Characteristics

  • As of Sep 30, 2024

Investment Philosophy

The U.S. Value 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.

  • Focus on Absolute Returns

    We attempt to avoid the permanent impairment of capital and generate long-term positive absolute returns across market cycles.

  • Flexible, Benchmark-Agnostic Approach

    The Fund has the ability to invest across asset classes, regions, sectors/industries and market-capitalization ranges, without regard to a benchmark.

  • Seeks Downside Mitigation

    Our attempts to avoid the permanent loss of capital result in a portfolio that has exposure to US equities purchased with what we believe to be a "margin of safety" in price.

Characteristics

  • As of Sep 30, 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 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 Value

    The 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 Term

    The 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.

The U.S. Value Fund may also invest in non-equity securities in an attempt to help preserve purchasing power. These include:

  • Gold bullion
  • Corporate bonds (senior or subordinated bonds, convertible bonds)
  • Cash and cash equivalents (commercial paper)

Growth of $10K

Select Benchmarks

Source: FactSet; data as of Sep 30, 2024.

  1. 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.

  1. Disclosures

  2. U.S. Value Fund Inception dates: A Shares 09/04/2001 , C Shares 09/04/2001, I Shares 09/04/2001,R6 Shares 03/01/2017.

  3. For the First Eagle U.S. Value Fund, The Adviser has contractually agreed to waive its management fee at an annual rate in the amount of 0.05% of the average daily value of the Fund's net assets for the period through February 29, 2025. This waiver has the effect of reducing the management fee shown in the table for the term of the waiver from 0.75% to 0.70%.

  4. 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.

  5. Returns for periods less than one year are not annualized.

  6. The average annual returns for Class A Shares “with sales charge” of First Eagle U.S. Value, Global Income Builder and Fund of America gives effect to the deduction of the maximum sales charge of 5.00%.

  7. 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.

  8. 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.

  9. Class I Shares require $1MM minimum investment and are offered without sales charge. There is no minimum subsequent investment amount for Class I Shares.

  10. Class R Shares are offered without sales charge.

  11. The annual expense ratio is based on expenses incurred by The Fund, as stated in the most recent prospectus.

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  1. Definitions

  2. 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.

  3. 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.

  4. 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.

  5. Alpha is a measure of the Fund's excess return relative to the return of the benchmark index.

  6. Information ratio evaluates the ratio of a fund's returns above those of a benchmark against the volatility of those returns.

  7. Active share measures the percentage of a fund’s portfolio holdings differing from its benchmark. Active share can range from 0% (index fund) to 100% (no commonality with the benchmark index).

  8. A real estate investment trust (REIT) is a company that in most cases owns and operates income-producing real estate assets. To qualify as a REIT under the Internal Revenue Code, a REIT is required to distribute at least 90% of its taxable income to shareholders annually and receive at least 75% of that income from rents, mortgages and sales of property.

  9. One cannot invest directly in an index. Indices do not incur management fees or other operating expenses.

  10. 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.

  11. The Fund’s portfolio is actively managed and holdings can change at any time. Current and future portfolio holdings are subject to risk.

  12. Third-party marks are the property of their respective owners.

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Growth of $10K

Select Benchmarks

Source: FactSet; data as of Sep 30, 2024.

  1. 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.

Risk vs. Return Since Inception

FEVAXS&P 500 IndexRussell 2000 IndexRussell 3000 IndexRussell Midcap Value IndexIndex Averages
Annualized Return (%)    8.97    9.09    8.34    9.17    9.64    9.06
Annualized Standard Deviation (%)   11.74   15.16   20.13   15.61   17.52   17.10
R-Square (%)   83.62  100.00   80.24   99.49   89.43   92.29
Beta    0.71    1.00    1.13    1.01    1.02    1.04
Alpha (annualized)    2.41    0.00   -1.20   -0.05    0.45   -0.20
Information Ratio (annualized)   -0.02     NA    -0.08    0.03    0.05    0.00

Source: FactSet; data as of Sep 30, 2024.

Calendar Year Return

YearClass A (FEVAX)S&P 500 Index
2023 14.42 26.29
2022 -5.70 -18.11
2021 18.66 28.71
2020 6.50 18.40
2019 19.36 31.49
2018 -5.92 -4.38
2017 12.79 21.83
2016 14.77 11.96
2015 -5.14 1.38
2014 8.15 13.69
2013 16.94 32.39
2012 10.71 16.00
2011 5.70 2.11
2010 12.22 15.06
2009 24.84 26.46
2008 -23.09 -37.00
2007 8.97 5.49
2006 12.33 15.79
2005 7.16 4.91
2004 14.67 10.88
2003 29.92 28.68
2001 -2.58 -22.10

Source: FactSet; data as of Dec 31, 2023.

Average Annual Returns

TickerClassYTD %1 MO3 MO1 YR3 YR5 YR10 YRINCEPT %Expense Ratio
GrossNet
FEVAX A w/out load  21.18%   2.17%   3.36%  25.64%  11.12%  11.13%   8.61%   9.24%   1.16% --
FEVAX A w/load  15.13%  -2.95%  -1.79%  19.37%   9.24%   9.99%   8.06%   9.00%   1.16% --
S&P 500 Index (since inception based on A Shares)  28.07%   5.87%   7.15%  33.89%  11.44%  15.77%  13.35%   9.51%      --      --
FEVAX A w/out load  20.18%   2.51%   9.43%  29.50%  10.82%  11.27%   8.76%   9.27%   1.16% --
FEVAX A w/load  14.18%  -2.60%   3.95%  23.04%   8.94%  10.13%   8.20%   9.03%   1.16% --
S&P 500 Index (since inception based on A Shares)  22.08%   2.14%   5.89%  36.35%  11.91%  15.98%  13.38%   9.35%      --      --
FEVCX C  19.32%   1.08%   2.16%  23.69%  10.27%  10.27%   7.79%   8.42%   1.91% --
S&P 500 Index (since inception based on A Shares)  28.07%   5.87%   7.15%  33.89%  11.44%  15.77%  13.35%   9.51%      --      --
FEVCX C  18.49%   1.44%   8.24%  27.51%   9.99%  10.41%   7.93%   8.45%   1.91% --
S&P 500 Index (since inception based on A Shares)  22.08%   2.14%   5.89%  36.35%  11.91%  15.98%  13.38%   9.35%      --      --
FEVIX I  21.50%   2.20%   3.41%  25.98%  11.42%  11.43%   8.91%   9.52%   0.91% --
S&P 500 Index (since inception based on A Shares)  28.07%   5.87%   7.15%  33.89%  11.44%  15.77%  13.35%   9.51%      --      --
FEVIX I  20.47%   2.53%   9.51%  29.83%  11.12%  11.58%   9.06%   9.55%   0.91% --
S&P 500 Index (since inception based on A Shares)  22.08%   2.14%   5.89%  36.35%  11.91%  15.98%  13.38%   9.35%      --      --
FEVRX R6  21.50%   2.20%   3.45%  26.07%  11.47%  11.48% --   9.67%   0.84% --
S&P 500 Index (since inception based on A Shares)  28.07%   5.87%   7.15%  33.89%  11.44%  15.77%  13.35%   9.51%      --      --
FEVRX R6  20.47%   2.58%   9.57%  29.92%  11.19%  11.63% --   9.77%   0.84% --
S&P 500 Index (since inception based on A Shares)  22.08%   2.14%   5.89%  36.35%  11.91%  15.98%  13.38%   9.35%      --      --

Source: FactSet; data as of Sep 30, 2024.

Source: FactSet; data as of Nov 30, 2024.

  1. 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.

  1. Disclosures

  2. The average annual returns for Class A Shares “with sales charge” of First Eagle U.S. Value Fund give effect to the deduction of the maximum sales charge of 5.00%.

  3. For the First Eagle U.S. Value Fund, The Adviser has contractually agreed to waive its management fee at an annual rate in the amount of 0.05% of the average daily value of the Fund's net assets for the period through February 29, 2025. This waiver has the effect of reducing the management fee shown in the table for the term of the waiver from 0.75% to 0.70%.

  4. Class I Shares require $1MM minimum investment and are offered without sales charge. There is no minimum subsequent investment amount for Class I Shares.

  5. Class R Shares are offered without sales charge.

  6. 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.

  7. 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.

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  1. Definitions

  2. 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.

  3. 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.

  4. 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.

  5. Alpha is a measure of the Fund's excess return relative to the return of the benchmark index.

  6. Information ratio evaluates the ratio of a fund's returns above those of a benchmark against the volatility of those returns.

  7. A real estate investment trust (REIT) is a company that in most cases owns and operates income-producing real estate assets. To qualify as a REIT under the Internal Revenue Code, a REIT is required to distribute at least 90% of its taxable income to shareholders annually and receive at least 75% of that income from rents, mortgages and sales of property.

  8. One cannot invest directly in an index. Indices do not incur management fees or other operating expenses.

  9. 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.

  10. The Fund’s portfolio is actively managed and holdings can change at any time. Current and future portfolio holdings are subject to risk.

  11. Third-party marks are the property of their respective owners.

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Top Ten Holdings (%)

As of Nov 30, 2024

Gold Bullion 11.92
Oracle Corporation 3.99
Meta Platforms Inc Class A 3.84
HCA Healthcare Inc 3.37
Philip Morris International Inc. 3.05
Elevance Health, Inc. 2.90
Bank of New York Mellon Corp 2.88
Comcast Corporation Class A 2.78
C.H. Robinson Worldwide, Inc. 2.49
Colgate-Palmolive Company 2.47
Top Ten Holdings as a Percentage of Total Net Assets 27.77

Allocation by Sector (%)

Materials: 16.47%
Health Care: 15.12%
Information Technology: 11.88%
Financials: 11.88%
Communication Services: 11.20%
Energy: 7.94%
Industrials: 7.30%
Short-Term, Cash & Cash Equivalents: 6.98%
Consumer Staples: 6.65%
Real Estate: 4.08%
Consumer Discretionary: 0.50%
Source: FactSet; data as of Sep 30, 2024.
Materials 16.47%
Health Care 15.12%
Financials 11.88%
Information Technology 11.88%
Communication Services 11.20%
Energy 7.94%
Industrials 7.30%
Short-Term, Cash & Cash Equivalents 6.98%
Consumer Staples 6.65%
Real Estate 4.08%
Consumer Discretionary 0.50%
Materials 16.21%
Health Care 13.87%
Information Technology 11.90%
Communication Services 11.85%
Financials 11.33%
Energy 8.63%
Short-Term, Cash & Cash Equivalents 8.47%
Industrials 6.89%
Consumer Staples 6.36%
Real Estate 3.79%
Consumer Discretionary 0.52%
Utilities 0.17%
Materials 16.22%
Health Care 12.53%
Financials 11.55%
Communication Services 11.27%
Information Technology 10.84%
Short-Term, Cash & Cash Equivalents 10.67%
Energy 9.01%
Industrials 6.62%
Consumer Staples 6.59%
Real Estate 3.91%
Consumer Discretionary 0.52%
Utilities 0.25%
Materials 16.50%
Communication Services 11.93%
Health Care 11.61%
Financials 11.55%
Information Technology 11.34%
Short-Term, Cash & Cash Equivalents 10.20%
Energy 8.35%
Consumer Staples 6.91%
Industrials 6.48%
Real Estate 4.20%
Consumer Discretionary 0.55%
Utilities 0.39%
Materials 15.65%
Communication Services 12.36%
Short-Term, Cash & Cash Equivalents 12.33%
Information Technology 11.67%
Health Care 10.53%
Financials 10.31%
Energy 8.99%
Consumer Staples 6.68%
Industrials 6.50%
Real Estate 3.62%
Consumer Discretionary 0.97%
Utilities 0.38%
Materials 15.88%
Information Technology 12.81%
Short-Term, Cash & Cash Equivalents 11.69%
Health Care 11.61%
Communication Services 10.51%
Financials 9.82%
Energy 9.14%
Industrials 7.00%
Consumer Staples 6.81%
Real Estate 3.36%
Consumer Discretionary 0.93%
Utilities 0.43%
Materials 16.91%
Information Technology 12.42%
Health Care 10.89%
Financials 10.29%
Energy 9.43%
Communication Services 9.20%
Industrials 8.32%
Consumer Staples 6.95%
Real Estate 3.18%
Consumer Discretionary 0.98%
Utilities 0.63%
Gold Related Investments 14.60%
Short-Term, Cash & Cash Equivalents 11.31%
Technology 10.91%
Health Care 10.50%
Financials 10.45%
Energy 9.83%
Industrials 9.41%
Consumer Staples 7.36%
Communication Services 7.11%
Real Estate 3.31%
Holding Companies 1.55%
Materials 1.47%
Consumer Discretionary 1.41%
Utilities 0.78%
Gold Related Investments 14.38%
Technology 12.65%
Financials 12.55%
Energy 10.36%
Industrials 9.98%
Health Care 8.86%
Short-Term, Cash & Cash Equivalents 7.76%
Communication Services 7.61%
Consumer Staples 7.21%
Real Estate 3.41%
Materials 1.90%
Holding Companies 1.47%
Consumer Discretionary 1.13%
Utilities 0.74%
Gold Related Investments 14.84%
Technology 12.97%
Financials 12.19%
Industrials 10.24%
Energy 9.66%
Health Care 8.54%
Communication Services 8.47%
Consumer Staples 7.82%
Short-Term, Cash & Cash Equivalents 6.90%
Real Estate 3.42%
Materials 1.88%
Holding Companies 1.37%
Consumer Discretionary 0.87%
Utilities 0.83%
Gold Related Investments 14.73%
Technology 13.13%
Financials 12.63%
Industrials 10.13%
Communication Services 9.44%
Energy 9.17%
Short-Term, Cash & Cash Equivalents 8.50%
Health Care 8.36%
Consumer Staples 6.02%
Real Estate 3.53%
Materials 2.13%
Holding Companies 1.56%
Utilities 0.68%
Consumer Discretionary 0.00%
Technology 15.65%
Financials 13.75%
Gold Related Investments 13.56%
Industrials 10.96%
Communication Services 10.20%
Health Care 8.05%
Consumer Staples 7.11%
Energy 7.05%
Real Estate 3.85%
Cash & Cash Equivalents 3.83%
Materials 2.25%
Consumer Discretionary 1.52%
Holding Companies 1.35%
Utilities 0.88%

Allocation by Asset Class (%)

US Equity: 74.15%
Gold Related Investments: 15.30%
Short-Term, Cash & Cash Equivalents: 6.98%
International Equity: 2.69%
US Fixed Income: 0.69%
International Fixed Income: 0.19%
Source: FactSet; data as of Sep 30, 2024.
US Equity 74.15%
Gold Related Investments 15.30%
Short-Term, Cash & Cash Equivalents 6.98%
International Equity 2.69%
US Fixed Income 0.69%
International Fixed Income 0.19%
US Equity 72.90%
Gold Related Investments 14.99%
Short-Term, Cash & Cash Equivalents 8.47%
International Equity 2.70%
US Fixed Income 0.72%
International Fixed Income 0.22%
US Equity 70.66%
Gold Related Investments 14.88%
Short-Term, Cash & Cash Equivalents 10.67%
International Equity 2.85%
US Fixed Income 0.71%
International Fixed Income 0.23%
US Stocks 71.53%
Gold Related Investments 15.04%
Short-Term, Cash & Cash Equivalents 10.20%
Other 3.04%
US $ Bonds 0.19%
US Stocks 70.66%
Gold Related Investments 14.15%
Short-Term, Cash & Cash Equivalents 12.33%
Other 2.75%
US $ Bonds 0.10%
US Stocks 71.00%
Gold Related Investments 14.43%
Short-Term, Cash & Cash Equivalents 11.69%
Other 2.37%
US $ Bonds 0.51%
US Stocks 70.60%
Gold Related Investments 15.44%
Short-Term, Cash & Cash Equivalents 10.80%
Other 2.64%
US $ Bonds 0.52%
US Stocks 70.80%
Gold Related Investments 14.60%
Short-Term, Cash & Cash Equivalents 11.31%
Other 2.76%
US $ Bonds 0.53%
US Stocks 74.41%
Gold Related Investments 14.38%
Short-Term, Cash & Cash Equivalents 7.76%
Other 2.86%
US $ Bonds 0.59%
US Stocks 75.41%
Gold Related Investments 14.84%
Short-Term, Cash & Cash Equivalents 6.90%
Other 2.40%
US $ Bonds 0.46%
US Stocks 74.10%
Gold Related Investments 14.73%
Short-Term, Cash & Cash Equivalents 8.50%
Other 2.40%
US $ Bonds 0.28%
US Stocks 79.89%
Gold Related Investments 13.56%
Cash & Cash Equivalents 3.83%
Other 2.42%
US $ Bonds 0.31%

Allocation by Market Capitalization (%)

Large Cap: 71.29%
Mid Cap: 21.59%
Source: FactSet; data as of Sep 30, 2024.
Large Cap 71.29%
Mid Cap 21.59%
Large Cap 69.22%
Mid Cap 23.08%
Large Cap 68.30%
Mid Cap 23.50%
Small Cap 8.20%
Large Cap 63.16%
Mid Cap 29.82%
Small Cap 7.02%
Large Cap 63.53%
Mid Cap 29.38%
Small Cap 7.10%
Large Cap 62.55%
Mid Cap 29.59%
Small Cap 7.86%
Large Cap 60.41%
Mid Cap 33.25%
Small Cap 6.33%
Large Cap 66.72%
Mid Cap 27.42%
Small Cap 5.86%
Large Cap 62.65%
Mid Cap 30.59%
Small Cap 6.77%
Large Cap 64.02%
Mid Cap 29.15%
Small Cap 6.83%
Large Cap 64.71%
Mid Cap 28.58%
Small Cap 6.71%
Large Cap 66.25%
Mid Cap 28.39%
Small Cap 5.35%

  1. Short-Term, Cash & Cash Equivalents include short-term investments; e.g., short-term commercial paper (2.3% of net assets) that settles in 90 days or less, longer-term commercial paper (5.5% of net assets) that settles in 91 days or more, with the balance in US T-bills or money market funds.

     

  2. 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.

  3. Percentages may not sum to 100% due to rounding.

  1. Definitions

  2. 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.

  3. 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.

  4. 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.

  5. Alpha is a measure of the Fund's excess return relative to the return of the benchmark index.

  6. Information ratio evaluates the ratio of a fund's returns above those of a benchmark against the volatility of those returns.

  7. A real estate investment trust (REIT) is a company that in most cases owns and operates income-producing real estate assets. To qualify as a REIT under the Internal Revenue Code, a REIT is required to distribute at least 90% of its taxable income to shareholders annually and receive at least 75% of that income from rents, mortgages and sales of property.

  8. One cannot invest directly in an index. Indices do not incur management fees or other operating expenses.

  9. 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.

  10. The Fund’s portfolio is actively managed and holdings can change at any time. Current and future portfolio holdings are subject to risk.

Fund Managment

  • Brooker Kimball Headshot

    Kimball Brooker Jr.

    Co-Head of Global Value Team and Portfolio Manager
    Industry start:  
    1992
    Year joined:  
    2009
  • Matthew Lamphier Headshot

    Matthew Lamphier

    Portfolio Manager and Director of Research
    Industry start:  
    1994
    Year joined:  
    2007
  • Matthew McLennan Headshot

    Matthew McLennan

    Co-Head of Global Value Team and Portfolio Manager
    Industry start:  
    1991
    Year joined:  
    2008
  • Mark Wright Headshot

    Mark Wright

    Portfolio Manager and Senior Research Analyst
    Industry start:  
    1994
    Year joined:  
    2007

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 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 Value

    The 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 Term

    The 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.

The U.S. Value Fund may also invest in non-equity securities in an attempt to help preserve purchasing power. These include:

  • Gold bullion
  • Corporate bonds (senior or subordinated bonds, convertible bonds)
  • Cash and cash equivalents (commercial paper)

  1. First Eagle defines "margin of safety" as the difference between a company's market price and our estimate of its intrinsic value. An investment made with a margin of safety is no guarantee against loss.

Share Class A (FEVAX)

Expense Ratio and Shareholder Fees as of March 1, 2024

Shareholder Fee (%)

These are the fees paid directly from your investment.

 Sales ChargeDealer Re-Allowance
Less than $25,0005.004.50
$25,000 but less than $50,0004.504.25
$50,000 but less than $100,0004.003.75
$100,000 but less than $250,0003.253.00
$250,000 but less than $500,0002.502.25
$500,000 but less than $1,000,0001.501.25
$1,000,000 and over10.000.00

 

Expense Ratio (%)

These are the expenses you pay each year as a percentage of the value of your investment

Management Fees0.75
Distribution and Service (12b-1) Fees0.25
Other Expenses0.16
Total Annual Operating Expenses After Fee Waiver1.16

  1. Disclosures

  2. 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.

  3. 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.

  4. 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.

Share Class C (FEVCX)

Expense Ratio and Shareholder Fees as of March 1, 2024

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		1.00

 

Expense Ratio (%)

These are the expenses you pay each year as a percentage of the value of your investment

Management Fees0.75
Distribution and Service (12b-1) Fees1.00
Other Expenses0.16
Total Annual Operating Expenses After Fee Waiver1.91

  1. Disclosures

  2. 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.

  3. 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.

Share Class I (FEVIX)

Expense Ratio and Shareholder Fees as of March 1, 2024

Shareholder Fee (%)

These are the expenses you pay each year as a percentage of the value of your investment

Management Fees0.75
Distribution and/or Service (12b-1) Fees0.00
Other Expenses0.16
Total Annual Operating Expenses After Fee Waiver0.91

  1. Disclosures

  2. Class I Shares require $1MM minimum investment and are offered without sales charge. There is no minimum subsequent investment amount for Class I Shares.

  3. 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.

Share Class R6 (FEVRX)

Expense Ratio and Shareholder Fees as of March 1, 2024

Expense Ratio (%)

These are the expenses you pay each year as a percentage of the value of your investment

Management Fees0.75
Distribution and Service (12b-1) Fees0.00
Other Expenses0.09
Total Annual Operating Expenses After Fee Waiver0.84

  1. Disclosures

  2. 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.

  1. 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.

Capital Gains Distributions

Record DateEx & Reinvestment DatePayable DateOrdinary IncomeShort Term Capital GainsLong Term Capital GainsLong Term Capital Gains - 28%Total Distribution
12/04/2024 12/05/2024 12/06/2024 $0.339 $0.009 $1.035 $0.000 $1.383
12/04/2023 12/05/2023 12/06/2023 $0.239 $0.000 $1.014 $0.000 $1.253
11/30/2022 12/01/2022 12/02/2022 $0.099 $0.000 $1.358 $0.000 $1.457
11/30/2021 12/01/2021 12/02/2021 $0.170 $0.018 $1.685 $0.000 $1.873
11/30/2020 12/01/2020 12/02/2020 $0.198 $0.000 $0.121 $0.000 $0.319
12/17/2019 12/18/2019 12/19/2019 $0.155 $0.000 $1.365 $0.000 $1.520
12/11/2018 12/12/2018 12/13/2018 $0.120 $0.006 $2.520 $0.000 $2.646
12/12/2017 12/13/2017 12/14/2017 $0.029 $0.032 $1.729 $0.000 $1.790
12/13/2016 12/14/2016 12/15/2016 $0.035 $0.046 $1.591 $0.000 $1.672
12/16/2015 12/17/2015 12/18/2015 $0.036 $0.000 $0.849 $0.000 $0.885
12/15/2014 12/16/2014 12/17/2014 $0.075 $0.015 $1.112 $0.069 $1.271
12/16/2013 12/17/2013 12/18/2013 $0.148 $0.103 $0.569 $0.067 $0.887
12/12/2012 12/13/2012 12/14/2012 $0.126 $0.121 $0.250 $0.053 $0.550
12/12/2011 12/13/2011 12/14/2011 $0.144 $0.045 $0.351 $0.057 $0.597
12/15/2010 12/16/2010 12/17/2010 $0.330 $0.000 $0.000 $0.000 $0.330
12/15/2009 12/16/2009 12/17/2009 $0.194 $0.000 $0.000 $0.000 $0.194
12/16/2008 12/17/2008 12/18/2008 $0.220 $0.000 $0.112 $0.000 $0.332
12/04/2024 12/05/2024 12/06/2024 $0.172 $0.009 $1.035 $0.000 $1.216
12/04/2023 12/05/2023 12/06/2023 $0.090 $0.000 $1.014 $0.000 $1.104
11/30/2022 12/01/2022 12/02/2022 $0.000 $0.000 $1.358 $0.000 $1.358
11/30/2021 12/01/2021 12/02/2021 $0.000 $0.018 $1.685 $0.000 $1.703
11/30/2020 12/01/2020 12/02/2020 $0.016 $0.000 $0.121 $0.000 $0.137
12/17/2019 12/18/2019 12/19/2019 $0.000 $0.000 $1.365 $0.000 $1.365
12/11/2018 12/12/2018 12/13/2018 $0.000 $0.006 $2.520 $0.000 $2.526
12/12/2017 12/13/2017 12/14/2017 $0.000 $0.032 $1.729 $0.000 $1.761
12/13/2016 12/14/2016 12/15/2016 $0.000 $0.046 $1.591 $0.000 $1.637
12/16/2015 12/17/2015 12/18/2015 $0.000 $0.000 $0.849 $0.000 $0.849
12/15/2014 12/16/2014 12/17/2014 $0.000 $0.015 $1.112 $0.069 $1.196
12/16/2013 12/17/2013 12/18/2013 $0.004 $0.103 $0.569 $0.067 $0.743
12/12/2012 12/13/2012 12/14/2012 $0.007 $0.121 $0.250 $0.053 $0.431
12/12/2011 12/13/2011 12/14/2011 $0.030 $0.045 $0.351 $0.057 $0.483
12/15/2010 12/16/2010 12/17/2010 $0.220 $0.000 $0.000 $0.000 $0.220
12/15/2009 12/16/2009 12/17/2009 $0.097 $0.000 $0.000 $0.000 $0.097
12/16/2008 12/17/2008 12/18/2008 $0.137 $0.000 $0.112 $0.000 $0.249
12/04/2024 12/05/2024 12/06/2024 $0.396 $0.009 $1.035 $0.000 $1.440
12/04/2023 12/05/2023 12/06/2023 $0.286 $0.000 $1.014 $0.000 $1.300
11/30/2022 12/01/2022 12/02/2022 $0.154 $0.000 $1.358 $0.000 $1.512
11/30/2021 12/01/2021 12/02/2021 $0.227 $0.018 $1.685 $0.000 $1.930
11/30/2020 12/01/2020 12/02/2020 $0.249 $0.000 $0.121 $0.000 $0.370
12/17/2019 12/18/2019 12/19/2019 $0.207 $0.000 $1.365 $0.000 $1.572
12/11/2018 12/12/2018 12/13/2018 $0.181 $0.006 $2.520 $0.000 $2.707
12/12/2017 12/13/2017 12/14/2017 $0.093 $0.032 $1.729 $0.000 $1.854
12/13/2016 12/14/2016 12/15/2016 $0.088 $0.046 $1.591 $0.000 $1.725
12/16/2015 12/17/2015 12/18/2015 $0.094 $0.000 $0.849 $0.000 $0.943
12/15/2014 12/16/2014 12/17/2014 $0.134 $0.015 $1.112 $0.069 $1.330
12/16/2013 12/17/2013 12/18/2013 $0.200 $0.103 $0.569 $0.067 $0.939
12/12/2012 12/13/2012 12/14/2012 $0.169 $0.121 $0.250 $0.053 $0.593
12/12/2011 12/13/2011 12/14/2011 $0.181 $0.045 $0.351 $0.057 $0.634
12/15/2010 12/16/2010 12/17/2010 $0.370 $0.000 $0.000 $0.000 $0.370
12/15/2009 12/16/2009 12/17/2009 $0.223 $0.000 $0.000 $0.000 $0.223
12/16/2008 12/17/2008 12/18/2008 $0.248 $0.000 $0.112 $0.000 $0.360
12/04/2024 12/05/2024 12/06/2024 $0.406 $0.009 $1.035 $0.000 $1.450
12/04/2023 12/05/2023 12/06/2023 $0.300 $0.000 $1.014 $0.000 $1.314
11/30/2022 12/01/2022 12/02/2022 $0.164 $0.000 $1.358 $0.000 $1.522
11/30/2021 12/01/2021 12/02/2021 $0.238 $0.018 $1.685 $0.000 $1.941
11/30/2020 12/01/2020 12/02/2020 $0.257 $0.000 $0.121 $0.000 $0.378
12/17/2019 12/18/2019 12/19/2019 $0.215 $0.000 $1.365 $0.000 $1.580
12/11/2018 12/12/2018 12/13/2018 $0.187 $0.006 $2.520 $0.000 $2.713
12/12/2017 12/13/2017 12/14/2017 $0.101 $0.032 $1.729 $0.000 $1.862

  1. Ordinary income distributions are distributed at the class level and will vary by class.

  2. 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.

  3. "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.

Fund Information

Portfolio Composition
Holdings
Fact Sheet
Dealer Fact Guide

Commentaries

Quarterly Commentary

Mutual Fund Shareholder Reports

Annual Tailored Shareholder Report-Class A
Annual Tailored Shareholder Report-Class C
Annual Tailored Shareholder Report-Class I
Annual Tailored Shareholder Report-Class R6
Annual Financial Statements and Other Information
Semi Annual Financial Statements and Other Information

  1. 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.

  1. 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.

  1. Risk Disclosures

  2. All investments involve the risk of loss of principal.

  3. 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.

  4. 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.

  5. The Fund’s portfolio is actively managed and holdings can change at any time. Current and future portfolio holdings are subject to risk.

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Contact Us

Corporate Headquarters

1345 Avenue of the Americas

New York, NY 10105

212-698-3300

  1. 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.

  2. 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.

  3. The First Eagle Funds are offered by FEF Distributors, LLC, a subsidiary of First Eagle Investment Management, LLC, which provides advisory services.

  4. 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