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Smead Capital Management, Inc.

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13F filer, CIK 1427008, Phoenix, AZ

Smead Capital Management, Inc. reported $4,819,072,027 across 32 holdings for the quarter ended 2025-12-31, in a 13F-HR filed 2026-02-09. Its ten largest share positions make up 53.34% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001172661-26-000531

Period
2025-12-31
Reported value
$4.82B
Holdings
32
Top 10 weight
53.34%
New
1
Sold out
3

Largest buys vs the previous quarter

SecurityShares changeApprox. value
FITBadded+1,624,138$76M
WALadded+223,707$18.8M
COPadded+164,060$15.4M
CVEadded+374,238$6.33M
GTXnew+244,261$4.26M

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
OVVexited-3,459,320-$140M
DVNexited-1,478,887-$51.8M
SPGreduced-124,175-$23M
MRKreduced-196,374-$20.7M
AXPreduced-53,421-$19.8M

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, Q4 2025

Share positions as resolved from 13F-HR 0001172661-26-000531, largest first. % of portfolio is the value over $4,819,072,027, 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; 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; 2025Q4: 1,791,330 shares 1,791,330$332M6.88%-124,175Timeline
MRKMERCK & CO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 2,838,300 shares 2,838,300$299M6.2%-196,374Timeline
AXPAMERICAN EXPRESS COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 768,431 shares 768,431$284M5.9%-53,421Timeline
CVECENOVUS ENERGY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 16,763,978 shares 16,763,978$284M5.89%+374,238Timeline
AMGNAMGEN INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 801,796 shares 801,796$262M5.45%-55,588Timeline
MACMACERICH COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 13,963,805 shares 13,963,805$258M5.35%-968,119Timeline
DHID R HORTON INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 1,719,925 shares 1,719,925$248M5.14%-119,238Timeline
APAAPA CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 9,503,039 shares 9,503,039$232M4.82%-658,534Timeline
LENLENNAR CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 1,822,291 shares 1,822,291$187M3.89%-126,558Timeline
FANGDIAMONDBACK ENERGY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 1,053,675 shares; 2025Q3: 1,312,413 shares; 2025Q4: 1,227,772 shares 1,227,772$185M3.83%-84,641Timeline
JPMJPMORGAN CHASE & COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 562,792 shares 562,792$181M3.76%-39,155Timeline
NVRNVR INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 36,218 shares; 2024Q4: 35,355 shares; 2025Q1: 32,283 shares; 2025Q2: 28,486 shares; 2025Q3: 26,462 shares; 2025Q4: 24,745 shares 24,745$180M3.74%-1,717Timeline
COPCONOCOPHILLIPSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 1,917,545 shares 1,917,545$180M3.72%+164,060Timeline
EBAYEBAY INC.Quarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 2,032,886 shares 2,032,886$177M3.67%-140,849Timeline
BACBANK OF AMER CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 3,169,803 shares 3,169,803$174M3.62%-219,624Timeline
TGTTARGET CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 1,713,932 shares 1,713,932$168M3.48%-116,499Timeline
FITBFIFTH THIRD BANCORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 3,250,139 shares 3,250,139$152M3.16%+1,624,138Timeline
OXYOCCIDENTAL PETE CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 3,545,182 shares 3,545,182$146M3.03%-241,861Timeline
WALWESTERN ALLIANCE BANCORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 1,556,943 shares 1,556,943$131M2.72%+223,707Timeline
HDHOME DEPOT INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 516,204 shares; 2024Q4: 503,875 shares; 2025Q1: 460,325 shares; 2025Q2: 406,273 shares; 2025Q3: 377,406 shares; 2025Q4: 352,819 shares 352,819$121M2.52%-24,587Timeline
UHAL-BU HAUL HOLDING COMPANYQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 2,467,011 shares 2,467,011$115M2.39%-169,816Timeline
QCOMQUALCOMM INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 687,507 shares; 2024Q4: 671,266 shares; 2025Q1: 613,096 shares; 2025Q2: 721,679 shares; 2025Q3: 670,386 shares; 2025Q4: 626,937 shares 626,937$107M2.23%-43,449Timeline
UNHUNITEDHEALTH GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 252,438 shares; 2025Q3: 330,118 shares; 2025Q4: 308,723 shares 308,723$102M2.11%-21,395Timeline
ULTAULTA BEAUTY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 204,891 shares; 2025Q1: 187,167 shares; 2025Q2: 165,158 shares; 2025Q3: 153,423 shares; 2025Q4: 143,477 shares 143,477$86.8M1.8%-9,946Timeline
CACCCREDIT ACCEP CORP MICHQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 207,828 shares; 2024Q4: 202,907 shares; 2025Q1: 185,373 shares; 2025Q2: 216,811 shares; 2025Q3: 201,402 shares; 2025Q4: 188,334 shares 188,334$83.5M1.73%-13,068Timeline
MTBM & T BK CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 493,817 shares; 2024Q4: 482,120 shares; 2025Q1: 440,378 shares; 2025Q2: 388,621 shares; 2025Q3: 361,011 shares; 2025Q4: 337,603 shares 337,603$68M1.41%-23,408Timeline
CROXCROCS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 634,082 shares; 2025Q4: 594,690 shares 594,690$50.9M1.06%-39,392Timeline
FROFRONTLINE PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 670,581 shares; 2024Q4: 694,444 shares; 2025Q1: 685,070 shares; 2025Q2: 590,266 shares; 2025Q3: 590,266 shares; 2025Q4: 586,729 shares 586,729$12.9M0.27%-3,537Timeline
GTXGARRETT MOTION INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 244,261 shares 244,261$4.26M0.09%newTimeline
WFGWEST FRASER TIMBER CO LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 118,108 shares; 2024Q4: 122,321 shares; 2025Q1: 120,949 shares; 2025Q2: 120,378 shares; 2025Q3: 120,378 shares; 2025Q4: 54,678 shares 54,678$3.35M0.07%-65,700Timeline
OXY/WSOCCIDENTAL PETE CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 150,860 shares; 2024Q4: 156,248 shares; 2025Q1: 154,699 shares; 2025Q2: 153,969 shares; 2025Q3: 153,969 shares; 2025Q4: 153,047 shares 153,047$2.95M0.06%-922Timeline
IWDISHARES TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 7,247 shares; 2025Q1: 6,440 shares; 2025Q2: 3,496 shares; 2025Q3: 5,506 shares; 2025Q4: 4,392 shares 4,392$924K0.02%-1,114Timeline

Sold out in Q4 2025

Positions in the previous quarter's report that this quarter's report no longer lists.

SecurityShares beforeValue beforeType
OVVOVINTIV INC3,459,320$140Mshares
DVNDEVON ENERGY CORP NEW1,478,887$51.8Mshares
VTVVANGUARD INDEX FDS1,317$246Kshares

How Q4 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 0001172661-26-000531 base2026-02-09acceptance time not in the bulk data set