Donald Smith is a deep-value manager employing a strict bottom-up approach. He invests in stocks of out-of-favor companies selling at discounts to tangible book value. He looks for companies in the bottom decile of price-to-tangible book ratios and with a positive outlook for earnings potential over the next 2-4 years.
Study shows that stocks with low P/B ratios did outperform the market. According to the data published on his website of Donald Smith, “A study that we conducted with Compustat data showed that from 1951 to 2009 stocks in the lowest price-to-tangible book value decile had the highest long-term returns, delivering a 15.4% return versus 10.7% for the S&P 500.” The results of the study are displayed in the chart below:
[img]file:///C:/Users/guru/AppData/Local/Temp/msohtmlclip1/01/clip_image001.jpg[/img]
Donald Smith buys JetBlue Airways Corp., Dillards Inc., Everest Re Group Ltd., Toyota Motor Corp., Sanminasci Corp., Parker Drilling Company, Alliance One International Inc., Ingram Micro Inc., Genon Energy Inc., Montpelier Re Holdings Ltd., Constellation Energy Grp., Overseas Shipholding Group Inc., Republic Airways Holdings Inc., Yamana Gold Inc., Glatfelter, Fsi International Inc., Photronics Inc., Lorillard Inc., American National Insurance Company, Flagstone Reinsurance Holdings S.a., Corinthian Colleges Inc., Tuesday Morning Corp., P.a.m. Transportation Services Inc., Jetblue Airways Corp., sells Newmont Mining Corp., Tesoro Corp., Chipmos Technologies Ltd., Horsehead Hldg Corp, Sfn Group Inc., Stone Energy Corp., Nu Horizons Ele, Ishares, Incorporated- Shares Russell 2000 Value I, United Continental Holdings Inc., Cooper Tire & Rubber Co., American Pacific Corp. during the 3-months ended 03/31/2011, according to the most recent filings of his investment company, Donald Smith & Co.. As of 03/31/2011, Donald Smith & Co. owns 88 stocks with a total value of $3.2 billion. These are the details of the buys and sells.
This is the portfolio chart of Donald Smith. You can click on the legend of the chart to show/hide buys, sells, or holdings. Each ball on the chart represents a position in the portfolio. You can move your mouse on the balls to see the details of each position and click to see the details of all guru trades with this position.
This is the sector weightings of his portfolio:
These are the top 5 holdings of Donald Smith
JetBlue Airways is a low-fare, low-cost passenger airline, which provides high-quality customer service primarily on point-to-point routes and is based in New York's John F. Kennedy Airport. Jetblue Airways Corp. has a market cap of $1.71 billion; its shares were traded at around $5.815 with a P/E ratio of 18.17 and P/S ratio of 0.45. Jetblue Airways Corp. had an annual average earnings growth of 16.6% over the past 10 years.
Dillard's Inc. is one of the nation's largest fashion apparel and home furnishings retailers. Dillard's Inc. has a market cap of $3.36 billion; its shares were traded at around $56 with a P/E ratio of 18.24 and P/S ratio of 0.55. The dividend yield of Dillard's Inc. stocks is 0.29%.
h3>Added: Everest Re Group Ltd. (RE, Financial) Donald Smith added to his holdings in Everest Re Group Ltd. by 64.82%. His purchase prices were between $81.61 and $90.58, with an estimated average price of $85.02. The impact to his portfolio due to this purchase was 0.87%. His holdings were 808,740 shares as of 03/31/2011.
Everest Re Group Ltd. is a world leader in property and casualty reinsurance and insurance, offering innovative products, responsive service and unsurpassed financial strength. Everest Re Group Ltd. has a market cap of $4.89 billion; its shares were traded at around $90.13 with a P/E ratio of 19.59 and P/S ratio of 1.04. The dividend yield of Everest Re Group Ltd. stocks is 2.13%.
Sanmina-Sci Corporation provides electronic manufacturing services, including turnkey electronic assembly and manufacturing management services. Sanmina-sci Corp. has a market cap of $962.76 million; its shares were traded at around $12.01 with a P/E ratio of 9.1 and P/S ratio of 0.15.
Alliance One International Inc. is a independent leaf tobacco merchant. Alliance One International Inc. has a market cap of $343.11 million; its shares were traded at around $3.94 with a P/E ratio of 6.79 and P/S ratio of 0.15. Alliance One International Inc. had an annual average earnings growth of 21.4% over the past 5 years.
Ingram Micro Inc. is one of the distributors of information technology products and services worldwide. Ingram Micro Inc. has a market cap of $2.99 billion; its shares were traded at around $18.78 with a P/E ratio of 9.88 and P/S ratio of 0.09. Ingram Micro Inc. had an annual average earnings growth of 12.9% over the past 10 years.
GenOn Energy Inc., formerly known as RRI Energy Inc., is engaged in providing energy, capacity, ancillary and other energy services to wholesale customers in power generation markets in the United States. GenOn Energy Inc. has a market cap of $2.79 billion; its shares were traded at around $3.63 with and P/S ratio of 1.23.
Baltimore Gas and Electric Company consists primarily of generating, purchasing and selling electricity and purchasing, transporting and selling natural gas. Constellation Energy Grp. has a market cap of $7.37 billion; its shares were traded at around $36.89 with a P/E ratio of 16.47 and P/S ratio of 0.51. The dividend yield of Constellation Energy Grp. stocks is 2.6%.
Montpelier Re Holdings Ltd., through its operating subsidiaries, is a premier provider of global specialty property reinsurance products. Montpelier Re Holdings Ltd. has a market cap of $1.14 billion; its shares were traded at around $18.3 with a P/E ratio of 23.77 and P/S ratio of 1.63. The dividend yield of Montpelier Re Holdings Ltd. stocks is 2.19%.
Overseas Shipholding Group Inc. and its subsidiaries constitute a major international shipping enterprise owning and operating a diversified fleet of oceangoing bulk cargo vessels -- principally tankers. Overseas Shipholding Group Inc. has a market cap of $896.7 million; its shares were traded at around $29.43 with and P/S ratio of 0.86. The dividend yield of Overseas Shipholding Group Inc. stocks is 5.95%. Overseas Shipholding Group Inc. had an annual average earnings growth of 1.5% over the past 10 years.
Republic Airway is a holding company that operates Chautauqua Airlines Inc. Republic Airways Holdings Inc. has a market cap of $233.27 million; its shares were traded at around $4.84 with a P/E ratio of 4.79 and P/S ratio of 0.09. Republic Airways Holdings Inc. had an annual average earnings growth of 12.1% over the past five years.
Yamana Gold is a Canadian gold producer with significant gold production, gold and copper-gold development stage properties, exploration properties and land positions in all major mineral areas in Brazil. Yamana Gold Inc. has a market cap of $8.75 billion; its shares were traded at around $11.8 with a P/E ratio of 16.62 and P/S ratio of 5.19. The dividend yield of Yamana Gold Inc. stocks is 1.02%. Yamana Gold Inc. had an annual average earnings growth of 161.3% over the past five years.
Glatfelter is a paper manufacturing company that manufactures printing papers and tobacco and other specialty papers. Glatfelter has a market cap of $679.42 million; its shares were traded at around $14.77 with a P/E ratio of 14.2 and P/S ratio of 0.46. The dividend yield of Glatfelter stocks is 2.44%. Glatfelter had an annual average earnings growth of 5.8% over the past 10 years.
FSI International Inc. is a global supplier of processing equipment used at key production steps to manufacture microelectronics. FSI International Inc. has a market cap of $204.33 million; its shares were traded at around $5.28 with a P/E ratio of 12.57 and P/S ratio of 2.25.
Photronics is a worldwide manufacturer of photomasks. Photronics Inc. has a market cap of $440.05 million; its shares were traded at around $8.11 with a P/E ratio of 14.48 and P/S ratio of 1.03.
American Nat'l Insurance's family of companies offers a broad line of products and services, which include individual and group life and health insurance and annuities; personal lines property and casualty insurance; credit insurance and mutual funds. American National Insurance Company has a market cap of $2.14 billion; its shares were traded at around $79.7 with a P/E ratio of 20.08 and P/S ratio of 0.7. The dividend yield of American National Insurance Company stocks is 3.86%.
Flagstone Reinsurance Holdings S.a. is a Bermuda-based global reinsurance company. Flagstone Reinsurance Holdings S.a. has a market cap of $546.96 million; its shares were traded at around $7.96 with and P/S ratio of 0.57. The dividend yield of Flagstone Reinsurance Holdings S.a. stocks is 2.01%.
Corinthian Colleges Inc. is one of the largest post-secondary education companies in North America, operating colleges in states in the U.S. Corinthian Colleges Inc. has a market cap of $361.11 million; its shares were traded at around $4.27 with a P/E ratio of 3.56 and P/S ratio of 0.2. Corinthian Colleges Inc. had an annual average earnings growth of 7.3% over the past 10 years. GuruFocus rated Corinthian Colleges Inc. the business predictability rank of 2.5-star.
P.A.M. Transportation Services Inc. is an irregular route, common and contract motor carrier authorized to transport general commodities. P.A.M. Transportation Services Inc. has a market cap of $98.19 million; its shares were traded at around $10.46 with and P/S ratio of 0.3.
Toyota Motor Corporation produces, sells, leases and repairs passenger cars, trucks, buses, boats, airplanes and other products in Japan and most foreign countries. Toyota Motor Corp. has a market cap of $130.73 billion; its shares were traded at around $83.38 with a P/E ratio of 23.1 and P/S ratio of 0.63. The dividend yield of Toyota Motor Corp. stocks is 0.52%.
Parker Drilling Company provides high-performance contract drilling solutions, rental tools and project management services to the worldwide energy industry. Parker Drilling Company has a market cap of $642.33 million; its shares were traded at around $5.5 with a P/E ratio of 50 and P/S ratio of 0.97. Parker Drilling Company had an annual average earnings growth of 0.2% over the past 10 years.
Lorillard is the third largest manufacturer of cigarettes in the United States. Lorillard Inc. has a market cap of $16.23 billion; its shares were traded at around $111.51 with a P/E ratio of 15.95 and P/S ratio of 2.74. The dividend yield of Lorillard Inc. stocks is 4.66%.
Tuesday Morning Corp. is a closeout retailer of upscale home furnishings, gifts and related items in the U.S. Tuesday Morning Corp. has a market cap of $220.96 million; its shares were traded at around $5.13 with a P/E ratio of 17.69 and P/S ratio of 0.27. Tuesday Morning Corp. had an annual average earnings growth of 0.1% over the past five years.
Newmont Mining Corp. is engaged in the production of gold, the exploration for gold and the acquisition and development of gold properties worldwide. Newmont Mining Corp. has a market cap of $25.68 billion; its shares were traded at around $52.78 with a P/E ratio of 13.23 and P/S ratio of 2.69. The dividend yield of Newmont Mining Corp. stocks is 1.14%. Newmont Mining Corp. had an annual average earnings growth of 15.1% over the past 10 years. GuruFocus rated Newmont Mining Corp. the business predictability rank of 2.5-star.
Tesoro was founded in 1968 as a company primarily engaged in petroleum exploration and production. Tesoro Corp. has a market cap of $3.36 billion; its shares were traded at around $23.43 with a P/E ratio of 16.5 and P/S ratio of 0.16. Tesoro Corp. had an annual average earnings growth of 8.4% over the past 10 years.
ChipMOS Technologies is an independent provider of total semiconductor testing and packaging solutions to fabless companies, integrated device manufacturers and foundries. ChipMOS Technologies Ltd. has a market cap of $258.4 million; its shares were traded at around $8.02 with a P/E ratio of 29.7 and P/S ratio of 0.44.
Horsehead Holding Corp. is the parent company of Horsehead Corporation. Horsehead Hldg Corp. has a market cap of $550.03 million; its shares were traded at around $12.6 with a P/E ratio of 26.81 and P/S ratio of 1.44.
SFN Group Inc. is a strategic workforce solutions provider. SFN Group Inc. has a market cap of $524.83 million; its shares were traded at around $10.27 with a P/E ratio of 26.33 and P/S ratio of 0.26. SFN Group Inc. had an annual average earnings growth of 0.2% over the past 10 years.
United Continental Holdings Inc. is in the airlines industry. United Continental Holdings Inc. has a market cap of $8.4 billion; its shares were traded at around $25.58 with a P/E ratio of 6.24 and P/S ratio of 0.25.
Cooper Tire & Rubber Company specializes in the manufacture and marketing of automotive products. Cooper Tire & Rubber Co. has a market cap of $1.54 billion; its shares were traded at around $24.75 with a P/E ratio of 11.9 and P/S ratio of 0.46. The dividend yield of Cooper Tire & Rubber Co. stocks is 1.7%.
Stone Energy is an independent oil and gas company headquartered in Lafayette, La., and is engaged in the acquisition, exploitation and operation of oil and gas properties located in the Gulf Coast Basin. Stone Energy Corp. has a market cap of $1.43 billion; its shares were traded at around $29.23 with a P/E ratio of 12.55 and P/S ratio of 2.19. Stone Energy Corp. had an annual average earnings growth of 5.9% over the past 10 years.
Ishares Inc. Russell 2000 Value I has a market cap of $4.57 billion; its shares were traded at around $74.09 . The dividend yield ofIshares Inc. Russell 2000 Value I stocks is 2.58%.
American Pacific Corporation is a chemical and aerospace company with the following products: (i) fine chemicals in the form of active pharmaceutical ingredients and registered intermediates, (ii) perchlorate chemicals used in space propulsion and other applications, (iii) liquid in-space propellant thrusters used for attitude control on satellites, (iv) Halotron, a clean fire extinguishing agent, (v) sodium azide used in various applications and (vi) water treatment equipment. American Pacific Corp. has a market cap of $48.35 million; its shares were traded at around $6.41 with and P/S ratio of 0.27. American Pacific Corp. had an annual average earnings growth of 12% over the past five years.
JetBlue Airways is a low-fare, low-cost passenger airline, which provides high-quality customer service primarily on point-to-point routes and is based in New York's John F. Kennedy Airport. Jetblue Airways Corp. has a market cap of $1.71 billion; its shares were traded at around $5.815 with a P/E ratio of 18.17 and P/S ratio of 0.45. Jetblue Airways Corp. had an annual average earnings growth of 16.6% over the past 10 years.
Study shows that stocks with low P/B ratios did outperform the market. According to the data published on his website of Donald Smith, “A study that we conducted with Compustat data showed that from 1951 to 2009 stocks in the lowest price-to-tangible book value decile had the highest long-term returns, delivering a 15.4% return versus 10.7% for the S&P 500.” The results of the study are displayed in the chart below:
[img]file:///C:/Users/guru/AppData/Local/Temp/msohtmlclip1/01/clip_image001.jpg[/img]
Donald Smith buys JetBlue Airways Corp., Dillards Inc., Everest Re Group Ltd., Toyota Motor Corp., Sanminasci Corp., Parker Drilling Company, Alliance One International Inc., Ingram Micro Inc., Genon Energy Inc., Montpelier Re Holdings Ltd., Constellation Energy Grp., Overseas Shipholding Group Inc., Republic Airways Holdings Inc., Yamana Gold Inc., Glatfelter, Fsi International Inc., Photronics Inc., Lorillard Inc., American National Insurance Company, Flagstone Reinsurance Holdings S.a., Corinthian Colleges Inc., Tuesday Morning Corp., P.a.m. Transportation Services Inc., Jetblue Airways Corp., sells Newmont Mining Corp., Tesoro Corp., Chipmos Technologies Ltd., Horsehead Hldg Corp, Sfn Group Inc., Stone Energy Corp., Nu Horizons Ele, Ishares, Incorporated- Shares Russell 2000 Value I, United Continental Holdings Inc., Cooper Tire & Rubber Co., American Pacific Corp. during the 3-months ended 03/31/2011, according to the most recent filings of his investment company, Donald Smith & Co.. As of 03/31/2011, Donald Smith & Co. owns 88 stocks with a total value of $3.2 billion. These are the details of the buys and sells.
This is the portfolio chart of Donald Smith. You can click on the legend of the chart to show/hide buys, sells, or holdings. Each ball on the chart represents a position in the portfolio. You can move your mouse on the balls to see the details of each position and click to see the details of all guru trades with this position.
- New Purchases: TM, PKD, LO, TUES,
- Added Positions: JBLU, DDS, RE, SANM, AOI, IM, GEN, CEG, MRH, OSG, RJET, AUY, GLT, FSII, PLAB, ANAT, FSR, COCO, PTSI, JBLU,
- Reduced Positions: NEM, TSO, IMOS, ZINC, SFN, UAL, CTB,
- Sold Out: SGY, IWN, APFC,
This is the sector weightings of his portfolio:
| Financials | 22.4% |
| Consumer Services | 17.2% |
| Industrials | 14.8% |
| Utilities | 9.8% |
| Technology | 9.7% |
| Basic Materials | 7.9% |
| Oil & Gas | 5.4% |
| Consumer Goods | 3.9% |
These are the top 5 holdings of Donald Smith
- Dillards Inc. (DDS) - 4,739,975 shares, 5.92% of the total portfolio. Shares added by 29.65%
- JetBlue Airways Corp. (JBLU) - 29,352,070 shares, 5.73% of the total portfolio. Shares added by 54.47%
- Micron Technology Inc. (MU) - 15,728,493 shares, 5.62% of the total portfolio. Shares reduced by 2.01%
- Yamana Gold Inc. (AUY) - 11,562,459 shares, 4.43% of the total portfolio. Shares added by 3.89%
- Ingram Micro Inc. (IM) - 6,315,121 shares, 4.13% of the total portfolio. Shares added by 9.85%
Added: JetBlue Airways Corp. (JBLU, Financial)
Donald Smith added to his holdings in Jetblue Airways Corp. by 54.47%. His purchase prices were between $5.45 and $7.1, with an estimated average price of $6.15. The impact to his portfolio due to this purchase was 2.02%. His holdings were 29,352,070 shares as of 03/31/2011.JetBlue Airways is a low-fare, low-cost passenger airline, which provides high-quality customer service primarily on point-to-point routes and is based in New York's John F. Kennedy Airport. Jetblue Airways Corp. has a market cap of $1.71 billion; its shares were traded at around $5.815 with a P/E ratio of 18.17 and P/S ratio of 0.45. Jetblue Airways Corp. had an annual average earnings growth of 16.6% over the past 10 years.
Added: Dillard's Inc. (DDS, Financial)
Donald Smith added to his holdings in Dillard's Inc. by 29.65%. His purchase prices were between $37.54 and $42.63, with an estimated average price of $40.29. The impact to his portfolio due to this purchase was 1.35%. His holdings were 4,739,975 shares as of 03/31/2011.Dillard's Inc. is one of the nation's largest fashion apparel and home furnishings retailers. Dillard's Inc. has a market cap of $3.36 billion; its shares were traded at around $56 with a P/E ratio of 18.24 and P/S ratio of 0.55. The dividend yield of Dillard's Inc. stocks is 0.29%.
h3>Added: Everest Re Group Ltd. (RE, Financial) Donald Smith added to his holdings in Everest Re Group Ltd. by 64.82%. His purchase prices were between $81.61 and $90.58, with an estimated average price of $85.02. The impact to his portfolio due to this purchase was 0.87%. His holdings were 808,740 shares as of 03/31/2011.
Everest Re Group Ltd. is a world leader in property and casualty reinsurance and insurance, offering innovative products, responsive service and unsurpassed financial strength. Everest Re Group Ltd. has a market cap of $4.89 billion; its shares were traded at around $90.13 with a P/E ratio of 19.59 and P/S ratio of 1.04. The dividend yield of Everest Re Group Ltd. stocks is 2.13%.
Added: Sanmina-sci Corp. (SANM, Financial)
Donald Smith added to his holdings in Sanmina-sci Corp. by 22.73%. His purchase prices were between $10.22 and $16.94, with an estimated average price of $13.99. The impact to his portfolio due to this purchase was 0.52%. His holdings were 8,031,976 shares as of 03/31/2011.Sanmina-Sci Corporation provides electronic manufacturing services, including turnkey electronic assembly and manufacturing management services. Sanmina-sci Corp. has a market cap of $962.76 million; its shares were traded at around $12.01 with a P/E ratio of 9.1 and P/S ratio of 0.15.
Added: Alliance One International Inc. (AOI, Financial)
Donald Smith added to his holdings in Alliance One International Inc. by 134.83%. His purchase prices were between $3.49 and $4.37, with an estimated average price of $3.82. The impact to his portfolio due to this purchase was 0.41%. His holdings were 5,765,593 shares as of 03/31/2011.Alliance One International Inc. is a independent leaf tobacco merchant. Alliance One International Inc. has a market cap of $343.11 million; its shares were traded at around $3.94 with a P/E ratio of 6.79 and P/S ratio of 0.15. Alliance One International Inc. had an annual average earnings growth of 21.4% over the past 5 years.
Added: Ingram Micro Inc. (IM, Financial)
Donald Smith added to his holdings in Ingram Micro Inc. by 9.85%. His purchase prices were between $18.92 and $20.9, with an estimated average price of $19.9. The impact to his portfolio due to this purchase was 0.37%. His holdings were 6,315,121 shares as of 03/31/2011.Ingram Micro Inc. is one of the distributors of information technology products and services worldwide. Ingram Micro Inc. has a market cap of $2.99 billion; its shares were traded at around $18.78 with a P/E ratio of 9.88 and P/S ratio of 0.09. Ingram Micro Inc. had an annual average earnings growth of 12.9% over the past 10 years.
Added: GenOn Energy Inc. (GEN, Financial)
Donald Smith added to his holdings in GenOn Energy Inc. by 8.93%. His purchase prices were between $3.68 and $4.29, with an estimated average price of $3.97. The impact to his portfolio due to this purchase was 0.25%. His holdings were 25,902,833 shares as of 03/31/2011.GenOn Energy Inc., formerly known as RRI Energy Inc., is engaged in providing energy, capacity, ancillary and other energy services to wholesale customers in power generation markets in the United States. GenOn Energy Inc. has a market cap of $2.79 billion; its shares were traded at around $3.63 with and P/S ratio of 1.23.
Added: Constellation Energy Grp. (CEG, Financial)
Donald Smith added to his holdings in Constellation Energy Grp. by 6.42%. His purchase prices were between $29.95 and $32.98, with an estimated average price of $31.43. The impact to his portfolio due to this purchase was 0.22%. His holdings were 3,703,590 shares as of 03/31/2011.Baltimore Gas and Electric Company consists primarily of generating, purchasing and selling electricity and purchasing, transporting and selling natural gas. Constellation Energy Grp. has a market cap of $7.37 billion; its shares were traded at around $36.89 with a P/E ratio of 16.47 and P/S ratio of 0.51. The dividend yield of Constellation Energy Grp. stocks is 2.6%.
Added: Montpelier Re Holdings Ltd. (MRH, Financial)
Donald Smith added to his holdings in Montpelier Re Holdings Ltd. by 7.62%. His purchase prices were between $16.49 and $20.98, with an estimated average price of $19.4. The impact to his portfolio due to this purchase was 0.22%. His holdings were 5,672,674 shares as of 03/31/2011.Montpelier Re Holdings Ltd., through its operating subsidiaries, is a premier provider of global specialty property reinsurance products. Montpelier Re Holdings Ltd. has a market cap of $1.14 billion; its shares were traded at around $18.3 with a P/E ratio of 23.77 and P/S ratio of 1.63. The dividend yield of Montpelier Re Holdings Ltd. stocks is 2.19%.
Added: Overseas Shipholding Group Inc. (OSG, Financial)
Donald Smith added to his holdings in Overseas Shipholding Group Inc. by 6.79%. His purchase prices were between $30.13 and $37.03, with an estimated average price of $33.46. The impact to his portfolio due to this purchase was 0.19%. His holdings were 3,051,782 shares as of 03/31/2011.Overseas Shipholding Group Inc. and its subsidiaries constitute a major international shipping enterprise owning and operating a diversified fleet of oceangoing bulk cargo vessels -- principally tankers. Overseas Shipholding Group Inc. has a market cap of $896.7 million; its shares were traded at around $29.43 with and P/S ratio of 0.86. The dividend yield of Overseas Shipholding Group Inc. stocks is 5.95%. Overseas Shipholding Group Inc. had an annual average earnings growth of 1.5% over the past 10 years.
Added: Republic Airways Holdings Inc. (RJET, Financial)
Donald Smith added to his holdings in Republic Airways Holdings Inc. by 23.49%. His purchase prices were between $5.97 and $7.72, with an estimated average price of $6.46. The impact to his portfolio due to this purchase was 0.18%. His holdings were 4,711,928 shares as of 03/31/2011.Republic Airway is a holding company that operates Chautauqua Airlines Inc. Republic Airways Holdings Inc. has a market cap of $233.27 million; its shares were traded at around $4.84 with a P/E ratio of 4.79 and P/S ratio of 0.09. Republic Airways Holdings Inc. had an annual average earnings growth of 12.1% over the past five years.
Added: Yamana Gold Inc. (AUY, Financial)
Donald Smith added to his holdings in Yamana Gold Inc. by 3.89%. His purchase prices were between $11.04 and $12.99, with an estimated average price of $12.12. The impact to his portfolio due to this purchase was 0.17%. His holdings were 11,562,459 shares as of 03/31/2011.Yamana Gold is a Canadian gold producer with significant gold production, gold and copper-gold development stage properties, exploration properties and land positions in all major mineral areas in Brazil. Yamana Gold Inc. has a market cap of $8.75 billion; its shares were traded at around $11.8 with a P/E ratio of 16.62 and P/S ratio of 5.19. The dividend yield of Yamana Gold Inc. stocks is 1.02%. Yamana Gold Inc. had an annual average earnings growth of 161.3% over the past five years.
Added: Glatfelter (GLT)
Donald Smith added to his holdings in Glatfelter by 81.92%. His purchase prices were between $11.28 and $13.04, with an estimated average price of $12.14. The impact to his portfolio due to this purchase was 0.15%. His holdings were 785,199 shares as of 03/31/2011.Glatfelter is a paper manufacturing company that manufactures printing papers and tobacco and other specialty papers. Glatfelter has a market cap of $679.42 million; its shares were traded at around $14.77 with a P/E ratio of 14.2 and P/S ratio of 0.46. The dividend yield of Glatfelter stocks is 2.44%. Glatfelter had an annual average earnings growth of 5.8% over the past 10 years.
Added: FSI International Inc. (FSII)
Donald Smith added to his holdings in Fsi International Inc. by 1299.64%. His purchase prices were between $3.27 and $4.48, with an estimated average price of $4.02. The impact to his portfolio due to this purchase was 0.13%. His holdings were 996,587 shares as of 03/31/2011.FSI International Inc. is a global supplier of processing equipment used at key production steps to manufacture microelectronics. FSI International Inc. has a market cap of $204.33 million; its shares were traded at around $5.28 with a P/E ratio of 12.57 and P/S ratio of 2.25.
Added: Photronics Inc. (PLAB)
Donald Smith added to his holdings in Photronics Inc. by 14.21%. His purchase prices were between $5.7 and $9.8, with an estimated average price of $7.63. The impact to his portfolio due to this purchase was 0.12%. His holdings were 3,423,148 shares as of 03/31/2011.Photronics is a worldwide manufacturer of photomasks. Photronics Inc. has a market cap of $440.05 million; its shares were traded at around $8.11 with a P/E ratio of 14.48 and P/S ratio of 1.03.
Added: American National Insurance Company (ANAT)
Donald Smith added to his holdings in American National Insurance Company by 4.66%. His purchase prices were between $75.65 and $88.43, with an estimated average price of $82.57. The impact to his portfolio due to this purchase was 0.11%. His holdings were 1,039,615 shares as of 03/31/2011.American Nat'l Insurance's family of companies offers a broad line of products and services, which include individual and group life and health insurance and annuities; personal lines property and casualty insurance; credit insurance and mutual funds. American National Insurance Company has a market cap of $2.14 billion; its shares were traded at around $79.7 with a P/E ratio of 20.08 and P/S ratio of 0.7. The dividend yield of American National Insurance Company stocks is 3.86%.
Added: Flagstone Reinsurance Holdings S.a. (FSR)
Donald Smith added to his holdings in Flagstone Reinsurance Holdings S.a. by 16.06%. His purchase prices were between $8.38 and $12.73, with an estimated average price of $11.34. The impact to his portfolio due to this purchase was 0.09%. His holdings were 2,321,505 shares as of 03/31/2011.Flagstone Reinsurance Holdings S.a. is a Bermuda-based global reinsurance company. Flagstone Reinsurance Holdings S.a. has a market cap of $546.96 million; its shares were traded at around $7.96 with and P/S ratio of 0.57. The dividend yield of Flagstone Reinsurance Holdings S.a. stocks is 2.01%.
Added: Corinthian Colleges Inc. (COCO)
Donald Smith added to his holdings in Corinthian Colleges Inc. by 229.89%. His purchase prices were between $4.4 and $5.91, with an estimated average price of $4.98. The impact to his portfolio due to this purchase was 0.09%. His holdings were 970,700 shares as of 03/31/2011.Corinthian Colleges Inc. is one of the largest post-secondary education companies in North America, operating colleges in states in the U.S. Corinthian Colleges Inc. has a market cap of $361.11 million; its shares were traded at around $4.27 with a P/E ratio of 3.56 and P/S ratio of 0.2. Corinthian Colleges Inc. had an annual average earnings growth of 7.3% over the past 10 years. GuruFocus rated Corinthian Colleges Inc. the business predictability rank of 2.5-star.
Added: P.A.M. Transportation Services Inc. (PTSI)
Donald Smith added to his holdings in P.A.M. Transportation Services Inc. by 20.25%. His purchase prices were between $11.205 and $12.4, with an estimated average price of $11.63. The impact to his portfolio due to this purchase was 0.03%. His holdings were 396,041 shares as of 03/31/2011.P.A.M. Transportation Services Inc. is an irregular route, common and contract motor carrier authorized to transport general commodities. P.A.M. Transportation Services Inc. has a market cap of $98.19 million; its shares were traded at around $10.46 with and P/S ratio of 0.3.
New Purchase: Toyota Motor Corp. (TM)
Donald Smith initiated holdings in Toyota Motor Corp. His purchase prices were between $78.63 and $93.68, with an estimated average price of $85.41. The impact to his portfolio due to this purchase was 0.65%. His holdings were 262,050 shares as of 03/31/2011.Toyota Motor Corporation produces, sells, leases and repairs passenger cars, trucks, buses, boats, airplanes and other products in Japan and most foreign countries. Toyota Motor Corp. has a market cap of $130.73 billion; its shares were traded at around $83.38 with a P/E ratio of 23.1 and P/S ratio of 0.63. The dividend yield of Toyota Motor Corp. stocks is 0.52%.
New Purchase: Parker Drilling Company (PKD)
Donald Smith initiated holdings in Parker Drilling Company. His purchase prices were between $4.06 and $6.99, with an estimated average price of $4.93. The impact to his portfolio due to this purchase was 0.51%. His holdings were 2,386,946 shares as of 03/31/2011.Parker Drilling Company provides high-performance contract drilling solutions, rental tools and project management services to the worldwide energy industry. Parker Drilling Company has a market cap of $642.33 million; its shares were traded at around $5.5 with a P/E ratio of 50 and P/S ratio of 0.97. Parker Drilling Company had an annual average earnings growth of 0.2% over the past 10 years.
New Purchase: Lorillard Inc. (LO)
Donald Smith initiated holdings in Lorillard Inc.. His purchase prices were between $74.2 and $96.44, with an estimated average price of $79.84. The impact to his portfolio due to this purchase was 0.11%. His holdings were 38,700 shares as of 03/31/2011.Lorillard is the third largest manufacturer of cigarettes in the United States. Lorillard Inc. has a market cap of $16.23 billion; its shares were traded at around $111.51 with a P/E ratio of 15.95 and P/S ratio of 2.74. The dividend yield of Lorillard Inc. stocks is 4.66%.
New Purchase: Tuesday Morning Corp. (TUES)
Donald Smith initiated holdings in Tuesday Morning Corp. His purchase prices were between $3.82 and $5.48, with an estimated average price of $4.75. The impact to his portfolio due to this purchase was 0.04%. His holdings were 232,273 shares as of 03/31/2011.New Purchase: Tuesday Morning Corp. (TUES)
Donald Smith initiated holdings in Tuesday Morning Corp. His purchase prices were between $3.82 and $5.48, with an estimated average price of $4.75. The impact to his portfolio due to this purchase was 0.04%. His holdings were 232,273 shares as of 03/31/2011.Tuesday Morning Corp. is a closeout retailer of upscale home furnishings, gifts and related items in the U.S. Tuesday Morning Corp. has a market cap of $220.96 million; its shares were traded at around $5.13 with a P/E ratio of 17.69 and P/S ratio of 0.27. Tuesday Morning Corp. had an annual average earnings growth of 0.1% over the past five years.
Reduced: Newmont Mining Corp. (NEM)
Donald Smith reduced to his holdings in Newmont Mining Corp. by 99.84%. His sale prices were between $50.39 and $61.43, with an estimated average price of $55.55. The impact to his portfolio due to this sale was -143.52%. Donald Smith still held 135 shares as of 03/31/2011.Newmont Mining Corp. is engaged in the production of gold, the exploration for gold and the acquisition and development of gold properties worldwide. Newmont Mining Corp. has a market cap of $25.68 billion; its shares were traded at around $52.78 with a P/E ratio of 13.23 and P/S ratio of 2.69. The dividend yield of Newmont Mining Corp. stocks is 1.14%. Newmont Mining Corp. had an annual average earnings growth of 15.1% over the past 10 years. GuruFocus rated Newmont Mining Corp. the business predictability rank of 2.5-star.
Reduced: Tesoro Corp. (TSO)
Donald Smith reduced to his holdings in Tesoro Corp. by 50.02%. His sale prices were between $17.98 and $27.76, with an estimated average price of $22.14. The impact to his portfolio due to this sale was -3.26%. Donald Smith still held 3,907,548 shares as of 03/31/2011.Tesoro was founded in 1968 as a company primarily engaged in petroleum exploration and production. Tesoro Corp. has a market cap of $3.36 billion; its shares were traded at around $23.43 with a P/E ratio of 16.5 and P/S ratio of 0.16. Tesoro Corp. had an annual average earnings growth of 8.4% over the past 10 years.
Reduced: ChipMOS Technologies Ltd. (IMOS)
Donald Smith reduced to his holdings in Chipmos Technologies Ltd. by 81.52%. His sale prices were between $1.53 and $8.8, with an estimated average price of $5.28. The impact to his portfolio due to this sale was -0.49%. Donald Smith still held 396,454 shares as of 03/31/2011.ChipMOS Technologies is an independent provider of total semiconductor testing and packaging solutions to fabless companies, integrated device manufacturers and foundries. ChipMOS Technologies Ltd. has a market cap of $258.4 million; its shares were traded at around $8.02 with a P/E ratio of 29.7 and P/S ratio of 0.44.
Reduced: Horsehead Holding Corp. (ZINC)
Donald Smith reduced to his holdings in Horsehead Hldg Corp by 62.94%. His sale prices were between $11.98 and $17.78, with an estimated average price of $14.62. The impact to his portfolio due to this sale was -0.44%. Donald Smith still held 493,682 shares as of 03/31/2011.Horsehead Holding Corp. is the parent company of Horsehead Corporation. Horsehead Hldg Corp. has a market cap of $550.03 million; its shares were traded at around $12.6 with a P/E ratio of 26.81 and P/S ratio of 1.44.
Reduced: SFN Group Inc. (SFN)
Donald Smith reduced to his holdings in Sfn Group Inc. by 67.1%. His sale prices were between $9.16 and $14.58, with an estimated average price of $12.13. The impact to his portfolio due to this sale was -0.41%. Donald Smith still held 446,301 shares as of 03/31/2011.SFN Group Inc. is a strategic workforce solutions provider. SFN Group Inc. has a market cap of $524.83 million; its shares were traded at around $10.27 with a P/E ratio of 26.33 and P/S ratio of 0.26. SFN Group Inc. had an annual average earnings growth of 0.2% over the past 10 years.
Reduced: United Continental Holdings Inc. (UAL)
Donald Smith reduced to his holdings in United Continental Holdings Inc. by 54.39%. His sale prices were between $22.17 and $27.48, with an estimated average price of $24.8. The impact to his portfolio due to this sale was -0.2%. Donald Smith still held 239,430 shares as of 03/31/2011.United Continental Holdings Inc. is in the airlines industry. United Continental Holdings Inc. has a market cap of $8.4 billion; its shares were traded at around $25.58 with a P/E ratio of 6.24 and P/S ratio of 0.25.
Reduced: Cooper Tire & Rubber Co. (CTB)
Donald Smith reduced to his holdings in Cooper Tire & Rubber Co. by 35.11%. His sale prices were between $21.95 and $25.99, with an estimated average price of $23.84. The impact to his portfolio due to this sale was -0.18%. Donald Smith still held 426,508 shares as of 03/31/2011.Cooper Tire & Rubber Company specializes in the manufacture and marketing of automotive products. Cooper Tire & Rubber Co. has a market cap of $1.54 billion; its shares were traded at around $24.75 with a P/E ratio of 11.9 and P/S ratio of 0.46. The dividend yield of Cooper Tire & Rubber Co. stocks is 1.7%.
Sold Out: Stone Energy Corp. (SGY)
Donald Smith sold out his holdings in Stone Energy Corp. His sale prices were between $21.75 and $32.58, with an estimated average price of $25.94.Stone Energy is an independent oil and gas company headquartered in Lafayette, La., and is engaged in the acquisition, exploitation and operation of oil and gas properties located in the Gulf Coast Basin. Stone Energy Corp. has a market cap of $1.43 billion; its shares were traded at around $29.23 with a P/E ratio of 12.55 and P/S ratio of 2.19. Stone Energy Corp. had an annual average earnings growth of 5.9% over the past 10 years.
Sold Out: Ishares Inc. Russell 2000 Value I (IWN)
Donald Smith sold out his holdings in Ishares Inc. - Shares Russell 2000 Value I. His sale prices were between $70.35 and $75.33, with an estimated average price of $72.8.Ishares Inc. Russell 2000 Value I has a market cap of $4.57 billion; its shares were traded at around $74.09 . The dividend yield ofIshares Inc. Russell 2000 Value I stocks is 2.58%.
Sold Out: American Pacific Corp. (APFC)
Donald Smith sold out his holdings in American Pacific Corp. His sale prices were between $5.75 and $6.18, with an estimated average price of $6.05.American Pacific Corporation is a chemical and aerospace company with the following products: (i) fine chemicals in the form of active pharmaceutical ingredients and registered intermediates, (ii) perchlorate chemicals used in space propulsion and other applications, (iii) liquid in-space propellant thrusters used for attitude control on satellites, (iv) Halotron, a clean fire extinguishing agent, (v) sodium azide used in various applications and (vi) water treatment equipment. American Pacific Corp. has a market cap of $48.35 million; its shares were traded at around $6.41 with and P/S ratio of 0.27. American Pacific Corp. had an annual average earnings growth of 12% over the past five years.
Added: Jetblue Airways Corp. (JBLU)
Donald Smith added to his holdings in Jetblue Airways Corp. by 55.08%. The impact to his portfolio due to this purchase was 1.95%. His holdings were 29,467,039 shares as of 03/31/2011.JetBlue Airways is a low-fare, low-cost passenger airline, which provides high-quality customer service primarily on point-to-point routes and is based in New York's John F. Kennedy Airport. Jetblue Airways Corp. has a market cap of $1.71 billion; its shares were traded at around $5.815 with a P/E ratio of 18.17 and P/S ratio of 0.45. Jetblue Airways Corp. had an annual average earnings growth of 16.6% over the past 10 years.
