Smead Value Fund

We advise investors that fear stock market failure through a low-turnover, differentiated value discipline seeking wonderful companies to build wealth.

Smead Capital Management is the adviser to the Smead Value 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 and other investment vehicles. 

The Fund invests in U.S. large capitalization companies and offers an Investor Share Class (SMVLX), A Share Class (SVFAX), C Share Class (SVFCX), I1 Share Class (SVFFX), R1 Share Class (SVFDX), R2 Share Class (SVFKX) and Y Share Class (SVFYX). The Fund is managed by Lead Portfolio Manager Bill Smead and Co-Portfolio Managers Tony Scherrer, CFA and Cole Smead, CFA.

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)

  • Performance
  • Portfolio Holdings

Average Annualized Total Returns as of June 30, 2021

QTR YTD One Year Three Year Five Year Ten Year Since Inception
01/02/08
Smead Value Fund Investor Class 8.97% 31.00% 60.83% 17.71% 16.59% 15.33% 10.27%
Smead Value Fund A Share w/ Load 2.70% 23.49% 51.59% 15.40% 15.25% 14.59% 9.67%
Smead Value Fund A Share w/o Load 8.97% 31.03% 60.84% 17.71% 16.63% 15.27% 10.15%
Smead Value Fund Class C 8.83% 30.69% 59.95% 17.60% 16.52% 15.29% 10.24%
Smead Value Fund* I1 Share Class 9.07% 31.20% 61.29% 18.01% 16.90% 15.63% 10.51%
Smead Value Fund R1 Share Class 8.90% 30.80% 60.39% 17.35% 16.26% 15.04% 9.99%
Smead Value Fund R2 Share Class 8.93% 30.89% 60.49% 18.86% 17.09% 15.47% 10.30%
Smead Value Fund Y Share Class 9.09% 31.30% 61.47% 18.16% 17.06% 15.67% 10.50%
Russell 1000 Value Index 5.21% 17.05% 43.68% 12.42% 11.87% 11.61% 7.85%
S&P 500® 8.55% 15.25% 40.79% 18.67% 17.65% 14.84% 10.56%

Below are the Smead 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

Download Prior Fiscal Quarter 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 6/30/21
Continental Resources Inc. (CLR) 7.07%
Target Corp. (TGT) 6.24%
American Express Co. (AXP) 5.93%
Lennar Corp. (LEN) 5.60%
NVR Inc. (NVR) 5.12%
Macerich Co. (MAC) 5.07%
eBay Inc. (EBAY) 4.63%
Merck & Co. Inc. (MRK) 4.53%
Amgen Inc. (AMGN) 4.39%
JPMorgan Chase & Co. (JPM) 4.24%
Top 5 Sectors as of 6/30/21
Consumer Discretionary 30.73%
Financials 18.84%
Energy 14.31%
Health Care 11.26%
Real Estate 9.42%

*Institutional Shares were renamed I1 shares on 11/21/2014 with a new ticker SVFFX 

Investor Shares Gross Expense Ratio 1.26%
A Shares Gross Expense Ratio 1.26%
I1 Shares Gross Expense Ratio 0.99%
R1 Shares Gross Expense Ratio 1.59%
R2 Shares Gross Expense Ratio 1.44%
Y Shares Gross Expense Ratio 0.88%
C Shares Gross Expense Ratio 1.85%

  • Daily Share Price
  • Tickers, CUSIPS & Minimums

As of 07/27/2021


Investor Share Class

SMVLX

Price: $65.73

A Share Class

SVFAX

Price: $65.22

I1 Share Class

SVFFX

Price: $65.78

R1 Share Class

SVFDX

Price: $64.59

R2 Share Class

SVFKX

Price: $66.73

Y Share Class

SVFYX

Price: $65.89

C Share Class

SVFCX

Price: $64.04

Investor Share Class

SMVLX

Price: $65.73

CUSIP: 83178C881

Minimum Investment: $3,000

A Share Class

SVFAX

Price: $65.22

CUSIP: 83178C808

Minimum Investment: $3,000

I1 Share Class

SVFFX

Price: $65.78

CUSIP: 83178C873

Minimum Investment: $1,000,000

R1 Share Class

SVFDX

Price: $64.59

CUSIP: 83178C303

Minimum Investment: $25,000

R2 Share Class

SVFKX

Price: $66.73

CUSIP: 83178C402

Minimum Investment: $25,000

Y Share Class

SVFYX

Price: $65.89

CUSIP: 83178C709

Minimum Investment: $10,000,000

C Share Class

SVFCX

Price: $64.04

CUSIP: 83178C105

Minimum Investment: $25,000

Click here for a Fund Prospectus or Application.

Performance data quoted represents past performance; 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. Performance data current to the most recent month end may be obtained by calling 877-807-4122. Performance for SVFAX (w/load) reflects maximum sales charge of 5.75%. Performance for SVFAX does not reflect maximum sales charge of 5.75%. If reflected, the load would reduce the performance amount quoted. SVFAX applies a maximum Deferred Sales Charge on Class A shares only to purchases of $1,000,000 or more that are redeemed within 18 months of purchase. Performance data does not reflect the redemption fee. If it had, returns would be reduced. Investor Class shares of the Fund commenced operations on January 2, 2008. I1 Class shares of the Fund commenced operations on December 18, 2009. Performance shown for I1 Class shares prior to its inception reflects the performance of Investor Class shares. R1, R2, and Y shares of the Fund commenced operations on November 24, 2014. Performance shown for R1, R2 and Y Class shares prior to their inception reflects the performance of Investor Class shares. Class A shares of the Fund commenced operations on January 24, 2014. Performance shown for Class A shares prior to its inception reflects the performance of Investor Class shares, adjusted to reflect Class A expenses.

Please refer to the prospectus for important information about the investment company including objectives, risks, charges, and expenses. Read and consider it carefully before investing. You may also obtain a hard copy of the prospectus by calling 1.877.807.4122.

Mutual fund investing involves risk. Principal loss is possible.

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

The Smead Value Fund is offered to United States residents, and information on this site is intended only for such persons. Nothing on this web site should be considered a solicitation to buy or an offer to sell shares of the Smead Value Fund in any jurisdiction where the offer or solicitation would be unlawful under the securities laws of such jurisdiction.

The S&P 500 Index is a broad based unmanaged index of 500 stocks, which is widely recognized as representative of the equity market in general.

The Russell 1000® Value Index measures the performance of those Russell 1000® Index companies with lower price-to-book ratios and lower forecasted growth values.

Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes.  Russell ® is a trademark of Russell Investment Group.

One cannot invest directly in an index.

Free Cash Flow (FCF): measures the cash generating capability of a company by adding non-cash charges (e.g. depreciation) and interest expense to pretax income.

The Smead Value Fund is distributed by UMB Distribution Services, LLC. UMB Distribution Services, and Smead Capital Management are not affiliated.

  • Daily Share Price
  • Tickers, CUSIPS & Minimums

As of 07/27/2021


Investor Share Class

SMVLX

Price: $65.73

A Share Class

SVFAX

Price: $65.22

I1 Share Class

SVFFX

Price: $65.78

R1 Share Class

SVFDX

Price: $64.59

R2 Share Class

SVFKX

Price: $66.73

Y Share Class

SVFYX

Price: $65.89

C Share Class

SVFCX

Price: $64.04

Investor Share Class

SMVLX

Price: $65.73

CUSIP: 83178C881

Minimum Investment: $3,000

A Share Class

SVFAX

Price: $65.22

CUSIP: 83178C808

Minimum Investment: $3,000

I1 Share Class

SVFFX

Price: $65.78

CUSIP: 83178C873

Minimum Investment: $1,000,000

R1 Share Class

SVFDX

Price: $64.59

CUSIP: 83178C303

Minimum Investment: $25,000

R2 Share Class

SVFKX

Price: $66.73

CUSIP: 83178C402

Minimum Investment: $25,000

Y Share Class

SVFYX

Price: $65.89

CUSIP: 83178C709

Minimum Investment: $10,000,000

C Share Class

SVFCX

Price: $64.04

CUSIP: 83178C105

Minimum Investment: $25,000

kiplinger logo

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

by Ryan Ermey

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.