Donald Smith & Co

Donald Smith & Co

Period

Q1 2026

Portfolio Date

Mar 31, 2026

Stocks Held

61

Market Value

$5.6B

Portfolio Analysis

AIPreview
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I. Institutional Overview

Donald Smith & Co. represents a distinguished pillar in the world of institutional asset management, adhering to a rigorous and disciplined deep-value investment philosophy that traces its intellectual lineage back to the foundational principles of Benjamin Graham and David Dodd. As of the portfolio snapshot taken on March 31, 2026, the institution manages...

The current report reveals a portfolio comprised of 61 distinct holdings, a number that suggests a balanced approach between high-conviction concentration and prudent risk diversification. With an average position size of roughly $91 million, the firm demonstrates a clear preference for "meaningful bets." This is not a "closet indexer" that seeks to mimic...

The institutional portrait painted by the data from the first quarter of 2026 is one of strategic refinement and cyclical positioning. While the total number of stocks has remained relatively stable, the internal churn—the movement of capital between sectors and specific companies—indicates an active management style that is currently leaning into the...

Based on the latest available 13F filing.

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Holdings Value Trend

Q2 2024

Q3 2024

Q4 2024

Q1 2025

Q2 2025

Q3 2025

Q4 2025

Q1 2026

Top 5 Holdings

1

$AER

AerCap Holdings N.V.

7.8%

% of Portfolio

2

$CGAU

Centerra Gold Inc.

5.0%

% of Portfolio

3

$IAG

IAMGOLD Corporation

4.9%

% of Portfolio

4

$EGO

Eldorado Gold Corporation

4.5%

% of Portfolio

5

$SM

SM Energy Company

4.0%

% of Portfolio

Historical Positions

SymbolQ1 2026Q4 2025Q3 2025Q2 2025
AER7.8%8.3%7.5%8.6%
CGAU5.0%3.8%--
IAG4.9%6.1%6.4%4.7%
EGO4.5%5.0%4.5%5.0%
SM4.0%---
GNW3.7%4.0%4.4%4.8%
SPNT3.7%3.5%-3.3%
HOG3.6%3.4%3.8%-
JXN3.6%3.9%4.0%3.5%
MHO3.3%3.5%4.0%3.7%

Post-Filing Contributors

Price change since reported price, ranked by portfolio contribution

HOG+27.30%
GNW+8.87%
GGB+29.09%
RLJ+47.84%
TX+21.07%

Post-Filing Detractors

Price change since reported price, ranked by portfolio contribution

MOS-17.29%
ALGT+6.17%
WFG+2.44%
KBH+4.95%
TMHC+23.47%

Sector Analysis

Energy4.1%
Others0.5%
Materials25.3%
Utilities0.0%
Financials32.7%
Industrials14.7%
Real Estate7.0%
Consumer Discretionary15.8%

Trading Summary

1

$SM

4.0%

2

$PFSI

2.2%

3

$GMTL

0.5%

4

$WF

0.2%

5

$JAKK

0.1%

6

$KELYA

0.1%

7

$RJET

0.0%

All Holdings

1

$AER

7.8%

2

$CGAU

5.0%

3

$IAG

4.9%

4

$EGO

4.5%

5

$SM

4.0%

6

$GNW

3.7%

7

$SPNT

3.7%

8

$HOG

3.6%

9

$JXN

3.6%

10

$MHO

3.3%

11

$PK

3.1%

12

$ALLY

2.8%

13

$RDN

2.7%

14

$EG

2.7%

15

$TX

2.6%

16

$C

2.6%

17

$CRBG

2.6%

18

$ALGT

2.4%

19

$GM

2.3%

20

$PFSI

2.2%

21

$MOS

2.1%

22

$RLJ

2.0%

23

$WFG

2.0%

24

$NMR

1.9%

25

$TPC

1.8%

26

$TMHC

1.8%

27

$UNM

1.7%

28

$GGB

1.6%

29

$HMC

1.5%

30

$HHH

1.2%

31

$KBH

1.1%

32

$GSL

1.1%

33

$GAU

1.0%

34

$BZH

1.0%

35

$HG

0.9%

36

$RYI

0.8%

37

$UVE

0.7%

38

$CLDT

0.7%

39

$TWI

0.6%

40

$MHK

0.5%

41

$GMTL

0.5%

42

$ASTL

0.5%

43

$GSM

0.4%

44

$MTUS

0.3%

45

$NMIH

0.3%

46

$MPAA

0.3%

47

$HOFT

0.3%

48

$WF

0.2%

49

$JRVR

0.2%

50

$ASIX

0.1%