Which superinvestors hold Caleres Inc (CAL)?

Per the latest SEC 13F filings, 1 superinvestor hold Caleres Inc (CAL): Lee Ainslie. Combined value held is about $729,473, with Lee Ainslie the largest holder.

Caleres Inc

Held by 1 superinvestor (CAL).

Educational data only — not investment advice. 13F positions are self-reported and can lag up to 45 days.

This quarter1 trimmed

Valuation

Earnings Power & Asset Floor

Two intrinsic-value methods and a tangible asset floor — deterministic, not price forecasts or recommendations.

Above fair valueLittle to no margin of safety today.

margin of safety

fair value

above fair value

$13

cheaper$12 – $12 value estimatepricier

Caleres Inc (CAL): A conservative earnings-power estimate, $12–$12 / sh; today’s price sits above it (price $13 as of 2026-06-26).

Capex is in a steep ramp (heavy build-ahead investment) — owner earnings carry extra uncertainty, so read the value range with that caveat.

An observation from two valuation methods — not investment advice, not a buy/sell signal, and not a price target.

Price as of 2026-06-26 · yahoo.

Method & numbers

· Greenwald zero-growth $12.23 · zero-growth base $12.23 · reproduction $12.23

Moat Below asset base.

Graham earnings-power value (normalized NOPAT)$2.32 – $2.64 / sh

Normalized NOPAT = average operating margin over the years shown × latest-year revenue × (1 − normalized tax); then + D&A − maintenance capex (write A). Unlevered (pre-interest, attributable to all capital). Capitalized at the 9–11% rate band (read as a WACC proxy). Enterprise → equity bridge applied: + cash − total debt.

Years: 2026, 2023, 2022, 2021, 2017

v1 simplifications: Maintenance capex (degraded) deducted in full cash (write A): EPV = (NOPAT + D&A − maintenance capex) / WACC; no tax shield on the capex term. Capex doubled within two years (AI-hog rule): maintenance capex floored at 50% of current capex; EPV is correspondingly pressed down. Maintenance-capex methods diverge by 122% (> 50%); estimate is degraded. Capex doubled within two years (AI-hog rule): flagged; the spike is treated as growth, not maintenance — owner earnings carry extra uncertainty. Share-based compensation is left as a real expense (not added back). Operating margin is below its multi-year average (cyclical/declining): normalized margin capped at the latest year — no peak-margin capitalization (audit #2).

Buffett owner-earnings value

Normalized owner earnings are non-positive over the years shown; earnings power cannot be capitalized.

Owner earnings = average net income + average D&A − maintenance capex (zero-growth floor; no ΔNWC). Levered (starts from net income, already after interest — an equity-holder stream). Capitalized at the 9–11% rate band (read as a cost-of-equity proxy). No enterprise→equity bridge: the capitalized result is already equity value (subtracting debt would double-count interest).

Years: 2026, 2023, 2022, 2021, 2017

v1 simplifications: Owner earnings = net income + D&A − maintenance capex (degraded); the working-capital change is excluded (maintenance ΔNWC ≈ 0; growth ΔNWC is carried in growth value, not double-counted). Capex doubled within two years (AI-hog rule): maintenance capex floored at 50% of current capex. One-time items are not separately normalized (multi-year averaging smooths them partially). Share-based compensation is left as a real expense (not added back); see the SBC/OE disclosure. Capitalized at the same 9–11% band as a cost-of-equity proxy (theoretically the cost of equity is higher; v2 simplification, v3 to refine).

Reproduction value = tangible net assets $397.70M = $12.23 / sh. Tangible net assets = shareholders' equity − goodwill − intangibles, ÷ diluted shares (no R&D history to capitalize).

Moat reading: Franchise test compares earnings power (EPV) against reproduction value (tangible net assets + capitalized R&D). EPV well above reproduction value signals a moat; near it, a commodity; below it, value destruction. A directional reading, not a verdict.

Growth value gated to zero — no moat / ROIIC ≤ WACC, so no growth value is credited.

Window FY 2026, 2023, 2022, 2021, 2017 · discount band 9%–11% · normalized tax 21% (Average effective tax rate over 5 year(s), capped at the statutory 21%.) · diluted shares.

Superinvestors Holding This Security

Investor	Value	Shares	Weight (prev→now)
Lee Ainslie	$729,473	69,210	0.0% → 0.0% ▼

Lee Ainslie
Value$729,473Weight (prev→now)0.0% → 0.0% ▼

Ownership overview

Caleres Inc (CAL) is held by 1 of the superinvestors tracked on Compounder, with a combined $729,473 in reported 13F value. The largest position belongs to Lee Ainslie, where it makes up 0.0% of the portfolio.

Over the latest quarter, 0 of the tracked filers opened a new position in CAL, 0 added to existing ones, 1 trimmed, and 0 sold out entirely.

Holder counts and values reflect the most recent SEC Form 13F filings, through the quarter ended 2026-03-31. Source: SEC EDGAR. A 13F shows only long US-listed positions and can lag the real portfolio by up to 45 days, so this is disclosed long ownership, not a complete picture.

Holders over time

Superinvestors holding this security over the last 4 quarters: 1 → 1.

Early quarters may understate holder counts due to data backfill — read the slope with care.

Key facts & links

Ticker: CAL
Total value held: $729,473
Largest holder: Lee Ainslie
External

Sources· SEC EDGAR 13F as of 2026-05-15

Lee Ainslie

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