13F
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Smead Capital Management, Inc.

13F equity value
$4.6B
Positions
32
Top 10 concentration
57.6%
Quarters / total new picks
16 / 30
13F equity value over time
$0M$4B$7B2017201820192020202120222023202420252026

"13F equity value" = market value of this filer's US-listed long equity positions only. It excludes cash, bonds, non-US and short positions, so it understates a fund's true assets under management — often by a lot.

Not significant Verdict

13F holdings are disclosed ~45 days after quarter-end, and they never reveal when within the quarter a fund actually bought. So any 13F-based summary is structurally late and blurred — this applies to every fund, including this one.

We backtested copying it anyway. Buying this fund's new positions the day each filing went public, over 16 quarters, returned +9.8% per quarter — versus +4.3% per quarter from simply owning every 13F stock. It beat that baseline in only 68.8% of quarters (excess t = 0.91, not statistically significant). Its filings tell you what it bought — not what you should buy.

Avg 2Q excess
+9.2%
t-stat
0.91
Quarterly win rate
69%
Annualized excess
+20.8%
$1 → follow vs universe
$3.58 vs $1.86
Cumulative return: $1 invested in new picks vs universe
1.00 20190331: universe 0.98320190630: universe 1.05620190930: universe 1.13620200331: universe 1.36920200630: universe 1.51320201231: universe 1.58220210331: universe 1.59620210930: universe 1.43220221231: universe 1.33020230331: universe 1.40220230930: universe 1.59120231231: universe 1.66220241231: universe 1.55120250630: universe 1.60020250930: universe 1.79920251231: universe 1.861 20190331: follow 0.97620190630: follow 0.94620190930: follow 0.81920200331: follow 1.02520200630: follow 1.13620201231: follow 1.36620210331: follow 1.30220210930: follow 1.62220221231: follow 1.18320230331: follow 1.42320230930: follow 1.66020231231: follow 1.85020241231: follow 1.82320250630: follow 1.93820250930: follow 2.42420251231: follow 3.585 0.75 2.31 3.87 2019202020212022202320242025 Follow Universe

Quarterly compounding, invested quarters only · entry 47 days after quarter-end (when 13F data becomes public)

Listed as facts. See the verdict above before treating this as signal.

Top 20 holdings of 32 · 2026 Q1

Ticker Value Weight QoQ
CVE $394M
8.6%
TRIM
APA $351M
7.6%
TRIM
MRK $297M
6.5%
TRIM
SPG $291M
6.3%
TRIM
AMGN $246M
5.3%
TRIM
MAC $230M
5.0%
TRIM
COP $221M
4.8%
TRIM
FANG $212M
4.6%
TRIM
DHI $206M
4.5%
TRIM
OXY $201M
4.4%
TRIM
AXP $182M
4.0%
TRIM
TGT $181M
3.9%
TRIM
EBAY $161M
3.5%
TRIM
NVR $142M
3.1%
TRIM
LEN $138M
3.0%
TRIM
BAC $135M
2.9%
TRIM
FITB $132M
2.9%
TRIM
JPM $122M
2.7%
TRIM
HD $101M
2.2%
TRIM
WAL $96M
2.1%
TRIM

QoQ vs previous quarter's share count · NEW = new position · ADD/TRIM = ±2% shares · HOLD = unchanged.

Listed as facts. See the verdict above before treating this as signal.

New positions in 2026 Q1

None.

Method & Limitations

Method: a "new position" = held this quarter, absent last quarter (options excluded; stocks with <50 prior holders excluded to filter spin-off artifacts). Entry 47 days after quarter-end — the first day the public could act on the filing. Benchmark = equal-weighted universe of all 13F-held stocks. Limitations: quarterly snapshots can't see intra-quarter trades; survivorship bias — funds that shut down are absent, which flatters the sample. Statistics, not advice.