- 2Q26 U.S. Value Strategy Newsletter: Diversification Circa 2026 Smead’s U.S. Value Strategy argues that a 25-to-30-stock portfolio, selected under eight value-oriented criteria, provides diversification absent from the technology-heavy S&P 500. The strategy remains concentrated in oil stocks, mall REITs and consumer discretionary businesses bought during the COVID-19 shutdowns, prioritizing repeat customers, free cash flow and shareholder-friendly capital allocation. 2Q26 —
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