Asset Manager · CIK 0001427008

Bill Smead

Smead Capital

Mid-Size Fund

Bill Smead runs Smead Capital, an asset manager overseeing $4.82B in disclosed equity holdings (SEC CIK 0001427008). The latest portfolio (2025Q4) discloses 32 positions across 8 sectors, with the largest positions in SPG, MRK and AXP. On a mark-to-market basis the tracked portfolio has returned 8.2% over the past year. OpenStocks tracks 40 consecutive quarterly snapshots for this manager — every position change, new entry, and exit is logged below.

Track Bill's filings View holdings

Portfolio

$4.82B

Positions

Quarter

2025Q4

Filings tracked

1Y+8.2%3Y+46.3%5Y+85.6%Full performance →

Quarter

2025Q4 2025Q3 2025Q2 2025Q1 2024Q4 2024Q3 2024Q2 2024Q1 2023Q4 2023Q3 2023Q2 2023Q1

Holdings

Sorted by value · 2025Q4

Sector32 positions

SPGSIMON PPTY GROUP INC NEWREIT

Real Estate·REIT - Retail

6.88%

of portfolio

Number of shares

1,791,330 sh

Holdings current value

$331.59M

Avg closing price

$105.50

+90.8%

Last action

Trimmed 6.5%

2025Q4

Current $201.35

MRKMERCK & CO INC

Healthcare·Drug Manufacturers - General

6.20%

of portfolio

Number of shares

2,838,300 sh

Holdings current value

$298.76M

Avg closing price

$82.34

+40.2%

Last action

Trimmed 6.5%

2025Q4

Current $115.46

AXPAMERICAN EXPRESS CO

Financial Services·Credit Services

5.90%

of portfolio

Number of shares

768,431 sh

Holdings current value

$284.28M

Avg closing price

$125.03

+160.5%

Last action

Trimmed 6.5%

2025Q4

Current $325.76

CVECENOVUS ENERGY INC

Energy·Oil & Gas Integrated

5.89%

of portfolio

Number of shares

16,763,978 sh

Holdings current value

$283.63M

Avg closing price

$18.08

+43.5%

Last action

Added 2.3%

2025Q4

Current $25.94

AMGNAMGEN INC

Healthcare·Drug Manufacturers - General

5.45%

of portfolio

Number of shares

801,796 sh

Holdings current value

$262.44M

Avg closing price

$222.32

+57.2%

Last action

Trimmed 6.5%

2025Q4

Current $349.39

MACMACERICH COREIT

Real Estate·REIT - Retail

5.35%

of portfolio

Number of shares

13,963,805 sh

Holdings current value

$257.77M

Avg closing price

$12.49

Last action

Trimmed 6.5%

2025Q4

Current —

DHID R HORTON INC

Consumer Cyclical·Residential Construction

5.14%

of portfolio

Number of shares

1,719,925 sh

Holdings current value

$247.72M

Avg closing price

$79.60

+80.1%

Last action

Trimmed 6.5%

2025Q4

Current $143.35

APAAPA CORPORATION

Energy·Oil & Gas E&P

4.82%

of portfolio

Number of shares

9,503,039 sh

Holdings current value

$232.44M

Avg closing price

$31.42

Last action

Trimmed 6.5%

2025Q4

Current —

LENLENNAR CORP

Consumer Cyclical·Residential Construction

3.89%

of portfolio

Number of shares

1,822,291 sh

Holdings current value

$187.33M

Avg closing price

$80.12

Last action

Trimmed 6.5%

2025Q4

Current —

FANGDIAMONDBACK ENERGY INC

Energy·Oil & Gas E&P

3.83%

of portfolio

Number of shares

1,227,772 sh

Holdings current value

$184.57M

Avg closing price

$138.52

Last action

Trimmed 6.4%

2025Q4

Current —

JPMJPMORGAN CHASE & CO

Financial Services·Banks - Diversified

3.76%

of portfolio

Number of shares

562,792 sh

Holdings current value

$181.34M

Avg closing price

$111.74

Last action

Trimmed 6.5%

2025Q4

Current —

NVRNVR INC

Consumer Cyclical·Residential Construction

3.74%

of portfolio

Number of shares

24,745 sh

Holdings current value

$180.46M

Avg closing price

$3840

Last action

Trimmed 6.5%

2025Q4

Current —

COPCONOCOPHILLIPS

Energy·Oil & Gas E&P

3.72%

of portfolio

Number of shares

1,917,545 sh

Holdings current value

$179.50M

Avg closing price

$77.25

Last action

Added 9.4%

2025Q4

Current —

EBAYEBAY INC.

Consumer Cyclical·Internet Retail

3.67%

of portfolio

Number of shares

2,032,886 sh

Holdings current value

$177.06M

Avg closing price

$44.32

+130.1%

Last action

Trimmed 6.5%

2025Q4

Current $101.96

BACBK OF AMERICA CORP

Financial Services·Banks - Diversified

3.62%

of portfolio

Number of shares

3,169,803 sh

Holdings current value

$174.34M

Avg closing price

$30.74

+74.1%

Last action

Trimmed 6.5%

2025Q4

Current $53.51

TGTTARGET CORP

Consumer Defensive·Discount Stores

3.48%

of portfolio

Number of shares

1,713,932 sh

Holdings current value

$167.54M

Avg closing price

$122.87

+0.8%

Last action

Trimmed 6.4%

2025Q4

Current $123.91

FITBFIFTH THIRD BANCORP

Financial Services·Banks - Regional

3.16%

of portfolio

Number of shares

3,250,139 sh

Holdings current value

$152.14M

Avg closing price

$40.89

Last action

Added 99.9%

2025Q4

Current —

OXYOCCIDENTAL PETE CORP

Energy·Oil & Gas E&P

3.03%

of portfolio

Number of shares

3,545,182 sh

Holdings current value

$145.78M

Avg closing price

$46.30

Last action

Trimmed 6.4%

2025Q4

Current —

WALWESTERN ALLIANCE BANCORP

Financial Services·Banks - Regional

2.72%

of portfolio

Number of shares

1,556,943 sh

Holdings current value

$130.89M

Avg closing price

$70.45

Last action

Added 16.8%

2025Q4

Current —

HDHOME DEPOT INC

Consumer Cyclical·Home Improvement Retail

2.52%

of portfolio

Number of shares

352,819 sh

Holdings current value

$121.40M

Avg closing price

$249.73

Last action

Trimmed 6.5%

2025Q4

Current —

UHAL/BU HAUL HOLDING COMPANY

2.39%

of portfolio

Number of shares

2,467,011 sh

Holdings current value

$115.31M

Avg closing price

$56.10

Last action

Trimmed 6.4%

2025Q4

Current —

QCOMQUALCOMM INC

Technology·Semiconductors

2.23%

of portfolio

Number of shares

626,937 sh

Holdings current value

$107.24M

Avg closing price

$116.16

+15.8%

Last action

Trimmed 6.5%

2025Q4

Current $134.47

UNHUNITEDHEALTH GROUP INC

Healthcare·Healthcare Plans

2.11%

of portfolio

Number of shares

308,723 sh

Holdings current value

$101.91M

Avg closing price

$319.81

-1.1%

Last action

Trimmed 6.5%

2025Q4

Current $316.40

ULTAULTA BEAUTY INC

Consumer Cyclical·Specialty Retail

1.80%

of portfolio

Number of shares

143,477 sh

Holdings current value

$86.81M

Avg closing price

$359.99

+49.8%

Last action

Trimmed 6.5%

2025Q4

Current $539.44

CACCCREDIT ACCEP CORP MICH

Financial Services·Credit Services

1.73%

of portfolio

Number of shares

188,334 sh

Holdings current value

$83.52M

Avg closing price

$446.74

+10.7%

Last action

Trimmed 6.5%

2025Q4

Current $494.56

MTBM & T BK CORP

Financial Services·Banks - Regional

1.41%

of portfolio

Number of shares

337,603 sh

Holdings current value

$68.02M

Avg closing price

$139.50

+55.5%

Last action

Trimmed 6.5%

2025Q4

Current $216.95

CROXCROCS INC

Consumer Cyclical·Footwear & Accessories

1.06%

of portfolio

Number of shares

594,690 sh

Holdings current value

$50.86M

Avg closing price

$83.55

+22.4%

Last action

Trimmed 6.2%

2025Q4

Current $102.25

M46528101FRONTLINE PLC

0.27%

of portfolio

Number of shares

586,729 sh

Holdings current value

$12.94M

Avg closing price

$18.06

Last action

Trimmed 0.6%

2025Q4

Current —

GTXGARRETT MOTION INC

Consumer Cyclical·Auto Parts

0.09%

of portfolio

Number of shares

244,261 sh

Holdings current value

$4.26M

Avg closing price

$17.43

Last action

New holding

2025Q4

Current —

WFGWEST FRASER TIMBER CO LTD

Basic Materials·Lumber & Wood Production

0.07%

of portfolio

Number of shares

54,678 sh

Holdings current value

$3.35M

Avg closing price

$80.36

Last action

Trimmed 54.6%

2025Q4

Current —

OXY/WSOCCIDENTAL PETE CORPWT

0.06%

of portfolio

Number of shares

153,047 sh

Holdings current value

$2.95M

Avg closing price

$33.29

Last action

Trimmed 0.6%

2025Q4

Current —

IWDISHARES TRETF

0.02%

of portfolio

Number of shares

4,392 sh

Holdings current value

$923.8K

Avg closing price

$191.86

Last action

Trimmed 20.2%

2025Q4

Current —

Portfolio heatmap

Box size = % of portfolio · color = return since filing

Sector exposure

Share of dollar value across the latest reported portfolio. Unclassified positions excluded.

Financial Services7 pos$1.07B22.9%
Consumer Cyclical8 pos$1.06B22.5%
Energy5 pos$1.03B21.9%
Healthcare3 pos$663.1M14.1%
Real Estate2 pos$589.4M12.6%
Consumer Defensive1 pos$167.5M3.6%
Technology1 pos$107.2M2.3%
Basic Materials1 pos$3.3M0.1%

(2.7% unclassified, excluded from %)