📊 Smead 13F — Smead Capital Management, Inc.: $4.7B portfolio, 32 positions (Q2 2026)

1. CVE — $331M (7.1%) 2. SPG — $313M (6.7%) 3. MRK — $300M (6.4%) 4. MAC — $289M (6.2%) 5. APA — $254M (5.5%) 6. AMGN — $239M (5.1%) 7. DHI — $230M (4.9%) 8. AXP — $192M (4.1%) 9. NVR — $192M (4.1%) 10. TGT — $184M (4.0%) 11. LEN — $183M (3.9%) 12. FITB — $179M (3.8%) 13. FANG — $178M (3.8%) 14. COP — $164M (3.5%) 15. BAC — $149M (3.2%) 16. OXY — $140M (3.0%) 17. UNH — $136M (2.9%) 18. WAL — $131M (2.8%) 19. JPM — $129M (2.8%) 20. CACC — $127M (2.7%) … (+12 more)

1. CVE — $331M (7.1%)