Smead Capital Management, Inc.

Smead Capital Management's 32-stock, concentrated value book fell 4.6% to $4.60 billion this quarter, but the pattern behind that decline is more informative than the headline number. Eight of the portfolio's largest positions — APA (-13.0%), Cenovus Energy (-11.3%), Occidental Petroleum (-12.7%), Lennar (-13.0%), D.R. Horton (-12.9%), ConocoPhillips (-12.8%), Simon Property Group (-12.9%), and Bank of America (-12.9%) — were all cut by almost exactly the same share-count percentage, a signature more consistent with pro-rata redemptions forced across the whole book than with any stock-specific judgment. Two names broke that uniform pattern with materially larger cuts: American Express, down 21.6% in shares ($102.0 million), and JPMorgan Chase, down 26.1% ($58.9 million) — both losing conviction beyond the baseline trim. Against that backdrop, three positions actually grew: West Fraser Timber more than doubled in shares (+110%, $4.1 million), Credit Acceptance Corp added 12% ($5.6 million), and UnitedHealth Group added 12% more shares even as its dollar value fell $8.0 million on a weaker stock price — genuine, differentiated conviction adds swimming against the tide of an otherwise uniform, liquidity-driven reduction.