INC. DONALD SMITH & CO. disclosed a stake in CGAU on 2026-08-11.
The deep-value manager reported 15.45 million $CGAU shares worth about $245 million at June 30. It trimmed 323,336 shares during Q2, but the position remained 1.29 million shares larger than at year-end. This is an ownership disclosure, not a fresh purchase. ([sec.gov](https://www.sec.gov/Archives/edgar/data/814375/000081437526000043/xslSCHEDULE_13G_X02/primary_doc.xml))
Why it matters
The Q2 trim hides the broader pattern. Donald Smith & Co. reported 14.16 million shares at year-end, increased that to 15.77 million by March 31, then finished June with 15.45 million. The reported stake moved from 7.02% to 7.88% to 7.78%. ([sec.gov](https://www.sec.gov/Archives/edgar/data/814375/000081437526000017/xslSCHEDULE_13G_X01/primary_doc.xml))
Potential hidden angle
Donald Smith & Co. has focused on deep-value equities for more than four decades, screening for stocks trading in the market's lowest decile by price-to-tangible-book value. Centerra remained a roughly $245 million disclosed position despite the modest Q2 reduction. ([donaldsmithandco.com](https://www.donaldsmithandco.com/?utm_source=openai))