{
 "manager": "Smead Capital Management",
 "page": "https://www.moatshark.com/m/smead-capital-management",
 "form": "13F-HR",
 "period": "2026-09-30",
 "filed": "2026-10-16",
 "previous_period": "2026-06-30",
 "filing_url": "https://www.sec.gov/Archives/edgar/data/1427008/000117266126004558/0001172661-26-004558-index.htm",
 "total_value_usd": 4705402906,
 "note": "Source: SEC filings via moatshark. Values and changes are estimates; not investment advice.",
 "holdings": [
  {
   "company": "Cenovus Energy",
   "ticker": "CVE",
   "moatshark_slug": "cve",
   "sector": "Energy",
   "value_usd": 421759560,
   "shares": 13568058,
   "portfolio_pct": 8.96,
   "previous_pct": 7.11,
   "change": "ADD",
   "share_change_pct": 1.5,
   "quarters_held": 23
  },
  {
   "company": "Merck & Co.",
   "ticker": "MRK",
   "moatshark_slug": "mrk",
   "sector": "Health care",
   "value_usd": 335072670,
   "shares": 2305916,
   "portfolio_pct": 7.12,
   "previous_pct": 6.43,
   "change": "REDUCE",
   "share_change_pct": -1.2,
   "quarters_held": 49
  },
  {
   "company": "APA",
   "ticker": "APA",
   "moatshark_slug": "apa",
   "sector": "Energy",
   "value_usd": 320448151,
   "shares": 7714207,
   "portfolio_pct": 6.81,
   "previous_pct": 5.46,
   "change": "REDUCE",
   "share_change_pct": -1.2,
   "quarters_held": 15
  },
  {
   "company": "Macerich",
   "ticker": "MAC",
   "moatshark_slug": "mac",
   "sector": "Financials",
   "value_usd": 252631357,
   "shares": 11298361,
   "portfolio_pct": 5.37,
   "previous_pct": 6.2,
   "change": "REDUCE",
   "share_change_pct": -1.6,
   "quarters_held": 29
  },
  {
   "company": "Simon Property Group",
   "ticker": "SPG",
   "moatshark_slug": "spg",
   "sector": "Financials",
   "value_usd": 251958294,
   "shares": 1255022,
   "portfolio_pct": 5.35,
   "previous_pct": 6.71,
   "change": "REDUCE",
   "share_change_pct": -10.3,
   "quarters_held": 27
  },
  {
   "company": "Amgen",
   "ticker": "AMGN",
   "moatshark_slug": "amgn",
   "sector": "Health care",
   "value_usd": 247217281,
   "shares": 586504,
   "portfolio_pct": 5.25,
   "previous_pct": 5.12,
   "change": "REDUCE",
   "share_change_pct": -11,
   "quarters_held": 41
  },
  {
   "company": "ConocoPhillips",
   "ticker": "COP",
   "moatshark_slug": "cop",
   "sector": "Energy",
   "value_usd": 195086899,
   "shares": 1558825,
   "portfolio_pct": 4.15,
   "previous_pct": 3.52,
   "change": "REDUCE",
   "share_change_pct": -1.2,
   "quarters_held": 24
  },
  {
   "company": "Target",
   "ticker": "TGT",
   "moatshark_slug": "tgt",
   "sector": "Consumer discretionary",
   "value_usd": 193262945,
   "shares": 1233410,
   "portfolio_pct": 4.11,
   "previous_pct": 3.95,
   "change": "REDUCE",
   "share_change_pct": -12.5,
   "quarters_held": 38
  },
  {
   "company": "D.R. Horton",
   "ticker": "DHI",
   "moatshark_slug": "dhi",
   "sector": "Consumer discretionary",
   "value_usd": 190860960,
   "shares": 1396714,
   "portfolio_pct": 4.06,
   "previous_pct": 4.94,
   "change": "REDUCE",
   "share_change_pct": -1.2,
   "quarters_held": 27
  },
  {
   "company": "Lennar",
   "ticker": "LEN",
   "moatshark_slug": "len",
   "sector": "Consumer discretionary",
   "value_usd": 186410693,
   "shares": 2284725,
   "portfolio_pct": 3.96,
   "previous_pct": 3.92,
   "change": "ADD",
   "share_change_pct": 13.1,
   "quarters_held": 41
  },
  {
   "company": "Diamondback Energy",
   "ticker": "FANG",
   "moatshark_slug": "fang",
   "sector": "Energy",
   "value_usd": 183395054,
   "shares": 997743,
   "portfolio_pct": 3.9,
   "previous_pct": 3.81,
   "change": "REDUCE",
   "share_change_pct": -1.2,
   "quarters_held": 6
  },
  {
   "company": "NVR",
   "ticker": "NVR",
   "moatshark_slug": "nvr",
   "sector": "Consumer discretionary",
   "value_usd": 171270962,
   "shares": 27829,
   "portfolio_pct": 3.64,
   "previous_pct": 4.13,
   "change": "REDUCE",
   "share_change_pct": -1.5,
   "quarters_held": 52
  },
  {
   "company": "American Express",
   "ticker": "AXP",
   "moatshark_slug": "axp",
   "sector": "Financials",
   "value_usd": 170935368,
   "shares": 562102,
   "portfolio_pct": 3.63,
   "previous_pct": 4.13,
   "change": "REDUCE",
   "share_change_pct": -1.2,
   "quarters_held": 41
  },
  {
   "company": "Occidental Petroleum",
   "ticker": "OXY",
   "moatshark_slug": "oxy",
   "sector": "Energy",
   "value_usd": 162623851,
   "shares": 2939694,
   "portfolio_pct": 3.46,
   "previous_pct": 3.05,
   "change": "REDUCE",
   "share_change_pct": -0.5,
   "quarters_held": 24
  },
  {
   "company": "Fifth Third Bancorp",
   "ticker": "FITB",
   "moatshark_slug": "fitb",
   "sector": "Financials",
   "value_usd": 158076392,
   "shares": 3125275,
   "portfolio_pct": 3.36,
   "previous_pct": 3.84,
   "change": "REDUCE",
   "share_change_pct": -1.5,
   "quarters_held": 12
  },
  {
   "company": "Western Alliance Bancorporation",
   "ticker": "WAL",
   "moatshark_slug": "wal",
   "sector": "Financials",
   "value_usd": 141959291,
   "shares": 1890270,
   "portfolio_pct": 3.02,
   "previous_pct": 2.81,
   "change": "ADD",
   "share_change_pct": 18.5,
   "quarters_held": 12
  },
  {
   "company": "JPMorgan Chase",
   "ticker": "JPM",
   "moatshark_slug": "jpm",
   "sector": "Financials",
   "value_usd": 127563298,
   "shares": 385586,
   "portfolio_pct": 2.71,
   "previous_pct": 2.76,
   "change": "REDUCE",
   "share_change_pct": -1.9,
   "quarters_held": 54
  },
  {
   "company": "UnitedHealth Group",
   "ticker": "UNH",
   "moatshark_slug": "unh",
   "sector": "Health care",
   "value_usd": 119077569,
   "shares": 324391,
   "portfolio_pct": 2.53,
   "previous_pct": 2.93,
   "change": "REDUCE",
   "share_change_pct": -1.2,
   "quarters_held": 6
  },
  {
   "company": "Bank of America",
   "ticker": "BAC",
   "moatshark_slug": "bac",
   "sector": "Financials",
   "value_usd": 117983291,
   "shares": 2167615,
   "portfolio_pct": 2.51,
   "previous_pct": 3.19,
   "change": "REDUCE",
   "share_change_pct": -16.8,
   "quarters_held": 41
  },
  {
   "company": "Zoetis",
   "ticker": "ZTS",
   "moatshark_slug": "zts",
   "sector": "Health care",
   "value_usd": 110400985,
   "shares": 1580996,
   "portfolio_pct": 2.35,
   "previous_pct": 1.9,
   "change": "ADD",
   "share_change_pct": 28.2,
   "quarters_held": 2
  },
  {
   "company": "U Haul Holding Company",
   "ticker": "UHAL",
   "moatshark_slug": "uhal",
   "sector": "Other",
   "value_usd": 105979494,
   "shares": 2005288,
   "portfolio_pct": 2.25,
   "previous_pct": 2.51,
   "change": "REDUCE",
   "share_change_pct": -1.3,
   "quarters_held": 16
  },
  {
   "company": "Credit Acceptance",
   "ticker": "CACC",
   "moatshark_slug": "cacc",
   "sector": "Financials",
   "value_usd": 104278044,
   "shares": 196381,
   "portfolio_pct": 2.22,
   "previous_pct": 2.72,
   "change": "REDUCE",
   "share_change_pct": -1.2,
   "quarters_held": 27
  },
  {
   "company": "Ebay",
   "ticker": "EBAY",
   "moatshark_slug": "ebay",
   "sector": "Consumer discretionary",
   "value_usd": 85466585,
   "shares": 805908,
   "portfolio_pct": 1.82,
   "previous_pct": 1.96,
   "change": "REDUCE",
   "share_change_pct": -1.2,
   "quarters_held": 54
  },
  {
   "company": "Crocs",
   "ticker": "CROX",
   "moatshark_slug": "crox",
   "sector": "Other",
   "value_usd": 83268496,
   "shares": 709816,
   "portfolio_pct": 1.77,
   "previous_pct": 1.27,
   "change": "ADD",
   "share_change_pct": 45.1,
   "quarters_held": 5
  },
  {
   "company": "Home Depot",
   "ticker": "HD",
   "moatshark_slug": "hd",
   "sector": "Consumer discretionary",
   "value_usd": 81504925,
   "shares": 286495,
   "portfolio_pct": 1.73,
   "previous_pct": 2.2,
   "change": "REDUCE",
   "share_change_pct": -1.3,
   "quarters_held": 54
  },
  {
   "company": "Ulta Beauty",
   "ticker": "ULTA",
   "moatshark_slug": "ulta",
   "sector": "Consumer discretionary",
   "value_usd": 63649077,
   "shares": 116537,
   "portfolio_pct": 1.35,
   "previous_pct": 1.14,
   "change": "REDUCE",
   "share_change_pct": -1.2,
   "quarters_held": 8
  },
  {
   "company": "M&T Bank",
   "ticker": "MTB",
   "moatshark_slug": "mtb",
   "sector": "Financials",
   "value_usd": 59666869,
   "shares": 274204,
   "portfolio_pct": 1.27,
   "previous_pct": 1.42,
   "change": "REDUCE",
   "share_change_pct": -1.2,
   "quarters_held": 12
  },
  {
   "company": "Frontline",
   "ticker": "FRO",
   "moatshark_slug": "fro",
   "sector": "Industrials",
   "value_usd": 37667493,
   "shares": 760775,
   "portfolio_pct": 0.8,
   "previous_pct": 0.47,
   "change": "ADD",
   "share_change_pct": 20,
   "quarters_held": 15
  },
  {
   "company": "West Fraser Timber",
   "ticker": "WFG",
   "moatshark_slug": "wfg",
   "sector": "Other",
   "value_usd": 13330572,
   "shares": 192278,
   "portfolio_pct": 0.28,
   "previous_pct": 0.18,
   "change": "ADD",
   "share_change_pct": 55.2,
   "quarters_held": 13
  },
  {
   "company": "Garrett Motion",
   "ticker": "GTX",
   "moatshark_slug": "gtx",
   "sector": "Consumer discretionary",
   "value_usd": 11459473,
   "shares": 440241,
   "portfolio_pct": 0.24,
   "previous_pct": 0.21,
   "change": "ADD",
   "share_change_pct": 60.1,
   "quarters_held": 4
  },
  {
   "company": "Ishares Tr",
   "ticker": "EFA",
   "moatshark_slug": "efa",
   "sector": null,
   "value_usd": 1137007,
   "shares": 4586,
   "portfolio_pct": 0.02,
   "previous_pct": 0.03,
   "change": "REDUCE",
   "share_change_pct": -7.5,
   "quarters_held": 8
  }
 ]
}