# Smead Capital Management, Inc.

> Smead Capital Management, Inc. is an SEC-registered investment advisory firm in Phoenix, AZ, registered since 2007, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated March 30, 2026.

- CRD: 143567
- Filed as: SMEAD CAPITAL MANAGEMENT, INC.
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Phoenix, AZ
- Filing period: October 2026
- Form ADV filing dated: March 30, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/143567
- AdvisorCensus page: https://advisorcensus.com/firm/smead-capital-management-inc-phoenix-az-143567

## Quick answers

**How is Smead Capital Management, Inc. compensated?**
On its Form ADV (Item 5.E, October 2026), Smead Capital Management, Inc. reports these compensation arrangements: a percentage of assets under its management. The amounts are in Item 5 of its Form ADV Part 2A brochure.

**Where is Smead Capital Management, Inc. located?**
Smead Capital Management, Inc.'s principal office is in Phoenix, AZ, according to its Form ADV; the April 2026 filing also lists 2 other offices (Schedule D, Section 1.F).

**Is Smead Capital Management, Inc. registered with the SEC or a state?**
Smead Capital Management, Inc. is an SEC-registered investment advisory firm, registered since 2007. Status as filed: Approved. CRD 143567.

**How much does Smead Capital Management, Inc. manage?**
Smead Capital Management, Inc. reports $5,515,720,920 in regulatory assets under management in its Form ADV filing dated March 30, 2026 (97% discretionary).

**How have Smead Capital Management, Inc.'s assets and staff changed since 2021?**
In the Form ADV data for Smead Capital Management, Inc.: Regulatory assets under management: $1,773,456,493 in the October 2021 data and $5,515,720,920 in the October 2026 data, up 211%. Total employees: 14 in October 2021 and 18 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Smead Capital Management, Inc. serve?**
By number of clients on Form ADV Item 5.D: other (123); high net worth individuals (49); corporations or other businesses not listed above (8).

**Does Smead Capital Management, Inc. report any disciplinary disclosures?**
Reports no disclosure items on Form ADV Item 11. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/143567

**What changed in Smead Capital Management, Inc.'s recent Form ADV filings?**
In the April 2026 filing data: Employees performing advisory functions went from 16 to 10. Regulatory assets under management went from $7,168,225,918 to $5,515,720,920 (-23%). Changed its office addresses in London. Updated its list of owners and control persons (Schedule A).

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management

### Regulatory assets under management (Item 5.F)
- Total: $5,515,720,920
- Discretionary: $5,357,915,668
- Non-discretionary: $157,805,252

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 2 | $1,640,262 |
| High net worth individuals | 49 | $43,195,752 |
| Investment companies | 2 | $4,446,092,161 |
| Pooled investment vehicles (other than investment companies and business development companies) | 1 | $410,178,449 |
| Corporations or other businesses not listed above | 8 | $456,809,044 |
| Other | 123 | $157,805,252 |

### Advisory services (Item 5.G)
- Portfolio management for individuals and/or small businesses
- Portfolio management for investment companies (and business development companies)
- Portfolio management for pooled investment vehicles (other than investment companies)
- Portfolio management for businesses (other than small businesses) or institutional clients

### Firm details
- Registered since: 2007 (19 years)
- Employees: 18 total, 10 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: AZ, NJ, WA
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Other offices (Schedule D, Section 1.F), as of the April 2026 filing
- Jersey City, NJ
- London

### Websites listed on Form ADV (Item 1.I)
- [smeadcap.com](https://smeadcap.com)
- Facebook @SMEADCAP
- LinkedIn @SMEAD-CAPITAL-MANAGEMENT
- X @SMEADCAP

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $1,773,456,493 | 14 | April 12, 2021 |
| October 2022 | $4,008,191,727 | 13 | March 16, 2022 |
| October 2023 | $5,250,997,806 | 16 | March 21, 2023 |
| October 2024 | $6,072,332,268 | 17 | February 26, 2024 |
| October 2025 | $7,168,225,918 | 19 | March 12, 2025 |
| October 2026 | $5,515,720,920 | 18 | March 30, 2026 |

Regulatory assets under management: $1,773,456,493 in the October 2021 data and $5,515,720,920 in the October 2026 data, up 211%.
Total employees: 14 in October 2021 and 18 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Employees performing advisory functions went from 16 to 10.
- Regulatory assets under management went from $7,168,225,918 to $5,515,720,920 (-23%).
- Changed its office addresses in London.
- Updated its list of owners and control persons (Schedule A).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Smead Capital Management, Inc. (CRD 143567): Form ADV filing data as of October 2026.