SMEAD VALUE FUND
Schedule of Investments
August 31, 2023 (Unaudited)
Shares | Value | ||
COMMON STOCKS 95.24% | |||
Banks 7.09% | |||
Bank of America Corp. | 5,520,065 | $158,260,264 | |
JPMorgan Chase & Co. | 1,277,377 | 186,918,576 | |
345,178,840 | |||
Consumer Durables & Apparel 17.71% | |||
DR Horton, Inc. | 2,598,060 | 309,221,101 | |
Lennar Corp. – Class A | 2,698,508 | 321,365,318 | |
NVR, Inc. (a) | 36,252 | 231,190,967 | |
861,777,386 | |||
Diversified Financials 8.28% | |||
American Express Co. | 1,629,339 | 257,419,269 | |
Berkshire Hathaway, Inc. – Class B (a) | 170,892 | 61,555,298 | |
Credit Acceptance Corp. (a) | 167,565 | 84,079,090 | |
403,053,657 | |||
Energy 24.35% | |||
APA Corp. | 3,978,293 | 174,408,365 | |
ConocoPhillips | 2,161,325 | 257,262,515 | |
Devon Energy Corp. | 2,769,052 | 141,470,866 | |
Occidental Petroleum Corp. | 6,128,462 | 384,806,129 | |
Ovintiv, Inc. | 4,826,551 | 226,654,835 | |
1,184,602,710 | |||
Media & Entertainment 2.95% | |||
Warner Bros Discovery, Inc. (a) | 10,932,498 | 143,653,024 | |
Pharmaceuticals, Biotechnology & Life Sciences 12.40% | |||
Amgen, Inc. | 1,028,958 | 263,763,094 | |
Merck & Co., Inc. | 2,697,587 | 293,983,031 | |
Pfizer, Inc. | 1,292,486 | 45,728,155 | |
603,474,280 | |||
Real Estate 9.58% | |||
Macerich Co. (The) – REIT | 18,826,829 | 220,085,631 | |
Simon Property Group, Inc. – REIT | 2,168,598 | 246,114,187 | |
466,199,818 |
The accompanying notes are an integral part of these financial statements.
0
SMEAD VALUE FUND
Schedule of Investments (Continued)
August 31, 2023 (Unaudited)
Shares | Value | ||
Retailing 8.60% | |||
eBay, Inc. | 3,002,519 | $134,452,801 | |
Home Depot, Inc. | 416,150 | 137,454,345 | |
Target Corp. | 1,156,946 | 146,411,516 | |
418,318,662 | |||
Semiconductors & Semiconductor Equipment 1.62% | |||
Qualcomm, Inc. | 686,407 | 78,614,194 | |
Transportation 2.66% | |||
U-Haul Holding Co. | 492,134 | 28,036,874 | |
U-Haul Holding Co. (Non Voting) | 1,906,159 | 101,483,905 | |
129,520,779 | |||
TOTAL COMMON STOCKS (Cost $3,979,801,273) | 4,634,393,350 | ||
SHORT-TERM INVESTMENTS 4.68% | |||
Money Market Fund 4.68% | |||
Northern Institutional Treasury Portfolio — Premier Class, 5.20% (b) | 227,625,320 | 227,625,320 | |
TOTAL SHORT-TERM INVESTMENTS (Cost $227,625,320) | 227,625,320 | ||
TOTAL INVESTMENTS (Cost $4,207,426,593) 99.92% | 4,862,018,670 | ||
Other Assets in Excess of Liabilities 0.08% | 3,950,021 | ||
TOTAL NET ASSETS 100% | $4,865,968,691 |
(a) | Non-income producing security. |
(b) | The rate shown is the 1-month performance for the month ended August 31, 2023. |
REIT | — Real Estate Investment Trust |
The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by Smead Capital Management, Inc. for the purpose of Industry Classification in the Schedule of Investments.
The accompanying notes are an integral part of these financial statements.
1
SMEAD VALUE FUND
Notes to Financial Statements
August 31, 2023 (Unaudited)
Significant Accounting Policies
The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of the financial statements. These policies are inconformity with generally accepted accounting principles in the United States of America (“GAAP”).
Investment Valuation
Each security owned by the Funds that is listed on a securities exchange is valued at its last sale price on that exchange on the date as of which assets are valued. When the security is listed on more than one exchange, the Funds will use the price of the exchange that the Funds generally consider to be the principal exchange on which the security is traded.
Fund securities listed on The NASDAQ Stock Market, Inc. (“NASDAQ”) will be valued at the NASDAQ Official Closing Price (“NOCP”), which may not necessarily represent the last sale price. If the NOCP is not available, such securities shall be valued at the last sale price on the day of valuation. If there has been no sale on such exchange or on NASDAQ on such day, the security is valued at the mean between the most recent bid and asked prices on such day. Over-the-counter securities that are not traded on NASDAQ shall be valued at the most recent trade price.
Debt securities, other than short-term instruments, are valued at the mean between the closing bid and asked prices provided by a pricing service (“Pricing Service”). If the closing bid and asked prices are not readily available, the Pricing Service may provide a price determined by matrix pricing or other analytical pricing models. Short-term debt securities, such as commercial paper, bankers’ acceptances and U.S. Treasury bills having a maturity of less than 60 days, are valued at amortized cost, which approximates fair value. If a short-term debt security has a maturity of greater than 60 days, it is valued at market price.
Redeemable securities issued by open-end, registered investment companies, including money market funds, are valued at the net asset value (“NAV”) of such companies for purchase and/or redemption orders placed on that day.
When market quotations are not readily available, any security or other asset is valued at its fair value as determined under fair value pricing procedures approved by the Trust’s Board of Trustees (the “Board of Trustees”). These fair value pricing procedures will also be used to price a security when corporate events, events in the securities market and/or world events cause the Adviser to believe that a security’s last sale price may not reflect its actual fair market value. The intended effect of using fair value pricing procedures is to ensure that the Funds are accurately priced.
The Funds’ fair value procedures include fair valuation accounting standards that establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs used to develop the measurements of fair value. These inputs are summarized in the three broad levels listed below:
Level 1—unadjusted quoted prices in active markets for identical securities.
Level 2—other significant observable inputs (including unadjusted quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3—significant unobservable inputs (including a Fund’s own assumptions in determining the fair value of investments).
2
SMEAD VALUE FUND
Notes to Financial Statements (Continued)
August 31, 2023 (Unaudited)
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following table summarizes the valuation inputs of each Fund’s investments by each fair value hierarchy level as of August 31, 2023:
Level 1 | Level 2 | Level 3 | Total | ||||
Equity | |||||||
Common Stocks(1) | $4,634,393,350 | $— | $— | $4,634,393,350 | |||
Total Equity | 4,634,393,350 | — | — | 4,634,393,350 | |||
Short-Term Investment | — | 227,625,320 | — | 227,625,320 | |||
Total Investments on Securities | $4,634,393,350 | $227,625,320 | $— | $4,862,018,670 |
(1) | See the Schedule of Investments for industry classification. |
No Level 3 securities were held in the Funds at August 31, 2023. For the period ended August 31, 2023, there were no transfers between levels for the Funds. It is the Funds’ policy to record transfers between levels as of the end of the reporting period. The Funds did not hold financial derivative instruments during the reporting period.
3
SMEAD INTERNATIONAL VALUE FUND
Schedule of Investments
August 31, 2023 (Unaudited)
Shares | Value | ||
COMMON STOCKS 82.84% | |||
Australia 2.76% | |||
Materials 2.76% | |||
Whitehaven Coal Ltd. | 707,140 | $2,793,151 | |
Austria 4.87% | |||
Financials 4.87% | |||
BAWAG Group AG (a) | 104,685 | 4,942,308 | |
Canada 31.25% | |||
Consumer Discretionary 2.29% | |||
Canada Goose Holdings, Inc. (b) | 146,965 | 2,314,547 | |
Consumer Staples 1.10% | |||
Alimentation Couche-Tard, Inc. | 21,377 | 1,117,894 | |
Energy 18.77% | |||
Cenovus Energy, Inc. | 365,234 | 7,281,974 | |
MEG Energy Corp. (b) | 519,699 | 9,296,274 | |
Pipestone Energy Corp. (b) | 557,106 | 940,055 | |
Whitecap Resources, Inc. | 185,150 | 1,514,141 | |
19,032,444 | |||
Materials 9.09% | |||
Interfor Corp. (b) | 272,364 | 4,595,840 | |
West Fraser Timber Co. Ltd. (b) | 61,152 | 4,622,606 | |
9,218,446 | |||
31,683,331 | |||
Denmark 3.02% | |||
Consumer Discretionary 3.02% | |||
Pandora AS | 29,484 | 3,058,129 | |
Germany 1.81% | |||
Consumer Discretionary 1.81% | |||
Bayerische Motoren Werke AG | 17,460 | 1,839,741 | |
Italy 11.48% | |||
Financials 11.48% | |||
Assicurazioni Generali SpA | 191,268 | 3,961,103 | |
UniCredit SpA | 313,782 | 7,678,430 | |
11,639,533 |
The accompanying notes are an integral part of these financial statements.
4
SMEAD INTERNATIONAL VALUE FUND
Schedule of Investments (Continued)
August 31, 2023 (Unaudited)
Shares | Value | ||
Netherlands 1.33% | |||
Communications 1.33% | |||
Universal Music Group NV | 55,029 | $1,352,323 | |
Norway 5.35% | |||
Industrials 5.35% | |||
Frontline PLC | 302,820 | 5,419,697 | |
South Africa 2.88% | |||
Materials 2.88% | |||
Thungela Resources Ltd. (b) | 369,631 | 2,918,618 | |
Spain 3.09% | |||
Financials 3.09% | |||
Bankinter SA | 489,922 | 3,137,360 | |
Switzerland 3.65% | |||
Industrials 3.65% | |||
IWG PLC (b) | 1,632,017 | 3,704,748 | |
United Kingdom 4.59% | |||
Consumer Discretionary 3.42% | |||
Next PLC | 20,014 | 1,770,169 | |
WH Smith PLC | 91,281 | 1,696,277 | |
3,466,446 | |||
Financials 1.17% | |||
NatWest Group PLC | 408,784 | 1,188,771 | |
4,655,217 | |||
United States 6.76% | |||
Energy 6.76% | |||
Occidental Petroleum Corp. (b) | 109,155 | 6,853,842 | |
TOTAL COMMON STOCKS (Cost $73,812,366) | 83,997,998 | ||
PREFERRED STOCKS 8.38% | |||
Germany 8.38% | |||
Consumer Discretionary 8.38% | |||
Dr Ing hc F Porsche AG, 0.99% (a),(c) | 12,208 | 1,348,301 | |
Porsche Automobil Holding SE, 5.17% (c) | 68,287 | 3,670,624 | |
Volkswagen AG, 7.76% (c) | 28,340 | 3,473,881 | |
TOTAL PREFERRED STOCKS (Cost $11,282,909) | 8,492,806 |
The accompanying notes are an integral part of these financial statements.
5
SMEAD INTERNATIONAL VALUE FUND
Schedule of Investments (Continued)
August 31, 2023 (Unaudited)
Shares | Value | ||
WARRANTS 7.53% | |||
United States 7.53% | |||
Energy 7.53% | |||
Occidental Petroleum Corp., Exp. 7/6/2027, Strike $22.00 (b) | 186,986 | 7,638,378 | |
TOTAL WARRANTS (Cost $3,578,777) | 7,638,378 | ||
SHORT-TERM INVESTMENTS 0.72% | |||
Money Market Fund 0.72% | |||
Northern Institutional Treasury Portfolio — Premier Class, 5.20% (d) | 733,880 | 733,880 | |
TOTAL SHORT-TERM INVESTMENTS (Cost $733,880) | 733,880 | ||
TOTAL INVESTMENTS (Cost $89,407,932) 99.47% | 100,863,062 | ||
Other Assets in Excess of Liabilities 0.53% | 540,553 | ||
TOTAL NET ASSETS 100.00% | $101,403,615 |
(a) | Security exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. At August 31, 2023, the value of this security totaled $6,290,609 or 6.20% of net assets. |
(b) | Non-income producing security. |
(c) | Current yield is disclosed. Dividends are calculated based on a percentage of the issuer’s net income. |
(d) | The rate shown is the 1-month performance for the month ended August 31, 2023. |
The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by Smead Capital Management, Inc. for the purpose of Industry Classification in the Schedule of Investments.
The accompanying notes are an integral part of these financial statements.
6
SMEAD INTERNATIONAL VALUE FUND
Notes to Financial Statements
August 31, 2023 (Unaudited)
Significant Accounting Policies
The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of the financial statements. These policies are inconformity with generally accepted accounting principles in the United States of America (“GAAP”).
Investment Valuation
Each security owned by the Funds that is listed on a securities exchange is valued at its last sale price on that exchange on the date as of which assets are valued. When the security is listed on more than one exchange, the Funds will use the price of the exchange that the Funds generally consider to be the principal exchange on which the security is traded.
Fund securities listed on The NASDAQ Stock Market, Inc. (“NASDAQ”) will be valued at the NASDAQ Official Closing Price (“NOCP”), which may not necessarily represent the last sale price. If the NOCP is not available, such securities shall be valued at the last sale price on the day of valuation. If there has been no sale on such exchange or on NASDAQ on such day, the security is valued at the mean between the most recent bid and asked prices on such day. Over-the-counter securities that are not traded on NASDAQ shall be valued at the most recent trade price.
Debt securities, other than short-term instruments, are valued at the mean between the closing bid and asked prices provided by a pricing service (“Pricing Service”). If the closing bid and asked prices are not readily available, the Pricing Service may provide a price determined by matrix pricing or other analytical pricing models. Short-term debt securities, such as commercial paper, bankers’ acceptances and U.S. Treasury bills having a maturity of less than 60 days, are valued at amortized cost, which approximates fair value. If a short-term debt security has a maturity of greater than 60 days, it is valued at market price.
Redeemable securities issued by open-end, registered investment companies, including money market funds, are valued at the net asset value (“NAV”) of such companies for purchase and/or redemption orders placed on that day.
When market quotations are not readily available, any security or other asset is valued at its fair value as determined under fair value pricing procedures approved by the Trust’s Board of Trustees (the “Board of Trustees”). These fair value pricing procedures will also be used to price a security when corporate events, events in the securities market and/or world events cause the Adviser to believe that a security’s last sale price may not reflect its actual fair market value. The intended effect of using fair value pricing procedures is to ensure that the Funds are accurately priced.
The Funds’ fair value procedures include fair valuation accounting standards that establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs used to develop the measurements of fair value. These inputs are summarized in the three broad levels listed below:
Level 1—unadjusted quoted prices in active markets for identical securities.
Level 2—other significant observable inputs (including unadjusted quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3—significant unobservable inputs (including a Fund’s own assumptions in determining the fair value of investments).
7
SMEAD INTERNATIONAL VALUE FUND
Notes to Financial Statements (Continued)
August 31, 2023 (Unaudited)
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following table summarizes the valuation inputs of each Fund’s investments by each fair value hierarchy level as of August 31, 2023:
Level 1 | Level 2 | Level 3 | Total | ||||
Equity(1) | |||||||
Common Stocks | $43,956,870 | $40,041,128 | $— | $83,997,998 | |||
Preferred Stocks | — | 8,492,806 | — | 8,492,806 | |||
Warrants | 7,638,378 | — | — | 7,638,378 | |||
Total Equity | 51,595,248 | 48,533,934 | — | 100,129,182 | |||
Short-Term Investment | — | 733,880 | — | 733,880 | |||
Total Investments on Securities | $51,595,248 | $49,267,814 | $— | $100,863,062 |
(1) | See the Schedule of Investments for industry classification. |
No Level 3 securities were held in the Funds at August 31, 2023. For the period ended August 31, 2023, there were no transfers between levels for the Funds. It is the Funds’ policy to record transfers between levels as of the end of the reporting period. The Funds did not hold financial derivative instruments during the reporting period.
8