BS
Bill Smead
Smead Capital Management13F filer
Value; long holding periods — as the firm describes itselfPortfolio as of Jun 30, 2026Filed Aug 11, 2026
Quarter ended Jun 30, 2026, from the 13F filed Aug 11, 2026Changes are against the quarter ended Mar 31, 2026U.S.-listed shares only — no bonds, cash, shorts or foreign listings
Portfolio value
$4.66B
As reported, at quarter-end prices
Positions
32
U.S.-listed companies held
1 new · 1 exited this quarter
Concentration
54%in the top 10
Weight held in the ten largest positions
This quarter
7added · 24trimmed
Positions resized since the prior quarter
What changed this quarter
See which positions were opened, increased, reduced or closed—and how large those positions are now.
17 of 33 reported changes are available in this view.
| Company | Reported move | Change in shares | Portfolio weight now |
|---|---|---|---|
ZOETIS INCZTS | New position | Not held in prior quarter | 1.90% |
QUALCOMM INCQCOM | Sold out | Position closed | No longer held |
NVR INCNVR | Added to | +31.2% | 4.13% |
LENNAR CORPLEN | Added to | +27.4% | 3.92% |
| Added to | +17.6% | 2.81% | |
| Added to | +12.0% | 3.84% | |
FRONTLINE PLCFRO | Added to | +3.8% | 0.47% |
| Added to | +7.9% | 0.21% | |
WEST FRASER TIMBER CO LTDWFG | Added to | +7.9% | 0.18% |
EBAY INC.EBAY | Reduced | -53.9% | 1.96% |
Showing 1–10 of 33 changes · Share classes count separatelyBars: square-root scale · Percentages shown · — unavailable
Changes compare reported share counts at quarter-end. The filing does not tell us when trades happened or why the investor made them.
Portfolio
| Ticker | Issuer | % of portfolio | Reported price | Value | Shares |
|---|---|---|---|---|---|
| CVE | CENOVUS ENERGY INCDECREASED -10.1% | 7.11% | $24.79 | $331.45M | 13.4M |
| SPG | SIMON PPTY GROUP INC NEWDECREASED -10.3% | 6.71% | $223.65 | $313.05M | 1.4M |
| MRK | MERCK & CO INCDECREASED -5.5% | 6.43% | $128.50 | $299.98M | 2.3M |
| MAC | MACERICH CO COM· REITDECREASED -5.5% | 6.20% | $25.19 | $289.22M | 11.5M |
| APA | APA CORPORATION COMDECREASED -5.6% | 5.46% | $32.57 | $254.33M | 7.8M |
| AMGN | AMGEN INCDECREASED -5.5% | 5.12% | $362.12 | $238.72M | 659.2K |
| DHI | D R HORTON INCDECREASED -5.6% | 4.94% | $162.88 | $230.35M | 1.4M |
| AXP | AMERICAN EXPRESS CODECREASED -5.6% | 4.13% | $338.25 | $192.49M | 569.1K |
| NVR | NVR INCINCREASED +31.2% | 4.13% | $6,813.51 | $192.47M | 28.2K |
| TGT | TARGET CORPDECREASED -5.5% | 3.95% | $130.61 | $184.16M | 1.4M |
Showing 1–10 of 32 · the top 10 are 54.2% of the reported portfolioEach row opens the company · how we read 13F filings
Reported price is this manager's own reported value divided by its own reported shares at 2026-06-30 — not a live quote, and not what they paid. 13F reports no cost basis.
All 32 positions, with reported prices and share counts, open with a free account.
Connected research
Follow this portfolio through time.
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- “What has Bill Smead been buying over the last year, quarter by quarter?”
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