9AT: SMEAD CAPITAL MANAGEMENT, INC.

Adviser Profile

As of Date	03/30/2026
Registration	SEC, Approved, 04/26/2007
ADV Location	PHOENIX, AZ, United States
Contact Info	602 xxxxxxx
Websites

AUM^*	5,515,720,920 -9%
of that, discretionary	5,357,915,668 -9%
Number of Employees	18 6%
of those in investment advisory functions	10
Private Fund GAV^*	0
Avg Account Size	29,814,708 -57%
% High Net Worth	26.49% 109%
SMA’s	Yes
Private Funds	0

Adviser Type

- Large advisory firm

Client Types

- Individuals (other than high net worth individuals)
- High net worth individuals
- Investment companies
- Pooled investment vehicles
- Corporations or other businesses not listed above
- Other

Advisory Activities

- Portfolio management for individuals and/or small businesses
- Portfolio management for investment companies
- Portfolio management for pooled investment vehicles
- Portfolio management for businesses

Compensation Arrangments

- A percentage of assets under your management

Adviser	Hedge Fund	Liquidity Fund	Private Equity Fund	Real Estate Fund	Securitized Asset Fund	Venture Capital Fund	Other Fund	Total Private Fund GAV	AUM	#Funds
Adviser ALLSPRING GLOBAL INVESTMENTS, LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund5.8b	Total Private Fund GAV5.8b	AUM475.8b	#Funds16
Adviser SOUTHEASTERN ASSET MANAGEMENT INC.	Hedge Fund8.7m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV8.7m	AUM3.7b	#Funds1
Adviser OBERWEIS ASSET MANAGEMENT INC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund48.8m	Total Private Fund GAV48.8m	AUM5.1b	#Funds1
Adviser SOUND SHORE MANAGEMENT INC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund32.4m	Total Private Fund GAV32.4m	AUM3.4b	#Funds1
Adviser REDWOOD INVESTMENTS, LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM710.1m	#Funds-
Adviser FIRST PRINCIPLES CAPITAL MANAGEMENT, LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM9.1m	#Funds-
Adviser SUMMIT CREEK ADVISORS	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM650.9m	#Funds-
Adviser FAIRHOLME CAPITAL MANAGEMENT, L.L.C.	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM2.1b	#Funds-
Adviser NOMURA INVESTMENT MANAGEMENT BUSINESS TRUST	Hedge Fund43.1m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV43.1m	AUM144.0b	#Funds8
Adviser LORD, ABBETT & CO. LLC	Hedge Fund91.8m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund3.0b	Total Private Fund GAV3.1b	AUM270.4b	#Funds14

Stock Ticker	Stock Name	$ Position	% Position	$ Change	# Change
Stck Ticker15135U109	Stock NameCENOVUS ENERGY INC	$ Position$394,457,007	% Position9.00%	$ Change39.00%	# Change-11.00%
Stck Ticker03743Q108	Stock NameAPA CORPORATION	$ Position$350,970,972	% Position8.00%	$ Change51.00%	# Change-13.00%
Stck Ticker58933Y105	Stock NameMERCK & CO INC	$ Position$297,284,542	% Position6.00%	$ Change0.00%	# Change-13.00%
Stck Ticker828806109	Stock NameSIMON PPTY GROUP INC NEW	$ Position$290,960,720	% Position6.00%	$ Change-12.00%	# Change-13.00%
Stck Ticker554382101	Stock NameMACERICH CO	$ Position$229,735,786	% Position5.00%	$ Change-11.00%	# Change-13.00%
Stck Ticker031162100	Stock NameAMGEN INC	$ Position$245,562,970	% Position5.00%	$ Change-6.00%	# Change-13.00%
Stck Ticker20825C104	Stock NameCONOCOPHILLIPS	$ Position$220,612,033	% Position5.00%	$ Change23.00%	# Change-13.00%
Stck Ticker25278X109	Stock NameDIAMONDBACK ENERGY INC	$ Position$211,502,480	% Position5.00%	$ Change15.00%	# Change-13.00%
Stck Ticker278642103	Stock NameEBAY INC.	$ Position$161,241,433	% Position4.00%	$ Change-9.00%	# Change-13.00%
Stck Ticker025816109	Stock NameAMERICAN EXPRESS CO	$ Position$182,287,601	% Position4.00%	$ Change-36.00%	# Change-22.00%

Brochure Summary

Overview

A. Smead Capital Management, Inc. (“SCM” or the “Firm”) is a Securities Exchange Commission (“SEC”) registered investment adviser providing investment management services to separate accounts, and mutual funds (collectively the “Clients”) for advisors, family offices and institutions. SCM is a Sub-S corporation with William W. Smead being the only shareholder that holds greater than 25% of the Firm’s shares. SCM was established in July of 2007. B. SCM provides investment advisory services for securities such as exchange-listed securities, securities traded over-the-counter, certificates of deposit, mutual fund shares, and US government securities. C. SCM’s separately managed account investment strategy is Capital Appreciation. SCM provides investment advisory services to the Smead Value Fund (the “Value Fund”) and the Smead International Value Fund (the “International Value Fund”) both non- diversified series of Smead Funds Trust, a Delaware statutory trust registered with the SEC as an open-end management investment company. SCM also provides investment advisory services to a non-U.S. investor fund (the “Smead US Value UCITS Fund”) an investment company authorized and regulated by the Commission de Surveillance du Secteur

Financier pursuant to Luxembourg law of 17 December 2010 relating to undertakings for collective investment, as amended or supplemented from time to time. The Smead Value Fund, Smead International Value Fund and Smead US Value UCITS Fund are all managed to the Capital Appreciation strategy. Clients may impose individual restrictions on investing in certain securities or types of securities by including these restrictions in writing on their investment guideline form. D. SCM has one wrap fee arrangement: Morgan Stanley, “Morgan Stanley Fiduciary Services”. These are fee-based, discretionary investment advisory services. The Clients instruct the wrap sponsor to accept orders from SCM, their investment manager. The wrap sponsor does not have discretionary authority over the assets in these accounts. The wrap accounts are managed to the Capital Appreciation Strategy. SCM receives a portion of the wrap fee for our services. E. SCM provides model delivery services to unified managed accounts (“UMA Accounts”). F. As of December 31, 2022, SCM managed $5,156,282,566 of assets on a discretionary basis and $94,715,240 of assets on a non-discretionary basis. 2 Fear Stock Market Failure / www.smeadcap.com

SMEAD CAPITAL MANAGEMENT, INC.

SMEAD CAPITAL MANAGEMENT, INC.

SKAMOKAWA GROUP

Adviser Profile

Details

Adviser Type

Client Types

Advisory Activities

Compensation Arrangments

Reported AUM

Private Funds

Employees

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Brochure Summary

Overview

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SMEAD CAPITAL MANAGEMENT, INC. SMEAD CAPITAL MANAGEMENT, INC. SKAMOKAWA GROUP

Adviser Profile

Details

Adviser Type

Client Types

Advisory Activities

Compensation Arrangments

Reported AUM

Private Funds

Employees

Similar advisers

Top Holdings

Brochure Summary

Overview

SMEAD CAPITAL MANAGEMENT, INC.

SMEAD CAPITAL MANAGEMENT, INC.

SKAMOKAWA GROUP