ABOUT OUR PEOPLE INVESTMENT STRATEGY INVESTMENT PROCESS CONTACT What is Deep Value Equity Investing? Less than 1/10th of 1% of all money managers invest in the lowest decile of stocks by price-to-tangible book value.* Our investment strategy targets out-of-favor companies valued in the bottom decile of price-to-tangible book value ratios. Studies have shown, and our long record of outperformance has confirmed, that this universe of stocks substantially outperforms the broader market over extended cycles. A 2015 study that we conducted with Compustat data showed that from 1951-2014, stocks in the lowest price-to-tangible-book-value decile outperformed both the market and other deciles. The Compustat Study Returns by price-to-book ratio decile, 1951-2014 (64 years) S&P 500 11% STOCKS IN THE LOWEST PRICE-TO-TANGIBLE-BOOK DECILE DELIVERED THE HIGHEST RETURNS OVER THE LONG TERM. BACK TO TOP >> * Results of a study conducted by professors Lakonishok, Shleifer and Vishny of the University of Illinois, Harvard and the University of Chicago, respectively, entitled, “What Do Money Managers Do?” and circulated as a working paper by the University of Illinois in February, 1997. © 2021, Donald Smith & Co., Inc. All Rights Reserved | Privacy Policy

We are Pioneers in Deep Value Equity Investing For over 4 decades, Donald Smith & Co. has focused on one thing — providing institutional clients with a disciplined, differentiated, and process-driven approach to deep value equity investing. ABOUT US >> Experience is Our Greatest Asset Our firm founder Donald Smith who passed in 2019 and Richard Greenberg worked together for nearly 4 decades, building and refining our process-driven approach to investing in stocks selling at deep discounts to tangible book value. Now Richard Greenberg and Jon Hartsel lead the firm, supported by a team of investment analysts and business professionals with extensive industry experience. READ MORE ABOUT OUR PEOPLE >> Finding Value Across the Equity Spectrum We offer separately managed accounts in All Cap, Large, Mid, Small, Micro Cap and Global Value Composites. The composites are all managed within the same time-tested investment framework and process by the same team. WHAT IS DEEP VALUE EQUITY INVESTING? >> A Highly Disciplined, Process-Driven Approach Our process begins with a quantitative screening to identify stocks trading in the lowest decile of the market by price-to-tangible-book-value. Within this universe, we conduct intensive fundamental research to identify the stocks with the greatest potential for outperformance. OUR INVESTMENT PROCESS >> © 2021, Donald Smith & Co., Inc. All Rights Reserved | Privacy Policy