DONALD SMITH & CO., INC. Diversified Active

CIK: 0000814375 · Show all filings

Period: Q4 2025 (← Previous)

Filing Date: Feb 11, 2026

Total Value ($000): $5,338,515 (100.0% shares, 0.0% debt)

Holdings (60)

New Positions (3)

WFG WEST FRASER TIMBER CO LTD 1.7%

Value ($000) $91,014 Shares 1,489,342 Est. Cost $62.58 Unrealized 0.0%

JRVR JAMES RIVER GROUP HOLDINGS 0.2%

Value ($000) $10,629 Shares 1,671,220 Est. Cost $6.36 Unrealized —

WSBF WATERSTONE FINANCIAL INC 0.0%

Value ($000) $2,115 Shares 127,770 Est. Cost $15.68 Unrealized 0.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
WFG	WEST FRASER TIMBER CO LTD	1,489,342	$91,014	1.7%	$62.58	0.0%	COM	952845105
JRVR	JAMES RIVER GROUP HOLDINGS	1,671,220	$10,629	0.2%	$6.36	—	COM	46990A102
WSBF	WATERSTONE FINANCIAL INC	127,770	$2,115	0.0%	$15.68	0.0%	COM	94188P101

Increased Positions (27)

CGAU CENTERRA GOLD INC. 3.8%

Value ($000) $203,452 (+63.1%) Shares 14,158,116 (+21.8%) Est. Cost $7.45 Unrealized +68.1%

SPNT SIRIUSPOINT LTD 3.5%

Value ($000) $184,510 (+37.8%) Shares 8,428,966 (+13.9%) Est. Cost $11.26 Unrealized +78.0%

GGB GERDAU SA 1.7%

Value ($000) $89,341 (+77.6%) Shares 24,211,588 (+49.2%) Est. Cost $3.25 Unrealized —

RYI RYERSON HOLDING CORP 0.9%

Value ($000) $47,550 (+238.9%) Shares 1,889,916 (+207.9%) Est. Cost $22.78 Unrealized +1.0%

RDN RADIAN GROUP INC 2.0%

Value ($000) $108,411 (+42.8%) Shares 3,012,255 (+43.7%) Est. Cost $29.64 Unrealized +17.3%

KBH KB HOME 0.8%

Value ($000) $40,919 (+332.4%) Shares 725,394 (+387.8%) Est. Cost $55.18 Unrealized +10.8%

C CITIGROUP INC 2.8%

Value ($000) $147,080 (+20.4%) Shares 1,260,430 (+4.7%) Est. Cost $48.20 Unrealized +115.0%

ALLY ALLY FINANCIAL INC 2.3%

Value ($000) $123,321 (+22.9%) Shares 2,722,909 (+6.4%) Est. Cost $26.36 Unrealized +54.8%

CRBG COREBRIDGE FINANCIAL INC 2.5%

Value ($000) $131,065 (+19.8%) Shares 4,344,219 (+27.3%) Est. Cost $25.77 Unrealized +18.5%

RLJ RLJ LODGING TRUST 1.8%

Value ($000) $97,899 (+27.3%) Shares 13,140,744 (+23.1%) Est. Cost $8.54 Unrealized —

HG HAMILTON INSURANCE GROUP - CLASS B 0.8%

Value ($000) $43,325 (+92.7%) Shares 1,552,870 (+71.3%) Est. Cost $22.98 Unrealized +12.9%

CIVI CIVITAS RESOURCES INC 2.3%

Value ($000) $121,512 (-13.6%) Shares 4,485,476 (+3.7%) Est. Cost $46.86 Unrealized -39.1%

MOS THE MOSAIC COMPANY 2.1%

Value ($000) $111,354 (-13.1%) Shares 4,622,405 (+25.2%) Est. Cost $28.09 Unrealized -4.8%

NMR NOMURA HOLDINGS INC 2.0%

Value ($000) $106,516 (+18.0%) Shares 12,695,534 (+2.2%) Est. Cost $5.79 Unrealized —

TX TERNIUM SA - SPONSORED ADR 2.7%

Value ($000) $145,452 (+11.9%) Shares 3,808,645 (+1.8%) Est. Cost $35.30 Unrealized —

HMC HONDA MOTOR CO ADR 1.5%

Value ($000) $78,087 (+23.2%) Shares 2,648,828 (+28.7%) Est. Cost $30.51 Unrealized —

MHO M/I HOMES 3.5%

Value ($000) $187,234 (-6.2%) Shares 1,463,340 (+5.9%) Est. Cost $62.73 Unrealized +110.7%

PK PARK HOTELS & RESORTS INC 2.9%

Value ($000) $152,903 (+7.8%) Shares 14,617,921 (+14.2%) Est. Cost $12.59 Unrealized —

EG EVEREST GROUP LTD. 2.8%

Value ($000) $147,853 (+7.9%) Shares 435,696 (+11.3%) Est. Cost $350.88 Unrealized -5.9%

TWI TITAN INTERNATIONAL INC 0.5%

Value ($000) $27,340 (+64.8%) Shares 3,491,649 (+59.1%) Est. Cost $8.07 Unrealized -2.9%

HOG HARLEY-DAVIDSON INC 3.4%

Value ($000) $182,345 (-3.9%) Shares 8,899,204 (+30.8%) Est. Cost $26.74 Unrealized -8.1%

MTUS METALLUS INC 0.3%

Value ($000) $16,537 (+55.3%) Shares 963,671 (+49.6%) Est. Cost $14.86 Unrealized +15.4%

MHK MOHAWK INDUSTRIES INC 0.6%

Value ($000) $31,589 (-11.9%) Shares 289,009 (+3.9%) Est. Cost $104.66 Unrealized +9.7%

HOFT HOOKER FURNISHINGS CORP 0.2%

Value ($000) $12,044 (+19.1%) Shares 1,066,754 (+7.1%) Est. Cost $20.44 Unrealized -50.8%

MPAA MOTORCAR PARTS OF AMERICA 0.2%

Value ($000) $11,850 (-9.3%) Shares 960,289 (+21.5%) Est. Cost $12.52 Unrealized +15.1%

CLDT CHATHAM LODGING TRUST 0.6%

Value ($000) $31,902 (+3.5%) Shares 4,684,548 (+1.9%) Est. Cost $9.23 Unrealized —

ASIX ADVANSIX INC 0.1%

Value ($000) $4,255 (-3.1%) Shares 245,950 (+8.6%) Est. Cost $24.23 Unrealized -28.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CGAU	CENTERRA GOLD INC.	14,158,116 (+21.8%)	$203,452 (+63.1%)	3.8%	$7.45	+68.1%	COM	152006102
SPNT	SIRIUSPOINT LTD	8,428,966 (+13.9%)	$184,510 (+37.8%)	3.5%	$11.26	+78.0%	COM	G8192H106
GGB	GERDAU SA	24,211,588 (+49.2%)	$89,341 (+77.6%)	1.7%	$3.25	—	COM	373737105
RYI	RYERSON HOLDING CORP	1,889,916 (+207.9%)	$47,550 (+238.9%)	0.9%	$22.78	+1.0%	COM	783754104
RDN	RADIAN GROUP INC	3,012,255 (+43.7%)	$108,411 (+42.8%)	2.0%	$29.64	+17.3%	COM	750236101
KBH	KB HOME	725,394 (+387.8%)	$40,919 (+332.4%)	0.8%	$55.18	+10.8%	COM	48666K109
C	CITIGROUP INC	1,260,430 (+4.7%)	$147,080 (+20.4%)	2.8%	$48.20	+115.0%	COM	172967424
ALLY	ALLY FINANCIAL INC	2,722,909 (+6.4%)	$123,321 (+22.9%)	2.3%	$26.36	+54.8%	COM	02005N100
CRBG	COREBRIDGE FINANCIAL INC	4,344,219 (+27.3%)	$131,065 (+19.8%)	2.5%	$25.77	+18.5%	COM	21871X109
RLJ	RLJ LODGING TRUST	13,140,744 (+23.1%)	$97,899 (+27.3%)	1.8%	$8.54	—	COM	74965L101
HG	HAMILTON INSURANCE GROUP - CLASS B	1,552,870 (+71.3%)	$43,325 (+92.7%)	0.8%	$22.98	+12.9%	COM	G42706104
CIVI	CIVITAS RESOURCES INC	4,485,476 (+3.7%)	$121,512 (-13.6%)	2.3%	$46.86	-39.1%	COM	17888H103
MOS	THE MOSAIC COMPANY	4,622,405 (+25.2%)	$111,354 (-13.1%)	2.1%	$28.09	-4.8%	COM	61945C103
NMR	NOMURA HOLDINGS INC	12,695,534 (+2.2%)	$106,516 (+18.0%)	2.0%	$5.79	—	COM	65535H208
TX	TERNIUM SA - SPONSORED ADR	3,808,645 (+1.8%)	$145,452 (+11.9%)	2.7%	$35.30	—	COM	880890108
HMC	HONDA MOTOR CO ADR	2,648,828 (+28.7%)	$78,087 (+23.2%)	1.5%	$30.51	—	COM	438128308
MHO	M/I HOMES	1,463,340 (+5.9%)	$187,234 (-6.2%)	3.5%	$62.73	+110.7%	COM	55305B101
PK	PARK HOTELS & RESORTS INC	14,617,921 (+14.2%)	$152,903 (+7.8%)	2.9%	$12.59	—	COM	700517105
EG	EVEREST GROUP LTD.	435,696 (+11.3%)	$147,853 (+7.9%)	2.8%	$350.88	-5.9%	COM	G3223R108
TWI	TITAN INTERNATIONAL INC	3,491,649 (+59.1%)	$27,340 (+64.8%)	0.5%	$8.07	-2.9%	COM	88830M102
HOG	HARLEY-DAVIDSON INC	8,899,204 (+30.8%)	$182,345 (-3.9%)	3.4%	$26.74	-8.1%	COM	412822108
MTUS	METALLUS INC	963,671 (+49.6%)	$16,537 (+55.3%)	0.3%	$14.86	+15.4%	COM	887399103
MHK	MOHAWK INDUSTRIES INC	289,009 (+3.9%)	$31,589 (-11.9%)	0.6%	$104.66	+9.7%	COM	608190104
HOFT	HOOKER FURNISHINGS CORP	1,066,754 (+7.1%)	$12,044 (+19.1%)	0.2%	$20.44	-50.8%	COM	439038100
MPAA	MOTORCAR PARTS OF AMERICA	960,289 (+21.5%)	$11,850 (-9.3%)	0.2%	$12.52	+15.1%	COM	620071100
CLDT	CHATHAM LODGING TRUST	4,684,548 (+1.9%)	$31,902 (+3.5%)	0.6%	$9.23	—	COM	16208T102
ASIX	ADVANSIX INC	245,950 (+8.6%)	$4,255 (-3.1%)	0.1%	$24.23	-28.3%	COM	00773T101

Exited Positions (3)

— GUILD HOLDINGS CO- CLASS A 0.1%

Value ($000) $3,170 Shares 158,988 Est. Cost $11.22 Unrealized —

JRVR JAMES RIVER GROUP HOLDINGS 0.0%

Value ($000) $1,734 Shares 312,435 Est. Cost $5.61 Unrealized +2.5%

MU MICRON TECH 0.0%

Value ($000) $416 Shares 2,488 Est. Cost $12.48 Unrealized +1737.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	GUILD HOLDINGS CO- CLASS A	158,988	$3,170	0.1%	$11.22	—	—	40172N107
JRVR	JAMES RIVER GROUP HOLDINGS	312,435	$1,734	0.0%	$5.61	+2.5%	—	G5005R107
MU	MICRON TECH	2,488	$416	0.0%	$12.48	+1737.4%	—	595112103

Decreased Positions (22)

EQX EQUINOX GOLD CORP 1.9%

Value ($000) $98,973 (-56.0%) Shares 7,049,326 (-64.8%) Est. Cost $5.87 Unrealized +114.8%

HBM HUDBAY MINERALS 0.0%

Value ($000) $713 (-99.2%) Shares 35,913 (-99.4%) Est. Cost $6.94 Unrealized +143.7%

AER AERCAP HOLDINGS NV 8.3%

Value ($000) $443,170 (+17.2%) Shares 3,082,705 (-1.3%) Est. Cost $27.63 Unrealized +379.4%

ALGT ALLEGIANT TRAVEL CO 2.7%

Value ($000) $144,780 (+34.6%) Shares 1,697,898 (-4.1%) Est. Cost $62.42 Unrealized +14.5%

EGO ELDORADO GOLD CORP 5.0%

Value ($000) $264,372 (+16.2%) Shares 7,360,022 (-6.6%) Est. Cost $9.82 Unrealized +204.9%

UNM UNUM GROUP 1.9%

Value ($000) $101,929 (-26.4%) Shares 1,315,212 (-26.1%) Est. Cost $36.63 Unrealized +108.8%

GM GENERAL MOTORS 2.6%

Value ($000) $138,442 (+27.4%) Shares 1,702,430 (-4.5%) Est. Cost $37.59 Unrealized +87.3%

— COOL CO LTD 0.1%

Value ($000) $7,120 (-78.4%) Shares 737,772 (-78.8%) Est. Cost $12.15 Unrealized —

GSL GLOBAL SHIP LEASE INC- CL A 1.4%

Value ($000) $73,181 (-25.2%) Shares 2,088,499 (-34.4%) Est. Cost $21.29 Unrealized +52.6%

TMHC TAYLOR MORRISON HOME CORP 1.8%

Value ($000) $97,296 (-12.4%) Shares 1,652,725 (-1.7%) Est. Cost $22.71 Unrealized +169.3%

GLNG GOLAR LNG LTD 1.5%

Value ($000) $80,062 (-13.7%) Shares 2,151,627 (-6.3%) Est. Cost $21.03 Unrealized +81.2%

GSM FERROGLOBE PLC 0.5%

Value ($000) $24,866 (-27.7%) Shares 5,359,073 (-29.1%) Est. Cost $4.14 Unrealized +11.3%

HHH HOWARD HUGHES HOLDINGS INC 1.5%

Value ($000) $81,443 (-8.8%) Shares 1,020,969 (-6.0%) Est. Cost $71.23 Unrealized +16.3%

GNW GENWORTH FINANCIAL INC. 4.0%

Value ($000) $214,696 (-3.4%) Shares 23,775,853 (-4.8%) Est. Cost $4.88 Unrealized +78.5%

GAU GALIANO GOLD INC 1.1%

Value ($000) $58,079 (+10.0%) Shares 22,956,283 (-4.8%) Est. Cost $1.09 Unrealized +126.4%

IAG IAMGOLD Corp. 6.1%

Value ($000) $323,702 (+1.5%) Shares 19,630,207 (-20.4%) Est. Cost $3.55 Unrealized +296.7%

ASTL ALGOMA STEEL GROUP INC 0.5%

Value ($000) $24,033 (+13.9%) Shares 5,861,631 (-1.3%) Est. Cost $7.22 Unrealized -44.8%

TPC TUTOR PERINI CORP 2.3%

Value ($000) $121,311 (-2.2%) Shares 1,810,076 (-4.2%) Est. Cost $15.17 Unrealized +332.4%

NMIH NMI HOLDINGS INC 0.3%

Value ($000) $15,305 (-13.1%) Shares 375,207 (-18.4%) Est. Cost $34.38 Unrealized +10.0%

VTOL BRISTOW GROUP INC 0.1%

Value ($000) $6,331 (-22.7%) Shares 172,897 (-23.9%) Est. Cost $28.82 Unrealized +30.6%

IWD RUSSELL 1000 0.1%

Value ($000) $2,734 (-17.6%) Shares 13,000 (-20.2%) Est. Cost $156.38 Unrealized —

UVE UNIVERSAL INSURANCE HOLDINGS 0.7%

Value ($000) $38,849 (-1.2%) Shares 1,149,374 (-23.1%) Est. Cost $15.00 Unrealized +112.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
EQX	EQUINOX GOLD CORP	7,049,326 (-64.8%)	$98,973 (-56.0%)	1.9%	$5.87	+114.8%	COM	29446Y502
HBM	HUDBAY MINERALS	35,913 (-99.4%)	$713 (-99.2%)	0.0%	$6.94	+143.7%	COM	443628102
AER	AERCAP HOLDINGS NV	3,082,705 (-1.3%)	$443,170 (+17.2%)	8.3%	$27.63	+379.4%	COM	N00985106
ALGT	ALLEGIANT TRAVEL CO	1,697,898 (-4.1%)	$144,780 (+34.6%)	2.7%	$62.42	+14.5%	COM	01748X102
EGO	ELDORADO GOLD CORP	7,360,022 (-6.6%)	$264,372 (+16.2%)	5.0%	$9.82	+204.9%	COM	284902509
UNM	UNUM GROUP	1,315,212 (-26.1%)	$101,929 (-26.4%)	1.9%	$36.63	+108.8%	COM	91529Y106
GM	GENERAL MOTORS	1,702,430 (-4.5%)	$138,442 (+27.4%)	2.6%	$37.59	+87.3%	COM	37045V100
—	COOL CO LTD	737,772 (-78.8%)	$7,120 (-78.4%)	0.1%	$12.15	—	COM	G2415A113
GSL	GLOBAL SHIP LEASE INC- CL A	2,088,499 (-34.4%)	$73,181 (-25.2%)	1.4%	$21.29	+52.6%	COM	Y27183600
TMHC	TAYLOR MORRISON HOME CORP	1,652,725 (-1.7%)	$97,296 (-12.4%)	1.8%	$22.71	+169.3%	COM	87724P106
GLNG	GOLAR LNG LTD	2,151,627 (-6.3%)	$80,062 (-13.7%)	1.5%	$21.03	+81.2%	COM	G9456A100
GSM	FERROGLOBE PLC	5,359,073 (-29.1%)	$24,866 (-27.7%)	0.5%	$4.14	+11.3%	COM	G33856108
HHH	HOWARD HUGHES HOLDINGS INC	1,020,969 (-6.0%)	$81,443 (-8.8%)	1.5%	$71.23	+16.3%	COM	44267T102
GNW	GENWORTH FINANCIAL INC.	23,775,853 (-4.8%)	$214,696 (-3.4%)	4.0%	$4.88	+78.5%	COM	37247D106
GAU	GALIANO GOLD INC	22,956,283 (-4.8%)	$58,079 (+10.0%)	1.1%	$1.09	+126.4%	COM	36352H100
IAG	IAMGOLD Corp.	19,630,207 (-20.4%)	$323,702 (+1.5%)	6.1%	$3.55	+296.7%	COM	450913108
ASTL	ALGOMA STEEL GROUP INC	5,861,631 (-1.3%)	$24,033 (+13.9%)	0.5%	$7.22	-44.8%	COM	015658107
TPC	TUTOR PERINI CORP	1,810,076 (-4.2%)	$121,311 (-2.2%)	2.3%	$15.17	+332.4%	COM	901109108
NMIH	NMI HOLDINGS INC	375,207 (-18.4%)	$15,305 (-13.1%)	0.3%	$34.38	+10.0%	COM	629209305
VTOL	BRISTOW GROUP INC	172,897 (-23.9%)	$6,331 (-22.7%)	0.1%	$28.82	+30.6%	COM	11040G103
IWD	RUSSELL 1000	13,000 (-20.2%)	$2,734 (-17.6%)	0.1%	$156.38	—	COM	464287598
UVE	UNIVERSAL INSURANCE HOLDINGS	1,149,374 (-23.1%)	$38,849 (-1.2%)	0.7%	$15.00	+112.6%	COM	91359V107

Unchanged Positions (8)

BZH BEAZER HOMES USA INC 1.1%

Value ($000) $61,110 Shares 3,014,788 Est. Cost $21.54 Unrealized +3.3%

JXN JACKSON FINANCIAL INC 3.9%

Value ($000) $208,437 Shares 1,954,400 Est. Cost $48.54 Unrealized +103.8%

DC DAKOTA GOLD CORP 0.1%

Value ($000) $6,134 Shares 1,080,000 Est. Cost $2.72 Unrealized +76.6%

PPTA PERPETUA RESOURCES CORP 0.1%

Value ($000) $5,762 Shares 238,000 Est. Cost $3.37 Unrealized +629.7%

AFLYY AIR FRANCE KLM 0.1%

Value ($000) $5,978 Shares 4,580,489 Est. Cost $9.50 Unrealized —

— GREAT PANTHER MINING 0.0%

Value ($000) $0 Shares 472,001 Est. Cost $0.85 Unrealized —

— RESOLUTE FOREST PRODUCTS - CONTINGENT VALUE RTS 0.0%

Value ($000) $8 Shares 5,866 Est. Cost $1.42 Unrealized —

AZREF AZURE POWER GLOBAL LTD 0.0%

Value ($000) $299 Shares 299,126 Est. Cost $4.81 Unrealized -79.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BZH	BEAZER HOMES USA INC	3,014,788	$61,110	1.1%	$21.54	+3.3%	COM	07556Q881
JXN	JACKSON FINANCIAL INC	1,954,400	$208,437	3.9%	$48.54	+103.8%	COM	46817M107
DC	DAKOTA GOLD CORP	1,080,000	$6,134	0.1%	$2.72	+76.6%	COM	46655E100
PPTA	PERPETUA RESOURCES CORP	238,000	$5,762	0.1%	$3.37	+629.7%	COM	714266103
AFLYY	AIR FRANCE KLM	4,580,489	$5,978	0.1%	$9.50	—	COM	009119108
—	GREAT PANTHER MINING	472,001	$0	0.0%	$0.85	—	COM	39115V101
—	RESOLUTE FOREST PRODUCTS - CONTINGENT VALUE RTS	5,866	$8	0.0%	$1.42	—	WTS	761CVR042
AZREF	AZURE POWER GLOBAL LTD	299,126	$299	0.0%	$4.81	-79.7%	COM	V0393H103