Donald Smith & Co., Inc. 13F holdings and portfolio analysis
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Baseline
Analysis messagesPre-generated Q&A about this fund. Use as reference context for your own analysis.
Following Baseline means accepting the manager's disclosed sizing almost directly. Here that means moderate concentration rather than broad index-like exposure: top 5 30.93%, top 10 50.30%, top 20 80.29%, with AER 11.07%, GNW 5.36%, JXN 5.21%, MHO 4.68%, SPNT 4.61%, HOG 4.56%. The baseline result is return 8.74%, alpha 1.95%, beta 0.51, Sharpe 0.73, Sortino 0.98, max drawdown -30.11%. That is the right reference case, but it is not automatically the safest case because the largest names and sector mix (Financials 36.90%, Industrials 20.23%, Consumer Discretionary 19.07%, Materials 9.49%) still dominate the realized path.
The period rows show the character of the baseline. The strongest relative period was 2024-12-31 (0.21% vs SPY -3.63%, excess 3.84%, turnover 10.56%); the weakest was 2022-12-31 (-5.30% vs SPY -0.25%, excess -5.05%, turnover 8.55%). The latest rows (2025-03-31 (4.31% vs SPY 9.22%, excess -4.90%, turnover 8.02%); 2025-06-30 (1.14% vs SPY 4.20%, excess -3.06%, turnover 7.77%); 2025-09-30 (0.66% vs SPY 1.49%, excess -0.83%, turnover 7.90%)) show whether recent results are confirming or reversing the long-term profile.
Before accepting Baseline, I would inspect three things: whether AER 11.07%, GNW 5.36%, JXN 5.21%, MHO 4.68% still have current theses, whether recent changes such as no large named moves and no large named moves indicate a shift, and whether max drawdown of -30.11% is acceptable for the user's risk budget.