Smead Value Fund - Class I1
SVFFX
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- Smead Value Fund - Class I1 (SVFFX) is an open-end mutual fund managed by Smead Capital Management, Inc. that seeks long-term capital appreciation by investing primarily in U.S. large-capitalization value stocks selected through a low-turnover, differentiated value discipline focusing on 25-30 wonderful companies meeting strict criteria including economic need, strong competitive advantages, long profitability histories, high free cash flow generation, and availability at low prices relative to intrinsic value; favored traits encompass shareholder-friendly management, strong balance sheets, and significant insider ownership. The Fund offers multiple share classes including Investor (SMVLX), A (SVFAX), C (SVFCX), I1 (SVFFX; institutional shares renamed from Institutional on November 21, 2014), R1 (SVFDX), R2 (SVFKX), and Y (SVFYX), with SVFFX featuring a gross expense ratio of 0.95% and a minimum investment of $1,000,000; it maintains a portfolio turnover of approximately 13-25%, annual dividend payouts, and sector allocations emphasizing consumer discretionary, energy, financials, real estate, and healthcare, with top holdings as of September 30, 2025 including Simon Property Group Inc., D.R. Horton Inc., American Express Co., Macerich Co., Cenovus Energy Inc., Merck & Co Inc., APA Corp., Lennar Corp., Amgen Inc., and NVR Inc. Launched with Investor Class inception on January 2, 2008 and I1 Class on December 18, 2009, the Fund operates from Smead Capital Management's headquarters at 2502 East Camelback Road, Suite 210, Phoenix, Arizona 85016, serving individual, advisor, family office, and institutional investors globally through mutual funds, separate accounts, and other vehicles. In recent portfolio adjustments during the third quarter of 2025, the Fund initiated new positions in UnitedHealth Group Inc. (286,744 shares, 1.99% of portfolio) and Crocs Inc. (552,392 shares, 1.08%), significantly increased stakes in Diamondback Energy Inc. (added 199,915 shares, +21.26%) and Target Corp. (added 301,811 shares, +23.39%), and completely exited three holdings amid ongoing contrarian value strategy implementation. As of second quarter 2025, total net assets stood at $4.45 billion across 28 holdings, with weighted average market cap of $115.1 billion, price/earnings of 13.04x, and price/book of 2.08x, reflecting continued emphasis on cash-generative businesses in cyclical sectors like energy and real estate. The Fund is distributed by Smead Funds Distributors, LLC, a wholly owned subsidiary of Foreside Distributors, LLC, and adheres to U.S. securities regulations for domestic equity exposure.