Overview
Investment Philosophy
The First Eagle Overseas Fund’s philosophy reflects the teachings of Benjamin Graham and Warren Buffett. We believe there is a persistent market failure to recognize a company’s “intrinsic value.” The Fund attempts to exploit this failure on behalf of our investors through a bottom-up, fundamental investment approach.
Flexible, Benchmark-Agnostic ApproachThe Fund has the ability to invest across asset classes, regions, sectors/industries and market-capitalization ranges, without regard to a benchmark.
Focus on Absolute ReturnsWe attempt to avoid the permanent impairment of capital and generate long-term positive absolute returns across market cycles.
Seeks To Provide Downside MitigationOur attempts to avoid the permanent loss of capital result in a portfolio that has exposure to non-US equities purchased with what we believe to be a “margin of safety” in price.
Portfolio Characteristics
| Total Net Assets as of Dec 31, 2024 | $11,509MM |
| Number of Companies | 105 |
| Weighted Average Market Cap | $68,085MM |
| Median Market Cap | $13,658MM |
| Price/Earnings Ratio | 13.49 |
| Price/Book Ratio | 1.27 |
| Since Inception Beta vs. MSCI EAFE Index | 0.61 |
| Since Inception Standard Deviation | 11.05% |
| Active Share | 89.82% |
- As of Dec 31, 2024
Our Process
The fundamental research process has remained constant since the inception of the Fund. The Fund looks for opportunities in companies that have temporarily disappointed investors; industries in turmoil or out of favor; and countries in economic downturns or overlooked by the market.
The investment process involves the following steps:
01
Analyze, Understand Business ModelsThoroughly understand a company and the market in which it operates. Among other critical factors, the team’s document-driven analysis examines:
- A company’s market share
- The nature of its products and its business contingencies
02
Recast Financial StatementsFinancial statements are recast because:
- Conservative accounting practices can mask the true earnings power of a company
- In our view, accounting practices are sometimes too liberal
Our goal is to uncover a company’s true economic earnings using only demonstrated results.
03
Calculate Intrinsic ValueThe team places great emphasis on:
- Balance sheet valuation (such as Enterprise Value to Asset Replacement Value)
- Cash flow valuation (such as EV/EBIT)
Investments are made based on significant discounts to what is believed to be a company’s intrinsic value.
04
Typically Invest for the Long TermThe team typically seeks a discount to what they believe is a company’s intrinsic value:
- They seek further downside mitigation by determining a “margin of safety” in each holding
- This “margin of safety” is viewed as a form of risk mitigation against uncertainty in a fundamentally unknowable future.
Growth of $10K
Source: FactSet; data as of Dec 31, 2024.
Disclosures
Overseas Fund Inception dates: A Shares 31-Aug-1993, C Shares 5-Jun-2000, I Shares 31-Jul-1998, R6 Shares 1-Mar-2017.
The average annual returns shown above are historical and reflect changes in share price, reinvested dividends and are net of expenses. Investment results and the principal value of an investment will vary.
Returns for periods less than one year are not annualized.
The average annual returns for Class A Shares “with sales charge” performance gives effect to the deduction of the maximum sales charge of 3.75% for periods prior to March 1, 2000 and of 5.00% thereafter.
The average annual returns for Class C Shares reflect a CDSC (contingent deferred sales charge) of 1.00% in the year-to-date and first year only.
Performance information for Class I Shares is without the effect of sales charges and assumes all distributions have been reinvested and if a sales charge was included values would be lower. Had fees not been waived and/or expenses reimbursed, the performance would have been lower. Class A and C Shares have maximum sales charges of 5.00% and 1.00% respectively, and 12b-1 fees, which reduce performance.
Class I Shares require $1MM minimum investment and are offered without sales charge. There is no minimum subsequent investment amount for Class I Shares.
Class R Shares are offered without sales charge.
The annual expense ratio is based on expenses incurred by The Fund, as stated in the most recent prospectus.
Interactive Charts
Focus on Absolute Returns
Tech Bubble Mar-00–Sep-02 | Dollar Weakening Jan-02–Mar-08 | Financial Crisis Nov-07–Feb-09 | Crypto Crash Oct-18–Dec-18 | 2022 Bear Market Jan-22–Dec-22 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
Overseas Fund | 14.2% | 194.91% | -31.91% | -7.56% | -8.1% | |||||
MSCI EAFE Index | -44.63% | 103.49% | -56.29% | -12.54% | -14.45% |
Source: FactSet; data as of Dec 31, 2024.
This chart illustrates a hypothetical investment in Class A shares without the effect of sales charges and assumes all distributions have been reinvested and if a sales charge was included values would be lower. Date selected assumes purchase at month end.
Benchmark Agnostic Approach
Consistent Approach Seeks to Provide a Better Investor Experience
First Eagle Overseas Fund*(A shares w/out sales charge)
S&P 500 Index
MSCI World Index
Source: FactSet; data as of Dec 31, 2024.
Seeking Solutions for Varying Portfolio Needs
| MSCI EAFE Index | BLENDED PORTFOLIOMSCI EAFE Index 90% / SGOVX 10% | BLENDED PORTFOLIOMSCI EAFE Index 80% / 20%SGOVX | BLENDED PORTFOLIOMSCI EAFE Index 70% / SGOVX 30% | BLENDED PORTFOLIOMSCI EAFE Index 60% / SGOVX 40% | BLENDED PORTFOLIOMSCI EAFE Index 50% / SGOVX 50% | BLENDED PORTFOLIOMSCI EAFE Index 40% / SGOVX 60% | BLENDED PORTFOLIOMSCI EAFE Index 30% / SGOVX 70% | BLENDED PORTFOLIOMSCI EAFE Index 20% / SGOVX 80% | BLENDED PORTFOLIOMSCI EAFE Index 10% / SGOVX 90% | SGOVX | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cumulative Return | 370% | 433% | 504% | 582% | 668% | 764% | 870% | 986% | 1,113% | 1,253% | 1,405% |
| Max Drawdown | -56.68% | -54.63% | -52.51% | -50.29% | -47.99% | -45.60% | -43.11% | -40.52% | -37.83% | -35.04% | -32.14% |
| $100K Beginning Investment | $047K | $053K | $060K | $068K | $077K | $086K | $097K | $109K | $121K | $135K | $150K |
| Max Drawdown Recovery Time | 64 Months | 60 Months | 56 Months | 55 Months | 50 Months | 47 Months | 26 Months | 24 Months | 22 Months | 20 Months | 19 Months |
| Annualized Standard Deviation | 16.12% | 15.50% | 14.89% | 14.31% | 13.75% | 13.21% | 12.71% | 12.23% | 11.80% | 11.41% | 11.06% |
| Beta | 1.00 | 0.96 | 0.92 | 0.88 | 0.84 | 0.80 | 0.76 | 0.73 | 0.69 | 0.65 | 0.61 |
| Alpha | 0.00 | 0.05 | 0.09 | 0.14 | 0.18 | 0.23 | 0.27 | 0.32 | 0.37 | 0.41 | 0.46 |
| Sharpe Ratio | 0.16 | 0.19 | 0.23 | 0.27 | 0.31 | 0.35 | 0.40 | 0.44 | 0.49 | 0.54 | 0.59 |
| Upside Capture | 100.00% | 97.12% | 94.26% | 91.39% | 88.54% | 85.69% | 82.85% | 80.01% | 77.18% | 74.36% | 71.54% |
| Downside Capture | 100.00% | 95.19% | 90.34% | 85.47% | 80.57% | 75.64% | 70.69% | 65.70% | 60.69% | 55.64% | 50.57% |
August 1993 through December 2024
Disclosures
Overseas Fund Inception dates: A Shares 31-Aug-1993, C Shares 5-Jun-2000, I Shares 31-Jul-1998, R6 Shares 1-Mar-2017.
The average annual returns shown above are historical and reflect changes in share price, reinvested dividends and are net of expenses. Investment results and the principal value of an investment will vary.
Returns for periods less than one year are not annualized.
The average annual returns for Class A Shares “with sales charge” performance gives effect to the deduction of the maximum sales charge of 3.75% for periods prior to March 1, 2000 and of 5.00% thereafter.
The average annual returns for Class C Shares reflect a CDSC (contingent deferred sales charge) of 1.00% in the year-to-date and first year only.
Performance information for Class I Shares is without the effect of sales charges and assumes all distributions have been reinvested and if a sales charge was included values would be lower. Had fees not been waived and/or expenses reimbursed, the performance would have been lower. Class A and C Shares have maximum sales charges of 5.00% and 1.00% respectively, and 12b-1 fees, which reduce performance.
Class I Shares require $1MM minimum investment and are offered without sales charge. There is no minimum subsequent investment amount for Class I Shares.
Class R Shares are offered without sales charge.
The annual expense ratio is based on expenses incurred by The Fund, as stated in the most recent prospectus.
The Fund may invest in gold and precious metals through investment in a wholly-owned subsidiary of the Fund organized under the laws of the Cayman Islands (the “Subsidiary”). Gold Bullion and commodities include the Fund’s investment in the Subsidiary.
Definitions
One cannot invest directly in an index. Indices do not incur management fees or other operating expenses.
MSCI World: The MSCI World Index is a widely followed, unmanaged group of stocks from 23 developed markets and is not available for purchase. The index provides total returns in U.S. dollars with net dividends reinvested.
MSCI EAFE: The MSCI EAFE Index is an unmanaged total return index, reported in U.S. dollars, based on share prices and reinvested net dividends of companies from 21 countries and is not available for purchase.
Standard & Poor's 500 Index: Standard & Poor's 500 Index is a widely recognized unmanaged index including a representative sample of 500 leading companies in leading sectors of the U.S. economy and is not available for purchase. Although the Standard & Poor's 500 Index focuses on the large-cap segment of the market, with approximately 80% coverage of U.S. equities, it is also considered a proxy for the total market.
Standard deviation is a statistical measure of the distance a quantity is likely to be from its average value. It is applied to the annual rate of return to measure volatility.
R-Squared reflects the percentage of a fund's movements that are explained by movements in its benchmark index, showing the degree of correlation between the fund and the benchmark.
Beta is a measure of the fund's volatility (risk) relative to the overall market. The higher the fund's Beta, the more the fund price is expected to change in response to a given change in the value of the market.
Alpha is a measure of the Fund's excess return relative to the return of the benchmark index.
Information ratio evaluates the ratio of a fund's returns above those of a benchmark against the volatility of those returns.
Performance & Prices
Growth of $10K
Source: FactSet; data as of Dec 31, 2024.
25 Year Risk vs. Return
| SGOVX | MSCI EAFE Index | MSCI World Index | S&P 500 Index | |
|---|---|---|---|---|
| Annualized Return (%) | 8.16 | 3.60 | 5.78 | 7.70 |
| Annualized Standard Deviation (%) | 11.31 | 16.53 | 15.52 | 15.29 |
| R-Square (%) | 82.50 | 100.00 | 90.99 | 74.71 |
| Beta | 0.62 | 1.00 | 0.90 | 0.80 |
| Alpha (annualized) | 5.59 | 0.00 | 2.49 | 4.79 |
| Information Ratio (annualized) | 0.58 | NA | 0.44 | 0.49 |
Source: FactSet; data as of Dec 31, 2024.
Calendar Year Returns
| Year | Class A (SGOVX) | MSCI EAFE Index |
|---|---|---|
| 2024 | 6.14 | 3.82 |
| 2023 | 10.42 | 18.24 |
| 2022 | -8.11 | -14.45 |
| 2021 | 4.94 | 11.26 |
| 2020 | 6.96 | 7.82 |
| 2019 | 17.62 | 22.01 |
Source: FactSet; data as of Dec 31, 2024.
Average Annual Returns
| Ticker | Class | YTD % | 1 MO | 3 MO | 1 YR | 3 YR | 5 YR | 10 YR | INCEPT % | Expense Ratio | Fund Inception Date | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross | Net | ||||||||||||
| SGOVX | A | w/out load | 7.60% | 3.10% | 3.72% | 14.02% | 5.47% | 7.20% | 4.75% | 9.24% | 1.15% | -- | Aug 31, 1993 |
| SGOVX | A | w/load | 2.23% | -2.06% | -1.45% | 8.31% | 3.68% | 6.11% | 4.21% | 9.07% | 1.15% | -- | Aug 31, 1993 |
| MSCI EAFE Index (since inception based on A Shares) | 7.30% | 1.94% | 4.86% | 8.77% | 6.42% | 8.70% | 5.28% | 5.27% | -- | -- | -- | ||
| SGOVX | A | w/out load | 6.14% | -3.61% | -7.49% | 6.14% | 2.51% | 3.87% | 4.62% | 9.04% | 1.15% | -- | Aug 31, 1993 |
| SGOVX | A | w/load | 0.81% | -8.41% | -12.10% | 0.81% | 0.77% | 2.81% | 4.08% | 8.86% | 1.15% | -- | Aug 31, 1993 |
| MSCI EAFE Index (since inception based on A Shares) | 3.82% | -2.27% | -8.11% | 3.82% | 1.65% | 4.73% | 5.20% | 5.06% | -- | -- | -- | ||
Source: FactSet; data as of Dec 31, 2024.
Source: FactSet; data as of Feb 28, 2025.
The performance data quoted herein represents past performance and does not guarantee future results. Market volatility can dramatically impact a Fund's short-term performance. Current performance may be lower or higher than figures shown. The investment return and principal value will fluctuate so that an investor's shares, when redeemed may be worth more or less than their original cost. Past performance data through the most recent month end is available on the Prices & Performance page.
Disclosures
Overseas Fund Inception dates: A Shares 31-Aug-1993, C Shares 5-Jun-2000, I Shares 31-Jul-1998, R6 Shares 1-Mar-2017.
The average annual returns shown above are historical and reflect changes in share price, reinvested dividends and are net of expenses. Investment results and the principal value of an investment will vary.
Returns for periods less than one year are not annualized.
The average annual returns for Class A Shares “with sales charge” performance gives effect to the deduction of the maximum sales charge of 3.75% for periods prior to March 1, 2000 and of 5.00% thereafter.
The average annual returns for Class C Shares reflect a CDSC (contingent deferred sales charge) of 1.00% in the year-to-date and first year only.
Performance information for Class I Shares is without the effect of sales charges and assumes all distributions have been reinvested and if a sales charge was included values would be lower. Had fees not been waived and/or expenses reimbursed, the performance would have been lower. Class A and C Shares have maximum sales charges of 5.00% and 1.00% respectively, and 12b-1 fees, which reduce performance.
Class I Shares require $1MM minimum investment and are offered without sales charge. There is no minimum subsequent investment amount for Class I Shares.
Class R Shares are offered without sales charge.
The annual expense ratio is based on expenses incurred by The Fund, as stated in the most recent prospectus.
The Fund may invest in gold and precious metals through investment in a wholly-owned subsidiary of the Fund organized under the laws of the Cayman Islands (the “Subsidiary”). Gold Bullion and commodities include the Fund’s investment in the Subsidiary.
Definitions
One cannot invest directly in an index. Indices do not incur management fees or other operating expenses.
MSCI World: The MSCI World Index is a widely followed, unmanaged group of stocks from 23 developed markets and is not available for purchase. The index provides total returns in U.S. dollars with net dividends reinvested.
MSCI EAFE: The MSCI EAFE Index is an unmanaged total return index, reported in U.S. dollars, based on share prices and reinvested net dividends of companies from 21 countries and is not available for purchase.
Standard & Poor's 500 Index: Standard & Poor's 500 Index is a widely recognized unmanaged index including a representative sample of 500 leading companies in leading sectors of the U.S. economy and is not available for purchase. Although the Standard & Poor's 500 Index focuses on the large-cap segment of the market, with approximately 80% coverage of U.S. equities, it is also considered a proxy for the total market.
Standard deviation is a statistical measure of the distance a quantity is likely to be from its average value. It is applied to the annual rate of return to measure volatility.
R-Squared reflects the percentage of a fund's movements that are explained by movements in its benchmark index, showing the degree of correlation between the fund and the benchmark.
Beta is a measure of the fund's volatility (risk) relative to the overall market. The higher the fund's Beta, the more the fund price is expected to change in response to a given change in the value of the market.
Alpha is a measure of the Fund's excess return relative to the return of the benchmark index.
Information ratio evaluates the ratio of a fund's returns above those of a benchmark against the volatility of those returns.
Portfolio
Top Ten Holdings (%)
As of Feb 28, 2025
| Gold Bullion | Gold | 9.75 |
| Imperial Oil Limited | Canada | 3.43 |
| Comp Financiere Richemont SA | Switzerland | 2.61 |
| British American Tobacco p.l.c. | United Kingdom | 2.33 |
| Shell Plc | United Kingdom | 2.20 |
| Prosus N.V. Class N | Netherlands | 2.17 |
| Danone SA | France | 2.12 |
| Unilever PLC | United Kingdom | 1.97 |
| Willis Towers Watson Public Ltd. Co. | United Kingdom | 1.94 |
| Reckitt Benckiser Group plc | United Kingdom | 1.93 |
| Top Ten Holdings as a Percentage of Total Net Assets | 30.45 |
Allocation by Sector (%)
| Consumer Staples | 22.33% |
| Materials | 17.60% |
| Industrials | 15.23% |
| Financials | 15.03% |
| Consumer Discretionary | 9.88% |
| Energy | 5.58% |
| Information Technology | 5.14% |
| Health Care | 4.35% |
| Real Estate | 2.65% |
| Communication Services | 1.29% |
| Short-Term, Cash & Cash Equivalents | 0.92% |
| Consumer Staples | 21.70% |
| Materials | 18.66% |
| Financials | 15.48% |
| Industrials | 14.31% |
| Consumer Discretionary | 9.96% |
| Energy | 5.73% |
| Health Care | 4.26% |
| Information Technology | 3.95% |
| Real Estate | 2.63% |
| Short-Term, Cash & Cash Equivalents | 1.53% |
| Communication Services | 1.16% |
| Government Bonds | 0.64% |
| Consumer Staples | 20.37% |
| Materials | 18.72% |
| Financials | 15.11% |
| Industrials | 14.35% |
| Consumer Discretionary | 9.19% |
| Energy | 6.32% |
| Information Technology | 4.43% |
| Health Care | 3.99% |
| Short-Term, Cash & Cash Equivalents | 2.84% |
| Real Estate | 2.59% |
| Communication Services | 1.10% |
| Government Bonds | 0.98% |
| Consumer Staples | 20.30% |
| Materials | 19.31% |
| Financials | 15.21% |
| Industrials | 14.86% |
| Consumer Discretionary | 8.78% |
| Energy | 6.39% |
| Information Technology | 4.09% |
| Health Care | 3.86% |
| Real Estate | 2.49% |
| Short-Term, Cash & Cash Equivalents | 2.15% |
| Government Bonds | 1.52% |
| Communication Services | 1.04% |
| Consumer Staples | 20.62% |
| Materials | 18.93% |
| Financials | 14.99% |
| Industrials | 14.10% |
| Consumer Discretionary | 8.75% |
| Energy | 5.70% |
| Health Care | 4.06% |
| Information Technology | 3.58% |
| Real Estate | 3.54% |
| Government Bonds | 1.68% |
| Communication Services | 1.07% |
| Consumer Staples | 20.03% |
| Materials | 18.40% |
| Financials | 13.56% |
| Industrials | 13.21% |
| Consumer Discretionary | 8.56% |
| Energy | 6.10% |
| Real Estate | 3.80% |
| Health Care | 3.74% |
| Information Technology | 3.21% |
| Government Bonds | 1.73% |
| Communication Services | 1.08% |
| Consumer Staples | 20.13% |
| Materials | 18.28% |
| Financials | 13.27% |
| Industrials | 13.26% |
| Consumer Discretionary | 9.29% |
| Short-Term, Cash & Cash Equivalents | 7.66% |
| Energy | 5.00% |
| Information Technology | 3.51% |
| Health Care | 3.48% |
| Real Estate | 3.38% |
| Government Bonds | 1.67% |
| Communication Services | 1.07% |
| Consumer Staples | 19.53% |
| Materials | 19.51% |
| Financials | 13.34% |
| Industrials | 13.00% |
| Consumer Discretionary | 9.51% |
| Energy | 4.74% |
| Real Estate | 4.22% |
| Health Care | 3.81% |
| Information Technology | 3.18% |
| Government Bonds | 1.87% |
| Communication Services | 1.06% |
| Consumer Staples | 20.26% |
| Gold Related Investments | 15.63% |
| Industrials | 13.58% |
| Financials | 9.62% |
| Consumer Discretionary | 9.16% |
| Holding Companies | 5.96% |
| Energy | 5.03% |
| Real Estate | 4.30% |
| Materials | 3.81% |
| Technology | 3.25% |
| Health Care | 3.04% |
| Short-Term, Cash & Cash Equivalents | 3.01% |
| Government Bonds | 2.31% |
| Communication Services | 1.05% |
| Consumer Staples | 19.71% |
| Gold Related Investments | 14.82% |
| Industrials | 13.40% |
| Financials | 9.97% |
| Consumer Discretionary | 8.35% |
| Holding Companies | 5.44% |
| Energy | 5.21% |
| Short-Term, Cash & Cash Equivalents | 4.94% |
| Real Estate | 4.51% |
| Materials | 4.02% |
| Technology | 3.28% |
| Health Care | 2.86% |
| Government Bonds | 2.28% |
| Communication Services | 1.04% |
| Transportation | 0.17% |
| Consumer Staples | 18.61% |
| Gold Related Investments | 14.93% |
| Industrials | 13.32% |
| Financials | 9.69% |
| Consumer Discretionary | 8.73% |
| Holding Companies | 5.59% |
| Energy | 5.02% |
| Real Estate | 4.70% |
| Short-Term, Cash & Cash Equivalents | 4.47% |
| Health Care | 3.96% |
| Materials | 3.62% |
| Technology | 3.58% |
| Government Bonds | 2.52% |
| Communication Services | 1.08% |
| Transportation | 0.17% |
| Consumer Staples | 18.22% |
| Gold Related Investments | 16.28% |
| Industrials | 12.69% |
| Financials | 10.30% |
| Consumer Discretionary | 8.50% |
| Holding Companies | 6.11% |
| Energy | 4.74% |
| Real Estate | 4.23% |
| Technology | 4.03% |
| Short-Term, Cash & Cash Equivalents | 3.87% |
| Health Care | 3.83% |
| Materials | 3.72% |
| Government Bonds | 2.45% |
| Communication Services | 0.86% |
| Transportation | 0.17% |
| Consumer Staples | 17.84% |
| Gold Related Investments | 14.61% |
| Industrials | 12.27% |
| Financials | 9.67% |
| Consumer Discretionary | 8.58% |
| Cash & Cash Equivalents | 7.13% |
| Holding Companies | 6.45% |
| Technology | 4.66% |
| Health Care | 4.00% |
| Materials | 3.99% |
| Real Estate | 3.91% |
| Energy | 3.44% |
| Government Bonds | 2.39% |
| Communication Services | 0.89% |
| Transportation | 0.15% |
Allocation by Asset Class (%)
| International Equity | 70.07% |
| Emerging Markets Equity | 15.39% |
| Gold Related Investments | 13.61% |
| Short-Term, Cash & Cash Equivalents | 0.92% |
| International Equity | 68.97% |
| Gold Related Investments | 14.88% |
| Emerging Markets Equity | 13.97% |
| Short-Term, Cash & Cash Equivalents | 1.53% |
| International Fixed Income | 0.64% |
| International Equity | 67.15% |
| Gold Related Investments | 14.87% |
| Emerging Markets Equity | 14.16% |
| Short-Term, Cash & Cash Equivalents | 2.84% |
| International Fixed Income | 0.98% |
| International Equity | 66.13% |
| Gold Related Investments | 15.56% |
| Emerging Markets Equity | 14.64% |
| Short-Term, Cash & Cash Equivalents | 2.15% |
| International Fixed Income | 1.52% |
| International Developed Stocks | 65.45% |
| Gold Related Investments | 15.04% |
| International Emerging Stocks | 14.85% |
| Short-Term, Cash & Cash Equivalents | 2.97% |
| International Currency Bonds | 1.68% |
| International Developed Stocks | 62.62% |
| Gold Related Investments | 14.69% |
| International Emerging Stocks | 14.38% |
| Short-Term, Cash & Cash Equivalents | 6.58% |
| International Currency Bonds | 1.73% |
| International Developed Stocks | 61.75% |
| Gold Related Investments | 14.71% |
| International Emerging Stocks | 14.21% |
| Short-Term, Cash & Cash Equivalents | 7.66% |
| International Currency Bonds | 1.67% |
| International Developed Stocks | 62.75% |
| Gold Related Investments | 15.52% |
| International Emerging Stocks | 13.63% |
| Short-Term, Cash & Cash Equivalents | 6.23% |
| International Currency Bonds | 1.87% |
| International Developed Stocks | 65.15% |
| Gold Related Investments | 15.63% |
| International Emerging Stocks | 13.90% |
| Short-Term, Cash & Cash Equivalents | 3.01% |
| International Currency Bonds | 2.31% |
| International Developed Stocks | 65.01% |
| Gold Related Investments | 14.82% |
| International Emerging Stocks | 12.95% |
| International Currency Bonds | 2.28% |
| International Stocks | 78.08% |
| Gold Related Investments | 14.93% |
| Short-Term, Cash & Cash Equivalents | 4.47% |
| International Currency Bonds | 2.52% |
| International Stocks | 77.40% |
| Gold Related Investments | 16.28% |
| Short-Term, Cash & Cash Equivalents | 3.87% |
| International Currency Bonds | 2.45% |
| International Stocks | 75.87% |
| Gold Related Investments | 14.61% |
| Cash & Cash Equivalents | 7.13% |
| International Currency Bonds | 2.39% |
Allocation by Region (%)
| Europe | 42.12% |
| Japan | 17.21% |
| Asia ex-Japan | 15.49% |
| Gold Related Investments | 13.61% |
| Canada | 5.68% |
| Latin America | 4.97% |
| Short-Term, Cash & Cash Equivalents | 0.92% |
| Europe | 41.80% |
| Japan | 16.61% |
| Gold Related Investments | 14.88% |
| Asia ex-Japan | 14.21% |
| Canada | 5.93% |
| Latin America | 5.03% |
| Short-Term, Cash & Cash Equivalents | 1.53% |
| Europe | 40.43% |
| Japan | 16.19% |
| Gold Related Investments | 14.87% |
| Asia ex-Japan | 14.42% |
| Canada | 6.25% |
| Latin America | 5.00% |
| Short-Term, Cash & Cash Equivalents | 2.84% |
| Europe | 39.50% |
| Gold Related Investments | 15.56% |
| Japan | 15.46% |
| Asia ex-Japan | 14.37% |
| Other Countries | 6.55% |
| Latin America | 6.41% |
| Short-Term, Cash & Cash Equivalents | 2.15% |
| Europe | 38.32% |
| Japan | 16.53% |
| Gold Related Investments | 15.04% |
| Asia ex-Japan | 13.19% |
| Other | 7.66% |
| Latin America | 6.29% |
| Short-Term, Cash & Cash Equivalents | 2.97% |
| Europe | 35.82% |
| Japan | 15.48% |
| Gold Related Investments | 14.69% |
| Asia ex-Japan | 13.43% |
| Other | 8.11% |
| Short-Term, Cash & Cash Equivalents | 6.58% |
| Latin America | 5.90% |
| Europe | 35.32% |
| Japan | 15.82% |
| Gold Related Investments | 14.71% |
| Asia ex-Japan | 13.11% |
| Short-Term, Cash & Cash Equivalents | 7.66% |
| Other | 7.09% |
| Latin America | 6.29% |
| Europe | 35.90% |
| Japan | 15.74% |
| Gold Related Investments | 15.52% |
| Asia ex-Japan | 13.53% |
| Other | 7.45% |
| Short-Term, Cash & Cash Equivalents | 6.23% |
| Latin America | 5.63% |
| Europe | 37.42% |
| Japan | 15.77% |
| Gold Related Investments | 15.63% |
| Asia ex-Japan | 14.62% |
| Other | 8.17% |
| Latin America | 5.38% |
| Short-Term, Cash & Cash Equivalents | 3.01% |
| Europe | 35.53% |
| Japan | 16.39% |
| Gold Related Investments | 14.82% |
| Asia ex-Japan | 14.30% |
| Other | 8.75% |
| Latin America | 5.27% |
| Short-Term, Cash & Cash Equivalents | 4.94% |
| Europe | 36.25% |
| Japan | 16.37% |
| Gold Related Investments | 14.93% |
| Asia ex-Japan | 14.79% |
| Other | 8.69% |
| Latin America | 4.49% |
| Short-Term, Cash & Cash Equivalents | 4.47% |
| Europe | 35.28% |
| Japan | 16.85% |
| Gold Related Investments | 16.28% |
| Asia ex-Japan | 14.16% |
| Other | 8.76% |
| Latin America | 4.78% |
| Short-Term, Cash & Cash Equivalents | 3.87% |
| Europe | 35.30% |
| Japan | 17.56% |
| Gold Related Investments | 14.61% |
| Asia ex-Japan | 13.63% |
| Other | 7.77% |
| Cash & Cash Equivalents | 7.13% |
| Latin America | 4.00% |
Short-Term, Cash & Cash Equivalents include short-term investments; e.g., short-term commercial paper (0.9% of net assets) that settles in 90 days or less, longer-term commercial paper (2.1% of net assets) that settles in 91 days or more, with the balance in US T-bills or money market funds.
Portfolio holdings are subject to change and should not be considered a recommendation to buy or sell securities. Based on total fair value of investment and cash/cash equivalents. Not a guarantee of future portfolio composition. Current and future portfolio holdings are subject to risk.
Percentages may not sum to 100% due to rounding.
Definitions
One cannot invest directly in an index. Indices do not incur management fees or other operating expenses.
MSCI World: The MSCI World Index is a widely followed, unmanaged group of stocks from 23 developed markets and is not available for purchase. The index provides total returns in U.S. dollars with net dividends reinvested.
MSCI EAFE: The MSCI EAFE Index is an unmanaged total return index, reported in U.S. dollars, based on share prices and reinvested net dividends of companies from 21 countries and is not available for purchase.
Standard & Poor's 500 Index: Standard & Poor's 500 Index is a widely recognized unmanaged index including a representative sample of 500 leading companies in leading sectors of the U.S. economy and is not available for purchase. Although the Standard & Poor's 500 Index focuses on the large-cap segment of the market, with approximately 80% coverage of U.S. equities, it is also considered a proxy for the total market.
Standard deviation is a statistical measure of the distance a quantity is likely to be from its average value. It is applied to the annual rate of return to measure volatility.
R-Squared reflects the percentage of a fund's movements that are explained by movements in its benchmark index, showing the degree of correlation between the fund and the benchmark.
Beta is a measure of the fund's volatility (risk) relative to the overall market. The higher the fund's Beta, the more the fund price is expected to change in response to a given change in the value of the market.
Alpha is a measure of the Fund's excess return relative to the return of the benchmark index.
Information ratio evaluates the ratio of a fund's returns above those of a benchmark against the volatility of those returns.
Management
Fund Management
-
-
Kimball Brooker Jr.
Co-Head of Global Value Team and Portfolio ManagerIndustry start:1992Year joined:2009 -
-
Matthew McLennan
Co-Head of Global Value Team and Portfolio ManagerIndustry start:1991Year joined:2008
Investment Process
The fundamental research process has remained constant since the inception of the Fund. The Fund looks for opportunities in companies that have temporarily disappointed investors; industries in turmoil or out of favor; and countries in economic downturns or overlooked by the market.
The investment process involves the following steps:
01
Analyze, Understand Business Models
Thoroughly understand a company and the market in which it operates. Among other critical factors, the team's document-driven analysis examines:- A company's market share.
- The nature of its products and its business contingencies
02
Recast Financial Statements
Financial statements are recast because:- Conservative accounting practices can mask the true earnings power of a company
- In our view, accounting practices are sometimes too liberal
Our goal is to uncover a company's true economic earnings using only demonstrated results.
03
Calculate Intrinsic ValueThe team places great emphasis on:
- Balance sheet valuation (such as Enterprise Value to Asset Replacement Value)
- Cash flow valuation (such as EV/EBIT)
Investments are made based on significant discounts to what is believed to be a company's intrinsic value.
04
Typically Invest for the Long TermThe team typically seeks a discount to what they believe is a company's intrinsic value
- They seek further downside mitigation by determining a “margin of safety” in each holding
- This “margin of safety” is viewed as a form of risk mitigation against uncertainty in a fundamentally unknowable future.
Definitions
One cannot invest directly in an index. Indices do not incur management fees or other operating expenses.
MSCI World: The MSCI World Index is a widely followed, unmanaged group of stocks from 23 developed markets and is not available for purchase. The index provides total returns in U.S. dollars with net dividends reinvested.
MSCI EAFE: The MSCI EAFE Index is an unmanaged total return index, reported in U.S. dollars, based on share prices and reinvested net dividends of companies from 21 countries and is not available for purchase.
Standard & Poor's 500 Index: Standard & Poor's 500 Index is a widely recognized unmanaged index including a representative sample of 500 leading companies in leading sectors of the U.S. economy and is not available for purchase. Although the Standard & Poor's 500 Index focuses on the large-cap segment of the market, with approximately 80% coverage of U.S. equities, it is also considered a proxy for the total market.
Standard deviation is a statistical measure of the distance a quantity is likely to be from its average value. It is applied to the annual rate of return to measure volatility.
R-Squared reflects the percentage of a fund's movements that are explained by movements in its benchmark index, showing the degree of correlation between the fund and the benchmark.
Beta is a measure of the fund's volatility (risk) relative to the overall market. The higher the fund's Beta, the more the fund price is expected to change in response to a given change in the value of the market.
Alpha is a measure of the Fund's excess return relative to the return of the benchmark index.
Information ratio evaluates the ratio of a fund's returns above those of a benchmark against the volatility of those returns.
Additional Disclosures
The Fund’s portfolio is actively managed and holdings can change at any time. Current and future portfolio holdings are subject to risk.
The Fund may invest in gold and precious metals through investment in a wholly-owned subsidiary of the Fund organized under the laws of the Cayman Islands (the “Subsidiary”). Gold Bullion and commodities include the Fund’s investment in the Subsidiary.
Third-party marks are the property of their respective owners.
FEF Distributors, LLC (“FEFD”) (SIPC), a limited purpose broker-dealer, distributes certain First Eagle products. FEFD does not provide services to any investor, but rather provides services to its First Eagle affiliates. As such, when FEFD presents a fund, strategy, or other product to a prospective investor, FEFD and its representatives do not determine whether an investment in the fund, strategy or other product is in the best interests of, or is otherwise beneficial or suitable for, the investor. No statement by FEFD should be construed as a recommendation. Investors should exercise their own judgment and/or consult with a financial professional to determine whether it is advisable for the investor to invest in any First Eagle fund, strategy, or product.
Fees & Minimums
Expense Ratio and Shareholder Fees as of March 1, 2025
Shareholder Fee (%)
These are the fees paid directly from your investment.
| Sales Charge | Dealer Re-Allowance | |
|---|---|---|
| Less than $25,000 | 5.00 | 4.50 |
| $25,000 but less than $50,000 | 4.50 | 4.25 |
| $50,000 but less than $100,000 | 4.00 | 3.75 |
| $100,000 but less than $250,000 | 3.25 | 3.00 |
| $250,000 but less than $500,000 | 2.50 | 2.25 |
| $500,000 but less than $1,000,000 | 1.50 | 1.25 |
| $1,000,000 and over1 | 0.00 | 0.00 |
Expense Ratio (%)
These are the expenses you pay each year as a percentage of the value of your investment
| Management Fees | 0.75 |
| Distribution and Service (12b-1) Fees | 0.25 |
| Other Expenses | 0.15 |
| Total | 1.15 |
Disclosures
- 1
A contingent deferred sales charge of 1.00% may be imposed on certain redemptions of Class A shares made within 18 months following a purchase of $1,000,000 or more without an initial sales charge.
There are several ways to lower the sales charge on Class A shares: Aggregation, Rights of Accumulation and Letter of Intention. For details please refer to our prospectus.
In order to claim a breakpoint or other means of reducing the sales charge, an investor should notify his or her dealer, the Distributor, or the Transfer Agent (DST) at the time of purchase.
Expense Ratio and Shareholder Fees as of March 1, 2025
Shareholder Fee (%)
These are the fees paid directly from your investment.
| Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of your purchase or redemption price) | 1.00 |
Expense Ratio (%)
These are the expenses you pay each year as a percentage of the value of your investment
| Management Fees | 0.75 |
| Distribution and Service (12b-1) Fees | 1.00 |
| Other Expenses | 0.13 |
| Total | 1.88 |
Disclosures
In order to claim a breakpoint or other means of reducing the sales charge, an investor should notify his or her dealer, the Distributor, or the Transfer Agent (DST) at the time of purchase.
Expense Ratio and Shareholder Fees as of March 1, 2025
Expense Ratio (%)
These are the expenses you pay each year as a percentage of the value of your investment
| Management Fees | 0.75 |
| Distribution and Service 12b-1) Fees | 0.00 |
| Total Operationg Expenses | 0.14 |
| Total | 0.89 |
Disclosures
Class I Shares require $1MM minimum investment and are offered without sales charge. There is no minimum subsequent investment amount for Class I Shares.
In order to claim a breakpoint or other means of reducing the sales charge, an investor should notify his or her dealer, the Distributor, or the Transfer Agent (DST) at the time of purchase.
Expense Ratio and Shareholder Fees as of March 1, 2025
Expense Ratio (%)
These are the expenses you pay each year as a percentage of the value of your investment
| Management Fees | 0.75 |
| Distribution and Service (12b-1) Fees | 0.00 |
| Other Expenses | 0.05 |
| Total | 0.80 |
Disclosures
In order to claim a breakpoint or other means of reducing the sales charge, an investor should notify his or her dealer, the Distributor, or the Transfer Agent (DST) at the time of purchase.
FEF Distributors, LLC (“FEFD”) (SIPC), a limited purpose broker-dealer, distributes certain First Eagle products. FEFD does not provide services to any investor, but rather provides services to its First Eagle affiliates. As such, when FEFD presents a fund, strategy, or other product to a prospective investor, FEFD and its representatives do not determine whether an investment in the fund, strategy or other product is in the best interests of, or is otherwise beneficial or suitable for, the investor. No statement by FEFD should be construed as a recommendation. Investors should exercise their own judgment and/or consult with a financial professional to determine whether it is advisable for the investor to invest in any First Eagle fund, strategy, or product.
Distributions
Capital Gains Distributions
| Record Date | Ex & Reinvestment Date | Payable Date | Ordinary Income | Short Term Capital Gains | Long Term Capital Gains | Long Term Capital Gains - 28% | Total Distribution |
|---|---|---|---|---|---|---|---|
| 12/04/2024 | 12/05/2024 | 12/06/2024 | $1.368 | $0.020 | $0.619 | $0.000 | $2.007 |
Ordinary income distributions are distributed at the class level and will vary by class.
Collectibles gains, such as gains from gold bullion, held for greater than one year currently are subject to a 28% tax rate. Collectibles gains held for less than one year are taxable to U.S. shareholders as short-term gains.
"Reinvested at" is the share price used to calculate the number of shares added to an account if a shareholder reinvests dividends or capital gains.
Documents
Mutual Fund Shareholder Reports
The prospectus and summary prospectus may be viewed online or by calling us at 800-747-2008. Please read our prospectus carefully before investing. Investments are not FDIC insured or bank guaranteed and may lose value.
FEF Distributors, LLC (“FEFD”) (SIPC), a limited purpose broker-dealer, distributes certain First Eagle products. FEFD does not provide services to any investor, but rather provides services to its First Eagle affiliates. As such, when FEFD presents a fund, strategy, or other product to a prospective investor, FEFD and its representatives do not determine whether an investment in the fund, strategy or other product is in the best interests of, or is otherwise beneficial or suitable for, the investor. No statement by FEFD should be construed as a recommendation. Investors should exercise their own judgment and/or consult with a financial professional to determine whether it is advisable for the investor to invest in any First Eagle fund, strategy, or product.
Risk Disclosures
All investments involve the risk of loss of principal.
There are risks associated with investing in securities of foreign countries, such as erratic market conditions, economic and political instability and fluctuations in currency exchange rates.
A principal risk of investing in value stocks is that the price of the security may not approach its anticipated value or may decline in value. “Value” investments, as a category, or entire industries or sectors associated with such investments, may lose favor with investors as compared to those that are more “growth” oriented.
Investment in gold and gold-related investments present certain risks and returns on gold related investments have traditionally been more volatile than investments in broader equity or debt markets.
Contact Us
Corporate Headquarters
Investors should consider investment objectives, risks, charges and expenses carefully before investing. The prospectus and summary prospectus contain this and other information about the Funds and may be viewed online or calling us at 800.747.2008. Please read the prospectus carefully before investing. Investments are not FDIC insured or bank guaranteed and may lose value.
FEF Distributors, LLC (“FEFD”) (SIPC), a limited purpose broker-dealer, distributes certain First Eagle products. FEFD does not provide services to any investor, but rather provides services to its First Eagle affiliates. As such, when FEFD presents a fund, strategy, or other product to a prospective investor, FEFD and its representatives do not determine whether an investment in the fund, strategy or other product is in the best interests of, or is otherwise beneficial or suitable for, the investor. No statement by FEFD should be construed as a recommendation. Investors should exercise their own judgment and/or consult with a financial professional to determine whether it is advisable for the investor to invest in any First Eagle fund, strategy, or product.
The First Eagle Funds are offered by FEF Distributors, LLC, a subsidiary of First Eagle Investment Management, LLC, which provides advisory services.
Check the background of FEF Distributors, LLC (Member SIPC) on FINRA's BrokerCheck.
Form Customer Relationship Summary ("FORM CRS") can be accessed by clicking on this link FORM CRS