Portfolio Characteristics

  • As of Dec 31, 2025

Investment Philosophy

The Overseas Equity ETF 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.

  • Seeking Resilient Wealth Creation

    The team builds long-term-oriented portfolios that seek to persevere across disparate market conditions and in the face of periodic challenges.

  • Scarcity-Driven Selectivity

    The team focuses on persistent businesses that possess scarce assets, sound balance sheets and prudent management teams, and invests in these companies only when they are trading at a discount to our calculation of intrinsic value.

  • Experienced Approach to Global Value Investment

    Access to the Global Value team’s experience in stock picking as a pioneer in global value investing since 1979.

Portfolio Characteristics

  • As of Dec 31, 2025

Our Process

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.

  1. Disclosures

  2. “Intrinsic value” is based on our judgment of what a prudent and rational business buyer would pay in cash for all of the company in normal markets.

  3. 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.

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

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

    Investments involve risk. Principal loss is possible. 

  6. Definitions

  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).

    Distribution Rate: The amount of a fund’s most recent distribution divided by the fund’s current market price, then multiplied by the number of distribution payments made in a 12-month period.

    Distribution Yield: The distribution yield of a security is calculated by dividing the distributions paid (yearly, monthly, etc.) by its cost or net asset value. Distribution yield can be used as a measure of investment cash flow provided by an investment relative to the cost paid for that investment.

    Dividend Yield: A financial ratio that shows how much a company pays out in dividends each year relative to its share price.

    Median 30 Day Spread Percentage: The difference between the bid price for a security and its ask (or offer) price. It represents the difference between the highest price a buyer is willing to pay (bid) for a security and the lowest price a seller is willing to accept.

    Net Asset Value (NAV): The per share value of a mutual fund, found by subtracting the fund's liabilities from its assets and dividing by the number of shares outstanding. Mutual funds calculate their NAVs at least once a day.

    Premium/Discount Percentage: The difference between the daily market price of the Fund’s shares and the Fund’s net asset value (“NAV”). The daily market price is calculated using the mid-point between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund’s NAV is calculated (usually 4:00 pm Eastern time).

    Price-to-Book Ratio (“P/B Ratio”): A weighted average ratio used to compare a stock's market value to its book value. It is calculated by dividing the current price of the stock by the latest quarter's book value per share.

    Price-To-Cash-Flow Ratio: A weighted average measure of the market's expectations of a firm's future financial health. Because this measure deals with cash flow, the effects of depreciation and other non-cash factors are removed. Like the price-earnings ratio, this measure provides an indication of relative value.

    Price-to-Earnings Ratio (“P/E Ratio”): A weighted average current share price of a stock divided by its earnings per share.

    SEC Yield: The SEC yield is calculated with a standardized formula mandated by the SEC. The SEC yield is calculated with a standardized formula mandated by the SEC. The formula is based on maximum offering price per share. The Fund does not include fee waivers. This is also referred to as the "standardized yield", “30-Day Yield” and “Current Yield”.

    Sharpe Ratio: A measure that uses standard deviation and excess return to determine reward per unit of risk. The greater a fund’s Sharpe ratio, the better its risk-adjusted performance has been.

    Standard Deviation: Standard deviation of returns measures the average a return series deviates from its mean. It is often used as a measure of risk. When a fund has a high standard deviation, the predicted range of performance implies greater volatility.

    Taxable Distribution Rate: The portion of dividends or capital gains paid out by a fund that is subject to individual taxation. 

    MSCI EAFE Index (Net): measures the performance of large and midcap securities across 21 developed markets countries around the world excluding the US and Canada. A net-return index tracks price changes and reinvestment of distribution income net of withholding taxes.

    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.

Show More Show Less

Average Annual Returns

FEOE
TickerYTD %1 MO3 MO1 YR3 YR5 YR10 YRINCEPT %Expense RatioFund Inception Date
GrossNet
FEOE NAV  41.54%   3.31%   6.45%  41.54% -- -- --  40.08%   0.79%   0.50% Dec 19, 2024
FEOE Market Price  41.33%   3.10%   6.45%  41.33% -- -- --  40.33%   0.79%   0.50% Dec 19, 2024
MSCI EAFE Index  31.22%   3.00%   4.86%  31.22% -- -- --  30.87% -- -- --
FEOE NAV  41.54%   3.31%   6.45%  41.54% -- -- --  40.08%   0.79%   0.50% Dec 19, 2024
FEOE Market Price  41.33%   3.10%   6.45%  41.33% -- -- --  40.33%   0.79%   0.50% Dec 19, 2024
MSCI EAFE Index  31.22%   3.00%   4.86%  31.22% -- -- --  30.87% -- -- --

Source: FactSet; data as of Dec 31, 2025.

Source: FactSet; data as of Dec 31, 2025.

  1. ETFs may trade at a premium or discount to NAV. Shares of any ETF are bought and sold at market prices (not NAV) and are not individually redeemed from the Fund. Brokerage commissions will reduce returns.

ETF Holdings

As of Jan 26, 2026

Download as CSV
Stock TickerCUSIP/OtherSecurity NameSharesPriceMarket ValueWeightings
Cash&Other Cash&Other Cash & Other 4,004,324 1.00 $4,004,323.62 0.65%
005930 KS 6771720 Samsung Electronics Co Ltd 273,263 152,100.00 $28,354,403.45 4.62%
SHELL NA BP6MXT4 Shell PLC 701,173 31.18 $25,845,952.31 4.21%
BATS LN 0287580 British American Tobacco PLC 411,698 43.28 $24,299,766.03 3.96%
IMO CN 2454241 Imperial Oil Ltd 222,926 138.55 $22,550,576.64 3.68%
TSM 874039100 Taiwan Semiconductor Manufacturing Co Ltd 46,628 334.87 $15,614,318.36 2.55%
PRX NA BJDS7L3 Prosus NV 257,866 50.24 $15,315,633.23 2.50%
MRK GR 4741844 Merck KGaA 100,175 127.70 $15,123,123.26 2.47%
MC FP 4061412 LVMH Moet Hennessy Louis Vuitton SE 20,903 591.40 $14,614,406.54 2.38%
CFR SW BCRWZ18 Cie Financiere Richemont SA 68,924 154.55 $13,628,715.71 2.22%
RKT LN B24CGK7 Reckitt Benckiser Group PLC 156,458 60.18 $12,840,621.38 2.09%
FNV CN B29NF31 Franco-Nevada Corp 49,353 350.61 $12,633,632.92 2.06%
JM SP 6472119 Jardine Matheson Holdings Ltd 163,045 74.77 $12,190,874.65 1.99%
FMX 344419106 Fomento Economico Mexicano SAB de CV 111,884 106.96 $11,967,112.64 1.95%
NEM 651639106 Newmont Corp 93,400 124.31 $11,610,554.00 1.89%
6273 JP 6763965 SMC Corp 28,200 63,080.00 $11,415,362.90 1.86%
9988 HK BK6YZP5 Alibaba Group Holding Ltd 521,200 168.50 $11,264,021.96 1.84%
WPM 962879102 Wheaton Precious Metals Corp 77,158 146.16 $11,277,413.28 1.84%
B 06849F108 Barrick Mining Corp 219,860 51.08 $11,230,448.80 1.83%
6954 JP 6356934 FANUC Corp 264,400 6,574.00 $11,154,242.44 1.82%
INVEB SS BMV7PQ4 Investor AB 294,058 338.85 $11,135,933.98 1.82%
NESN SW 7123870 Nestle SA 119,673 72.47 $11,096,087.91 1.81%
6503 JP 6597045 Mitsubishi Electric Corp 341,900 4,966.00 $10,895,690.18 1.78%
UNA NA BTMR1D1 Unilever PLC 161,110 56.27 $10,717,430.01 1.75%
POW CN 2697701 Power Corp of Canada 195,980 69.97 $10,011,842.88 1.63%
NTR 67077M108 Nutrien Ltd 135,702 70.88 $9,618,557.76 1.57%
SCHP SW B11TCY0 Schindler Holding AG 24,800 303.00 $9,614,124.87 1.57%
ABEV 02319V103 Ambev SA 3,367,220 2.78 $9,360,871.60 1.53%
BN FP B1Y9TB3 Danone SA 116,744 67.54 $9,321,522.86 1.52%
LLOY LN 0870612 Lloyds Banking Group PLC 6,714,410 1.02 $9,307,891.72 1.52%
WTW G96629103 Willis Towers Watson PLC 28,822 322.81 $9,304,029.82 1.52%
8725 JP B2Q4CS1 MS&AD Insurance Group Holdings Inc 350,200 3,980.00 $8,944,336.78 1.46%
9735 JP 6791591 Secom Co Ltd 237,200 5,835.00 $8,881,871.27 1.45%
WALMEX* MM BW1YVH8 Wal-Mart de Mexico SAB de CV 2,643,642 57.97 $8,820,254.78 1.44%
4613 JP 6483746 Kansai Paint Co Ltd 518,300 2,567.00 $8,537,997.18 1.39%
UOB SP 6916781 United Overseas Bank Ltd 259,781 39.50 $8,064,879.55 1.31%
HLN LN BMX86B7 Haleon PLC 1,514,397 3.80 $7,843,877.16 1.28%
HEIA NA 7792559 Heineken NV 91,721 67.76 $7,347,395.56 1.20%
012330 KS 6449544 Hyundai Mobis Co Ltd 22,605 457,500.00 $7,055,147.18 1.15%
BA/ LN 0263494 BAE Systems PLC 247,667 20.27 $6,846,332.31 1.12%
1299 HK B4TX8S1 AIA Group Ltd 611,200 83.05 $6,510,467.25 1.06%
8630 JP B62G7K6 Sompo Holdings Inc 182,600 5,530.00 $6,479,997.43 1.06%
ITSA4 BZ 2458771 Itausa SA 2,486,413 13.33 $6,269,474.54 1.02%
BKG LN BP0RGD0 Berkeley Group Holdings PLC 111,941 40.16 $6,130,825.70 1.00%
6861 JP 6490995 Keyence Corp 15,900 59,490.00 $6,070,018.61 0.99%
7309 JP 6804820 Shimano Inc 53,600 17,180.00 $5,909,311.43 0.96%
UOL SP 6916844 UOL Group Ltd 678,858 10.30 $5,495,529.85 0.90%
HEN3 GR 5076705 HENKEL AG & CO KGAA 64,015 71.54 $5,414,045.85 0.88%
LR FP B11ZRK9 Legrand SA 35,369 127.95 $5,350,006.56 0.87%
PM 718172109 Philip Morris International Inc 30,808 173.02 $5,330,400.16 0.87%
1113 HK BYZQ077 CK Asset Holdings Ltd 907,000 43.98 $5,116,249.18 0.83%
ORK NO B1VQF42 Orkla ASA 423,194 111.60 $4,831,555.03 0.79%
035420 KS 6560393 NAVER Corp 26,005 266,000.00 $4,718,988.98 0.77%
BNHRG84 BNHRG84 FUCHS SE 101,179 39.32 $4,703,218.28 0.77%
6806 JP 6428725 Hirose Electric Co Ltd 40,900 17,615.00 $4,623,329.91 0.75%
SHBA SS BXDZ9Q1 Svenska Handelsbanken AB 294,868 139.95 $4,611,972.46 0.75%
BBL-R TB 6368360 BANGKOK BANK THB10 (NVDR) 885,452 157.50 $4,471,262.90 0.73%
6465 JP B3FF8W8 Hoshizaki Corp 125,400 5,210.00 $4,192,607.33 0.68%
AEM CN 2009823 Agnico Eagle Mines Ltd 17,808 293.89 $3,821,117.16 0.62%
6849 JP 6639970 Nihon Kohden Corp 311,500 1,832.00 $3,662,118.98 0.60%
INDUC SS B1VSK54 Industrivarden AB 74,262 432.80 $3,592,030.80 0.59%
3626 JP B2Q4CR0 TIS Inc 100,600 4,793.00 $3,094,242.44 0.50%
ASII IJ B800MQ5 Astra International Tbk PT 6,952,300 6,825.00 $2,821,852.36 0.46%
DGE LN 0237400 Diageo PLC 123,001 16.75 $2,809,697.31 0.46%
RI FP 4682329 Pernod Ricard SA 30,219 75.52 $2,697,946.38 0.44%
SGSN SW BMBQHZ4 SGS SA 22,378 94.54 $2,706,776.00 0.44%
004370 KS 6638115 NongShim Co Ltd 8,875 412,000.00 $2,494,457.14 0.41%
AGHOL TI B03MZM9 AG Anadolu Grubu Holding AS 3,244,260 32.48 $2,430,062.03 0.40%
KESKOB FH 4490005 Kesko Oyj 99,555 20.66 $2,431,558.02 0.40%
MICC NA BSNMGT9 Magnum Ice Cream Co NV/The 106,696 14.22 $1,793,655.27 0.29%
BAKKA NO B6632T7 Bakkafrost P/F 38,403 442.80 $1,739,626.43 0.28%
ADS GR 4031976 adidas AG 8,871 143.75 $1,507,549.83 0.25%

  1. Holdings are subject to change. Copyright ©2024, American Bankers Association. CUSIP Database provided by FactSet Research Systems Inc. All rights reserved

Allocation by Sector (%)

Consumer Staples: 21.41%
Industrials: 15.31%
Financials: 14.92%
Consumer Discretionary: 13.09%
Materials: 12.05%
Information Technology: 9.01%
Energy: 7.54%
Health Care: 4.27%
Real Estate: 1.62%
Communication Services: 0.77%
Source: FactSet; data as of Dec 31, 2025.
Consumer Staples 21.41%
Industrials 15.31%
Financials 14.92%
Consumer Discretionary 13.09%
Materials 12.05%
Information Technology 9.01%
Energy 7.54%
Health Care 4.27%
Real Estate 1.62%
Communication Services 0.77%
Consumer Staples 22.33%
Financials 14.85%
Industrials 14.47%
Consumer Discretionary 13.26%
Materials 12.24%
Information Technology 8.52%
Energy 7.69%
Health Care 4.20%
Real Estate 1.65%
Communication Services 0.78%
Consumer Staples 21.17%
Industrials 15.44%
Financials 14.46%
Consumer Discretionary 14.29%
Materials 11.20%
Information Technology 9.52%
Energy 7.40%
Health Care 4.01%
Real Estate 1.61%
Communication Services 0.91%
Consumer Staples 21.01%
Industrials 15.35%
Financials 14.54%
Consumer Discretionary 13.93%
Materials 13.44%
Information Technology 8.13%
Energy 7.37%
Health Care 3.72%
Real Estate 1.59%
Communication Services 0.93%
Consumer Staples 22.44%
Industrials 15.40%
Financials 15.01%
Materials 13.20%
Consumer Discretionary 12.50%
Energy 7.88%
Information Technology 7.30%
Health Care 3.95%
Real Estate 1.55%
Communication Services 0.78%
Consumer Staples 22.63%
Industrials 15.64%
Financials 15.19%
Materials 12.15%
Consumer Discretionary 12.06%
Energy 7.86%
Information Technology 7.86%
Health Care 4.16%
Real Estate 1.56%
Communication Services 0.89%
Consumer Staples 22.36%
Industrials 15.42%
Financials 15.31%
Consumer Discretionary 12.76%
Materials 12.25%
Energy 7.60%
Information Technology 6.97%
Health Care 4.79%
Real Estate 1.49%
Communication Services 1.05%
Consumer Staples 21.84%
Industrials 16.43%
Financials 16.12%
Consumer Discretionary 12.79%
Materials 12.18%
Energy 7.41%
Information Technology 6.83%
Health Care 4.85%
Real Estate 0.81%
Communication Services 0.75%
#N/A #N/A%
Consumer Staples 22.13%
Industrials 16.26%
Financials 16.09%
Consumer Discretionary 12.51%
Materials 12.48%
Energy 7.04%
Information Technology 6.36%
Health Care 4.97%
Real Estate 0.82%
Communication Services 0.80%
Short-Term, Cash & Cash Equivalents 0.55%
Consumer Staples 23.07%
Financials 16.37%
Industrials 15.37%
Materials 12.69%
Consumer Discretionary 11.99%
Energy 7.52%
Information Technology 6.28%
Health Care 4.65%
Real Estate 0.82%
Communication Services 0.73%
Short-Term, Cash & Cash Equivalents 0.51%

Allocation by Asset Class (%)

International Equity: 73.04%
Emerging Markets Equity: 17.75%
Gold Related Investments: 8.35%
US Equity: 0.87%
Source: FactSet; data as of Dec 31, 2025.
International Equity 73.04%
Emerging Markets Equity 17.75%
Gold Related Investments 8.35%
US Equity 0.87%
International Equity 73.67%
Emerging Markets Equity 16.94%
Gold Related Investments 8.51%
US Equity 0.88%
International Equity 72.96%
Emerging Markets Equity 18.77%
Gold Related Investments 7.45%
US Equity 0.83%
International Equity 72.27%
Emerging Markets Equity 17.27%
Gold Related Investments 9.52%
US Equity 0.93%
International Equity 74.59%
Emerging Markets Equity 15.39%
Gold Related Investments 9.01%
US Equity 1.00%
International Equity 74.60%
Emerging Markets Equity 16.36%
Gold Related Investments 8.01%
US Equity 1.03%
International Equity 75.04%
Emerging Markets Equity 15.79%
Gold Related Investments 8.02%
US Equity 1.15%
#N/A #N/A%
International Equity 75.69%
Emerging Markets Equity 15.32%
Gold Related Investments 7.82%
US Equity 1.18%
#N/A #N/A%
International Equity 76.85%
Emerging Markets Equity 13.45%
Gold Related Investments 7.99%
US Equity 1.16%
Short-Term, Cash & Cash Equivalents 0.55%
International Equity 77.64%
Emerging Markets Equity 12.01%
Gold Related Investments 8.74%
US Equity 1.11%
Short-Term, Cash & Cash Equivalents 0.51%

Allocation by Region (%)

Europe: 45.34%
Asia ex-Japan: 18.34%
Japan: 15.45%
Gold Related Investments: 8.35%
Canada: 6.70%
Latin America: 4.96%
United States: 0.87%
Source: FactSet; data as of Dec 31, 2025.
Europe 45.34%
Asia ex-Japan 18.34%
Japan 15.45%
Gold Related Investments 8.35%
Canada 6.70%
Latin America 4.96%
United States 0.87%
Europe 45.64%
Asia ex-Japan 17.39%
Japan 15.07%
Gold Related Investments 8.51%
Canada 7.34%
Latin America 5.18%
United States 0.88%
Europe 45.66%
Asia ex-Japan 19.32%
Japan 15.12%
Gold Related Investments 7.45%
Canada 6.75%
Latin America 4.88%
United States 0.83%
Europe 45.15%
Asia ex-Japan 18.34%
Japan 14.75%
Gold Related Investments 9.52%
Canada 6.85%
Latin America 4.45%
United States 0.93%
Europe 46.61%
Asia ex-Japan 16.61%
Japan 15.19%
Gold Related Investments 9.01%
Canada 7.19%
Latin America 4.38%
United States 1.00%
Europe 46.65%
Asia ex-Japan 17.42%
Japan 15.20%
Gold Related Investments 8.01%
Canada 7.16%
Latin America 4.51%
United States 1.03%
Europe 47.20%
Asia ex-Japan 16.25%
Japan 15.63%
Gold Related Investments 8.02%
Canada 6.90%
Latin America 4.84%
United States 1.15%
Europe 47.53%
Japan 16.68%
Asia ex-Japan 14.56%
Gold Related Investments 7.82%
Canada 6.96%
Latin America 5.27%
United States 1.18%
#N/A #N/A%
Europe 47.44%
Japan 16.12%
Asia ex-Japan 14.45%
Gold Related Investments 7.99%
Canada 6.85%
Latin America 5.44%
United States 1.16%
Short-Term, Cash & Cash Equivalents 0.55%
Europe 47.47%
Japan 16.19%
Asia ex-Japan 14.16%
Gold Related Investments 8.74%
Canada 6.77%
Latin America 5.06%
United States 1.11%
Short-Term, Cash & Cash Equivalents 0.51%

  1. Disclosures

  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.

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

    Investments involve risk. Principal loss is possible. 

  1. Definitions

  2. 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).

    Distribution Rate: The amount of a fund’s most recent distribution divided by the fund’s current market price, then multiplied by the number of distribution payments made in a 12-month period.

    Distribution Yield: The distribution yield of a security is calculated by dividing the distributions paid (yearly, monthly, etc.) by its cost or net asset value. Distribution yield can be used as a measure of investment cash flow provided by an investment relative to the cost paid for that investment.

    Dividend Yield: A financial ratio that shows how much a company pays out in dividends each year relative to its share price.

    Median 30 Day Spread Percentage: The difference between the bid price for a security and its ask (or offer) price. It represents the difference between the highest price a buyer is willing to pay (bid) for a security and the lowest price a seller is willing to accept.

    Net Asset Value (NAV): The per share value of a mutual fund, found by subtracting the fund's liabilities from its assets and dividing by the number of shares outstanding. Mutual funds calculate their NAVs at least once a day.

    Premium/Discount Percentage: The difference between the daily market price of the Fund’s shares and the Fund’s net asset value (“NAV”). The daily market price is calculated using the mid-point between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund’s NAV is calculated (usually 4:00 pm Eastern time).

    Price-to-Book Ratio (“P/B Ratio”): A weighted average ratio used to compare a stock's market value to its book value. It is calculated by dividing the current price of the stock by the latest quarter's book value per share.

    Price-To-Cash-Flow Ratio: A weighted average measure of the market's expectations of a firm's future financial health. Because this measure deals with cash flow, the effects of depreciation and other non-cash factors are removed. Like the price-earnings ratio, this measure provides an indication of relative value.

    Price-to-Earnings Ratio (“P/E Ratio”): A weighted average current share price of a stock divided by its earnings per share.

    SEC Yield: The SEC yield is calculated with a standardized formula mandated by the SEC. The SEC yield is calculated with a standardized formula mandated by the SEC. The formula is based on maximum offering price per share. The Fund does not include fee waivers. This is also referred to as the "standardized yield", “30-Day Yield” and “Current Yield”.

    Sharpe Ratio: A measure that uses standard deviation and excess return to determine reward per unit of risk. The greater a fund’s Sharpe ratio, the better its risk-adjusted performance has been.

    Standard Deviation: Standard deviation of returns measures the average a return series deviates from its mean. It is often used as a measure of risk. When a fund has a high standard deviation, the predicted range of performance implies greater volatility.

    Taxable Distribution Rate: The portion of dividends or capital gains paid out by a fund that is subject to individual taxation. 

    MSCI EAFE Index (Net): measures the performance of large and midcap securities across 21 developed markets countries around the world excluding the US and Canada. A net-return index tracks price changes and reinvestment of distribution income net of withholding taxes.

    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.

Fund Management

  • Alan Barr Headshot

    Alan Barr

    Portfolio Manager and Senior Research Analyst
    Industry start:  
    1990
    Year joined:  
    2001
  • Christian Heck Headshot

    Christian Heck

    Deputy Head of Global Value and Portfolio Manager
    Industry start:  
    2011
    Year joined:  
    2013
  • Adrian Jones Headshot

    Adrian Jones

    Portfolio Manager, Senior Research Analyst
    Industry start:  
    1988
    Year joined:  
    2018
  • Matthew McLennan Headshot

    Matthew McLennan

    Head of Global Value Team and Portfolio Manager
    Industry start:  
    1991
    Year joined:  
    2008

Investment Process

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.

  1. Disclosures

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

    Investments involve risk. Principal loss is possible. 

  3. Definitions

  4. 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).

    Distribution Rate: The amount of a fund’s most recent distribution divided by the fund’s current market price, then multiplied by the number of distribution payments made in a 12-month period.

    Distribution Yield: The distribution yield of a security is calculated by dividing the distributions paid (yearly, monthly, etc.) by its cost or net asset value. Distribution yield can be used as a measure of investment cash flow provided by an investment relative to the cost paid for that investment.

    Dividend Yield: A financial ratio that shows how much a company pays out in dividends each year relative to its share price.

    Median 30 Day Spread Percentage: The difference between the bid price for a security and its ask (or offer) price. It represents the difference between the highest price a buyer is willing to pay (bid) for a security and the lowest price a seller is willing to accept.

    Net Asset Value (NAV): The per share value of a mutual fund, found by subtracting the fund's liabilities from its assets and dividing by the number of shares outstanding. Mutual funds calculate their NAVs at least once a day.

    Premium/Discount Percentage: The difference between the daily market price of the Fund’s shares and the Fund’s net asset value (“NAV”). The daily market price is calculated using the mid-point between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund’s NAV is calculated (usually 4:00 pm Eastern time).

    Price-to-Book Ratio (“P/B Ratio”): A weighted average ratio used to compare a stock's market value to its book value. It is calculated by dividing the current price of the stock by the latest quarter's book value per share.

    Price-To-Cash-Flow Ratio: A weighted average measure of the market's expectations of a firm's future financial health. Because this measure deals with cash flow, the effects of depreciation and other non-cash factors are removed. Like the price-earnings ratio, this measure provides an indication of relative value.

    Price-to-Earnings Ratio (“P/E Ratio”): A weighted average current share price of a stock divided by its earnings per share.

    SEC Yield: The SEC yield is calculated with a standardized formula mandated by the SEC. The SEC yield is calculated with a standardized formula mandated by the SEC. The formula is based on maximum offering price per share. The Fund does not include fee waivers. This is also referred to as the "standardized yield", “30-Day Yield” and “Current Yield”.

    Sharpe Ratio: A measure that uses standard deviation and excess return to determine reward per unit of risk. The greater a fund’s Sharpe ratio, the better its risk-adjusted performance has been.

    Standard Deviation: Standard deviation of returns measures the average a return series deviates from its mean. It is often used as a measure of risk. When a fund has a high standard deviation, the predicted range of performance implies greater volatility.

    Taxable Distribution Rate: The portion of dividends or capital gains paid out by a fund that is subject to individual taxation. 

    MSCI EAFE Index (Net): measures the performance of large and midcap securities across 21 developed markets countries around the world excluding the US and Canada. A net-return index tracks price changes and reinvestment of distribution income net of withholding taxes.

    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.

Ticker: FEOE

Expense Ratio as of December 19, 2024

Annual Fund Operating Expenses (%)
Management Fees0.79
Distribution and/or Service (12b-1) Fees0.00
Other Expenses10.00
Total Annual Fund Operating Expenses0.79
Fee Waiver and/or Expense Reimbursement2-0.29
Total Annual Operating Expenses After Fee Waiver and/or Expense Reimbursement0.50

  1. “Other Expenses” are estimated for the current fiscal year. 

  2. First Eagle Investment Management, LLC (the “Adviser”) has contractually agreed to waive and/or reimburse certain fees and expenses so that the total annual fund operating expenses (excluding Acquired Fund Fees and Expenses (“AFFE”), brokerage commissions, extraordinary items, interest or taxes) (“annual operating expenses”) is limited to 0.50% of the Fund’s average daily net assets. These contractual limitations are in effect until December 31, 2026, and may not be terminated prior to that date without the approval of the Board of Trustees (the “Board”) of The RBB Fund Trust (the“Trust”).

    1. Disclosures

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

      Investments involve risk. Principal loss is possible. 

    3. Definitions

    4. 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).

      Distribution Rate: The amount of a fund’s most recent distribution divided by the fund’s current market price, then multiplied by the number of distribution payments made in a 12-month period.

      Distribution Yield: The distribution yield of a security is calculated by dividing the distributions paid (yearly, monthly, etc.) by its cost or net asset value. Distribution yield can be used as a measure of investment cash flow provided by an investment relative to the cost paid for that investment.

      Dividend Yield: A financial ratio that shows how much a company pays out in dividends each year relative to its share price.

      Median 30 Day Spread Percentage: The difference between the bid price for a security and its ask (or offer) price. It represents the difference between the highest price a buyer is willing to pay (bid) for a security and the lowest price a seller is willing to accept.

      Net Asset Value (NAV): The per share value of a mutual fund, found by subtracting the fund's liabilities from its assets and dividing by the number of shares outstanding. Mutual funds calculate their NAVs at least once a day.

      Premium/Discount Percentage: The difference between the daily market price of the Fund’s shares and the Fund’s net asset value (“NAV”). The daily market price is calculated using the mid-point between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund’s NAV is calculated (usually 4:00 pm Eastern time).

      Price-to-Book Ratio (“P/B Ratio”): A weighted average ratio used to compare a stock's market value to its book value. It is calculated by dividing the current price of the stock by the latest quarter's book value per share.

      Price-To-Cash-Flow Ratio: A weighted average measure of the market's expectations of a firm's future financial health. Because this measure deals with cash flow, the effects of depreciation and other non-cash factors are removed. Like the price-earnings ratio, this measure provides an indication of relative value.

      Price-to-Earnings Ratio (“P/E Ratio”): A weighted average current share price of a stock divided by its earnings per share.

      SEC Yield: The SEC yield is calculated with a standardized formula mandated by the SEC. The SEC yield is calculated with a standardized formula mandated by the SEC. The formula is based on maximum offering price per share. The Fund does not include fee waivers. This is also referred to as the "standardized yield", “30-Day Yield” and “Current Yield”.

      Sharpe Ratio: A measure that uses standard deviation and excess return to determine reward per unit of risk. The greater a fund’s Sharpe ratio, the better its risk-adjusted performance has been.

      Standard Deviation: Standard deviation of returns measures the average a return series deviates from its mean. It is often used as a measure of risk. When a fund has a high standard deviation, the predicted range of performance implies greater volatility.

      Taxable Distribution Rate: The portion of dividends or capital gains paid out by a fund that is subject to individual taxation. 

      MSCI EAFE Index (Net): measures the performance of large and midcap securities across 21 developed markets countries around the world excluding the US and Canada. A net-return index tracks price changes and reinvestment of distribution income net of withholding taxes.

      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.

    Capital Gains Distributions

    Record DateEx & Reinvestment DatePayable DateOrdinary IncomeShort Term Capital GainsLong Term Capital GainsLong Term Capital Gains - 28%Total Distribution
    12/30/2025 12/30/2025 12/30/2025 $0.738 $0.000 $0.000 $0.000 $0.738

    1.  

      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.

    Fund Information

    Portfolio Composition
    Fact Sheet
    First Eagle Overseas Equity ETF Profile
    An Introduction to Exchange-Traded Funds (ETFs)
    Shareholder Report
    Semi-Annual Report
    2025 ETF Ordinary Income and Capital Gains Distributions

    Commentaries

    Quarterly Commentary

    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. Disclosures

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

      Investments involve risk. Principal loss is possible. 

    3. Definitions

    4. 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).

      Distribution Rate: The amount of a fund’s most recent distribution divided by the fund’s current market price, then multiplied by the number of distribution payments made in a 12-month period.

      Distribution Yield: The distribution yield of a security is calculated by dividing the distributions paid (yearly, monthly, etc.) by its cost or net asset value. Distribution yield can be used as a measure of investment cash flow provided by an investment relative to the cost paid for that investment.

      Dividend Yield: A financial ratio that shows how much a company pays out in dividends each year relative to its share price.

      Median 30 Day Spread Percentage: The difference between the bid price for a security and its ask (or offer) price. It represents the difference between the highest price a buyer is willing to pay (bid) for a security and the lowest price a seller is willing to accept.

      Net Asset Value (NAV): The per share value of a mutual fund, found by subtracting the fund's liabilities from its assets and dividing by the number of shares outstanding. Mutual funds calculate their NAVs at least once a day.

      Premium/Discount Percentage: The difference between the daily market price of the Fund’s shares and the Fund’s net asset value (“NAV”). The daily market price is calculated using the mid-point between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund’s NAV is calculated (usually 4:00 pm Eastern time).

      Price-to-Book Ratio (“P/B Ratio”): A weighted average ratio used to compare a stock's market value to its book value. It is calculated by dividing the current price of the stock by the latest quarter's book value per share.

      Price-To-Cash-Flow Ratio: A weighted average measure of the market's expectations of a firm's future financial health. Because this measure deals with cash flow, the effects of depreciation and other non-cash factors are removed. Like the price-earnings ratio, this measure provides an indication of relative value.

      Price-to-Earnings Ratio (“P/E Ratio”): A weighted average current share price of a stock divided by its earnings per share.

      SEC Yield: The SEC yield is calculated with a standardized formula mandated by the SEC. The SEC yield is calculated with a standardized formula mandated by the SEC. The formula is based on maximum offering price per share. The Fund does not include fee waivers. This is also referred to as the "standardized yield", “30-Day Yield” and “Current Yield”.

      Sharpe Ratio: A measure that uses standard deviation and excess return to determine reward per unit of risk. The greater a fund’s Sharpe ratio, the better its risk-adjusted performance has been.

      Standard Deviation: Standard deviation of returns measures the average a return series deviates from its mean. It is often used as a measure of risk. When a fund has a high standard deviation, the predicted range of performance implies greater volatility.

      Taxable Distribution Rate: The portion of dividends or capital gains paid out by a fund that is subject to individual taxation. 

      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. 

      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.

    1. Risk Disclosures

      All investments involve the risk of loss of principal.

      The value and liquidity of the Fund's portfolio holdings may fluctuate in response to events specific to the issuers or markets in which the Fund invests, as well as economic, political, or social events in the United States or abroad. Markets may be volatile, and prices of individual securities and other investments, including those of a particular type, may decline significantly and rapidly in response to adverse issuer, political, regulatory, market, economic or other developments, public perceptions concerning these developments, and adverse investor sentiment or publicity.

      The Fund will invest in medium-size companies, the securities of which can be more volatile in price than those of larger companies. Positions in smaller companies, especially when the Fund is a large holder of a smaller company's securities, also may be more difficult or expensive to trade. The Fund defines mid-cap companies as those that have at the time of investment a market capitalization not greater than that of the largest company in the Russell Mid Cap® Index.

      “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. In such an event, the Fund's investment returns would be expected to lag relative to returns associated with more growth-oriented investment strategies. Investing in or having exposure to “value” securities presents the risk that such securities may never reach what the Adviser believes are their full market values.

      The Fund 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 Fund 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.

    2. The information is not intended to provide and should not be relied on for accounting or tax advice.  Any tax information presented is not intended to constitute an analysis of all tax considerations.

      This information does not represent a solicitation of any order to buy or sell a security mentioned herein. Nothing here constitutes investment advice or insight as to the merits of any security or investment strategy mentioned herein.

    3. Investors 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 800-617-0004. The prospectus or summary prospectus should be read carefully before investing.

    4. Distributed by Quasar Distributors, LLC