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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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Buyside Digest is not affiliated with, and does not endorse, Smead Value Fund. This analysis is provided for institutional research purposes only and is not investment advice.
"Smead Value Fund runs a concentrated 25-30 stock portfolio with 96% active share, deliberately avoiding expensive technology stocks. Q2 winners were mall REITs benefiting from record occupancy and pricing power."
Smead Value Fund returned 7.36% in Q2 2026 versus 15.20% for the S&P 500, with year-to-date performance of 16.46%. The fund's best performers were mall REITs Macerich and Simon Property Group, which repriced sharply as Class A mall fundamentals reached an inflection point with record occupancy, accelerating leasing spreads, and double-digit tenant sales growth. UnitedHealth Group benefited from a 2.48% Medicare Advantage payment increase. The fund's oil holdings—APA, Occidental, and ConocoPhillips—detracted as oil prices fell to $70, though the manager believes the through-cycle price has structurally shifted to $80 due to permanent geopolitical risk premiums. The portfolio remains concentrated with 96% active share, deliberately avoiding the expensive technology stocks that now comprise 45% of the S&P 500. The manager emphasizes their eight-criteria stock selection process focused on out-of-favor companies with strong competitive advantages, repeat customer businesses, and high free cash flow generation. Holdings break even at $40 oil and will generate significant returns at mid-cycle $80 prices. The manager remains patient and excited about future prospects.
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