First Eagle Investments Unveils First Active Equity ETFs

Manager’s entry into the ETF space packages the firm’s time-tested approach to global value investing in an efficient and cost-effective structure

New York, December 20, 2024 — First Eagle Investments (“First Eagle”) today announced the launch of its first two active exchange-traded funds (ETFs), the First Eagle Global Equity ETF (FEGE) and the First Eagle Overseas Equity ETF (FEOE), which are now available on the New York Stock Exchange.  The First Eagle ETFs leverage rigorous, bottom-up research to invest in high-quality stocks trading at discounts to their “intrinsic value” *, an approach First Eagle’s Global Value team believes could help to avoid the permanent impairment of capital and drive its growth over the long term.

The First Eagle Global Equity ETF (FEGE) actively invests at least 80% of its assets in the equity of US and non-US issuers, with at least 40% of its assets directed to non-US stocks under normal market conditions. The portfolio is managed by members of First Eagle’s Global Value team, including team Co-Heads, Matt McLennan and Kimball Brooker, as well as Julien Albertini, Manish Gupta and Adrian Jones.

The First Eagle Overseas Equity ETF (FEOE) focuses on non-US equities, with at least 80% of its assets invested outside the US under normal market conditions. McLennan, Brooker and Jones are also on the portfolio management team of FEOE, along with Alan Barr and Christian Heck.

"These active equity ETFs harness the power of First Eagle’s pioneering approach to global investing and provide investors with fully invested exposure to the Global Value team’s stock selection capabilities,” said Frank Riccio, Head of US Wealth Solutions and Strategic Relationships. “As investors seek greater tax efficiency and vehicle flexibility, our goal is to empower financial advisors with a broad range of enduring solutions that help meet their clients' evolving needs."

First Eagle is utilizing the RBB Fund Complex (“RBB”), the industry’s oldest operating multi-series trust, to bring FEGE and FEOE to market.

"We believe active ETFs will power the future growth of the expanding ETF market,” said Steve Plump, CEO of RBB, “and we are thrilled to be assisting a firm as prestigious as First Eagle with entering the space for the first time."

The launch of these active ETFs marks a significant milestone for First Eagle. This achievement builds on First Eagle’s long-standing legacy of navigating diverse market conditions with a steadfast commitment to quality and value. By continuing to offer its established investment principles in new formats, First Eagle seeks to provide investors with opportunities to access its expertise through a wide variety of investment vehicles, including mutual funds, private funds, separately managed accounts, interval funds, business development companies, collective investment trusts, collateralized loan obligations and UCITS funds.

* “Intrinsic value” is based on the Global Value team’s judgment of what a prudent and rational business buyer would pay in cash for all of the company in normal markets.

About First Eagle Investments

First Eagle Investments is an independent, privately owned investment management firm headquartered in New York with approximately $149 billion in assets under management as of September 30, 2024. * Dedicated to providing prudent stewardship of client assets, the firm focuses on active, fundamental and benchmark-agnostic investing, with a strong emphasis on downside mitigation. With a heritage dating back to 1864, First Eagle strives to help clients avoid permanent impairment of capital and earn attractive returns through widely varied economic cycles. The firm’s investment capabilities include equities, fixed income and currencies, alternative credit and real assets. For more information, please visit www.firsteagle.com.

* The total AUM represents the combined AUM of (i) First Eagle Investment Management, LLC, (ii) its subsidiary investment advisers, First Eagle Separate Account Management, LLC, First Eagle Alternative Credit (“FEAC”) and Napier Park Global Capital (“Napier Park”), and (iii) Regatta Loan Management LLC, an advisory affiliate of Napier Park. The total AUM includes $0.9 billion of committed and other non-fee-paying capital from FEAC, and $2.0 billion of committed and other non-fee-paying capital from Napier Park.

About the RBB Fund Complex

The RBB Fund, Inc. and The RBB Fund Trust, together, are a turnkey ETF and mutual fund solution that permits an investment adviser to focus on its core competency of asset management and shifts most responsibility for the establishment, servicing, and corporate governance of funds to RBB. RBB oversees approximately $29 billion in assets, supporting 12 separate investment advisers, over 20 unaffiliated sub-advisers, and over 60 mutual fund or ETF offerings. For more information, please visit www.rbbfund.com.

Media Contacts
First Eagle Investments
Pholida Barclay
212-698-3208
pholida.barclay@firsteagle.com 

Hedda Nadler
212-759-4440
hedda@mountandnadler.com

Red Mountain Media and Communications
Rex Carlin
206-240-5108
rex@redmtnmedia.com

An investor should consider the investment objectives, risks, and charges and expenses of the First Eagle ETFs carefully before investing. A prospectus, which contains this and other information about the funds, may be obtained by calling 1-800-617-0004. The prospectus or summary prospectus should be read carefully before investing.

Investing involves risk. Principal loss is possible.

The First Eagle ETFs may hold foreign securities and cash with foreign banks, agents, and securities depositories appointed by the Fund’s custodian (each a “Foreign Custodian”). Some Foreign Custodians may be recently organized or new to the foreign custody business. The ETFs may invest in foreign investments (including American Depositary Receipts (“ADRs”), Global Depositary Receipts (“GDRs”) and European Depositary Receipts (“EDRs”)). Foreign investments, which can be denominated in any applicable foreign currency, are susceptible to less politically, economically and socially stable environments, foreign currency and exchange rate changes, and adverse changes to government regulations.

To the extent the First Eagle ETFs invests in other investment companies, including money market funds and ETFs, its performance will be affected by the performance of those other investment companies. The First Eagle ETFs may invest in small and medium-size companies, the securities of which can be more volatile in price than those of larger companies. An investment made at a perceived “margin of safety” or “discount to intrinsic or fundamental value” can trade at prices substantially lower than when an investment is made, so that any perceived “margin of safety” or “discount to value” is no guarantee against loss.

The First Eagle ETFs may invest in privately issued securities of domestic common and preferred stock, convertible debt securities, and ADRs, including those which may be resold only in accordance with Rule 144A under the Securities Act of 1933, as amended. Privately issued securities are restricted securities that are not publicly traded. Delay or difficulty in selling such securities may result in a loss to the First Eagle ETFs. Cybersecurity risk is the risk of an unauthorized breach and access to ETF assets, ETF or customer data (including private shareholder information), or proprietary information, or the risk of an incident occurring that causes the First Eagle ETFs, their investment adviser, their investment sub-adviser, custodian, transfer agent, distributor and other service providers and financial intermediaries to suffer data breaches, data corruption or lose operational functionality or prevent ETF investors from purchasing, redeeming or exchanging shares or receiving distributions.

As with all ETFs, shares may be bought and sold in the secondary market at market prices.

The First Eagle ETFs will be distributed by Quasar Distributors, LLC. 

First Eagle Investments is the brand name for First Eagle Investment Management, LLC and its subsidiary investment advisers.

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