Insights from the Latest N-PORT Filing for Q3 2024
Smead Value Fund (Trades, Portfolio), managed by Smead Capital Management, is known for its disciplined investment approach focusing on U.S. large-cap companies. The fund, under the stewardship of Bill Smead and Cole Smead, CFA, aims for long-term capital appreciation by holding a concentrated portfolio of 25-30 companies. These companies are selected based on stringent criteria including economic necessity, competitive advantages, profitability, free cash flow, valuation, management quality, financial health, and insider ownership.
Key Position Increases
Smead Value Fund (Trades, Portfolio) has increased its stakes in 22 stocks during the third quarter of 2024. Noteworthy adjustments include:
- Cenovus Energy Inc (TSX:CVE, Financial) saw an addition of 1,811,964 shares, bringing the total to 10,714,559 shares. This represents a 20.35% increase in share count and a 0.56% impact on the current portfolio, valued at C$198,684,250.
- D.R. Horton Inc (DHI, Financial) increased by 60,782 shares, totaling 2,177,083 shares. This adjustment marks a 2.87% increase in share count, with a total value of $410,946,190.
Summary of Sold Out Positions
In a significant portfolio adjustment, Smead Value Fund (Trades, Portfolio) exited its entire position in one company during the third quarter of 2024:
- Warner Bros. Discovery Inc (WBD, Financial): The fund sold all 6,063,706 shares, impacting the portfolio by -0.86%.
Key Position Reductions
The fund also reduced its holdings in four stocks, with significant changes in:
- American Express Co (AXP, Financial) was reduced by 207,798 shares, a -12.84% decrease, impacting the portfolio by -0.86%. The stock traded at an average price of $239.79 during the quarter and has returned 10.94% over the past three months and 46.30% year-to-date.
- Qualcomm Inc (QCOM, Financial) saw a reduction of 121,682 shares, a -16.98% decrease, impacting the portfolio by -0.43%. The stock traded at an average price of $189.60 during the quarter and has returned -11.89% over the past three months and 19.87% year-to-date.
Portfolio Overview
As of the third quarter of 2024, Smead Value Fund (Trades, Portfolio)'s portfolio included 27 stocks. The top holdings were 6.98% in Lennar Corp (LEN, Financial), 6.83% in D.R. Horton Inc (DHI, Financial), 6.31% in Simon Property Group Inc (SPG, Financial), 6.06% in American Express Co (AXP), and 5.63% in Amgen Inc (AMGN, Financial). The holdings are predominantly concentrated in eight industries: Consumer Cyclical, Energy, Financial Services, Real Estate, Healthcare, Industrials, Consumer Defensive, and Technology.
This article, generated by GuruFocus, is designed to provide general insights and is not tailored financial advice. Our commentary is rooted in historical data and analyst projections, utilizing an impartial methodology, and is not intended to serve as specific investment guidance. It does not formulate a recommendation to purchase or divest any stock and does not consider individual investment objectives or financial circumstances. Our objective is to deliver long-term, fundamental data-driven analysis. Be aware that our analysis might not incorporate the most recent, price-sensitive company announcements or qualitative information. GuruFocus holds no position in the stocks mentioned herein.
