13F filer · reported 2026-Q1 · filed 2026-05-14 · Δ vs 2025-Q4 · US-listed long positions only 13F portfolio $4.6B · Positions 32 · Top 10 57.6% · Effective N 21.5 Filer13F 2026-Q1 | CIK1427008 | Reported quarter2026-Q1 | | Prior quarter2025-Q4 | Filed2026-05-14 | | Reported value$4.6B | Positions32 | | Regulatory AUM (ADV)$5.5B | Employees (ADV)18 | | Head office (ADV)PHOENIX, AZ, United States | Structure (ADV)Corporation |
Authorized signatory: Brian Briggs · Chief Compliance Officer — the person who SIGNED this filer's latest 13F, frequently a compliance officer, general counsel or CFO, and not necessarily the portfolio manager. Owners & officers (ADV Schedule A): SMEAD, WILLIAM, WALLACE (CIO, SHAREHOLDER) · SMEAD, COLE, W. (CEO, SHAREHOLDER) · BRIGGS, BRIAN, LEWIS (CHIEF COMPLIANCE OFFICER) · OCallaghan, Conor, William (COO, SHAREHOLDER) · WAY, WILLIAM, GRIFFITH (SHAREHOLDER) · LEMIRE, STEVEN, JOSEPH (SHAREHOLDER) Reported 2026-Q1 · filed 2026-05-14 · ADV 2026-03-30ⓘ Implied return1.14y vs SPY | Cumulative+44.7% | CAGR+38.2% | | vs SPY+16.4pp | Vol (ann.)14.5% | | Sharpe2.31 | Max drawdown−6.1% | | Beta0.41 | Avg coverage97% | | Quarters replayed3 | |
2025-06-30 → 2026-08-21 · HYPOTHETICAL replication, not actual returnsⓘ Contribution10 of 32 names | Ticker | Avg wt | Return | Contrib. |
|---|
| CVE | 6.9% | +105.6% | +6.34pp | | APA | 6.0% | +106.0% | +4.98pp | | MRK | 6.0% | +79.1% | +4.28pp | | AMGN | 5.3% | +52.8% | +2.69pp | | TGT | 3.7% | +72.1% | +2.54pp | | MAC | 5.3% | +39.2% | +2.05pp | | LEN | 3.9% | −34.6% | −2.02pp | | FANG | 4.1% | +49.8% | +1.99pp | | SPG | 6.8% | +28.1% | +1.90pp | | COP | 4.1% | +43.8% | +1.85pp |
Carino-linked; contributions sum to the book return — modeled, not actual results. 2025-08-24 → 2026-08-24 · book +29.9% · SPY +20.0% · largest absolute contributors first · HYPOTHETICALⓘ Top holdings12 of 32 · 65.5% of book | Holding | Weight | Value | Δ shares |
|---|
| CVE | 8.6% | $394M | −11.3% | | APA | 7.6% | $351M | −13.0% | | MRK | 6.5% | $297M | −12.9% | | SPG | 6.3% | $291M | −12.9% | | AMGN | 5.3% | $246M | −13.0% | | MAC | 5.0% | $230M | −13.0% | | COP | 4.8% | $221M | −12.8% | | FANG | 4.6% | $212M | −12.9% | | DHI | 4.5% | $206M | −12.9% | | OXY | 4.4% | $201M | −12.7% | | AXP | 4.0% | $182M | −21.6% | | TGT | 3.9% | $181M | −12.9% |
Weights as filed for 2026-Q1 · Δ vs 2025-Q4ⓘ Sector split10 sectors | Sector | N | Weight |
|---|
| Energy | 5 | 30.0% | | Financials | 8 | 19.8% | | Health Care | 2 | 11.8% | | Real Estate | 2 | 11.3% | | Consumer Discretionary | 5 | 10.2% | | Industrials | 2 | 7.6% | | Consumer Staples | 1 | 3.9% | | Unclassified | 4 | 2.7% | | Information Technology | 1 | 1.5% | | Materials | 2 | 1.1% |
SIC-derived, not GICS · 97% of weight classifiedⓘ Sector history8 of 52 quarters | Sector | 2024-Q2 | 2024-Q3 | 2024-Q4 | 2025-Q1 | 2025-Q2 | 2025-Q3 | 2025-Q4 | 2026-Q1 |
|---|
| Energy | 26.5% | 22.0% | 23.2% | 25.1% | 23.4% | 24.1% | 21.3% | 30.0% | | Financials | 21.3% | 22.0% | 21.9% | 21.5% | 21.8% | 21.3% | 24.4% | 19.8% | | Health Care | 11.2% | 10.9% | 9.7% | 10.7% | 10.3% | 9.6% | 11.6% | 11.8% | | Real Estate | 10.8% | 11.6% | 13.0% | 12.6% | 11.8% | 12.2% | 12.2% | 11.3% | | Consumer Discretionary | 11.8% | 13.6% | 13.4% | 12.6% | 13.5% | 13.1% | 12.0% | 10.2% | | Industrials | 10.0% | 12.5% | 10.3% | 9.1% | 9.3% | 10.1% | 8.9% | 7.6% | | Consumer Staples | 2.8% | 2.8% | 3.1% | 2.9% | 3.9% | 3.2% | 3.5% | 3.9% | | Unclassified | 2.5% | 2.8% | 2.7% | 2.7% | 3.4% | 3.0% | 2.7% | 2.7% | | Information Technology | 2.1% | 1.7% | 1.6% | 1.6% | 2.3% | 2.2% | 2.2% | 1.5% | | Materials | 0.1% | 0.2% | 0.2% | 0.2% | 0.2% | 1.2% | 1.1% | 1.1% | | Communication Services | 0.8% | 0.0% | 0.9% | 0.9% | 0.0% | 0.0% | 0.0% | 0.0% | | Top-10 concentration | 54.7% | 57.3% | 53.8% | 51.9% | 51.0% | 52.1% | 53.3% | 57.6% |
SIC-derived, not GICS · 97% of the latest book classified · share of the filed book, per quarterⓘ Basis & disclosures - As filed · positions and weights exactly as the 13F states them · nothing imputed · absent “—”
- 13F is US-listed long only · filed up to 45 days after quarter-end · a LOWER bound on what this filer manages, never a total — shorts, options, cash, bonds and non-US listings are outside it
- As filed — the holdings and weights are the 13F itself; no return engine produced them
- Implied returns are a replication, not a track record · the filed book valued daily and rebalanced to each new filing · no fees, no timing, and nothing a 13F does not carry
- Not investment advice · no recommendation, forecast or offer · past ≠ future · this is a filer's public record, not a solicitation
- SEC Form 13F · SEC Form ADV · licensed end-of-day prices · spzco.com/methodology
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