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%Since filing+145.0%Full performance →

Quarter

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

Holdings

Sorted by value · 2023Q2

Sector28 positions

OXYOCCIDENTAL PETE CORP

Energy·Oil & Gas E&P

8.19%

of portfolio

Number of shares

7,010,978 sh

Holdings current value

$412.25M

Avg closing price

$46.32

+16.1%

Last action

Trimmed 3.3%

2025Q4

Current $53.79

LENLENNAR CORP

Consumer Cyclical·Residential Construction

7.50%

of portfolio

Number of shares

3,012,527 sh

Holdings current value

$377.50M

Avg closing price

$81.02

+14.5%

Last action

Trimmed 4.0%

2025Q4

Current $92.79

DHID R HORTON INC

Consumer Cyclical·Residential Construction

7.01%

of portfolio

Number of shares

2,900,578 sh

Holdings current value

$352.97M

Avg closing price

$80.42

+86.3%

Last action

Trimmed 3.9%

2025Q4

Current $149.81

MRKMERCK & CO INC

Healthcare·Drug Manufacturers - General

6.90%

of portfolio

Number of shares

3,010,773 sh

Holdings current value

$347.41M

Avg closing price

$83.35

+42.9%

Last action

Trimmed 6.1%

2025Q4

Current $119.07

AXPAMERICAN EXPRESS CO

Financial Services·Credit Services

6.29%

of portfolio

Number of shares

1,818,692 sh

Holdings current value

$316.82M

Avg closing price

$126.79

+161.6%

Last action

Trimmed 2.9%

2025Q4

Current $331.69

SPGSIMON PPTY GROUP INC NEWREIT

Real Estate·REIT - Retail

5.55%

of portfolio

Number of shares

2,419,000 sh

Holdings current value

$279.35M

Avg closing price

$113.37

+81.9%

Last action

Trimmed 4.9%

2025Q4

Current $206.23

NVRNVR INC

Consumer Cyclical·Residential Construction

5.10%

of portfolio

Number of shares

40,468 sh

Holdings current value

$257.00M

Avg closing price

$3891

+79.9%

Last action

Trimmed 4.1%

2025Q4

Current $7001

AMGNAMGEN INC

Healthcare·Drug Manufacturers - General

5.06%

of portfolio

Number of shares

1,148,553 sh

Holdings current value

$255.00M

Avg closing price

$225.14

+57.8%

Last action

Trimmed 4.6%

2025Q4

Current $355.30

COPCONOCOPHILLIPS

Energy·Oil & Gas E&P

4.96%

of portfolio

Number of shares

2,412,407 sh

Holdings current value

$249.95M

Avg closing price

$77.25

+50.2%

Last action

Added 7.3%

2025Q4

Current $116.04

MACMACERICH COREIT

Real Estate·REIT - Retail

4.70%

of portfolio

Number of shares

21,018,847 sh

Holdings current value

$236.88M

Avg closing price

$13.76

+62.1%

Last action

Trimmed 4.4%

2025Q4

Current $22.30

JPMJPMORGAN CHASE & CO

Financial Services·Banks - Diversified

4.12%

of portfolio

Number of shares

1,425,683 sh

Holdings current value

$207.35M

Avg closing price

$113.09

+174.4%

Last action

Trimmed 2.7%

2025Q4

Current $310.29

OVVOVINTIV INC

Energy·Oil & Gas E&P

4.07%

of portfolio

Number of shares

5,388,499 sh

Holdings current value

$205.14M

Avg closing price

$47.13

+12.1%

Last action

Exited

2025Q4

Current $52.81

BACBK OF AMERICA CORP

Financial Services·Banks - Diversified

3.51%

of portfolio

Number of shares

6,162,605 sh

Holdings current value

$176.81M

Avg closing price

$31.01

+73.8%

Last action

Trimmed 3.4%

2025Q4

Current $53.91

TGTTARGET CORP

Consumer Defensive·Discount Stores

3.38%

of portfolio

Number of shares

1,291,467 sh

Holdings current value

$170.34M

Avg closing price

$124.03

+3.1%

Last action

Trimmed 8.3%

2025Q4

Current $127.84

WBDWARNER BROS DISCOVERY INC

Communication Services·Entertainment

3.04%

of portfolio

Number of shares

12,204,429 sh

Holdings current value

$153.04M

Avg closing price

$12.42

+121.1%

Last action

Exited

2024Q3

Current $27.47

APAAPA CORPORATION

Energy·Oil & Gas E&P

3.01%

of portfolio

Number of shares

4,441,563 sh

Holdings current value

$151.77M

Avg closing price

$31.42

+13.8%

Last action

Trimmed 12.9%

2025Q4

Current $35.74

EBAYEBAY INC.

Consumer Cyclical·Internet Retail

2.97%

of portfolio

Number of shares

3,351,406 sh

Holdings current value

$149.77M

Avg closing price

$44.77

+133.8%

Last action

Trimmed 4.0%

2025Q4

Current $104.65

HDHOME DEPOT INC

Consumer Cyclical·Home Improvement Retail

2.87%

of portfolio

Number of shares

464,552 sh

Holdings current value

$144.31M

Avg closing price

$253.10

+38.0%

Last action

Trimmed 5.0%

2025Q4

Current $349.40

DVNDEVON ENERGY CORP NEW

Energy·Oil & Gas E&P

2.45%

of portfolio

Number of shares

2,550,354 sh

Holdings current value

$123.28M

Avg closing price

$48.52

-8.8%

Last action

Exited

2025Q4

Current $44.23

UHAL/BU HAUL HOLDING COMPANY

2.14%

of portfolio

Number of shares

2,126,818 sh

Holdings current value

$107.77M

Avg closing price

$56.10

Last action

Trimmed 7.4%

2025Q4

Current —

CACCCREDIT ACCEP CORP MICH

Financial Services·Credit Services

1.89%

of portfolio

Number of shares

187,007 sh

Holdings current value

$94.99M

Avg closing price

$451.42

+16.9%

Last action

Trimmed 6.5%

2025Q4

Current $527.56

QCOMQUALCOMM INC

Technology·Semiconductors

1.81%

of portfolio

Number of shares

766,223 sh

Holdings current value

$91.21M

Avg closing price

$117.40

+16.0%

Last action

Trimmed 5.4%

2025Q4

Current $136.20

BRK.BBERKSHIRE HATHAWAY INC DEL

1.29%

of portfolio

Number of shares

190,736 sh

Holdings current value

$65.04M

Avg closing price

$222.54

+113.3%

Last action

Exited

2025Q2

Current $474.58

PFEPFIZER INC

Healthcare·Drug Manufacturers - General

1.05%

of portfolio

Number of shares

1,442,447 sh

Holdings current value

$52.91M

Avg closing price

$38.81

-29.0%

Last action

Exited

2023Q4

Current $27.56

UHALAMERCO

Industrials·Rental & Leasing Services

0.60%

of portfolio

Number of shares

550,215 sh

Holdings current value

$30.44M

Avg closing price

$191.83

-72.6%

Last action

Exited

2025Q2

Current $52.63

OXY/WSOCCIDENTAL PETE CORPWT

0.21%

of portfolio

Number of shares

290,115 sh

Holdings current value

$10.83M

Avg closing price

$33.29

Last action

Trimmed 0.3%

2025Q4

Current —

CVECENOVUS ENERGY INC

Energy·Oil & Gas Integrated

0.19%

of portfolio

Number of shares

566,355 sh

Holdings current value

$9.62M

Avg closing price

$18.08

+35.6%

Last action

Added 194.8%

2025Q4

Current $24.51

M46528101FRONTLINE PLC

0.13%

of portfolio

Number of shares

468,869 sh

Holdings current value

$6.75M

Avg closing price

$18.06

Last action

Trimmed 0.7%

2025Q4

Current —

Sector exposure

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

Consumer Cyclical5 pos$1.28B26.4%
Energy6 pos$1.15B23.8%
Financial Services4 pos$796.0M16.4%
Healthcare3 pos$655.3M13.5%
Real Estate2 pos$516.2M10.7%
Consumer Defensive1 pos$170.3M3.5%
Communication Services1 pos$153.0M3.2%
Technology1 pos$91.2M1.9%
Industrials1 pos$30.4M0.6%

(3.8% unclassified, excluded from %)

Holdings

Portfolio heatmap

Sector exposure