UHAL.B U-Haul Holding Co.-Non Voting Reduce -13.0% 2.09% −0.31 FITB Fifth Third Bancorp Reduce -12.9% 2.87% −0.29 EBAY eBay Inc. Reduce -12.9% 3.51% −0.16 CROX Crocs Inc. Reduce -13.0% 0.94% −0.12 AMGN Amgen Inc. Reduce -13.0% 5.35% −0.10 MTB M & T Bank Corp. Reduce -12.9% 1.32% −0.09 MRK Merck & Co. Inc. Reduce -12.9% 6.48% +0.27 TGT Target Corp. Reduce -12.9% 3.94% +0.46 FANG Diamondback Energy Inc. Reduce -12.9% 4.61% +0.77 COP Conocophillips Reduce -12.8% 4.81% +1.08 OXY Occidental Petroleum Corp. Reduce -12.7% 4.38% +1.36 CVE Cenovus Energy Inc. Reduce -11.3% 8.59% +2.70 APA Apa Corp. Reduce -13.0% 7.65% +2.82
Portfolio Buys Q4 2025 → Q1 2026 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 2025 % Of Portfolio Change To Portfolio ▼ CACC Credit Acceptance Corp. Add +11.8% 1.94% +0.21 FRO Frontline PLC Add +4.1% 0.47% +0.20 WFG West Fraser Timber Co. Ltd. Add +109.9% 0.16% +0.09 GTX Garrett Motion Inc. Add +4.4% 0.10% +0.01 IWD iShares Russell 1000 Value E Add +42.6% 0.03% +0.01 UNH Unitedhealth Group Inc. Add +12.4% 2.05% −0.07
Notes & Other Activity Q4 2025 → Q1 2026 Security Class Change vs Q4 2025 Shares / Principal Value ▼ OXY.WS Occidental Petroleum-CW27 *W EXP 08/03/202 Reduce -1.2% 151,211 $6.5M
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