Bill Smead
Smead Capital Management, Inc.
Smead Capital Management favors established, low-cyclicality U.S. businesses with strong, durable free cash flow generation.
As of June 30, 2026, the Bill Smead portfolio (Smead Capital Management, Inc.) holds 32 equity positions worth $4.7B. That is up 1.4% from $4.6B in Q1 2026. Over the quarter, the fund opened 1 new position, exited 1, increased 7 and trimmed 24 (full breakdown below).
Portfolio as of June 30, 2026
| Company ↕ | Value ↓ | % ↕ | ||
|---|---|---|---|---|
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Quarterly moves
Q1 2026 → Q2 2026
Portfolio value went from $4.6B to $4.7B (+1.4%) quarter over quarter.
Amount invested · % of portfolio
- ZOETIS INC $89M · 1.9%
Amount bought · (±%) · % of portfolio
- NVR INC $46M (+31.2%) · 4.1%
- LENNAR CORP $39M (+27.4%) · 3.9%
- FIFTH THIRD BANCORP $19M (+12%) · 3.8%
- WESTERN ALLIANCE BANCORP $20M (+17.6%) · 2.8%
- FRONTLINE PLC $800K (+3.8%) · 0.5%
- GARRETT MOTION INC $730K (+7.9%) · 0.2%
- WEST FRASER TIMBER CO LTD $615K (+7.9%) · 0.2%
Amount sold · (±%) · % of portfolio
- CENOVUS ENERGY INC $40M (-10.1%) · 7.1%
- SIMON PPTY GROUP INC NEW $30M (-10.3%) · 6.7%
- MERCK & CO INC $16M (-5.5%) · 6.4%
- MACERICH CO $13M (-5.5%) · 6.2%
- APA CORPORATION $20M (-5.6%) · 5.5%
- AMGEN INC $14M (-5.5%) · 5.1%
- D R HORTON INC $11M (-5.6%) · 4.9%
- AMERICAN EXPRESS CO $10M (-5.6%) · 4.1%
- QUALCOMM INC $70M
Portfolio value over time
Top 10 holdings evolution as of June 30, 2026
Share of portfolio (%) since inception, top 10 as of the selected quarter.
Sector breakdown
Based on holdings matched to a stock referenced on the site.
Dividend aristocrats held
Stocks with at least 25 consecutive years of dividend growth.
No matching holding among stocks referenced on the site.
Frequently asked questions
What are Bill Smead's top holdings?
As of June 30, 2026, the top three holdings of Smead Capital Management, Inc. are CENOVUS ENERGY INC, SIMON PPTY GROUP INC NEW, MERCK & CO INC.
How many positions does Bill Smead hold?
Smead Capital Management, Inc. reports 32 equity positions worth $4.7B as of June 30, 2026.
Does Bill Smead invest in dividend stocks?
The weighted dividend yield of the covered portion of the portfolio is approximately 1.8%.
Data sourced from 13F filings submitted to the SEC, published with roughly 45 days of lag. A 13F only covers long positions in U.S.-traded securities: it excludes short sales, non-U.S. holdings and cash. Provided for informational purposes only and does not constitute investment advice.