# Smead Capital Management portfolio: Q3 2026 13F holdings

Bill Smead and Cole Smead’s Smead Capital Management: $4.7bn in 31 US holdings at Q3 2026, with buys and sells.

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%.

13F for the quarter ending 2026-09-30, filed 2026-10-16 ([filing](https://www.sec.gov/Archives/edgar/data/1427008/000117266126004558/0001172661-26-004558-index.htm)). $4.7bn in US-listed holdings.

## 13F holdings

| Company | Value | Portfolio | Change | Q2 2026 |
| --- | --- | --- | --- | --- |
| Cenovus Energy (CVE) | $422m | 9.0% | Added +1.5% | 7.1% |
| Merck & Co. (MRK) | $335m | 7.1% | Trimmed -1.2% | 6.4% |
| APA (APA) | $320m | 6.8% | Trimmed -1.2% | 5.5% |
| Macerich (MAC) | $253m | 5.4% | Trimmed -1.6% | 6.2% |
| Simon Property Group (SPG) | $252m | 5.3% | Trimmed -10% | 6.7% |
| Amgen (AMGN) | $247m | 5.3% | Trimmed -11% | 5.1% |
| ConocoPhillips (COP) | $195m | 4.2% | Trimmed -1.2% | 3.5% |
| Target (TGT) | $193m | 4.1% | Trimmed -12% | 4.0% |
| D.R. Horton (DHI) | $191m | 4.1% | Trimmed -1.2% | 4.9% |
| Lennar (LEN) | $186m | 4.0% | Added +13% | 3.9% |
| Diamondback Energy (FANG) | $183m | 3.9% | Trimmed -1.2% | 3.8% |
| NVR (NVR) | $171m | 3.6% | Trimmed -1.5% | 4.1% |
| American Express (AXP) | $171m | 3.6% | Trimmed -1.2% | 4.1% |
| Occidental Petroleum (OXY) | $163m | 3.5% | Trimmed -0.5% | 3.0% |
| Fifth Third Bancorp (FITB) | $158m | 3.4% | Trimmed -1.5% | 3.8% |
| Western Alliance Bancorporation (WAL) | $142m | 3.0% | Added +19% | 2.8% |
| JPMorgan Chase (JPM) | $128m | 2.7% | Trimmed -1.9% | 2.8% |
| UnitedHealth Group (UNH) | $119m | 2.5% | Trimmed -1.2% | 2.9% |
| Bank of America (BAC) | $118m | 2.5% | Trimmed -17% | 3.2% |
| Zoetis (ZTS) | $110m | 2.4% | Added +28% | 1.9% |
| U Haul Holding Company (UHAL) | $106m | 2.3% | Trimmed -1.3% | 2.5% |
| Credit Acceptance (CACC) | $104m | 2.2% | Trimmed -1.2% | 2.7% |
| Ebay (EBAY) | $85.5m | 1.8% | Trimmed -1.2% | 2.0% |
| Crocs (CROX) | $83.3m | 1.8% | Added +45% | 1.3% |
| Home Depot (HD) | $81.5m | 1.7% | Trimmed -1.3% | 2.2% |
| Ulta Beauty (ULTA) | $63.6m | 1.4% | Trimmed -1.2% | 1.1% |
| M&T Bank (MTB) | $59.7m | 1.3% | Trimmed -1.2% | 1.4% |
| Frontline (FRO) | $37.7m | 0.8% | Added +20% | 0.5% |
| West Fraser Timber (WFG) | $13.3m | 0.3% | Added +55% | 0.2% |
| Garrett Motion (GTX) | $11.5m | 0.2% | Added +60% | 0.2% |
| Ishares Tr (EFA) | $1.1m | 0.0% | Trimmed -7.5% | 0.0% |

## Smead Value Fund (as at 2026-05-29)

| Company | Country | Fund weight | Change |
| --- | --- | --- | --- |
| Cenovus Energy (CVE) | CA | 6.9% | Trimmed -15% |
| Simon Property Group (SPG) | US | 6.1% | Trimmed -19% |
| APA (APA) | US | 6.1% | Trimmed -15% |
| Merck & Company (MRK) | US | 5.9% | Trimmed -15% |
| Macerich Company (MAC) | US | 5.5% | Trimmed -15% |
| Amgen (AMGN) | US | 4.7% | Trimmed -15% |
| D.r. Horton (DHI) | US | 4.4% | Trimmed -15% |
| Diamondback Energy (FANG) | US | 4.1% | Trimmed -15% |
| Lennar (LEN) | US | 3.9% | Added +15% |
| American Express (AXP) | US | 3.8% | Trimmed -15% |
| ConocoPhillips (COP) | US | 3.8% | Trimmed -15% |
| Target (TGT) | US | 3.8% | Trimmed -15% |
| NVR (NVR) | US | 3.7% | Added +18% |
| Occidental Petroleum (OXY) | US | 3.5% | Trimmed -15% |
| Fifth Third Bancorp (FITB) | US | 3.4% | Added +0.7% |
| Bank of America (BAC) | US | 2.9% | Trimmed -15% |
| Western Alliance Bancorp (WAL) | US | 2.7% | Added +5.7% |
| UnitedHealth Group (UNH) | US | 2.7% | Trimmed -15% |
| Jp Morgan Chase & Company (JPM) | US | 2.5% | Trimmed -15% |
| Credit Acceptance (CACC) | US | 2.4% | Trimmed -15% |
| U-Haul Holding Company (UHAL.B) | US | 2.3% | Trimmed -15% |
| Home Depot (HD) | US | 2.0% | Trimmed -15% |
| Ebay (EBAY) | US | 1.9% | Trimmed -59% |
| Ulta Beauty (ULTA) | US | 1.3% | Trimmed -15% |
| M&T Bank (MTB) | US | 1.3% | Trimmed -15% |
| Crocs (CROX) | US | 1.2% | Trimmed -15% |
| null |  | – | Sold out |

Source: SEC filings, via moatshark (https://www.moatshark.com/m/smead-capital-management). Values traded and returns are estimates. Not investment advice. Built 2026-10-21.