DONALD SMITH & CO., INC.
"13F equity value" = market value of this filer's US-listed long equity positions only. It excludes cash, bonds, non-US and short positions, so it understates a fund's true assets under management — often by a lot.
13F holdings are disclosed ~45 days after quarter-end, and they never reveal when within the quarter a fund actually bought. So any 13F-based summary is structurally late and blurred — this applies to every fund, including this one.
We backtested copying it anyway. Buying this fund's new positions the day each filing went public, over 22 quarters, returned +2.9% per quarter — versus +3.2% per quarter from simply owning every 13F stock. It beat that baseline in only 45.5% of quarters (excess t = 1.44, not statistically significant). Its filings tell you what it bought — not what you should buy.
Quarterly compounding, invested quarters only · entry 47 days after quarter-end (when 13F data becomes public)
Top 20 holdings of 62 · 2026 Q1
| Ticker | Value | Weight | QoQ |
|---|---|---|---|
| AER | $432M | | ADD |
| CGAU | $281M | | ADD |
| IAG | $272M | | TRIM |
| EGO | $250M | | HOLD |
| SM | $225M | | NEW |
| GNW | $207M | | ADD |
| SPNT | $204M | | ADD |
| HOG | $203M | | ADD |
| JXN | $200M | | TRIM |
| MHO | $182M | | HOLD |
| PK | $175M | | ADD |
| ALLY | $158M | | ADD |
| RDN | $152M | | ADD |
| EG | $150M | | ADD |
| TX | $147M | | TRIM |
| C | $147M | | ADD |
| CRBG | $145M | | ADD |
| ALGT | $135M | | HOLD |
| GM | $130M | | ADD |
| PFSI | $120M | | NEW |
QoQ vs previous quarter's share count · NEW = new position · ADD/TRIM = ±2% shares · HOLD = unchanged.
New positions in 2026 Q1
Method & Limitations
Method: a "new position" = held this quarter, absent last quarter (options excluded; stocks with <50 prior holders excluded to filter spin-off artifacts). Entry 47 days after quarter-end — the first day the public could act on the filing. Benchmark = equal-weighted universe of all 13F-held stocks. Limitations: quarterly snapshots can't see intra-quarter trades; survivorship bias — funds that shut down are absent, which flatters the sample. Statistics, not advice.