Smead Value Fund
Monthly Update
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 Manager 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)
Average Annualized Total Returns as of August 31, 2024
| Three Months | YTD | One Year | Three Year | Five Year | Ten Year | Fifteen Year | Since Inception 01/02/08 |
|
|---|---|---|---|---|---|---|---|---|
| Smead Value Fund Investor Class | 4.02% | 11.89% | 23.04% | 10.65% | 14.96% | 11.86% | 14.36% | 10.36% |
| Smead Value Fund Class A w/ Load | -1.97% | 5.46% | 15.98% | 8.49% | 13.61% | 11.22% | 13.84% | 9.87% |
| Smead Value Fund Class A w/o Load | 4.01% | 11.89% | 23.07% | 10.65% | 14.96% | 11.88% | 14.29% | 10.27% |
| Smead Value Fund Class C | 3.88% | 11.47% | 22.27% | 9.99% | 14.46% | 11.62% | 14.20% | 10.22% |
| Smead Value Fund Class I1 | 4.10% | 12.08% | 23.38% | 10.94% | 15.26% | 12.17% | 14.65% | 10.61% |
| Smead Value Fund Class R1 | 3.91% | 11.60% | 22.82% | 10.41% | 14.67% | 11.59% | 14.08% | 10.09% |
| Smead Value Fund Class R2 | 3.93% | 11.71% | 22.69% | 10.43% | 14.73% | 12.02% | 14.38% | 10.34% |
| Smead Value Fund Class Y | 4.14% | 12.22% | 23.49% | 11.04% | 15.39% | 12.32% | 14.67% | 10.63% |
| Russell 1000 Value Total Return | 6.92% | 15.08% | 21.15% | 7.25% | 11.16% | 8.85% | 11.38% | 7.93% |
| S&P 500 TR | 7.39% | 19.53% | 27.14% | 9.38% | 15.92% | 12.98% | 14.26% | 10.69% |
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 6/30/2024 | |
|---|---|
| Occidental Petroleum Corp (OXY) | 5.96% |
| Lennar Corp Class A (LEN) | 5.74% |
| Simon Property Group Inc (SPG) | 5.71% |
| Merck & Co Inc (MRK) | 5.44% |
| American Express Co (AXP) | 5.42% |
| Amgen Inc (AMGN) | 5.26% |
| D.R. Horton Inc (DHI) | 5.09% |
| Bank of America Corp (BAC) | 4.53% |
| Macerich Co (MAC) | 4.53% |
| Ovintiv Inc (OVV) | 4.24% |
| Top 5 Sectors as of 6/30/2024 | |
|---|---|
| Energy | 26.40% |
| Financials | 21.51% |
| Consumer Discretionary | 21.43% |
| Healthcare | 11.36% |
| Real Estate | 10.87% |
*Institutional Shares were renamed I1 shares on 11/21/2014 with a new ticker SVFFX
Investor Shares Gross Expense Ratio 1.23%
A Shares Gross Expense Ratio 1.24%
I1 Shares Gross Expense Ratio 0.96%
R1 Shares Gross Expense Ratio 1.57%
R2 Shares Gross Expense Ratio 1.42%
Y Shares Gross Expense Ratio 0.82%
C Shares Gross Expense Ratio 1.82%
Investor Share Class
SMVLX
Price: $86.16
CUSIP: 83178C881
Minimum Investment: $3,000
A Share Class
SVFAX
Price: $85.31
CUSIP: 83178C808
Minimum Investment: $3,000
I1 Share Class
SVFFX
Price: $86.26
CUSIP: 83178C873
Minimum Investment: $1,000,000
R1 Share Class
SVFDX
Price: $84.47
CUSIP: 83178C303
Minimum Investment: $25,000
R2 Share Class
SVFKX
Price: $87.19
CUSIP: 83178C402
Minimum Investment: $25,000
Y Share Class
SVFYX
Price: $86.47
CUSIP: 83178C709
Minimum Investment: $10,000,000
C Share Class
SVFCX
Price: $82.97
CUSIP: 83178C105
Minimum Investment: $25,000
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.
Investor Share Class
SMVLX
Price: $86.16
CUSIP: 83178C881
Minimum Investment: $3,000
A Share Class
SVFAX
Price: $85.31
CUSIP: 83178C808
Minimum Investment: $3,000
I1 Share Class
SVFFX
Price: $86.26
CUSIP: 83178C873
Minimum Investment: $1,000,000
R1 Share Class
SVFDX
Price: $84.47
CUSIP: 83178C303
Minimum Investment: $25,000
R2 Share Class
SVFKX
Price: $87.19
CUSIP: 83178C402
Minimum Investment: $25,000
Y Share Class
SVFYX
Price: $86.47
CUSIP: 83178C709
Minimum Investment: $10,000,000
C Share Class
SVFCX
Price: $82.97
CUSIP: 83178C105
Minimum Investment: $25,000
This concentrated fund looks for a few high-quality stocks at bargain prices.
by Ryan Ermey
