In plain English: this page lists every stock Bill Smead's fund told the SEC it owned at the end of the quarter, biggest first, and what changed since the quarter before — "New" means they bought it for the first time, "Sold" means they sold all of it. The list is at least 6 weeks old, and it is only part of their investments (no cash, bonds or bets against stocks).
Educational and informational only, not personalized investment advice. Based on public filings that may be delayed or contain errors; verify with the original filings. Disclaimer
Reported value ⓘTotal of long stock positions in this 13F. Options are listed separately and not included.
$4.66B
Q2 2026
Quarter change
+1.4%
vs Q1 2026 ($4.60B)
Holdings
32
Top-10 weight 54.2%
Activity
1 new · 1 sold out
7 added to · 24 trimmed
Investing style at a glance · Q2 2026
- Concentrated: 32 stocks, with 54.2% of the portfolio in the 10 largest.
- Biggest sector: Energy (22.9% of the portfolio).
- Turnover this quarter: low — 1 new positions and 1 sold out (7 added to, 24 trimmed).
- Largest position: CVE at 7.1% of the portfolio.
Worked out from this 13F only (long stock positions). ⓘConcentration: The share of a portfolio in its 10 largest positions. High = a few big bets; low = spread out. Guide ⓘTurnover: How many positions were opened or closed this quarter compared with the number held. Guide
Portfolio value over time
Reported 13F value per quarter (dashed = partial quarter)
Sector allocation
Q2 2026
- Energy22.9%
- Financials20.9%
- Health Care16.4%
- Industrials13.5%
- Real Estate12.9%
- Consumer Discretionary8.0%
- Consumer Staples4.0%
- Materials1.4%
- ETFs & Funds0.0%
Top holdings over time
Share of the portfolio each quarter (current top 5)
Quarter-by-quarter activity
Positions bought (new or added) vs sold (trimmed or exited)
🔒 The advanced charts (performance, sector allocation over time, adds vs. trims) is a Plus feature
You're viewing the Free plan. Upgrade to unlock The advanced charts (performance, sector allocation over time, adds vs. trims) — every paid plan starts with a 7-day free trial, and you can cancel in two clicks.
Column filters
| Ticker | Company | Sector | Shares | Value ↓ | % of portfolio | Change | Δ shares | Δ shares % | Est. Δ value ⓘChange in shares × this quarter's price |
|---|---|---|---|---|---|---|---|---|---|
| CVE | Cenovus Energy Inc | Energy | 13.37M | $331.45M | 7.1% | Reduced | -1.5M | -10.1% | -$37.12M |
| SPG | Simon Property Group Inc | Real Estate | 1.40M | $313.05M | 6.7% | Reduced | -160.1K | -10.3% | -$35.81M |
| MRK | Merck & Co., Inc | Health Care | 2.33M | $299.98M | 6.4% | Reduced | -136.9K | -5.5% | -$17.60M |
| MAC | Macerich Co | Real Estate | 11.48M | $289.22M | 6.2% | Reduced | -673.6K | -5.5% | -$16.97M |
| APA | APA Corp | Energy | 7.81M | $254.33M | 5.5% | Reduced | -461.2K | -5.6% | -$15.02M |
| AMGN | Amgen Inc | Health Care | 659.24K | $238.72M | 5.1% | Reduced | -38.7K | -5.5% | -$14.01M |
| DHI | Horton D R Inc | Industrials | 1.41M | $230.35M | 4.9% | Reduced | -83.5K | -5.6% | -$13.60M |
| AXP | American Express Co | Financials | 569.06K | $192.49M | 4.1% | Reduced | -33.6K | -5.6% | -$11.36M |
| NVR | NVR Inc | Industrials | 28.25K | $192.47M | 4.1% | Added | +6.7K | +31.2% | +$45.72M |
| TGT | Target Corp | Consumer Staples | 1.41M | $184.16M | 4.0% | Reduced | -82.7K | -5.5% | -$10.80M |
| LEN | Lennar Corp (Class A) | Industrials | 2.02M | $182.83M | 3.9% | Added | +434.2K | +27.4% | +$39.29M |
| FITB | Fifth Third Bancorp | Financials | 3.17M | $178.80M | 3.8% | Added | +340.4K | +12.0% | +$19.19M |
| FANG | Diamondback Energy, Inc | Energy | 1.01M | $177.54M | 3.8% | Reduced | -59.3K | -5.5% | -$10.43M |
| COP | Conocophillips | Energy | 1.58M | $164.03M | 3.5% | Reduced | -93.5K | -5.6% | -$9.72M |
| BAC | Bank of America Corp | Financials | 2.61M | $148.54M | 3.2% | Reduced | -152.9K | -5.5% | -$8.71M |
| OXY | Occidental Petroleum Corp | Energy | 2.89M | $140.37M | 3.0% | Reduced | -205.6K | -6.6% | -$9.98M |
| UNH | Unitedhealth Group Inc | Health Care | 328.41K | $136.50M | 2.9% | Reduced | -18.7K | -5.4% | -$7.77M |
| WAL | Western Alliance Bancorporation | Financials | 1.59M | $131.08M | 2.8% | Added | +239.1K | +17.6% | +$19.65M |
| JPM | Jpmorgan Chase & Co | Financials | 392.90K | $128.61M | 2.8% | Reduced | -23.2K | -5.6% | -$7.59M |
| CACC | Credit Acceptance Corp | Financials | 198.81K | $126.59M | 2.7% | Reduced | -11.7K | -5.5% | -$7.43M |
| UHAL.B | U-Haul Holding Co | Consumer Discretionary | 2.03M | $117.20M | 2.5% | Reduced | -115.2K | -5.4% | -$6.65M |
| HD | Home Depot, Inc | Consumer Discretionary | 290.16K | $102.33M | 2.2% | Reduced | -17.2K | -5.6% | -$6.06M |
| EBAY | Ebay Inc | Consumer Discretionary | 815.92K | $91.18M | 2.0% | Reduced | -955.6K | -53.9% | -$106.79M |
| ZTS | Zoetis Inc (Class A) | Health Care | 1.23M | $88.62M | 1.9% | New | +1.2M | — | +$88.62M |
| MTB | M&t Bank Corp | Financials | 277.59K | $66.07M | 1.4% | Reduced | -16.3K | -5.5% | -$3.87M |
| CROX | Crocs, Inc | Materials | 489.25K | $59.02M | 1.3% | Reduced | -27.9K | -5.4% | -$3.37M |
| ULTA | Ulta Beauty, Inc | Consumer Discretionary | 117.98K | $53.20M | 1.1% | Reduced | -6.9K | -5.5% | -$3.12M |
| FRO | Frontline plc | Industrials | 633.77K | $21.98M | 0.5% | Added | +23.1K | +3.8% | +$800.34K |
| GTX | Garrett Motion Inc | Consumer Discretionary | 275.06K | $9.97M | 0.2% | Added | +20.2K | +7.9% | +$730.18K |
| WFG | West Fraser Timber Co., Ltd | Materials | 123.88K | $8.38M | 0.2% | Added | +9.1K | +7.9% | +$615.45K |
| OXY.WS | Occidental Petroleum Corp | Energy | 65.34K | $1.74M | 0.0% | Reduced | -85.9K | -56.8% | -$2.29M |
| IWD | Ishares Russell 1000 Value E | ETFs & Funds | 4.96K | $1.20M | 0.0% | Reduced | -1.3K | -20.9% | -$317.07K |
Column filters
| Ticker | Company | Sector | Shares sold | Value last quarter ↓ |
|---|---|---|---|---|
| QCOM | Qualcomm Inc | Information Technology | -545.8K | $70.29M |
13F filings on record (4)
🔒 This manager's full history (all quarters and every 13F filing on record) is a Basic feature
You're viewing the Free plan. Upgrade to unlock This manager's full history (all quarters and every 13F filing on record) — every paid plan starts with a 7-day free trial, and you can cancel in two clicks.