Smead Capital Management

Bill Smead

Period

Q2 2026

Portfolio Date

Jun 30, 2026

Stocks Held

31

Market Value

$4.7B

Holdings Value Trend

Q3 2024

Q4 2024

Q1 2025

Q2 2025

Q3 2025

Q4 2025

Q1 2026

Q2 2026

Top 5 Holdings

1

$CVE

Cenovus Energy Inc.

7.1%

% of Portfolio

2

$SPG

Simon Property Group, Inc.

6.7%

% of Portfolio

3

$MRK

Merck & Co., Inc.

6.4%

% of Portfolio

4

$MAC

The Macerich Company

6.2%

% of Portfolio

5

$APA

APA Corporation

5.5%

% of Portfolio

Historical Positions

SymbolQ2 2026Q1 2026Q4 2025Q3 2025
CVE7.1%8.6%5.9%5.4%
SPG6.7%6.3%6.9%6.9%
MRK6.4%6.5%6.2%4.9%
MAC6.2%5.0%5.3%5.3%
APA5.5%7.6%4.8%4.8%
AMGN5.1%5.3%5.5%4.7%
DHI4.9%4.5%5.1%6.0%
AXP4.1%-5.9%5.3%
NVR4.1%--4.1%
TGT4.0%---

Post-Filing Contributors

Price change since reported price, ranked by portfolio contribution

APA+34.51%
CVE+23.56%
AMGN+14.07%
TGT+15.55%
COP+24.89%

Post-Filing Detractors

Price change since reported price, ranked by portfolio contribution

DHI-18.17%
NVR-12.94%
CACC-16.36%
LEN-15.87%
MAC-11.91%

Sector Analysis

Energy23.4%
Materials0.2%
Financials20.9%
Healthcare16.4%
Technology0.0%
Industrials2.5%
Real Estate12.9%
Consumer Staples4.0%

Trading Summary

1

$ZTS

1.9%

All Holdings

1

$CVE

7.1%

2

$SPG

6.7%

3

$MRK

6.4%

4

$MAC

6.2%

5

$APA

5.5%

6

$AMGN

5.1%

7

$DHI

4.9%

8

$AXP

4.1%

9

$NVR

4.1%

10

$TGT

4.0%

11

$LEN

3.9%

12

$FITB

3.8%

13

$FANG

3.8%

14

$COP

3.5%

15

$BAC

3.2%

16

$OXY

3.0%

17

$UNH

2.9%

18

$WAL

2.8%

19

$JPM

2.8%

20

$CACC

2.7%

21

$UHAL.B

2.5%

22

$HD

2.2%

23

$EBAY

2.0%

24

$ZTS

1.9%

25

$MTB

1.4%

26

$CROX

1.3%

27

$ULTA

1.1%

28

$FRO

0.5%

29

$GTX

0.2%

30

$WFG

0.2%

31

$ETF-IWD

0.0%