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DONALD SMITH & COMPANY ., INC.

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NEW YORK NY Investment Advisor Hedge Fund
13F Summary

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85

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Donald Smith & Company . is based out of New York. Donald Smith & Company . is a hedge fund with 19 clients and discretionary assets under management (AUM) of $4,264,736,260 (Form ADV from 2025-03-18). Their last reported 13F filing for Q1 2025 included $4,084,949,936 in managed 13F securities and a top 10 holdings concentration of 45.64%. Donald Smith & Company .'s largest holding is Aercap Holdings N.V with shares held of 3,297,089. Whalewisdom has at least 113 13F filings, 1 13D filings, and 701 13G filings
Business Description
The advisory business allows clients to place guidelines and restrictions on their accounts, including cash maximums, security weight maximums, sector/industry weight maximums, foreign investment maximums, soft-dollar usage, proxy voting authority, client-directed trade programs, restricted securities, and types of securities. The firm invests in securities listed on national exchanges, such as domestic equities, ADRs of foreign companies, dually-listed companies, and ordinaries of foreign companies for the Global Value Equity product. They do not utilize any derivatives or fixed income securities. Clients can also select performance-based fees. The firm's advisory business is further detailed in Item 4, which includes a description of the firm, its inception, principal owners, and client AUM. Additional items cover fees and compensation, performance-based fees, types of clients, investment strategies, disciplinary information, other financial industry activities, code of ethics, brokerage practices, account reviews, client referrals, custody, investment discretion, voting client securities, and financial information.
Investment Strategy
The firm employs a deep-value investment strategy, focusing on out-of-favor companies with stocks selling at discounts to tangible book value. They seek companies in the bottom decile of price-to-tangible book value ratios with a positive outlook for earnings potential over the next 2-4 years. Fundamental security analysis and basic research are central to their approach. While they analyze broad economic and sector trends, their primary approach is bottom-up, finding cheap stocks and then assessing industry and economic support for their company thesis. The firm prioritizes absolute risk, defining it as loss of principal, and controls it by buying stocks at deep discounts to book and asset value. They avoid derivative securities and invest in securities listed on national exchanges, including domestic equities, ADRs of foreign companies, and dually-listed companies. Individual position sizes are limited to about 5% of the portfolio at the time of purchase, with a maximum industry exposure of about 20%. They also analyze corporate management and governance, seeking managements that stick to their core business, cut costs, and avoid anti-dilutive acquisitions.
Owners
  • SHAH, KAMAL - MACRO ANALYST, TRADER, SHAREHOLDER
  • HARTSEL, JON, EDWARD - CO-CIO, DIRECTOR OF RESEARCH, SHAREHOLDER
  • PARK, JANE JIYOUNG - DIRECTOR OF CLIENT RELATIONS AND BUSINESS DEVELOPMENT
  • PIERMONT, JOHN, DAVID - RESEARCH ANALYST, SHAREHOLDER
  • GREENBERG, RICHARD, LAWRENCE - CEO, CO-CIO, SHAREHOLDER
  • PUTNAM, JEFFREY, ELIOT - ANALYST
  • CIANFRONE, ANN, ELIZABETH - CHIEF COMPLIANCE OFFICER, CHIEF OPERATING OFFICER
  • Winner, Laura - OWNER
  • Smith, Julie - OWNER
  • Click on the Ownership/Private Fund Data tab for more details.
Known Email Addresses
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Other Contact Information
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2025-03-31

Top Buys (13F)

2025-03-31

Top Sells (13F)

2025-03-31

13F Holdings Summary

Name $ Change
AER Aercap Holdings N.V 8.25%
EGO Eldorado Gold Corp 5.14%
GNW Genworth Financial I 4.71%
IAG Iamgold Corp 4.41%
X United States Steel 4.37%

2025-03-31

13F Activity

Market Value $4.08b, Prior: $4.18b
Inflows (Outflows) as % of Total MV (-1.5959)%
New Purchases 0 stocks
Added To 30 stocks
Sold out of 4 stocks
Reduced holdings in 24 stocks
Top 10 Holdings % 45.64%
Turnover %[1] 6.45%
Turnover Alt %[2] 5.45%
Time Held Top 20 13.25 quarters
Time Held Top 10 13.3 quarters
Time Held All 22 quarters

[1]: Turnover is calculated by taking the # of new holdings (initial purchases) + the # of positions sold out of (not just reduced) divided by the total # of holdings for the quarter.

[2]: Alt Turnover is calculated by taking either the total MV of new purchases or the MV of securities sold, whichever is less, divided by the total MV of the fund.

2025-03-31

13F Sector Allocation Over Time

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2025-03-31

Analysis

Top 20 equal-weighted holdings. Performance numbers calculated through 2025-03-31

Portfolio Performance