In Q3 2026, Smead Capital Management held 31 US-listed stocks worth $4.7bn. Its biggest move was adding to Cenovus Energy (2% more shares, now 9.0%), followed by cutting Simon Property Group (10% fewer shares, now 5.3%). Its largest holding is Cenovus Energy at 9.0%.
2% of the $3.6bn of shares held in Smead Capital Management’s one US-registered fund, Smead Value Fund, by value, are not in its 13F. Those holdings are marked with a gold dot below.
US holdings from the 13F
Q3 2026, filed 16 Oct 2026 (filing): 0 new, 8 added to, 23 trimmed, 0 sold out. Select a row to see it over time.How this works
Changes compare share counts with Q2 2026, adjusted for stock splits. Share classes of the same company are combined. Values are at quarter-end prices.
13F holdings with change from the previous quarter
Each bar is one 13F. Select a bar or press play to see that quarter’s 12 largest positions.How this works
Bars are split by share of the US portfolio: the six biggest holdings over the period in colour, everything else in grey. The last eight quarters are shown in full, earlier years at year end.
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Q1 ’25
Q3 ’25
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AMGNAXPNVRMRKSPGLENEverything else
2013: Amgen 0.0%, American Express 0.0%, NVR 0.0%, Merck & Co. 4.6%, Simon Property Group 0.0%, Lennar 0.0%; 2014: Amgen 0.0%, American Express 0.0%, NVR 0.2%, Merck & Co. 0.2%, Simon Property Group 0.0%, Lennar 0.0%; 2015: Amgen 6.3%, American Express 4.4%, NVR 6.3%, Merck & Co. 0.0%, Simon Property Group 0.0%, Lennar 0.0%; 2016: Amgen 5.5%, American Express 5.2%, NVR 6.2%, Merck & Co. 0.0%, Simon Property Group 0.0%, Lennar 0.0%; 2017: Amgen 5.4%, American Express 5.7%, NVR 7.2%, Merck & Co. 0.0%, Simon Property Group 0.0%, Lennar 5.1%; 2018: Amgen 6.9%, American Express 5.7%, NVR 6.1%, Merck & Co. 0.0%, Simon Property Group 0.0%, Lennar 0.0%; 2019: Amgen 6.8%, American Express 5.9%, NVR 7.1%, Merck & Co. 3.7%, Simon Property Group 0.0%, Lennar 0.0%; 2020: Amgen 5.2%, American Express 6.0%, NVR 6.1%, Merck & Co. 0.0%, Simon Property Group 0.0%, Lennar 5.8%; 2021: Amgen 4.8%, American Express 5.5%, NVR 5.7%, Merck & Co. 4.3%, Simon Property Group 5.4%, Lennar 6.0%; 2022: Amgen 6.4%, American Express 5.7%, NVR 5.2%, Merck & Co. 7.1%, Simon Property Group 6.0%, Lennar 5.7%; 2023: Amgen 5.3%, American Express 5.6%, NVR 5.0%, Merck & Co. 5.7%, Simon Property Group 5.9%, Lennar 7.2%; Q4 ’24: Amgen 4.6%, American Express 6.2%, NVR 4.5%, Merck & Co. 5.1%, Simon Property Group 6.8%, Lennar 5.5%; Q1 ’25: Amgen 5.6%, American Express 5.7%, NVR 0.0%, Merck & Co. 5.1%, Simon Property Group 6.7%, Lennar 4.7%; Q2 ’25: Amgen 5.2%, American Express 5.7%, NVR 4.2%, Merck & Co. 5.2%, Simon Property Group 6.6%, Lennar 4.7%; Q3 ’25: Amgen 4.7%, American Express 5.3%, NVR 4.1%, Merck & Co. 4.9%, Simon Property Group 6.9%, Lennar 4.8%; Q4 ’25: Amgen 5.5%, American Express 5.9%, NVR 3.7%, Merck & Co. 6.2%, Simon Property Group 6.9%, Lennar 3.9%; Q1 ’26: Amgen 5.3%, American Express 4.0%, NVR 0.0%, Merck & Co. 6.5%, Simon Property Group 6.3%, Lennar 0.0%; Q2 ’26: Amgen 5.1%, American Express 4.1%, NVR 4.1%, Merck & Co. 6.4%, Simon Property Group 6.7%, Lennar 3.9%; Q3 ’26: Amgen 5.3%, American Express 0.0%, NVR 3.6%, Merck & Co. 7.1%, Simon Property Group 5.3%, Lennar 4.0%
Total returns after fees for the SVFYX, Class Y share class (the cheapest one with a full record). 1, 3 and 5-year figures run to 31 May 2026, built from the monthly returns the fund reports in its N-PORT filings and checked against its shareholder reports. The 10-year figure is from the shareholder report to 31 May 2026. Costs are the expense ratio in the half-year report to 31 May 2026, about $80 a year on $10,000. Past returns don’t predict future ones.
Full portfolio at 29 May 2026, from the fund’s N-PORT filing. Net assets $3.9bn. Cash, bonds and other assets make up 7.3%. Changes are against 27 Feb 2026: 0 new, 4 added to, 22 trimmed, 1 sold out. The 13F is at 30 Sep 2026, so a gold dot can also mean the fund bought the shares after that date.
Smead Value Fund holdings with change from the previous filing
Q1 Q2 Q3 Q4 · each quarter is that quarter’s profits times the stake reported at its end. *2026 so far: 2 quarters. Click a quarter to see its holdings.
Net income is as reported (GAAP), so it includes one-off items and, for some companies, gains or losses on investments they hold. Companies that report under IFRS (most non-US companies) or whose shares we can’t match reliably are left out; “portfolio covered” shows how much is included. Look-through earnings explained. Growth compares earnings per share over the last 12 months with the 12 months a year earlier, for holdings profitable in both.
5% stake filings
Holdings of 5% or more of a company (13D and 13G), usually reported well before the next 13F.How this works
Smead Capital Management’s filings since December 2024, newest first. An amendment showing less than 5% means the holding fell below the threshold. A 13D means the holder may seek to influence the company. How to read a 13D.