DOSSIER · 13F-HR · Q3 2026

Smead Capital Management, Inc.

$4.7B in tracked AUM across 31 positions as of Q3 2026.

SC
CIK 0001427008 · last filed Sep 30, 2026
Total AUM
$4.7B
as of Q3 2026
Holdings
31
—
positions
Whale Score
69
69
tracked
Activity
—
no data
changes this Q
AI Analysis · Q3 2026

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.

Two positions broke from that uniform pattern with cuts roughly double the baseline: American Express, down 21.6% in shares ($102.0 million), and JPMorgan Chase, down 26.1% ($58.9 million). Whatever drove the broad redemption-style trim, Smead cut these two credit-and-banking names further still — a real, differentiated decision to reduce conviction in card-network and money-center bank exposure specifically.

Three positions moved the other way entirely, standing out precisely because almost nothing else grew this quarter. West Fraser Timber, a lumber producer, more than doubled in share count (+110%, $4.1 million) — a small position getting meaningfully bigger. Credit Acceptance Corp added 12% in shares ($5.6 million). UnitedHealth Group added 12% more shares even as its dollar value fell $8.0 million on a weaker stock price — a case of buying more of a name whose price was working against the position.

Analysis generated by 13F Insight from SEC Form 13F filing data · Q3 2026. Methodology

Quarter at a glance — Q3 2026

Position-change comparison pending.

No quarter-over-quarter changes available.

Top 10 holdings

By portfolio weight as of Q3 2026.

#HoldingValueSharesWeight
01
CVE
CENOVUS ENERGY INC
$422M13.6M9.0%
02
MRK
MERCK & CO INC
$335M2.3M7.1%
03
APA
APA CORPORATION
$320M7.7M6.8%
04
MAC
MACERICH CO
$253M11.3M5.4%
05
SPG
SIMON PPTY GROUP INC NEW
$252M1.3M5.4%
06
AMGN
AMGEN INC
$247M587K5.3%
07
COP
CONOCOPHILLIPS
$195M1.6M4.1%
08
TGT
TARGET CORP
$193M1.2M4.1%
09
DHI
D R HORTON INC
$191M1.4M4.1%
10
LEN
LENNAR CORP
$186M2.3M4.0%

Filing history

2026Q3Sep 30
$4.7B▲ 0.9%
31 positionsView →
2026Q2Jun 30
$4.7B▲ 1.4%
32 positionsView →
2026Q1Mar 31
$4.6B▼ 4.6%
32 positionsView →
2025Q4Dec 31
$4.8B▼ 6.9%
32 positionsView →
2025Q3Sep 30
$5.2B▲ 3.6%
34 positionsLocked
2025Q2Jun 30
$5.0B▼ 14.4%
33 positionsLocked
2025Q1Mar 31
$5.8B▼ 9.6%
34 positionsLocked
2024Q4Dec 31
$6.5B▼ 8.0%
34 positionsLocked
2024Q3Sep 30
$7.0B▲ 9.4%
30 positionsLocked
2024Q2Jun 30
$6.4B▼ 0.1%
32 positionsLocked
2024Q1Mar 31
$6.4B▲ 14.8%
32 positionsLocked
2023Q4Dec 31
$5.6B▲ 14.0%
33 positionsLocked
Showing 12 of 68