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Low-turnover value / long game

Smead Capital Management

Smead Capital Management, low-turnover value and long-term contrarian themes

Smead Capital is a value manager whose public commentary often focuses on long market cycles, demographics, inflation, capital scarcity, and value-stock leadership. The portfolio is useful for studying low-turnover exposure to multi-year themes.

Sources Smead Capital Management official site SEC EDGAR profile
Low-turnover value / long game CIK 1427008
2026-03-31 Latest 13F 20 Current holdings 59 Last 2 periods Change 0 Public materials
Latest 13F snapshot 2026-03-31 · 32 disclosed positions · $4.6B Top five 34.4%: CVE, APA, MRK, SPG, AMGN

Performance materials

  • Smead publishes fund factsheets, reports, and commentary. Official materials are the performance reference.

Firm and key people

  • Smead manages value strategies and publishes frequent market and investment commentary.
  • The firm often frames opportunities through long cycles rather than short-term catalysts.
  • 13F holdings should be read together with fund letters and sector commentary.

Investment style

  • Prefer low-turnover value ideas tied to long-duration themes.
  • Watch valuation, capital returns, management, and industry-cycle position.
  • Sector exposure in energy, financials, and consumer names can reflect the macro value framework.

Public materials

View timeline
Shareholder letters / memos 0
Interview 0
Public video 0
Public Q&A / speeches / presentations 0

Current holdings

13F period 2026-03-31 · Filed 2026-05-14
Stocks Shares Value Weight
CVE 14,868,003 $394.5M 8.6%
APA 8,269,815 $351.0M 7.6%
MRK 2,471,398 $297.3M 6.5%
SPG 1,559,860 $291.0M 6.3%
AMGN 697,919 $245.6M 5.3%
MAC 12,155,332 $229.7M 5.0%
COP 1,671,303 $220.6M 4.8%
FANG 1,069,328 $211.5M 4.6%
DHI 1,497,723 $205.5M 4.5%
OXY 3,095,535 $201.2M 4.4%
AXP 602,643 $182.3M 4.0%
TGT 1,492,670 $180.9M 3.9%
EBAY 1,771,494 $161.2M 3.5%
NVR 21,538 $141.9M 3.1%
LEN 1,586,225 $137.7M 3.0%
BAC 2,759,684 $134.5M 2.9%
FITB 2,831,423 $131.5M 2.9%
JPM 416,094 $122.4M 2.7%
HD 307,339 $101.1M 2.2%
WAL 1,355,591 $96.0M 2.1%

Last 2 quarters US 13F new / increased / reduced / sold-out positions

As of 13F 2026-03-31 · Filed 2026-05-14
Last 1 quarters Last 2 quarters Last 3 quarters Last 4 quarters
Stocks Action 13F period Current shares Previous shares Share change 13F value change
APA Minor reduction 2026-03-31 Filed 2026-05-14 8,269,815 9,503,039 -13.0% +$118.5M
CVE Minor reduction 2026-03-31 Filed 2026-05-14 14,868,003 16,763,978 -11.3% +$110.8M
AXP Major reduction 2026-03-31 Filed 2026-05-14 602,643 768,431 -21.6% -$102.0M
JPM Major reduction 2026-03-31 Filed 2026-05-14 416,094 562,792 -26.1% -$58.9M
OXY Minor reduction 2026-03-31 Filed 2026-05-14 3,095,535 3,545,182 -12.7% +$55.4M
LEN Minor reduction 2026-03-31 Filed 2026-05-14 1,586,225 1,822,291 -13.0% -$49.6M
DHI Minor reduction 2026-03-31 Filed 2026-05-14 1,497,723 1,719,925 -12.9% -$42.2M
COP Minor reduction 2026-03-31 Filed 2026-05-14 1,671,303 1,917,545 -12.8% +$41.1M
SPG Minor reduction 2026-03-31 Filed 2026-05-14 1,559,860 1,791,330 -12.9% -$40.6M
BAC Minor reduction 2026-03-31 Filed 2026-05-14 2,759,684 3,169,803 -12.9% -$39.8M
NVR Minor reduction 2026-03-31 Filed 2026-05-14 21,538 24,745 -13.0% -$38.5M
QCOM Minor reduction 2026-03-31 Filed 2026-05-14 545,810 626,937 -12.9% -$36.9M
WAL Minor reduction 2026-03-31 Filed 2026-05-14 1,355,591 1,556,943 -12.9% -$34.8M
MAC Minor reduction 2026-03-31 Filed 2026-05-14 12,155,332 13,963,805 -13.0% -$28.0M
FANG Minor reduction 2026-03-31 Filed 2026-05-14 1,069,328 1,227,772 -12.9% +$26.9M
ULTA Minor reduction 2026-03-31 Filed 2026-05-14 124,895 143,477 -13.0% -$21.5M
FITB Minor reduction 2026-03-31 Filed 2026-05-14 2,831,423 3,250,139 -12.9% -$20.6M
HD Minor reduction 2026-03-31 Filed 2026-05-14 307,339 352,819 -12.9% -$20.3M
UHAL.B Minor reduction 2026-03-31 Filed 2026-05-14 2,146,425 2,467,011 -13.0% -$19.4M
AMGN Minor reduction 2026-03-31 Filed 2026-05-14 697,919 801,796 -13.0% -$16.9M
EBAY Minor reduction 2026-03-31 Filed 2026-05-14 1,771,494 2,032,886 -12.9% -$15.8M
TGT Minor reduction 2026-03-31 Filed 2026-05-14 1,492,670 1,713,932 -12.9% +$13.4M
FRO Minor increase 2026-03-31 Filed 2026-05-14 610,694 586,729 4.1% +$8.5M
UNH Minor increase 2026-03-31 Filed 2026-05-14 347,102 308,723 12.4% -$8.0M
CROX Minor reduction 2026-03-31 Filed 2026-05-14 517,170 594,690 -13.0% -$7.9M
MTB Minor reduction 2026-03-31 Filed 2026-05-14 293,869 337,603 -13.0% -$7.3M
CACC Minor increase 2026-03-31 Filed 2026-05-14 210,470 188,334 11.8% +$5.6M
MRK Minor reduction 2026-03-31 Filed 2026-05-14 2,471,398 2,838,300 -12.9% -$1.5M
GTX Minor increase 2026-03-31 Filed 2026-05-14 254,910 244,261 4.4% +$374,246
OVV Sold out 2025-12-31 Filed 2026-02-09 0 3,459,320 -100.0% -$139.7M
FITB Major increase 2025-12-31 Filed 2026-02-09 3,250,139 1,626,001 99.9% +$79.7M
DHI Minor reduction 2025-12-31 Filed 2026-02-09 1,719,925 1,839,163 -6.5% -$64.0M
LEN Minor reduction 2025-12-31 Filed 2026-02-09 1,822,291 1,948,849 -6.5% -$58.3M
DVN Sold out 2025-12-31 Filed 2026-02-09 0 1,478,887 -100.0% -$51.8M
MRK Minor reduction 2025-12-31 Filed 2026-02-09 2,838,300 3,034,674 -6.5% +$44.1M
OXY Minor reduction 2025-12-31 Filed 2026-02-09 3,545,182 3,787,043 -6.4% -$33.2M
NVR Minor reduction 2025-12-31 Filed 2026-02-09 24,745 26,462 -6.5% -$32.2M
HD Minor reduction 2025-12-31 Filed 2026-02-09 352,819 377,406 -6.5% -$31.5M
SPG Minor reduction 2025-12-31 Filed 2026-02-09 1,791,330 1,915,505 -6.5% -$27.9M
EBAY Minor reduction 2025-12-31 Filed 2026-02-09 2,032,886 2,173,735 -6.5% -$20.6M
AMGN Minor reduction 2025-12-31 Filed 2026-02-09 801,796 857,384 -6.5% +$20.5M
UHAL.B Minor reduction 2025-12-31 Filed 2026-02-09 2,467,011 2,636,827 -6.4% -$18.9M
WAL Major increase 2025-12-31 Filed 2026-02-09 1,556,943 1,333,236 16.8% +$15.3M
APA Minor reduction 2025-12-31 Filed 2026-02-09 9,503,039 10,161,573 -6.5% -$14.3M
MAC Minor reduction 2025-12-31 Filed 2026-02-09 13,963,805 14,931,924 -6.5% -$14.0M
COP Minor increase 2025-12-31 Filed 2026-02-09 1,917,545 1,753,485 9.4% +$13.6M
UNH Minor reduction 2025-12-31 Filed 2026-02-09 308,723 330,118 -6.5% -$12.1M
AXP Minor reduction 2025-12-31 Filed 2026-02-09 768,431 821,852 -6.5% +$11.3M
CACC Minor reduction 2025-12-31 Filed 2026-02-09 188,334 201,402 -6.5% -$10.5M
JPM Minor reduction 2025-12-31 Filed 2026-02-09 562,792 601,947 -6.5% -$8.5M
CVE Minor increase 2025-12-31 Filed 2026-02-09 16,763,978 16,389,740 2.3% +$5.4M
QCOM Minor reduction 2025-12-31 Filed 2026-02-09 626,937 670,386 -6.5% -$4.3M
TGT Minor reduction 2025-12-31 Filed 2026-02-09 1,713,932 1,830,431 -6.4% +$3.3M
MTB Minor reduction 2025-12-31 Filed 2026-02-09 337,603 361,011 -6.5% -$3.3M
FANG Minor reduction 2025-12-31 Filed 2026-02-09 1,227,772 1,312,413 -6.4% -$3.2M
ULTA Minor reduction 2025-12-31 Filed 2026-02-09 143,477 153,423 -6.5% +$2.9M
CROX Minor reduction 2025-12-31 Filed 2026-02-09 594,690 634,082 -6.2% -$2.1M
FRO Minor reduction 2025-12-31 Filed 2026-02-09 586,729 590,266 -0.6% -$527,714
BAC Minor reduction 2025-12-31 Filed 2026-02-09 3,169,803 3,389,427 -6.5% -$521,410

Public video / Interview / Shareholder letter / Public Q&A

No viewpoint records yet.