In This Article:
Insight into Smead Value Fund (Trades, Portfolio)'s Latest Investment Decisions
Smead Value Fund (Trades, Portfolio) recently submitted its N-PORT filing for the first quarter of 2025, shedding light on its strategic investment decisions during this period. Smead Capital Management, the adviser to the Smead Value Fund (Trades, Portfolio), caters to a diverse clientele, including individuals, advisors, family offices, and institutions worldwide. The fund primarily invests in U.S. large-cap companies and offers various share classes, including Investor Share Class (SMVLX) and A Share Class (SVFAX), among others. Managed by Lead Portfolio Manager Bill Smead and Co-Portfolio Manager Cole Smead, CFA, the fund aims for long-term capital appreciation through concentrated positions, typically holding 25-30 companies. Smead's investment philosophy focuses on eight criteria, including economic need, competitive advantage, profitability, and shareholder-friendly management.
Summary of New Buy
Smead Value Fund (Trades, Portfolio) added a total of one stock to its portfolio this quarter:
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The most significant addition was Millrose Properties Inc (NYSE:MRP), with 1,081,478 shares, accounting for 0.46% of the portfolio and a total value of $24.72 million.
Key Position Increases
Smead Value Fund (Trades, Portfolio) also increased its stakes in one stock:
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The most notable increase was in Merck & Co Inc (NYSE:MRK), with an additional 139,193 shares, bringing the total to 3,034,166 shares. This adjustment represents a significant 4.81% increase in share count, a 0.24% impact on the current portfolio, with a total value of $279.90 million.
Key Position Reduces
Smead Value Fund (Trades, Portfolio) reduced its position in 27 stocks. The most significant changes include:
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Reduced Simon Property Group Inc (NYSE:SPG) by 117,876 shares, resulting in a -5.25% decrease in shares and a -0.36% impact on the portfolio. The stock traded at an average price of $177.83 during the quarter and has returned -8.62% over the past 3 months and -6.81% year-to-date.
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Reduced Lennar Corp (NYSE:LEN) by 119,929 shares, resulting in a -5.25% reduction in shares and a -0.35% impact on the portfolio. The stock traded at an average price of $131.81 during the quarter and has returned -19.83% over the past 3 months and -13.61% year-to-date.
Portfolio Overview
As of the first quarter of 2025, Smead Value Fund (Trades, Portfolio)'s portfolio included 30 stocks. The top holdings were 7.41% in Simon Property Group Inc (NYSE:SPG), 6.3% in American Express Co (NYSE:AXP), 5.6% in Macerich Co (NYSE:MAC), 5.49% in Amgen Inc (NASDAQ:AMGN), and 5.24% in Merck & Co Inc (NYSE:MRK).