Smead Global ex-US Value Fund
We advise investors1 who play the long game through a low-turnover, differentiated value discipline seeking wonderful companies to build wealth.
Smead Capital Management (Canada) Ltd. is the investment fund manager and portfolio manager of the Smead Global ex-US Value Fund. Portfolio management services are provided by Smead Capital Management, Inc. (“Smead US”) as sub-advisor. Smead US serves individual investors, advisors, family offices and institutions globally who invest through its mutual funds, separate accounts and other investment vehicles.
The Fund invests in non-US large capitalization companies and is made available to investors in Canada through registered dealers and their advisors. It offers Series A Units (SMV100), Series I Units (SMV190) and Series F Units (SMV150). The Fund’s portfolio is managed by Lead Portfolio Manager Cole Smead, CFA of Smead US, which serves as sub-advisor to the Fund.
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.
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 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 3/31/2026 | |
|---|---|
| Stock (Ticker) | XX.XX% |
| Stock (Ticker) | XX.XX% |
| Stock (Ticker) | XX.XX% |
| Stock (Ticker) | XX.XX% |
| Stock (Ticker) | XX.XX% |
| Stock (Ticker) | XX.XX% |
| Stock (Ticker) | XX.XX% |
| Stock (Ticker) | XX.XX% |
| Stock (Ticker) | XX.XX% |
| Stock (Ticker) | XX.XX% |
| Top 5 Sectors as of 3/31/2026 | |
|---|---|
| Financials | XX.XX% |
| Energy | XX.XX% |
| Consumer Discretionary | XX.XX% |
| Materials | XX.XX% |
| Industrials | XX.XX% |
Annual Management Fees2
Series A units: 1.75% per annum
Series F units: 0.75% per annum
Series I units: 0.75% per annum
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)
1In Canada, the Fund is made available through registered dealers and their advisors.
2Operating expenses are not yet available. The manager has agreed to limit operating expenses as described in the Simplified Prospectus.
Click here for a Fund Prospectus.
Mutual fund investing involves risk. Principal loss is possible.
This website is for informational purposes only and does not constitute an offer to sell or a solicitation to buy securities. This website is not intended to provide investment, financial or tax advice. The Funds (as defined herein) are available for purchase only through registered dealers and their registered representatives in Canada. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the Fund Facts and other offering documents before investing.
Smead Capital Management (Canada) Ltd. is registered as an Investment Fund Manager in Ontario (principal regulator), Quebec, and Newfoundland and Labrador, and as a Portfolio Manager in Ontario and Alberta. Smead Capital Management (Canada) Ltd. is the investment fund manager and portfolio manager of the Smead Global ex-US Value Fund and the Smead US Value Fund (each, a “Fund” and collectively, the “Funds”). Portfolio management services are provided by Smead Capital Management, Inc. (“Smead US”) as sub-advisor. All investment decisions and suitability determinations for underlying clients are the responsibility of registered dealers and their advisors in accordance with Canadian securities laws.
The Funds are Canadian mutual funds and are separate investment products from any U.S. fund managed by Smead US. The Funds follow the same investment philosophy and process used in managing the Smead International Value Fund and the Smead Value Fund, respectively, in the United States; however, each Fund is a distinct investment vehicle and its performance, expenses and holdings may differ from its respective U.S. counterpart. The Funds are reported in Canadian dollars, while their respective U.S. counterparts are reported in U.S. dollars. Generally, neither the Funds nor their U.S. counterparts hedge foreign currency exposure, so currency translation may also cause differences between a Fund and its U.S. counterpart. Performance of any U.S. fund is not indicative of the applicable Fund’s future results.
Quarterly portfolio disclosure for each Fund will be posted within 60 days of each quarter end.
The MSCI World ex USA Net CAD Index is a global equity benchmark that measures the performance of large and mid-cap stocks across 22 of 23 developed markets worldwide, specifically excluding the United States. It is a Net Return index, meaning it includes the reinvestment of dividends net of withholding taxes, with returns calculated and reported in Canadian dollars to reflect the return to a Canadian investor holding the unhedged constituent securities. Fund holdings, sector allocation and asset allocation are subject to change and are not recommendations to buy or sell any security. Sector Weightings exclude cash or cash equivalents.
You cannot invest directly in an index, and its performance does not reflect the deduction of fees, expenses, or taxes.
Series A Units
SMV100
Price: $10.00
Minimum Investment $2,000 initial; $500 additional
Series I Units
SMV190
Price: $10.00
Minimum Investment $10,000,000 initial
Series F Units
SMV150
Price: $10.00
Minimum Investment $2,000 initial; $500 additional
Fund Profile
by Sarah Max
