Smead Value Fund
Actively managed U.S. stock fund
As of its 2026 Q2 report, Smead Value Fund held 27 positions with $3.89B in net assets. Its ten largest holdings made up 55.0% of the fund. The SMVLX share class costs 1.23% a year. Over the 12 months to May 2026, SMVLX returned 30.3%, with dividends reinvested. In 2026 Q2 it added no new positions and exited 1.
The investment objective of the Smead Value Fund (the Fund) is long-term capital appreciation.
The fund screens U.S. companies across all market capitalizations for eight criteria: products meeting clear economic needs, sustainable competitive advantages, long profitability histories, strong cash generation, and valuations below intrinsic value, with preference for shareholder-friendly management and insider ownership. It holds approximately 25–30 stocks with a minimum expected holding period of three to five years. Because the fund is non-diversified, it may invest a relatively high percentage of assets in a small number of issuers, creating concentration risk.
What you own
| Company | Weight | Value | Shares | Reported price |
|---|---|---|---|---|
NTPXXNORTHERN INSTITUTIONAL FUNDS | 7.35% | $285.74M | — | — |
CVECENOVUS ENERGY INC | 6.88% | $267.39M | 9.7M | $27.61 |
6.13% | $238.04M | 1.2M | $204.91 | |
APAAPA CORP | 6.09% | $236.71M | 6.5M | $36.43 |
5.91% | $229.80M | 1.9M | $118.72 | |
5.51% | $214.35M | 9.5M | $22.52 | |
AMGNAMGEN INC | 4.74% | $184.07M | 546.5K | $336.79 |
4.44% | $172.45M | 1.2M | $147.09 | |
4.13% | $160.36M | 837.5K | $191.48 | |
LENLENNAR CORP | 3.87% | $150.53M | 1.7M | $89.78 |
Reported price is the fund's own reported value divided by its own reported shares at 2026-05-29 — not a live quote, and not what the fund paid.
All 27 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Stocks | 92.83% |
| Cash & short-term | 7.35% |
By sector
- Financials
- 19.0%
- Consumer Discretionary
- 18.3%
- Energy
- 17.5%
- Health Care
- 13.3%
- 5 other sectors
- 31.9%
- Financials
- 19.0%
- Consumer Discretionary
- 18.3%
- Energy
- 17.5%
- Health Care
- 13.3%
- Real Estate
- 11.6%
- Cash
- 7.3%
- International
- 6.9%
- Consumer Staples
- 3.8%
- Industrials
- 2.3%
How it has done
SMVLX share class · total returns with dividends reinvested
Volatility over the last 12 months: 11.17%. Past returns are a record, not a forecast.
The 7 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 1.23% | +30.32% | +52.26% | +58.72% | -17.25% | |
| 1.82% | +29.55% | +49.52% | +54.09% | -17.46% | |
| 1.23% | +30.36% | +52.37% | +58.75% | -17.27% | |
| 0.96% | +30.70% | +53.62% | +60.96% | -17.15% | |
| 1.60% | +29.79% | +50.77% | +56.45% | -17.38% | |
| 1.45% | +29.98% | +51.06% | +56.98% | -17.35% | |
| 0.81% | +30.78% | +53.86% | +61.52% | -17.12% |
These classes hold the same portfolio, so the 7.43pp spread over 5 years is the cost difference between them — roughly 1.49pp a year — not a difference in what they own.
Fees & fund details
Smead Value Fund is an actively managed U.S. equity fund. 5% of SMVLX’s stock holdings are in companies whose revenue grew in the top quartile of U.S. companies over the last five fiscal years (covering 93% of the fund’s equity).
- Asset class
- Equity
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Features
- Non-diversified
- Expense ratio, by class
- 0.81% – 1.82%· SMVLX 1.23%
- Portfolio turnover
- 16.00% a year · as of 2026 Q1
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
0 new
1 exited
Understand how this fund fits with the rest.
Explore shared holdings, compare funds and follow their businesses with your connected AI:
- “Where do my funds overlap — SMVLX, QQQ and the fund in my 401(k)?”
- “How do this fund’s ten biggest holdings stack up against each other?”
- “For my target-date fund, what’s the real stock-and-bond mix once you look through it?”