Smead Capital Management

Smead Capital Management

Period

Q1 2026

Portfolio Date

Mar 31, 2026

Stocks Held

31

Market Value

$4.6B

Holdings Value Trend

Q2 2024

Q3 2024

Q4 2024

Q1 2025

Q2 2025

Q3 2025

Q4 2025

Q1 2026

Top 5 Holdings

1

$CVE

Cenovus Energy Inc.

8.6%

% of Portfolio

2

$APA

APA Corporation

7.6%

% of Portfolio

3

$MRK

Merck & Co., Inc.

6.5%

% of Portfolio

4

$SPG

Simon Property Group, Inc.

6.3%

% of Portfolio

5

$AMGN

Amgen Inc.

5.3%

% of Portfolio

Historical Positions

SymbolQ1 2026Q4 2025Q3 2025Q2 2025
CVE8.6%5.9%5.4%4.8%
APA7.6%4.8%4.8%-
MRK6.5%6.2%4.9%5.2%
SPG6.3%6.9%6.9%6.6%
AMGN5.3%5.5%4.7%5.2%
MAC5.0%5.3%5.3%5.2%
COP4.8%---
FANG4.6%3.8%--
DHI4.5%5.1%6.0%5.1%
OXY4.4%---

Post-Filing Contributors

Price change since reported price, ranked by portfolio contribution

MAC+21.69%
UNH+47.65%
SPG+12.51%
EBAY+18.53%
CACC+33.03%

Post-Filing Detractors

Price change since reported price, ranked by portfolio contribution

APA-19.52%
COP-15.75%
OXY-18.40%
MRK-4.03%
FANG-6.22%

Sector Analysis

Energy30.5%
Materials0.2%
Financials17.8%
Healthcare13.9%
Technology1.5%
Industrials2.1%
Real Estate11.3%
Consumer Staples3.9%

Trading Summary

No stocks in this category

All Holdings

1

$CVE

8.6%

2

$APA

7.6%

3

$MRK

6.5%

4

$SPG

6.3%

5

$AMGN

5.3%

6

$MAC

5.0%

7

$COP

4.8%

8

$FANG

4.6%

9

$DHI

4.5%

10

$OXY

4.4%

11

$AXP

4.0%

12

$TGT

3.9%

13

$EBAY

3.5%

14

$NVR

3.1%

15

$LEN

3.0%

16

$BAC

2.9%

17

$FITB

2.9%

18

$JPM

2.7%

19

$HD

2.2%

20

$WAL

2.1%

21

$UHAL.B

2.1%

22

$UNH

2.0%

23

$CACC

1.9%

24

$QCOM

1.5%

25

$ULTA

1.4%

26

$MTB

1.3%

27

$CROX

0.9%

28

$FRO

0.5%

29

$WFG

0.2%

30

$GTX

0.1%

31

$ETF-IWD

0.0%