Smead International Value Fund Class A Shares · NASDAQ:SVXAX
Smead International Value Fund Class A Shares — Smead Capital Management — Q2 2026 Earnings Presentation
49 slides from Smead International Value Fund Class A Shares's earnings presentation, July 2026
Slide 1: Smead UCITS Funds 2nd Quarter 2026 Webcast
MARKETING COMMUNICATION ©2026 SMEAD CAPITAL MANAGEMENT, ALL RIGHTS RESERVED Smead UCITS Funds 2nd Quarter 2026 Webcast This material is provided for informational purposes only and should not be construed as investment advice. Forecasts and opinions reflect the personal judgments of the presenter an
Slide 2: Agenda
Agenda • Performance, Characteristics and Fund Overview Seamus Sullivan Senior Analyst • Featured Stock: Cenovus Energy (CVE) Cole Smead, CFA CEO & Portfolio Manager • Diversification Circa 2026 Bill Smead Chairman & Chief Investment Officer 2
Slide 3: Smead US Value UCITS Fund Quarter-End Performance
Smead US Value UCITS Fund AS OF 30 JUNE 2026 QUARTER-END PERFORMANCE SINCE INCEPTION Q2 2026 YTD 1 YEAR 3 YEAR 5 YEAR 10 YEAR (29/11/2013) I USD ACC 7.01% 15.85% 28.14% 12.44% 9.08% 12.55% 10.88% S&P 500 NR Index 15.10% 10.01% 21.88% 20.13% 12.92% 14.92% 13.37% Russell 1000 Value Net 13.72% 15.94% 2
Slide 4: Contributors & Detractors
Contributors & Detractors AS OF 30 JUNE 2026 • Contributors: - Macerich (MAC) - Simon Property Group (SPG) - United Health Group (UNH) • Detractors: - APA Corp (APA) - Occidental Petroleum (OXY) - ConocoPhillips (COP) Mutual fund investing involves risk. Principal loss is possible. The securities id
Slide 5: Portfolio Additions / Deletions
Smead US Value UCITS Fund AS OF 30 JUNE 2026 PORTFOLIO ADDITIONS / DELETIONS • New positions: • Trims to position weightings: - Zoetis Inc (ZTS) - eBay Inc (EBAY) - Simon Property Group Inc (SPG) • Adds to position weightings: - Lennar Corp (LEN) • Sells: - NVR Inc (NVR) - Qualcomm Inc (QCOM) - West
Slide 6: Sector Weighting and Asset Allocation
Sector Weighting and Asset Allocation AS OF 30 JUNE 2026 SECTOR WEIGHTINGS ASSET ALLOCATION 40% 35% 30% 25% 20% 15% 10% 5% Stock 98.9% Cash 5.1% 0% Energy Discretionary Real Estate Information Financials Communication Industrials Basic Materials Healthcare Utilities Consumer Technology Consumer Stap
Slide 7: Portfolio Valuation
Portfolio Valuation AS OF 30 JUNE 2026 LTM P/E Trailing P/E Forward Price/ Price/ Return on 4 Qtrs 4 Qtrs Book Cash Flow Equity Smead US Value UCITS Fund 18.7x 13.7x 2.6x 11.0x 14.1% S&P 500 Index 27.7x 20.2x 5.7x 21.2x 20.3% Russell 1000 Value Index 21.6x 17.5x 3.4x 16.0x 14.0% Portfolio has only t
Slide 8: Smead Global ex-US Value UCITS Fund Quarter-End Performance
Smead Global ex-US Value UCITS Fund AS OF 30 JUNE 2026 QUARTER-END PERFORMANCE As the Fund has launched less than 12 months ago, we are unable to provide performance history. Gross Expense Ratio 1.15% The Smead Global ex-US Value UCITS Fund, incorporated on June 8, 2026, and the Smead US Value UCITS
Slide 9: Contributors & Detractors
Contributors & Detractors AS OF 30 JUNE 2026 • Contributors: - Bawag Group (BG AV) - Unicredit SPA (UCG IM) - Barclays (BARC LN) • Detractors: - Strathcona Resources (SCR CN) - International Petroleum (IPCO SS) - Occidental Petroleum Warrants (OXY/WS US) Mutual fund investing involves risk. Principa
Slide 10: Portfolio Additions / Deletions
Smead Global ex-US Value UCITS Fund AS OF 30 JUNE 2026 PORTFOLIO ADDITIONS / DELETIONS • New positions: • Trims to position weightings: - None - Cenovus Energy Inc. (CVE CT) - Occidental Petroleum Corp. (OXY CN) • Adds to position weightings: - Frontline PLC (FRO NO) - Autotrader Group plc (AUTO LN)
Slide 11: Sector Weighting and Asset Allocation
Sector Weighting and Asset Allocation AS OF 30 JUNE 2026 SECTOR WEIGHTINGS ASSET ALLOCATION 40% 35% 30% 25% 20% 15% 10% Stock 93.2% Cash 6.8% 5% 0% TOP FIVE COUNTRY WEIGHTINGS Energy Discretionary Communication Utilities Basic Materials Real Estate Information Financials Consumer Healthcare Industri
Slide 12: Portfolio Valuation
Portfolio Valuation AS OF 30 JUNE 2026 LTM P/E Trailing P/E Forward Price/ Price/ Return on 4 Qtrs 4 Qtrs Book Cash Flow Equity Smead Global ex-US Value UCITS Fund 17.3x 11.1x 2.2x 8.2x 11.0% MSCI World ex US 19.8x 15.6x 2.3x 12.1x 12.5% Past performance is no guarantee of future results. Source: Bl
Slide 13: A Book With Legs
A Book With Legs A PODCAST BY SMEAD CAPITAL MANAGEMENT Have you listened to our podcast, A Book With Legs? Watch, listen and subscribe at smeadcap.com/podcast Past performance is no guarantee of future results. 13
Slide 14: Agenda
Agenda Performance, Characteristics and Fund Overview Seamus Sullivan Senior Analyst • Featured Stock: Cenovus Energy Inc (CVE CN) Cole Smead, CFA CEO & Portfolio Manager • Diversification Circa 2026 Bill Smead Chairman & Chief Investment Officer 14
Slide 15: Cenovus Energy (CVE): Our Eight Criteria
Cenovus Energy (CVE) OUR EIGHT CRITERIA Required over entire holding period 1. Meets an economic need 2. Strong competitive advantage (wide moats or barriers to entry) 3. Long history of profitability and strong operating metrics 4. Generates high levels of free cash flow 5. Available at a low price
Slide 16: Cenovus Energy: Meets an Economic Need
Cenovus Energy (CVE) MEETS AN ECONOMIC NEED 16 Past performance is no guarantee of future results. Source: Cenovus Energy 2024 Investor Day.
Slide 17: Cenovus Energy: Strong Competitive Advantage
Cenovus Energy (CVE) STRONG COMPETITIVE ADVANTAGE We believe Cenovus’s long-life, high quality Canadian oil sands assets will make it a leading low-cost producer for decades to come. 17 Past performance is no guarantee of future results. Source: Cenovus Energy 2024 Investor Day.
Slide 18: Cenovus Energy: Long History of Profitability & Operating Metrics
Cenovus Energy (CVE) LONG HISTORY OF PROFITABILITY & OPERATING METRICS 18 Past performance is no guarantee of future results. Source: Cenovus Energy Corporate Presentation May 2026.
Slide 19: Cenovus Energy: High Levels of Free Cash Flow
Cenovus Energy (CVE) HIGH LEVELS OF FREE CASH FLOW 19 Past performance is no guarantee of future results. Source: Cenovus Energy Corporate Presentation May 2026.
Slide 20: Cenovus Energy: Low Price in Relation to Intrinsic Value
Cenovus Energy (CVE) LOW PRICE IN RELATION TO INTRINSIC VALUE Low-cost resource base provides significant upside optionality at higher commodity prices. Cenovus Energy Inc CVE CN Consensus Estimates (CAD) 35.74 2026 2027 2028 2029 2030 Benchmark Oil Price (WTI) $81 $73 $70 $69 $69 FCF per Share $4.7
Slide 21: Cenovus Energy: Building Barrels Is Cheaper Than Buying Them
Cenovus Energy (CVE) LOW PRICE IN RELATION TO INTRINSIC VALUE Building barrels is cheaper than buying them. Cenovus Energy Inc CVE CN Enterprise Value (CAD) $80,231M 2026E Production (M BBL/Day) 973 BBL/Day 2028E Production (M BBL/ Day) 1,063 BBL/Day Estimated Incremental Growth CapEx $3,024M Estima
Slide 22: Cenovus Energy: History of Shareholder Friendliness
Cenovus Energy (CVE) HISTORY OF SHAREHOLDER FRIENDLINESS 22 Past performance is no guarantee of future results. Source: Cenovus Energy Corporate Presentation May 2026.
Slide 23: Cenovus Energy: Strong Balance Sheet
Cenovus Energy (CVE) STRONG BALANCE SHEET 23 Past performance is no guarantee of future results. Source: Cenovus Energy Corporate Presentation May 2026.
Slide 24: Cenovus Energy: Insider Ownership
Cenovus Energy (CVE) INSIDER OWNERSHIP 24 Past performance is no guarantee of future results. Source: Cenovus Energy 2026 Management Information Circular.
Slide 25: Agenda
Agenda Performance, Characteristics and Fund Overview Seamus Sullivan Senior Analyst Featured Stock: Cenovus Energy Inc (CVE CN) Cole Smead, CFA CEO & Portfolio Manager • Diversification Circa 2026 Bill Smead Chairman & Chief Investment Officer 25
Slide 26: Diversification Circa 2026
MARKETING COMMUNICATION ©2026 SMEAD CAPITAL MANAGEMENT, ALL RIGHTS RESERVED Diversification Circa 2026 Presented by: Bill Smead Chairman & Chief Investment Officer www.smeadcap.com Opinions expressed are those of Smead Capital Management, are subject to change, are not guaranteed, and should not be
Slide 27: Why is Diversification Useful? Current US Equity Market Concentration
Why is Diversification Useful? CURRENT US EQUITY MARKET CONCENTRATION Past performance is no guarantee of future results. While diversification doesn’t guarantee gains, it also doesn’t protect against losses. 27
Slide 28: Why is Diversification Useful? Low Cash Levels
Why is Diversification Useful? LOW CASH LEVELS Past performance is no guarantee of future results. 28
Slide 29: Why is Diversification Useful? Current US Equity Market Concentration
Why is Diversification Useful? CURRENT US EQUITY MARKET CONCENTRATION Past performance is no guarantee of future results. 29
Slide 30: "It Got Weird, Didn't It?" – Dr. Evil
Why is Diversification Useful? “IT GOT WEIRD, DIDN’T IT?” – DR. EVIL Past performance is no guarantee of future results. 30
Slide 31: Why is Diversification Useful? Unrealistic Expectations
Why is Diversification Useful? UNREALISTIC EXPECTATIONS Past performance is no guarantee of future results. 31
Slide 32: Record IPOs = Stock Market Adultery
Why is Diversification Useful? RECORD IPOs = STOCK MARKET ADULTERY Past performance is no guarantee of future results. 32
Slide 33: Current US Tech Stock Concentration
Why is Diversification Useful? CURRENT US TECH STOCK CONCENTRATION Past performance is no guarantee of future results. TMT (Technology, Media, and Telecommunications) sectors. 33
Slide 34: Current US Equity Market Concentration
Why is Diversification Useful? CURRENT US EQUITY MARKET CONCENTRATION Past performance is no guarantee of future results. 34
Slide 35: Active Share as a Measure of Diversification
Active Share as a Measure of Diversification • Among high Active Share portfolios whose holdings differ substantially from the holdings of their benchmark: • The average outperformance of the most patient and distinct portfolios equals 2.30% per year – net of costs • Funds trading frequently general
Slide 36: How Did We Get Diversification in the Past?
How Did We Get Diversification in the Past? STEERING CLEAR OF THE FLAVOR OF THE DAY Past performance is no guarantee of future results. 36
Slide 37: When Was Diversification the Most Useful?
When Was Diversification the Most Useful? DIVERSIFICATION IS MOST USEFUL AT THE TURNS Buffett might be thinking: Hold a lot of cash, I am! Past performance is no guarantee of future results. 37
Slide 38: Concentration Works Until It Doesn't
What is the History and the Short-Term Downside of Diversification? CONCENTRATION WORKS UNTIL IT DOESN’T Past performance is no guarantee of future results. 38
Slide 39: The Only Free Lunch
What is the History and the Short-Term Downside of Diversification? THE ONLY FREE LUNCH Diversification is the only free lunch in investing. Harry Markowitz Past performance is no guarantee of future results. 39
Slide 40: The Way to Riches
What is the History and the Short-Term Downside of Diversification? THE WAY TO RICHES The way to become rich is to put all your eggs in one basket and then watch that basket. Andrew Carnegie Past performance is no guarantee of future results. 40
Slide 41: Academic Literature Proposed a Happy Medium
What is the History and the Short-Term Downside of Diversification? ACADEMIC LITERATURE PROPOSED A HAPPY MEDIUM Past performance is no guarantee of future results. Source: William F. Sharpe (1995) Risk, Market Sensitivity, and Diversification, Financial Analysts 41 Journal, 51:1, 84-88.
Slide 42: Capital Cycle Awareness – Killing the Goose
What Does it Mean to be Contrarian? CAPITAL CYCLE AWARENESS – KILLING THE GOOSE Past performance is no guarantee of future results. 42
Slide 43: Rumors of the Industry's Death Are Greatly Exaggerated
What Does it Mean to be Contrarian? RUMORS OF THE INDUSTRY’S DEATH ARE GREATLY EXAGGERATED Past performance is no guarantee of future results. 43
Slide 44: Low Crude Inventories
Why is Diversification Useful? LOW CRUDE INVENTORIES Past performance is no guarantee of future results. Source: The Daily Shot. 44
Slide 45: Broken Growth Stocks and Uninvestable Banks
What Does it Mean to be Contrarian? BROKEN GROWTH STOCKS AND UNIVESTABLE BANKS Past performance is no guarantee of future results. 45
Slide 46: Agenda
Agenda Performance, Characteristics and Fund Overview Seamus Sullivan Senior Analyst Featured Stock: Cenovus Energy Inc (CVE CN) Cole Smead, CFA CEO & Portfolio Manager Diversification Circa 2026 Bill Smead Chairman & Chief Investment Officer 46
Slide 47: Definitions and Disclosures
Definitions and Disclosures Basis point: A basis point is one hundredth of one percent, used chiefly in expressing differences of interest rates. Book Value: A company's common stock equity as it appears on a balance sheet, equal to total assets minus liabilities, preferred stock, and intangible ass
Slide 48: Definitions and Disclosures
Definitions and Disclosures The information contained herein represents the opinion of Smead Capital Management and is not intended to be a forecast of future events, a guarantee of future results, nor investment advice. This does not constitute the solicitation of an offer to purchase or subscribe
Slide 49: Questions & Answers
Questions & Answers +353.1.525.9677 Sales Desk – International +352.46.40.10.600 Shareholder Services 877.701.2883 Sales Desk – US Smead Capital Management (Ireland) Ltd. info@smeadcap.com Pembroke House www.smeadcap.com/UCITS 28 - 32 Pembroke Street Upper smeadcap.com Dublin, D02 EK84
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