BS
Bill Smead
Smead Capital Management13F filer
Value; long holding periods — as the firm describes itselfPortfolio as of Sep 30, 2026Filed Oct 16, 2026
Quarter ended Sep 30, 2026, from the 13F filed Oct 16, 2026Changes are against the quarter ended Jun 30, 2026U.S.-listed shares only — no bonds, cash, shorts or foreign listings
Portfolio value
$4.71B
As reported, at quarter-end prices
Positions
31
U.S.-listed companies held
0 new · 1 exited this quarter
Concentration
55%in the top 10
Weight held in the ten largest positions
This quarter
9added · 22trimmed
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 32 reported changes are available in this view.
| Company | Reported move | Change in shares | Portfolio weight now |
|---|---|---|---|
OCCIDENTAL PETE CORP | Sold out | Position closed | No longer held |
CROCS INCCROX | Added to | +45.1% | 1.77% |
ZOETIS INCZTS | Added to | +28.2% | 2.35% |
| Added to | +18.5% | 3.02% | |
LENNAR CORPLEN | Added to | +13.1% | 3.96% |
FRONTLINE PLCFRO | Added to | +20.0% | 0.80% |
CENOVUS ENERGY INCCVE | Added to | +1.5% | 8.96% |
WEST FRASERWFG | Added to | +55.2% | 0.28% |
| Added to | +60.1% | 0.24% | |
AMGEN INCAMGN | Reduced | -11.0% | 5.25% |
Showing 1–10 of 32 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 INCINCREASED +1.5% | 8.96% | $31.08 | $421.76M | 13.6M |
| MRK | MERCK & CO INCDECREASED -1.2% | 7.12% | $145.31 | $335.07M | 2.3M |
| APA | APA CORPORATION COMDECREASED -1.2% | 6.81% | $41.54 | $320.45M | 7.7M |
| MAC | MACERICH CODECREASED -1.6% | 5.37% | $22.36 | $252.63M | 11.3M |
| SPG | SIMON PPTY GROUP INC NEWDECREASED -10.3% | 5.35% | $200.76 | $251.96M | 1.3M |
| AMGN | AMGEN INCDECREASED -11.0% | 5.25% | $421.51 | $247.22M | 586.5K |
| COP | CONOCOPHILLIPSDECREASED -1.2% | 4.15% | $125.15 | $195.09M | 1.6M |
| TGT | TARGET CORPDECREASED -12.5% | 4.11% | $156.69 | $193.26M | 1.2M |
| DHI | D R HORTON INCDECREASED -1.2% | 4.06% | $136.65 | $190.86M | 1.4M |
| LEN | LENNAR CORP· CL AINCREASED +13.1% | 3.96% | $81.59 | $186.41M | 2.3M |
Showing 1–10 of 31 · the top 10 are 55.1% 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 2026-09-30 — not a live quote, and not what they paid. 13F reports no cost basis.
All 31 positions, with reported prices and share counts, open with a free account.
Connected research
Follow this portfolio through time.
Compare reported holdings across quarters and explore the businesses behind them with your connected AI:
- “What has Bill Smead been buying over the last year, quarter by quarter?”
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