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Livermore
Livermore
ZHEN

Smead Capital Management, Inc.

SEC CIK
0001427008
Latest filing
Aug 11, 2026

The latest 13F from Smead Capital Management, Inc. covers Q2 2026 (filed Aug 11, 2026): 32 long positions worth $4.66B. The top 10 holdings make up 54.2% of the portfolio, and the largest is Cenovus Energy Inc. (CVE) at 7.1%. Livermore has 23 filings on Form 13F from this institution, going back to Q1 2021.

What changed in Q2 2026

Share counts compared with Q1 2026: how many positions were new, added to, reduced or sold out, and the biggest buys and sells. Dollar amounts are estimated at the quarter-end prices implied by the filing.

Full comparison
New
1
Est. +$88.6M
Added
7
Est. +$126.0M
Reduced
24
Est. −$366.4M
Sold out
1
Est. −$70.3M

Top 5 holdings

Share of this quarter's portfolio value

  1. CVECenovus Energy Inc.
    7.1%$331.4MHistory
  2. SPGSimon Property Group Inc.
    6.7%$313.0MHistory
  3. MRKMerck & Co., Inc.
    6.4%$300.0MHistory
  4. MACMacerich Co
    6.2%$289.2MHistory
  5. APAAPA Corp
    5.5%$254.3MHistory

Share of portfolio

Top 5 holdings and the other 27 positions, by share of portfolio value

  1. CVE7.1%
  2. SPG6.7%
  3. MRK6.4%
  4. MAC6.2%
  5. APA5.5%
  6. Other 27 positions68.1%

Biggest buys

New and added positions, by estimated amount bought

  1. ZTSZoetis Inc.
    +$88.6MNewHistory
  2. NVRNVR Inc
    +$45.7MAddedHistory
  3. LENLennar Corp
    +$39.3MAddedHistory
  4. WALWestern Alliance Bancorporation
    +$19.7MAddedHistory
  5. FITBFifth Third Bancorp
    +$19.2MAddedHistory

Largest weight increases

New and added positions, by percentage points of the portfolio gained

  1. ZTSZoetis Inc.
    +1.90 pp0.0% → 1.9%History
  2. NVRNVR Inc
    +1.04 pp3.1% → 4.1%History
  3. FITBFifth Third Bancorp
    +0.97 pp2.9% → 3.8%History
  4. LENLennar Corp
    +0.93 pp3.0% → 3.9%History
  5. WALWestern Alliance Bancorporation
    +0.72 pp2.1% → 2.8%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. EBAYeBay Inc
    −$106.8MReducedHistory
  2. QCOMQualcomm Inc
    −$70.3MSold outHistory
  3. CVECenovus Energy Inc.
    −$37.1MReducedHistory
  4. SPGSimon Property Group Inc.
    −$35.8MReducedHistory
  5. MRKMerck & Co., Inc.
    −$17.6MReducedHistory

Largest weight decreases

Reduced and sold-out positions, by percentage points of the portfolio lost

  1. APAAPA Corp
    −2.18 pp7.6% → 5.5%History
  2. EBAYeBay Inc
    −1.55 pp3.5% → 2.0%History
  3. QCOMQualcomm Inc
    −1.53 pp1.5% → 0.0%History
  4. CVECenovus Energy Inc.
    −1.47 pp8.6% → 7.1%History
  5. OXYOccidental Petroleum Corp
    −1.37 pp4.4% → 3.0%History

Metrics

13F metrics for Q2 2026, computed only from the numbers in the filings. Definitions below.

Portfolio value
$4.66B
+$64.9M (+1.4%) vs. prior quarter
Positions
32
0 vs. prior quarter
Top 10 concentration
54.2%
Top 10 as share of value
Turnover
4.6%
Q2 2026, one quarter
Average holding period
18.4 quarters
Weighted by value

How these are calculated

  • Portfolio value: the market value of all long positions in the 13F, as reported at quarter end, excluding options.
  • Top 10 concentration: the combined value of the 10 largest positions as a share of portfolio value.
  • Turnover: the smaller of this quarter's estimated purchases and estimated sales, divided by the average of this and last quarter's portfolio value. Estimates multiply the change in shares by the quarter-end price implied by the filing (market value divided by shares); new positions use this quarter's value and sold-out positions last quarter's. Only positions reported in shares count, and it is not calculated when the previous quarter was not filed.
  • Average holding period: how many consecutive quarters each current position has been held (including this one; a quarter without the position or without a filing starts the count over), weighted by this quarter's value. Counting starts with the first 13F in Livermore (Q1 2021), so positions held before then are understated.

13F filings by quarter

22 quarters, going back to Q1 2021. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $7.01B (Q3 2024)

Q1 2021: $2.27BQ2 2021: $2.86BQ3 2021: $2.92BQ4 2021: $3.85BQ1 2022: $4.31BQ2 2022: $3.91BQ3 2022: $3.85BQ4 2022: $4.68BQ1 2023: $5.02BQ2 2023: $5.04BQ3 2023: $4.90BQ4 2023: $5.58BQ1 2024: $6.41BQ2 2024: $6.41BQ3 2024: $7.01BQ4 2024: $6.45BQ1 2025: $5.83BQ2 2025: $4.99BQ3 2025: $5.18BQ4 2025: $4.82BQ1 2026: $4.60BQ2 2026: $4.66B
Q1 2021Q2 2026
13F filings of Smead Capital Management, Inc. by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Aug 11, 202632$4.66BCVESPGMRKvs. Q1 2026SEC
Q1 2026May 14, 202632$4.60BCVEAPAMRKvs. Q4 2025SEC
Q4 2025Feb 9, 202632$4.82BSPGMRKAXPvs. Q3 2025SEC
Q3 2025Nov 10, 202534$5.18BSPGDHICVEvs. Q2 2025SEC
Q2 2025Aug 14, 202533$4.99BSPGAXPMACvs. Q1 2025SEC
Q1 2025May 14, 202534$5.83BSPGAXPAMGNvs. Q4 2024SEC
Q4 2024Feb 12, 202534$6.45BSPGAXPMACvs. Q3 2024SEC
Q3 2024Nov 7, 202430$7.01BLENDHISPGvs. Q2 2024SEC
Q2 2024Aug 9, 202432$6.41BOXYLENSPGvs. Q1 2024SEC
Q1 2024Jul 16, 2024Amended32$6.41BLENOXYMRKvs. Q4 2023SEC
Q4 2023Jan 31, 202433$5.58BLENDHIOXYvs. Q3 2023SEC
Q3 2023Nov 13, 202330$4.90BOXYLENDHIvs. Q2 2023SEC
Q2 2023Aug 11, 202328$5.04BOXYLENDHIvs. Q1 2023SEC
Q1 2023May 12, 202329$5.02BOXYMRKLENvs. Q4 2022SEC
Q4 2022Feb 10, 202326$4.68BOXYMRKAMGNvs. Q3 2022SEC
Q3 2022Nov 10, 202227$3.85BCLROXYAMGNvs. Q2 2022SEC
Q2 2022Aug 12, 202231$3.91BCLROXYAMGNvs. Q1 2022SEC
Q1 2022May 13, 202231$4.31BCLROXYAXPvs. Q4 2021SEC
Q4 2021Feb 14, 202232$3.85BCLRLENNVRvs. Q3 2021SEC
Q3 2021Nov 12, 202131$2.92BCLRAXPTGTvs. Q2 2021SEC
Q2 2021Jul 30, 202135$2.86BCLRTGTAXPvs. Q1 2021SEC
Q1 2021May 4, 202135$2.27BLENAXPTGT–SEC

13D and 13G filings

Companies where Smead Capital Management, Inc. reports owning 5% or more on Schedule 13D or 13G, and its latest filings.

Current stakes of 5% or more

Smead Capital Management, Inc. does not currently report owning 5% or more of any company.

Latest filings

5 filings on file made by Smead Capital Management, Inc. or listing it as a reporting person, newest first.

Schedule 13D and 13G filings by Smead Capital Management, Inc.
CompanyFiled (ET)FormStakeChangeEvent dateFiling
MACMacerich CoApr 22, 20261:17 PM ET13G/A4.74%12.2M shares−0.71 ppfrom 5.45%Below 5%Mar 31, 2026SEC
MACMacerich CoJan 7, 20263:59 PM ET13G/A5.45%14.0M shares−1.76 ppfrom 7.21%Dec 31, 2025SEC
MACMacerich CoMay 14, 202510:13 AM ET13G/A7.21%18.2M shares–Mar 31, 2025SEC
MACMacerich CoJan 30, 202413G/AOld format–––SEC
MACMacerich CoFeb 6, 202313GOld format–New–SEC