Smead Global ex-US Value UCITS Fund

We advise investors who play the long game through a low-turnover, differentiated value discipline seeking wonderful companies to build wealth.

Smead Capital Management is the adviser to the Smead Global ex-US Value UCITS Fund. Smead Capital Management’s investors are individuals, advisors, family offices and institutions globally who invest with the firm through the Smead Funds, separate accounts, UMAs and other investment vehicles.

The Fund invests in non-U.S. large capitalization companies and currently offers an Institutional Share Class (I Shares).

OUR EIGHT CRITERIA

Required over entire holding period:

Meets an economic need
Strong competitive advantage (wide moats or barriers to entry)
Long history of profitability and strong operating metrics
Generates high levels of free cash flow
Available at a low price in relation to intrinsic value

Favored, but not required:

- Management’s history of shareholder friendliness
- Strong balance sheet
- Strong insider ownership (Preferably with recent purchases)

Every company we own must satisfy the required criteria. For companies that do not also meet the favored criteria, we believe these short-term conditions will be ultimately corrected or overwhelmed by the required criteria.

Performance
Portfolio Holdings

As the Fund has launched less than 12 months ago, we are unable to provide performance history.

Below are the Smead Global ex-US Value UCITS Fund’s top 10 holdings and the Top 5 Sectors. For more holdings information, refer to the Fund Fact Sheet.

Download Full Portfolio Holdings PDF

Fund holdings and sector allocations are subject to change at any time and are not recommendations to buy or sell any security.

Top 10 Holdings as of 30/6/2026
BAWAG Group AG (BG AV)	10.44%
Cenovus Energy Inc (CVE)	8..83%
Cash	6.85%
Strathcona Resources Ltd (SCR CT)	6.80%
Tamarack Valley Energy Ltd (TVE CT)	5.51%
UniCredit SpA (UCG IM)	5.39%
Glencore PLC (GLEN LN)	4.75%
Frontline PLC (FRO NO)	4.64%
Barclays PLC (BARC LN)	4.63%
Bankinter SA (BKT SQ)	4.39%

Top 5 Sectors as of 30/6/2026
Financials	33.32%
Energy	31.17%
Consumer Discretionary	13.77%
Materials	7.00%
Industrials	4.98%

Performance
Portfolio Holdings

As the Fund has launched less than 12 months ago, we are unable to provide performance history.

Below are the Smead Global ex-US Value UCITS Fund’s top 10 holdings and the Top 5 Sectors. For more holdings information, refer to the Fund Fact Sheet.

Download Full Portfolio Holdings PDF

Fund holdings and sector allocations are subject to change at any time and are not recommendations to buy or sell any security.

Top 10 Holdings as of 30/6/2026
BAWAG Group AG (BG AV)	10.44%
Cenovus Energy Inc (CVE)	8..83%
Cash	6.85%
Strathcona Resources Ltd (SCR CT)	6.80%
Tamarack Valley Energy Ltd (TVE CT)	5.51%
UniCredit SpA (UCG IM)	5.39%
Glencore PLC (GLEN LN)	4.75%
Frontline PLC (FRO NO)	4.64%
Barclays PLC (BARC LN)	4.63%
Bankinter SA (BKT SQ)	4.39%

Top 5 Sectors as of 30/6/2026
Financials	33.32%
Energy	31.17%
Consumer Discretionary	13.77%
Materials	7.00%
Industrials	4.98%

Performance
Portfolio Holdings

Average Total Returns as of 30 June 2027

	One Month	3 Months	YTD	One Year	Three Year	Five Years	Ten Years	Since Inception 29/11/13
Smead Global ex-US Value UCITS Fund I Shares	4.32%	7.94%	8.74%	13.36%	10.55%	10.83%	12.15%	10.62%
MSCI World ex USA Index	-0.79%	0.65%	0.62%	16.55%	21.29%	13.69%	14.91%	12.94%
MSCI ACWI ex USA Index	2.55%	7.85%	7.18%	17.66%	15.29%	11.08%	11.13%	9.38%

Below are the Smead Global ex-US Value UCITS Fund’s top 10 holdings and the Top 5 Sectors. For more holdings information, refer to the Fund Fact Sheet.

Download Full Portfolio Holdings PDF

Fund holdings and sector allocations are subject to change at any time and are not recommendations to buy or sell any security.

Top 10 Holdings as of 30/6/2026
BAWAG Group AG (BG AV)	10.44%
Cenovus Energy Inc (CVE)	8..83%
Cash	6.85%
Strathcona Resources Ltd (SCR CT)	6.80%
Tamarack Valley Energy Ltd (TVE CT)	5.51%
UniCredit SpA (UCG IM)	5.39%
Glencore PLC (GLEN LN)	4.75%
Frontline PLC (FRO NO)	4.64%
Barclays PLC (BARC LN)	4.63%
Bankinter SA (BKT SQ)	4.39%

Top 5 Sectors as of 30/6/2026
Financials	33.32%
Energy	31.17%
Consumer Discretionary	13.77%
Materials	7.00%
Industrials	4.98%

Our Eight Criteria

Required over entire holding period

Meets an economic need
Strong competitive advantage (wide moats or barriers to entry)
Long history of profitability and strong operating metrics
Generates high levels of free cash flow
Available at a low price in relation to intrinsic value

Favored, but not required

Management’s history of shareholder friendliness
Strong balance sheet
Strong insider ownership (Preferably with recent purchases)

Daily Share Price
Tickers, ISINs & Minimums

Click here for a fund application. This is a marketing communication Investors should carefully read the prospectus, the key investor information document and all other relevant documentation before investing in the fund. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance quoted. Currency fluctuations may have a negative impact on the value of an investment in the fund. Net performance results are calculated after management fees and certain operational costs, commissions, fees and other charges that could have a negative impact on performance. The performance figures given are a measure of the change in net asset value of the Fund which are net of all Fund fees and expenses but do not take into account taxes or charges. The MSCI World ex USA Net Index is an equity benchmark that tracks the performance of large and mid-cap stocks across 22 developed markets globally, specifically excluding the United States. This benchmark calculates reinvested dividends net of withholding taxes using Luxembourg tax rates. The MSCI ACWI ex USA Net Index is a float-adjusted market capitalization index that is designed to measure the combined equity market performance of large- and mid-cap securities in developed and emerging market countries excluding the United States. The Fund is not managed to target or exceed the performance of any specific benchmark, nor are investment decisions constrained by any benchmark. Benchmarks are used for comparison purposes only. An index cannot be invested in directly. The Smead Global ex-US Value UCITS Fund, incorporated on June 8, 2026, and the Smead US Value UCITS Fund, incorporated on December 4, 2015, are sub-funds of Smead Funds, a UCITS organized as an umbrella investment company with variable capital(Société d’investissement à capital variable, “SICAV”) under the laws of Luxembourg, and is regulated by the Commission de Surveillance du Secteur Financier (“CSSF”) which is the Luxembourg supervisory authority (“Funds”). Investors should carefully read the prospectus, more specifically its section on risk factors, the Key Information Document (“KID”) and all other relevant documentation before investing in the Funds. Further information about the Funds, including copies of their prospectus, the last annual reports and any subsequent half yearly reports can be obtained free of charge, in English, at the registered office of the Funds, Central Administrator, the Custodian Bank, the Funds distributors or online here. Holdings are available upon request. These agreements may be amended by mutual agreement of the parties involved. Luxembourg taxation regime may have an impact on the personal tax position of the investors. Depending on your own country of residence, this might have an impact on your investment. For further details you should consult a tax adviser. The latest prices of share class of the Funds can be found at the depositary and on distributors’ or on the Investment Manager’s website (www.smeadcap.com). The assets and the liabilities of the Funds are segregated by law. Shareholders may request at any time the conversion of all or part of their holdings into shares of another category and/ or class of shares. There are no conversion fees. For more details on how to exercise that right refer to the Funds’ prospectus. FundSight S.A. was appointed as Management Company of the Fund with effect 1 October 2020. FundSight S.A. is authorized in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier. Smead Capital Management Inc. is the Investment Manager of these Funds. These Funds are authorized in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier. Each Fund’s holdings, sector allocation, and asset allocations are subject to change and are not recommendations to buy or sell any security. This information does not constitute the solicitation of an offer to purchase or subscribe for any investment, financial instrument or service in any jurisdiction where such a solicitation of an offer is unlawful. The Funds are not available for investment by US Persons as defined by Regulation S and is not offered for sale or sold in the US, its territories or possessions. The Funds are not registered for sale to the public in all jurisdictions. Subscriptions will only be received and shares issued on the basis of the current prospectus for the Funds, the most recent financial reports and the simplified prospectus. The information contained within this document has not been reviewed in light of your personal circumstances.

Daily Share Price
Tickers, ISINs & Minimums

This concentrated fund looks for a few high-quality stocks at bargain prices.

by Ryan Ermey

January 3, 2019 – Smead Value Fund Focuses on the Long Term

P/E (Price to Earnings) is the ratio for valuing a company that measures its current share price relative to its per-share earnings. P/FCF (Price to Free-Cash-Flow) is a valuation method used to compare a company’s current share price to its per-share free cash flow.