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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 121 Last 4 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 4 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
DHI Minor reduction 2025-09-30 Filed 2025-11-10 1,839,163 1,979,845 -7.1% +$56.4M
CROX New 2025-09-30 Filed 2025-11-10 634,082 0 - +$53.0M
APA Minor reduction 2025-09-30 Filed 2025-11-10 10,161,573 10,941,229 -7.1% +$46.6M
FANG Major increase 2025-09-30 Filed 2025-11-10 1,312,413 1,053,675 24.6% +$43.0M
CVE Minor reduction 2025-09-30 Filed 2025-11-10 16,389,740 17,552,075 -6.6% +$39.2M
UNH Major increase 2025-09-30 Filed 2025-11-10 330,118 252,438 30.8% +$35.2M
TGT Minor reduction 2025-09-30 Filed 2025-11-10 1,830,431 1,973,113 -7.2% -$30.5M
SPG Minor reduction 2025-09-30 Filed 2025-11-10 1,915,505 2,062,019 -7.1% +$28.0M
OVV Major reduction 2025-09-30 Filed 2025-11-10 3,459,320 4,355,580 -20.6% -$26.0M
DVN Major reduction 2025-09-30 Filed 2025-11-10 1,478,887 2,400,686 -38.4% -$24.5M
EBAY Major reduction 2025-09-30 Filed 2025-11-10 2,173,735 2,932,396 -25.9% -$20.6M
UHAL.B Minor reduction 2025-09-30 Filed 2025-11-10 2,636,827 2,842,383 -7.2% -$20.3M
CACC Minor reduction 2025-09-30 Filed 2025-11-10 201,402 216,811 -7.1% -$16.4M
AMGN Minor reduction 2025-09-30 Filed 2025-11-10 857,384 922,968 -7.1% -$15.7M
LEN Minor reduction 2025-09-30 Filed 2025-11-10 1,948,849 2,097,906 -7.1% +$13.6M
MAC Minor reduction 2025-09-30 Filed 2025-11-10 14,931,924 16,074,002 -7.1% +$11.7M
AXP Minor reduction 2025-09-30 Filed 2025-11-10 821,852 884,732 -7.1% -$9.2M
OXY Minor reduction 2025-09-30 Filed 2025-11-10 3,787,043 4,071,705 -7.0% +$7.9M
ULTA Minor reduction 2025-09-30 Filed 2025-11-10 153,423 165,158 -7.1% +$6.6M
MTB Minor reduction 2025-09-30 Filed 2025-11-10 361,011 388,621 -7.1% -$4.0M
HD Minor reduction 2025-09-30 Filed 2025-11-10 377,406 406,273 -7.1% +$4.0M
MRK Minor reduction 2025-09-30 Filed 2025-11-10 3,034,674 3,267,318 -7.1% -$3.9M
WAL Minor reduction 2025-09-30 Filed 2025-11-10 1,333,236 1,435,247 -7.1% +$3.7M
COP Minor reduction 2025-09-30 Filed 2025-11-10 1,753,485 1,887,445 -7.1% -$3.5M
QCOM Minor reduction 2025-09-30 Filed 2025-11-10 670,386 721,679 -7.1% -$3.4M
NVR Minor reduction 2025-09-30 Filed 2025-11-10 26,462 28,486 -7.1% +$2.2M
BAC Minor reduction 2025-09-30 Filed 2025-11-10 3,389,427 3,648,771 -7.1% +$2.2M
JPM Minor reduction 2025-09-30 Filed 2025-11-10 601,947 648,003 -7.1% +$2.0M
FITB Minor reduction 2025-09-30 Filed 2025-11-10 1,626,001 1,750,355 -7.1% +$446,243
FANG New 2025-06-30 Filed 2025-08-14 1,053,675 0 - +$144.8M
DVN Major reduction 2025-06-30 Filed 2025-08-14 2,400,686 5,706,322 -57.9% -$137.1M
OXY Major reduction 2025-06-30 Filed 2025-08-14 4,071,705 5,937,965 -31.4% -$122.0M
BRK.B Sold out 2025-06-30 Filed 2025-08-14 0 189,065 -100.0% -$100.7M
OVV Major reduction 2025-06-30 Filed 2025-08-14 4,355,580 6,049,598 -28.0% -$93.2M
UNH New 2025-06-30 Filed 2025-08-14 252,438 0 - +$78.8M
AMGN Minor reduction 2025-06-30 Filed 2025-08-14 922,968 1,046,014 -11.8% -$68.2M
BAC Major reduction 2025-06-30 Filed 2025-08-14 3,648,771 5,660,444 -35.5% -$63.6M
APA Minor reduction 2025-06-30 Filed 2025-08-14 10,941,229 12,404,821 -11.8% -$60.6M
SPG Minor reduction 2025-06-30 Filed 2025-08-14 2,062,019 2,336,798 -11.8% -$56.6M
COP Minor reduction 2025-06-30 Filed 2025-08-14 1,887,445 2,139,377 -11.8% -$55.3M
SIRI Sold out 2025-06-30 Filed 2025-08-14 0 2,450,931 -100.0% -$55.3M
JPM Major reduction 2025-06-30 Filed 2025-08-14 648,003 987,155 -34.4% -$54.3M
MAC Minor reduction 2025-06-30 Filed 2025-08-14 16,074,002 18,214,281 -11.8% -$52.7M
AXP Major reduction 2025-06-30 Filed 2025-08-14 884,732 1,228,274 -28.0% -$48.3M
LEN Minor reduction 2025-06-30 Filed 2025-08-14 2,097,906 2,377,483 -11.8% -$40.8M
MRK Minor reduction 2025-06-30 Filed 2025-08-14 3,267,318 3,334,566 -2.0% -$40.7M
MRP Sold out 2025-06-30 Filed 2025-08-14 0 1,186,210 -100.0% -$31.4M
DHI Minor reduction 2025-06-30 Filed 2025-08-14 1,979,845 2,243,666 -11.8% -$30.0M
TGT Major increase 2025-06-30 Filed 2025-08-14 1,973,113 1,638,296 20.4% +$23.7M
CVE Minor increase 2025-06-30 Filed 2025-08-14 17,552,075 15,495,912 13.3% +$23.6M
NVR Minor reduction 2025-06-30 Filed 2025-08-14 28,486 32,283 -11.8% -$23.5M
QCOM Major increase 2025-06-30 Filed 2025-08-14 721,679 613,096 17.7% +$20.8M
HD Minor reduction 2025-06-30 Filed 2025-08-14 406,273 460,325 -11.7% -$19.7M
WAL Major increase 2025-06-30 Filed 2025-08-14 1,435,247 1,204,088 19.2% +$19.4M
CACC Major increase 2025-06-30 Filed 2025-08-14 216,811 185,373 17.0% +$14.7M
UHAL Sold out 2025-06-30 Filed 2025-08-14 0 209,649 -100.0% -$13.7M
UHAL.B Major increase 2025-06-30 Filed 2025-08-14 2,842,383 2,401,119 18.4% +$12.4M
ULTA Minor reduction 2025-06-30 Filed 2025-08-14 165,158 187,167 -11.8% +$8.7M
EBAY Minor reduction 2025-06-30 Filed 2025-08-14 2,932,396 3,323,333 -11.8% -$6.7M
FITB Minor reduction 2025-06-30 Filed 2025-08-14 1,750,355 1,983,539 -11.8% -$5.8M
MTB Minor reduction 2025-06-30 Filed 2025-08-14 388,621 440,378 -11.8% -$3.3M
FRO Minor reduction 2025-06-30 Filed 2025-08-14 590,266 685,070 -13.8% -$264,705

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

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