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Value GiantsValue investors’ 13F holdings, as a whole
Q2 2026 13FData as of Aug 18, 2026
Classic value

Bill Smead

Q2 2026 13F: 32 holdings worth about $4.7B; that quarter 1 new, 7 added, 24 trimmed, 1 sold out.

Firm: Smead Capital Management, Inc
Filer: Smead Capital Management, Inc. CIK 1427008
Last filed: Aug 11, 2026 | Classic value | Counted in this quarter’s totals

13F lists only long positions in US-listed stocks (and some ETFs and convertibles); short positions, cash, bonds, shares listed outside the US and private companies are not shown, so this is not the giant’s whole portfolio.

Why This Giant Is Included

  • Rule numbers (Q2 2026): 32 holdings, top 10 = 54%, stocks $4.7B, options 0%; all four rules met
  • Source for the value approach: About (Smead Capital Management, Inc.): “We advise investors who play the long game through a low-turnover, differentiated value discipline seeking wonderful companies to build wealth.” (checked 2026-10-11)

Full selection rules →

13F value
$4.7B
previous $4.6B (+1.4%)
Holdings
32
1 new / 1 sold out
Net deploymentest.
−4.3%
est. net buying ÷ last quarter’s portfolio
Top-10 concentration
54%
overlap with the composite 6%
Turnoverest.
5.2%
held 28 quarters on average
I

Trades in Q2 2026

Sorted by position shift: how many percentage points of the portfolio the trade moved.

How to Read This

Share changes are split-adjusted. Est. trade price = (start + end price) ÷ 2; 13F does not show the actual trade date or price.

MoveCompanyChange in sharesChange %Position shift (pts)Start → end priceEst. trade price
TrimmedEBAYeBay Inc−955.6K−54%−2.29$91.02 → $111.75$101.38
Sold outQCOMQualcomm Inc−545.8K—−2.16$128.78 → $184.79$156.79
NewZTSZoetis Inc+1.23M—+1.90$118.21 → $71.86$95.03
AddedNVRNVR Inc+6.7K+31%+0.98$6,590 → $6,813$6,702
AddedLENLennar Corp+434.2K+27%+0.84$86.84 → $90.49$88.66
TrimmedCVECenovus Energy Inc−1.50M−10%−0.80$26.53 → $24.79$25.66
TrimmedSPGSimon Property Group Inc−160.1K−10%−0.77$186.53 → $223.65$205.09
AddedWALWestern Alliance Bancorp+239.1K+18%+0.42$70.85 → $82.20$76.53
AddedFITBFifth Third Bancorp+340.4K+12%+0.41$46.46 → $56.37$51.41
TrimmedMRKMerck & Co., Inc−136.9K−6%−0.38$120.29 → $128.50$124.40
TrimmedMACMacerich Co−673.6K−6%−0.36$18.90 → $25.19$22.05
TrimmedAPAAPA Corp−461.2K−6%−0.32$42.44 → $32.57$37.51
TrimmedAMGNAmgen Inc−38.7K−6%−0.30$351.85 → $362.12$356.98
TrimmedDHID.R. Horton−83.5K−6%−0.29$137.22 → $162.88$150.05
TrimmedAXPAmerican Express Co−33.6K−6%−0.24$302.48 → $338.25$320.37
TrimmedTGTTarget Corp−82.7K−6%−0.23$121.20 → $130.61$125.91
TrimmedFANGDiamondback Energy, Inc−59.3K−6%−0.22$197.79 → $175.78$186.79
TrimmedOXYOccidental Petroleum Corp−205.6K−7%−0.21$65.00 → $48.57$56.78
TrimmedCOPConocoPhillips−93.5K−6%−0.21$132.00 → $103.96$117.98
TrimmedBACBank of America Corp−152.9K−6%−0.19$48.75 → $56.98$52.86
TrimmedUNHUnitedHealth Group Inc−18.7K−5%−0.17$270.59 → $415.63$343.11
TrimmedJPMJPMorgan Chase & Co−23.2K−6%−0.16$294.16 → $327.33$310.75
TrimmedCACCCredit Acceptance Corp−11.7K−6%−0.16$423.46 → $636.74$530.10
TrimmedUHAL.BU-Haul Holding Co−115.2K−5%−0.14$44.67 → $57.70$51.18
TrimmedHDHome Depot Inc−17.2K−6%−0.13$328.89 → $352.68$340.79
TrimmedMTBM & T Bank Corp−16.3K−6%−0.08$206.72 → $238.01$222.37
TrimmedCROXCrocs, Inc−27.9K−5%−0.07$83.02 → $120.64$101.83
TrimmedULTAUlta Beauty, Inc−6.9K−6%−0.07$522.71 → $450.98$486.85
TrimmedOXY.WSOccidental PETROLEUM-CW27−85.9K−57%−0.05$42.90 → $26.63$34.77
AddedFROFrontline plc+23.1K+4%+0.02$35.07 → $34.68$34.87
AddedGTXGarrett Motion Inc+20.2K+8%+0.02$18.17 → $36.23$27.20
AddedWFGWest Fraser Timber Co Ltd+9.1K+8%+0.01$65.29 → $67.63$66.46
TrimmedIWDiShares Russell 1000 Value E−1.3K−21%−0.01$213.67 → $242.43$228.05
II

All Holdings (32 Companies)

Share classes of one company are combined; click a heading to re-sort.

How to Read This

Est. average cost: shares bought each quarter × (start + end price) ÷ 2, weighted; trims do not change the cost. Positions held before Q1 1999 (or the giant’s earliest electronic filing) start from that quarter’s price and are marked ‘start point’. vs cost = quarter-end price ÷ est. average cost − 1, excluding dividends.

CompanySectorWeight (prev.)SharesValueThis quarterFirst boughtQuarters heldEst. avg costQuarter-end pricevs costHistory
CVECenovus Energy IncEnergy7.1%8.6%13.37M$331.4MTrimmed −10%Q1 202122$18.15est.$24.79+37%History
SPGSimon Property Group IncReal estate6.7%6.3%1.40M$313.0MTrimmed −10%Q1 202026$115.71est.$223.65+93%History
MRKMerck & Co., IncHealth care6.4%6.5%2.33M$300.0MTrimmed −6%Q1 201066$82.12est.$128.50+56%History
MACMacerich CoReal estate6.2%5.0%11.48M$289.2MTrimmed −6%Q3 201928$14.61est.$25.19+72%History
APAAPA CorpEnergy5.5%7.6%7.81M$254.3MTrimmed −6%Q1 202314$33.68est.$32.57−3%History
AMGNAmgen IncHealth care5.1%5.3%659.2K$238.7MTrimmed −6%Q2 200873$212.26est.$362.12+71%History
DHID.R. HortonIndustrials4.9%4.5%1.41M$230.3MTrimmed −6%Q1 202026$82.30est.$162.88+98%History
AXPAmerican Express CoFinancials4.1%4.0%569.1K$192.5MTrimmed −6%Q2 201545$128.16est.$338.25+164%History
NVRNVR IncIndustrials4.1%3.1%28.2K$192.5MAdded +31%Q4 201351$4,434est.$6,813+54%History
TGTTarget CorpConsumer discretionary4.0%3.9%1.41M$184.2MTrimmed −6%Q2 201737$127.47est.$130.61+2%History
LENLennar CorpIndustrials3.9%3.0%2.02M$182.8MAdded +27%Q3 201640$82.30est.$90.49+10%History
FITBFifth Third BancorpFinancials3.8%2.9%3.17M$178.8MAdded +12%Q4 202311$39.66est.$56.37+42%History
FANGDiamondback Energy, IncEnergy3.8%4.6%1.01M$177.5MTrimmed −6%Q2 20255$146.99est.$175.78+20%History
COPConocoPhillipsEnergy3.5%4.8%1.58M$164.0MTrimmed −6%Q4 202023$74.45est.$103.96+40%History
BACBank of America CorpFinancials3.2%2.9%2.61M$148.5MTrimmed −6%Q1 201258$30.13est.$56.98+89%History
OXYOccidental Petroleum CorpEnergy3.0%4.4%2.89M$140.4MTrimmed −7%Q3 202120$40.67est.$48.57+19%History
UNHUnitedHealth Group IncHealth care2.9%2.0%328.4K$136.5MTrimmed −5%Q2 20255$386.19est.$415.63+8%History
WALWestern Alliance BancorpFinancials2.8%2.1%1.59M$131.1MAdded +18%Q4 202311$65.94est.$82.20+25%History
JPMJPMorgan Chase & CoFinancials2.8%2.7%392.9K$128.6MTrimmed −6%Q3 201256$112.38est.$327.33+191%History
CACCCredit Acceptance CorpFinancials2.7%1.9%198.8K$126.6MTrimmed −6%Q1 202026$463.69est.$636.74+37%History
UHAL.BU-Haul Holding CoConsumer discretionary2.5%2.1%2.03M$117.2MTrimmed −5%Q4 202215$56.60est.$57.70+2%History
HDHome Depot IncConsumer discretionary2.2%2.2%290.2K$102.3MTrimmed −6%Q4 200775$236.42est.start point$352.68+49%History
EBAYeBay IncIndustrials2.0%3.5%815.9K$91.2MTrimmed −54%Q4 200775$48.99est.start point$111.75+128%History
ZTSZoetis IncHealth care1.9%—1.23M$88.6MNewQ2 20261$95.03est.$71.86−24%History
MTBM & T Bank CorpFinancials1.4%1.3%277.6K$66.1MTrimmed −6%Q4 202311$134.08est.$238.01+78%History
CROXCrocs, IncConsumer discretionary1.3%0.9%489.2K$59.0MTrimmed −5%Q3 20254$92.41est.$120.64+31%History
ULTAUlta Beauty, IncConsumer discretionary1.1%1.4%118.0K$53.2MTrimmed −6%Q4 20247$412.02est.$450.98+9%History
FROFrontline plcIndustrials0.5%0.5%633.8K$22.0MAdded +4%Q1 202314$18.96est.$34.68+83%History
GTXGarrett Motion IncConsumer discretionary0.2%0.1%275.1K$10.0MAdded +8%Q4 20253$16.47est.$36.23+120%History
WFGWest Fraser Timber Co LtdMaterials0.2%0.2%123.9K$8.4MAdded +8%Q3 202312$71.41est.$67.63−5%History
OXY.WSOccidental PETROLEUM-CW27Energy0.0%0.1%65.3K$1.7MTrimmed −57%Q3 202024$29.70est.$26.63−10%History
IWDiShares Russell 1000 Value EFunds & ETFs0.0%0.0%5.0K$1.2MTrimmed −21%Q4 20247$197.73est.$242.43+23%History
III

Portfolio Map: Size Is Weight, Colour Is Gain or Loss against Cost

How to Read This

Each block is a company (up to 60); area = portfolio weight. The darker the colour, the further the quarter-end price is above (or below) the estimated cost: light 5–25%, medium 25–100%, darkest over 100%; grey is within 5%.

above costbelow costwithin 5%
Portfolio MapCVECenovus Energy IncSPGSimon Property Group In…MRKMerck & Co., IncMACMacerich CoAPAAPA CorpAMGNAmgen IncDHID.R. HortonAXPAmerican Expre…NVRNVR IncTGTTarget CorpLENLennar CorpFITBFifth Third B…FANGDiamondback E…COPConocoPhillipsBACBank of America…OXYOccidental Petr…UNHUnitedHealth…WALWestern Allia…JPMJPMorgan Chas…CACCCredit Accept…UHAL.BU-Haul Holdi…HDHome Depo…EBAYeBay IncZTSZoetis I…MTBCROXCrocs, IncULTA
IV

Over Time

From Q4 2007, 75 quarters (this giant’s electronic 13F filings).

13F Value

13F Value$0$2.0B$4.0B$6.0BQ4 2007Q4 2009Q4 2011Q4 2013Q4 2015Q4 2017Q4 2019Q4 2021Q4 2023Q2 2026

Holdings

Holdings0102030Q4 2007Q4 2009Q4 2011Q4 2013Q4 2015Q4 2017Q4 2019Q4 2021Q4 2023Q2 2026

Top-10 Concentration

Top-10 Concentration0%25%50%75%100%Q4 2007Q4 2009Q4 2011Q4 2013Q4 2015Q4 2017Q4 2019Q4 2021Q4 2023Q2 2026

Turnover (Est.)

Turnover0%5%10%15%Q4 2007Q4 2009Q4 2011Q4 2013Q4 2015Q4 2017Q4 2019Q4 2021Q4 2023Q2 2026

Sector Mix

Information technologyFinancialsCommunication & mediaConsumer discretionaryIndustrialsHealth careEnergyOther (incl. unclassified)
Sector Mix0%25%50%75%100%Q4 2007Q4 2009Q4 2011Q4 2013Q4 2015Q4 2017Q4 2019Q4 2021Q4 2023Q2 2026
V

Quarter by Quarter, with the Original Filings

* = not counted in that quarter’s totals. Links open the original SEC filing; 13F-HR/A is an amendment.

Show 75 Quarters
QuarterHoldingsNewSold out13F valueTurnoverNet deploymentSEC
Q2 20263211$4.7B5.2%−4.3%13F-HR
Q1 20263200$4.6B0.6%−13.2%13F-HR
Q4 20253213$4.8B2.4%−6.9%13F-HR
Q3 20253410$5.2B2.4%−6.6%13F-HR
Q2 20253334$5.0B7.4%−11.9%13F-HR
Q1 20253411$5.8B0.9%−5.6%13F-HR
Q4 20243440$6.5B3.9%−1.3%13F-HR
Q3 20243002$7.0B0.9%+4.3%13F-HR
Q2 20243200$6.4B1.5%+5.2%13F-HR
Q1 20243201$6.4B3.4%+3.6%13F-HR 13F-HR/A
Q4 20233341$5.6B5.2%−0.1%13F-HR
Q3 20233020$4.9B1.2%−1.5%13F-HR
Q2 20232801$5.0B3.0%−2.6%13F-HR
Q1 20232930$5.0B0.0%+7.8%13F-HR
Q4 20222623$4.7B11.2%+9.1%13F-HR
Q3 20222704$3.8B2.4%+0.3%13F-HR
Q2 20223122$3.9B4.5%+3.4%13F-HR
Q1 20223101$4.3B5.2%+12.4%13F-HR
Q4 20213210$3.8B0.1%+22.3%13F-HR
Q3 20213115$2.9B5.2%+2.6%13F-HR
Q2 20213511$2.9B1.4%+16.2%13F-HR
Q1 20213552$2.3B2.3%+17.3%13F-HR
Q4 20203241$1.7B4.2%−2.9%13F-HR
Q3 20202924$1.6B4.3%−9.5%13F-HR
Q2 20203130$1.6B5.1%−8.7%13F-HR
Q1 20202855$1.4B12.5%−6.6%13F-HR
Q4 20192820$2.2B0.5%+2.0%13F-HR
Q3 20192613$2.0B6.1%−2.6%13F-HR
Q2 20192821$2.1B6.7%−1.1%13F-HR
Q1 20192733$2.0B3.2%−5.3%13F-HR
Q4 20182711$1.9B1.3%−3.4%13F-HR
Q3 20182700$2.2B1.3%−5.1%13F-HR
Q2 20182701$2.1B2.3%−0.5%13F-HR
Q1 20182801$2.1B4.2%−1.4%13F-HR
Q4 20172922$2.2B4.6%−3.1%13F-HR
Q3 20172910$2.1B2.9%−3.4%13F-HR
Q2 20172821$2.1B6.3%+3.0%13F-HR
Q1 20172703$2.0B1.9%−6.7%13F-HR
Q4 20163021$2.0B6.5%−8.0%13F-HR
Q3 20162942$2.1B4.6%−5.1%13F-HR
Q2 20162700$2.1B1.8%−7.8%13F-HR
Q1 20162700$2.3B0.0%−13.8%13F-HR
Q4 20152711$2.2B2.8%+38.9%13F-HR
Q3 20152725$1.9B8.0%+33.9%13F-HR
Q2 20153033$1.5B10.5%+12.9%13F-HR
Q1 20153032$1.4B2.5%+23.6%13F-HR
Q4 20142912$1.1B5.3%+10.7%13F-HR
Q3 20143000$927.4M2.5%+0.3%13F-HR
Q2 20143020$918.2M0.0%+9.1%13F-HR
Q1 20142812$830.0M4.2%+11.4%13F-HR
Q4 20132911$726.1M2.8%+8.7%13F-HR
Q3 20132910$616.6M0.8%+18.1%13F-HR
Q2 20132830$493.8M0.2%+48.0%13F-HR
Q1 20132513$323.6M8.7%+18.5%13F-HR
Q4 20122711$237.9M0.6%+13.2%13F-HR
Q3 20122712$209.6M14.9%−2.2%13F-HR
Q2 20122800$191.2M2.6%+0.4%13F-HR
Q1 20122812$192.4M4.1%−2.0%13F-HR
Q4 20112901$170.7M1.9%−0.3%13F-HR
Q3 20113012$150.6M4.5%−1.5%13F-HR
Q2 20113143$174.3M12.1%+22.3%13F-HR
Q1 20113021$141.3M3.2%−0.3%13F-HR
Q4 20102904$135.1M1.1%−22.9%13F-HR
Q3 20103333$158.8M8.8%+21.6%13F-HR
Q2 20103340$120.3M8.2%+4.5%13F-HR
Q1 20102935$132.8M9.7%−16.0%13F-HR
Q4 20093122$151.4M2.6%+0.5%13F-HR
Q3 20093113$141.1M3.8%+15.6%13F-HR 13F-HR/A
Q2 2009 *3364$107.4M18.1%+2.4%13F-HR
Q1 2009 *3147$93.6M8.3%−4.5%13F-HR
Q4 2008 *3481$107.8M4.8%+0.4%13F-HR
Q3 2008 *2742$135.1M12.8%+2.5%13F-HR
Q2 2008 *25510$137.6M13.0%−8.8%13F-HR
Q1 2008 *3083$185.0M8.0%+8.2%13F-HR
Q4 2007 *2500$172.0M——13F-HR
VI

Large Positions Sold Out

Positions that once made up 2% or more of the portfolio and were later sold out (latest 40): holding period and what became of the company, without profit or loss.

How to Read This

Sold out means the holding no longer appears on the 13F: it may have been sold, or the company was acquired or delisted. Company status is checked only for companies the giants together once held $100M or more of, from the company’s own SEC filings (for example 8-K item 1.03 = bankruptcy filing); a dash means not checked.

CompanyHeldPeak weightCompany since
QCOMQualcomm IncQ1 2019 – Q2 20264%—
OVVOvintiv IncQ4 2022 – Q4 20255%Still filing with the SEC
DVNDevon Energy CorpQ1 2023 – Q4 20254%—
BRK.BBerkshire Hathaway IncQ2 2010 – Q2 20256%—
UHALU-Haul Holding CoQ2 2020 – Q2 20253%—
WBDWarner Bros. Discovery, IncQ2 2022 – Q3 20244%—
PFEPfizer IncQ4 2007 – Q4 20235%—
CVXChevron CorpQ1 2020 – Q2 20234%—
CLRContinental Resources Inc/okQ3 2020 – Q4 202212%Still filing with the SEC
CMCSAComcast CorpQ4 2015 – Q3 20224%—
DISCAWarner Bros Discovery IncQ4 2017 – Q2 20227%Still filing with the SEC
DISCKDiscovery IncQ1 2021 – Q2 20223%Still filing with the SEC
SBUXStarbucks CorpQ4 2007 – Q3 20217%—
DISWalt Disney CoQ4 2007 – Q3 20217%—
ACNAccenture plcQ2 2011 – Q3 20214%—
WFCWells Fargo & CoQ2 2013 – Q4 20205%—
PYPLPayPal Holdings, IncQ3 2015 – Q3 20205%—
AFLAflac IncQ2 2013 – Q1 20206%Still filing with the SEC
WBAWalgreens Boots Alliance IncQ4 2014 – Q1 20206%Acquired or delisted Sep 8, 2025
OXYOccidental Petroleum CorpQ2 2019 – Q1 20205%—
JNJJohnson & JohnsonQ2 2010 – Q3 20193%—
CORCencora, IncQ4 2016 – Q3 20192%Still filing with the SEC
KRKroger CoQ3 2017 – Q2 20193%—
TGNATegna IncQ2 2015 – Q1 20196%Still filing with the SEC
JWNNordstrom IncQ4 2007 – Q1 20194%—
ALKAlaska Air Group IncQ3 2016 – Q2 20182%—
SNIScripps Networks InterQ3 2016 – Q4 20173%Acquired or delisted Oct 6, 2026
ESRXEvernorth Health IncQ3 2016 – Q2 20173%Acquired or delisted Dec 31, 2018
CABCabela’s IncQ1 2008 – Q1 20177%Acquired or delisted Oct 10, 2017
—Gannett Co IncQ2 2015 – Q1 20174%Acquired or delisted Dec 9, 2019
NWSANews CorpQ1 2015 – Q4 20164%—
HRBH&R Block IncQ2 2011 – Q3 20165%—
GILDGilead Sciences IncQ1 2015 – Q3 20164%Still filing with the SEC
CMCSAComcast CorpQ1 2008 – Q4 20154%Still filing with the SEC
BENFranklin Templeton IncQ3 2008 – Q3 20155%Still filing with the SEC
—Chubb CorpQ1 2014 – Q3 20152%Acquired or delisted Jan 25, 2016
ABBVAbbVie IncQ1 2013 – Q3 20152%—
NAVINavient CorpQ2 2014 – Q3 20152%Still filing with the SEC
—Tegna IncQ4 2009 – Q2 20157%Still filing with the SEC
—Medtronic IncQ1 2011 – Q2 20153%No SEC record found