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Smead Capital Management, Inc.

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13F filer, CIK 1427008, Phoenix, AZ

Smead Capital Management, Inc. reported $5,176,426,909 across 34 holdings for the quarter ended 2025-09-30, in a 13F-HR filed 2025-11-10. Its ten largest share positions make up 52.08% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001172661-25-004652

Period
2025-09-30
Reported value
$5.18B
Holdings
34
Top 10 weight
52.08%
New
1
Sold out
0

Largest buys vs the previous quarter

SecurityShares changeApprox. value
CROXnew+634,082$53M
FANGadded+258,738$37M
UNHadded+77,680$26.8M
IWDadded+2,010$409K

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

SecurityShares changeApprox. value
EBAYreduced-758,661-$69M
OVVreduced-896,260-$36.2M
DVNreduced-921,799-$32.3M
SPGreduced-146,514-$27.5M
DHIreduced-140,682-$23.8M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q3 2025

Share positions as resolved from 13F-HR 0001172661-25-004652, largest first. % of portfolio is the value over $5,176,426,909, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
SPGSIMON PPTY GROUP INC NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,620,355 shares; 2024Q4: 2,558,289 shares; 2025Q1: 2,336,798 shares; 2025Q2: 2,062,019 shares; 2025Q3: 1,915,505 shares 1,915,505$359M6.94%-146,514Timeline
DHID R HORTON INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,516,673 shares; 2024Q4: 2,456,911 shares; 2025Q1: 2,243,666 shares; 2025Q2: 1,979,845 shares; 2025Q3: 1,839,163 shares 1,839,163$312M6.02%-140,682Timeline
CVECENOVUS ENERGY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 15,416,146 shares; 2024Q4: 15,123,232 shares; 2025Q1: 15,495,912 shares; 2025Q2: 17,552,075 shares; 2025Q3: 16,389,740 shares 16,389,740$278M5.37%-1,162,335Timeline
AXPAMERICAN EXPRESS COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,629,480 shares; 2024Q4: 1,344,431 shares; 2025Q1: 1,228,274 shares; 2025Q2: 884,732 shares; 2025Q3: 821,852 shares 821,852$273M5.27%-62,880Timeline
MACMACERICH COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 20,433,449 shares; 2024Q4: 19,949,757 shares; 2025Q1: 18,214,281 shares; 2025Q2: 16,074,002 shares; 2025Q3: 14,931,924 shares 14,931,924$272M5.25%-1,142,078Timeline
MRKMERCK & CO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,380,469 shares; 2024Q4: 3,300,210 shares; 2025Q1: 3,334,566 shares; 2025Q2: 3,267,318 shares; 2025Q3: 3,034,674 shares 3,034,674$255M4.92%-232,644Timeline
APAAPA CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 9,667,452 shares; 2024Q4: 12,681,405 shares; 2025Q1: 12,404,821 shares; 2025Q2: 10,941,229 shares; 2025Q3: 10,161,573 shares 10,161,573$247M4.77%-779,656Timeline
LENLENNAR CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,666,905 shares; 2024Q4: 2,603,555 shares; 2025Q1: 2,377,483 shares; 2025Q2: 2,097,906 shares; 2025Q3: 1,948,849 shares 1,948,849$246M4.75%-149,057Timeline
AMGNAMGEN INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,172,866 shares; 2024Q4: 1,145,056 shares; 2025Q1: 1,046,014 shares; 2025Q2: 922,968 shares; 2025Q3: 857,384 shares 857,384$242M4.67%-65,584Timeline
NVRNVR INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 36,218 shares; 2024Q4: 35,355 shares; 2025Q1: 32,283 shares; 2025Q2: 28,486 shares; 2025Q3: 26,462 shares 26,462$213M4.11%-2,024Timeline
EBAYEBAY INC.Quarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,725,760 shares; 2024Q4: 3,637,757 shares; 2025Q1: 3,323,333 shares; 2025Q2: 2,932,396 shares; 2025Q3: 2,173,735 shares 2,173,735$198M3.82%-758,661Timeline
JPMJPMORGAN CHASE & COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,409,521 shares; 2024Q4: 1,080,528 shares; 2025Q1: 987,155 shares; 2025Q2: 648,003 shares; 2025Q3: 601,947 shares 601,947$190M3.67%-46,056Timeline
FANGDIAMONDBACK ENERGY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 1,053,675 shares; 2025Q3: 1,312,413 shares 1,312,413$188M3.63%+258,738Timeline
OXYOCCIDENTAL PETE CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 6,700,697 shares; 2024Q4: 6,549,155 shares; 2025Q1: 5,937,965 shares; 2025Q2: 4,071,705 shares; 2025Q3: 3,787,043 shares 3,787,043$179M3.46%-284,662Timeline
BACBANK OF AMER CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 7,935,264 shares; 2024Q4: 6,195,818 shares; 2025Q1: 5,660,444 shares; 2025Q2: 3,648,771 shares; 2025Q3: 3,389,427 shares 3,389,427$175M3.38%-259,344Timeline
COPCONOCOPHILLIPSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,196,884 shares; 2024Q4: 2,144,865 shares; 2025Q1: 2,139,377 shares; 2025Q2: 1,887,445 shares; 2025Q3: 1,753,485 shares 1,753,485$166M3.2%-133,960Timeline
TGTTARGET CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,243,928 shares; 2024Q4: 1,491,157 shares; 2025Q1: 1,638,296 shares; 2025Q2: 1,973,113 shares; 2025Q3: 1,830,431 shares 1,830,431$164M3.17%-142,682Timeline
HDHOME DEPOT INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 516,204 shares; 2024Q4: 503,875 shares; 2025Q1: 460,325 shares; 2025Q2: 406,273 shares; 2025Q3: 377,406 shares 377,406$153M2.95%-28,867Timeline
OVVOVINTIV INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 6,303,203 shares; 2024Q4: 6,142,821 shares; 2025Q1: 6,049,598 shares; 2025Q2: 4,355,580 shares; 2025Q3: 3,459,320 shares 3,459,320$140M2.7%-896,260Timeline
UHAL-BU HAUL HOLDING COMPANYQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,431,771 shares; 2024Q4: 2,456,781 shares; 2025Q1: 2,401,119 shares; 2025Q2: 2,842,383 shares; 2025Q3: 2,636,827 shares 2,636,827$134M2.59%-205,556Timeline
WALWESTERN ALLIANCE BANCORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,350,195 shares; 2024Q4: 1,318,211 shares; 2025Q1: 1,204,088 shares; 2025Q2: 1,435,247 shares; 2025Q3: 1,333,236 shares 1,333,236$116M2.23%-102,011Timeline
UNHUNITEDHEALTH GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 252,438 shares; 2025Q3: 330,118 shares 330,118$114M2.2%+77,680Timeline
QCOMQUALCOMM INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 687,507 shares; 2024Q4: 671,266 shares; 2025Q1: 613,096 shares; 2025Q2: 721,679 shares; 2025Q3: 670,386 shares 670,386$112M2.15%-51,293Timeline
CACCCREDIT ACCEP CORP MICHQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 207,828 shares; 2024Q4: 202,907 shares; 2025Q1: 185,373 shares; 2025Q2: 216,811 shares; 2025Q3: 201,402 shares 201,402$94M1.82%-15,409Timeline
ULTAULTA BEAUTY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 204,891 shares; 2025Q1: 187,167 shares; 2025Q2: 165,158 shares; 2025Q3: 153,423 shares 153,423$83.9M1.62%-11,735Timeline
FITBFIFTH THIRD BANCORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,224,047 shares; 2024Q4: 2,171,369 shares; 2025Q1: 1,983,539 shares; 2025Q2: 1,750,355 shares; 2025Q3: 1,626,001 shares 1,626,001$72.4M1.4%-124,354Timeline
MTBM & T BK CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 493,817 shares; 2024Q4: 482,120 shares; 2025Q1: 440,378 shares; 2025Q2: 388,621 shares; 2025Q3: 361,011 shares 361,011$71.3M1.38%-27,610Timeline
CROXCROCS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 634,082 shares 634,082$53M1.02%newTimeline
DVNDEVON ENERGY CORP NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 5,879,516 shares; 2024Q4: 5,734,353 shares; 2025Q1: 5,706,322 shares; 2025Q2: 2,400,686 shares; 2025Q3: 1,478,887 shares 1,478,887$51.8M1%-921,799Timeline
FROFRONTLINE PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 670,581 shares; 2024Q4: 694,444 shares; 2025Q1: 685,070 shares; 2025Q2: 590,266 shares; 2025Q3: 590,266 shares 590,266$13.5M0.26%0Timeline
WFGWEST FRASER TIMBER CO LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 118,108 shares; 2024Q4: 122,321 shares; 2025Q1: 120,949 shares; 2025Q2: 120,378 shares; 2025Q3: 120,378 shares 120,378$8.18M0.16%0Timeline
OXY/WSOCCIDENTAL PETE CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 150,860 shares; 2024Q4: 156,248 shares; 2025Q1: 154,699 shares; 2025Q2: 153,969 shares; 2025Q3: 153,969 shares 153,969$3.93M0.08%0Timeline
IWDISHARES TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 7,247 shares; 2025Q1: 6,440 shares; 2025Q2: 3,496 shares; 2025Q3: 5,506 shares 5,506$1.12M0.02%+2,010Timeline
VTVVANGUARD INDEX FDSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 4,726 shares; 2025Q1: not reported; 2025Q2: 1,530 shares; 2025Q3: 1,317 shares 1,317$246K<0.01%-213Timeline

How Q3 2025 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

FilingRoleAmendmentFiledAcceptedIngested
13F-HR 0001172661-25-004652 base2025-11-10acceptance time not in the bulk data set