Bill Smead's portfolio
Concentrated value in US consumer businesses with durable demand.
What changed in Q2 2026
Compared with the previous 13F. Values are as reported at quarter end. How to read a 13F.
New positions
- ZoetisZTS$89M
Added to
- NVRNVR$192M
- LennarLEN$183M
- Fifth Third BancorpFITB$179M
- Western Alliance BancorporationWAL$131M
- FrontlineFRO$22M
- Garrett MotionGTX$10M
- West Fraser Timber CoWFG$8M
Trimmed
- Cenovus EnergyCVE$331M
- Simon PropertySPG$313M
- Merck & CompanyMRK$300M
- MacerichMAC$289M
- APAAPA$254M
- AmgenAMGN$239M
- DR HortonDHI$230M
- American ExpressAXP$192M
- TargetTGT$184M
- Diamondback EnergyFANG$178M
Sold out
None this quarter.
Holdings
32 US-listed positions in the Q2 2026 13F, largest first.
| Stock | % of portfolio | Value | Shares | Last quarter |
|---|---|---|---|---|
| Cenovus EnergyCVE | 7.11% | $331M | 13,370,631 | Trimmed |
| Simon PropertySPG | 6.71% | $313M | 1,399,725 | Trimmed |
| Merck & CompanyMRK | 6.43% | $300M | 2,334,468 | Trimmed |
| MacerichMAC | 6.20% | $289M | 11,481,712 | Trimmed |
| APAAPA | 5.46% | $254M | 7,808,568 | Trimmed |
| AmgenAMGN | 5.12% | $239M | 659,241 | Trimmed |
| DR HortonDHI | 4.94% | $230M | 1,414,221 | Trimmed |
| American ExpressAXP | 4.13% | $192M | 569,063 | Trimmed |
| NVRNVR | 4.13% | $192M | 28,248 | Added |
| TargetTGT | 3.95% | $184M | 1,409,966 | Trimmed |
| LennarLEN | 3.92% | $183M | 2,020,441 | Added |
| Fifth Third BancorpFITB | 3.83% | $179M | 3,171,824 | Added |
| Diamondback EnergyFANG | 3.81% | $178M | 1,009,989 | Trimmed |
| ConocoPhillipsCOP | 3.52% | $164M | 1,577,846 | Trimmed |
| Bank of AmericaBAC | 3.19% | $149M | 2,606,833 | Trimmed |
| Occidental PetroleumOXY | 3.01% | $140M | 2,889,985 | Trimmed |
| UnitedHealth GroupUNH | 2.93% | $136M | 328,414 | Trimmed |
| Western Alliance BancorporationWAL | 2.81% | $131M | 1,594,678 | Added |
| JPMorgan Chase &JPM | 2.76% | $129M | 392,900 | Trimmed |
| Credit AcceptanceCACC | 2.71% | $127M | 198,808 | Trimmed |
| U-Haul Holding Co-Non VotingUHAL/B | 2.51% | $117M | 2,031,260 | Trimmed |
| Home DepotHD | 2.19% | $102M | 290,159 | Trimmed |
| eBayEBAY | 1.96% | $91M | 815,923 | Trimmed |
| ZoetisZTS | 1.90% | $89M | 1,233,210 | New |
| M&T BankMTB | 1.42% | $66M | 277,594 | Trimmed |
| CrocsCROX | 1.27% | $59M | 489,245 | Trimmed |
| Ulta BeautyULTA | 1.14% | $53M | 117,976 | Trimmed |
| FrontlineFRO | 0.47% | $22M | 633,773 | Added |
| Garrett MotionGTX | 0.21% | $10M | 275,064 | Added |
| West Fraser Timber CoWFG | 0.18% | $8M | 123,878 | Added |
| Occidental Petroleum-Cw27OXY/WS | 0.04% | $2M | 65,345 | Trimmed |
| iShares Russell 1000 Value ETFIWD | 0.03% | $1M | 4,956 | Trimmed |
By sector
Share of the reported value.
Reported value over time
Total 13F value at each quarter end.
Questions
What stocks does Bill Smead own?
In the Q2 2026 13F, Smead Capital Management reported 32 US stock positions worth $4.7B. The largest: Cenovus Energy (CVE) 7.1%, Simon Property (SPG) 6.7%, Merck & Company (MRK) 6.4%, Macerich (MAC) 6.2%, APA (APA) 5.5%.
What did Bill Smead buy last quarter?
In Q2 2026: new position in Zoetis (ZTS); added to NVR (NVR); added to Lennar (LEN); added to Fifth Third Bancorp (FITB).
When is Bill Smead's next 13F?
13F filings are due 45 days after each quarter ends. The Q3 2026 filing is due by November 14, 2026.
More investors
13F filings list US-listed long positions (and some options) held at quarter end. They leave out short positions, cash, bonds and non-US holdings, and arrive up to 45 days after the quarter ends, so the investor may have traded since. Information only, not investment advice.