Portfolio Characteristics

  • As of Mar 31, 2026

Investment Philosophy

The team focuses on mid-cap companies with characteristics such as turnarounds, emerging growth and undervalued companies, that can potentially benefit from catalysts such as new management, a more favorable business cycle, product innovation, and/or margin improvement. The team believes fundamental research can uncover opportunities to invest in companies that are attractively valued and have the potential to benefit from catalysts for future earnings recovery.

  • Mid Cap Fundamental Investors

    Long-tenured, seasoned team with the disciplined temperament for mid cap investing.

  • Catalyst Driven Value

    Disciplined process focused on mid cap opportunities, demonstrating strong fundamentals and identifiable catalysts for growth.

  • Volatility Leads to Opportunity

    A team and process that lean into volatile markets which they believe are well-positioned for recoveries.

Portfolio Characteristics

  • As of Mar 31, 2026
aerial road insights bg

Our Process

The team uses a bottom-up process, building the portfolio stock by stock.

  • 01

    Narrow the Universe

    The team narrows the approximately 800 US Mid Cap Stock Universe using their historical investment experience, by attending management meetings, conference calls, investment conferences, and by following industry trade journals.

  • 02

    Conduct Fundamental Research

    The team aims to identify companies that have low multiples and a potential catalyst for improvement.
     

    Low Multiples
    • The team seeks to uncover companies that they believe are trading at a significantly discounted price/book or price/sales.
    • Holdings typically fall into at least one category below:
      • Turnarounds
      • Emerging growth
      • Undervalued companies

    Catalyst for Improvement
    • Utilizing the team’s analysis and deep institutional knowledge of competitors, industry and existing holdings used for comparisons, they seek to determine the likelihood of execution success.
    • Some potential catalysts the team look for that could lead to a company’s return to normalized earnings are:
      • New management
      • More favorable business cycle
      • Margin improvement
      • Product innovation
  • 03

    Construct Portfolio

    • Diversified with approximately 40-70 holdings
    • Annual turnover expected 10%–20%

  1. Disclosures

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

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

    Investments involve risk. Principal loss is possible. 

  4. Definitions

  5. 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).

    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.

    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.

Show More Show Less

ETF Holdings

As of Apr 17, 2026

Download as CSV
Stock TickerCUSIP/OtherSecurity NameSharesPriceMarket ValueWeightings
WLK 960413102 WESTLAKE CORP COMMON STOCK USD 0.01 536 119.00 $63,784.00 2.25%
ONTO 683344105 ONTO INNOVATION INC COMMON STOCK USD 0 222 267.15 $59,307.30 2.09%
PR 71424F105 PERMIAN RESOURCES 2,826 20.42 $57,706.92 2.04%
TRGP 87612G101 TARGA RESOURCES CORP COMMON STOCK USD 0.001 230 239.81 $55,156.30 1.95%
COHR 19247G107 COHERENT CORP COMMON STOCK USD 0 168 328.00 $55,104.00 1.94%
APD 009158106 AIR PRODUCTS AND CHEMICALS INC COMMON STOCK USD 1 182 297.24 $54,097.68 1.91%
VFC 918204108 VF CORP COMMON STOCK USD 0 2,672 20.12 $53,760.64 1.90%
ENTG 29362U104 ENTEGRIS INC 392 135.92 $53,280.64 1.88%
TTMI 87305R109 TTM TECHNOLOGIES INC COMMON STOCK USD 0.001 454 116.93 $53,086.22 1.87%
NVT G6700G107 NVENT ELECTRIC PLC COMMON STOCK USD 0.01 400 129.70 $51,880.00 1.83%
OKE 682680103 ONEOK INC COMMON STOCK USD 0.01 608 85.21 $51,807.68 1.83%
CLH 184496107 CLEAN HARBORS INC COMMON STOCK USD 0.01 168 296.63 $49,833.84 1.76%
FLS 34354P105 FLOWSERVE CORP COMMON STOCK USD 1.25 640 77.83 $49,811.20 1.76%
LPX 546347105 LOUISIANA-PACIFIC CORP COMMON STOCK USD 1 685 72.51 $49,669.35 1.75%
JLL 48020Q107 JONES LANG LASALLE INC COMMON STOCK USD 0.01 148 334.27 $49,471.96 1.75%
CP 13646K108 CANADIAN PACIFIC KANSAS CITY LTD COMMON STOCK CAD 616 80.14 $49,366.24 1.74%
EVR 29977A105 EVERCORE INC COMMON STOCK USD 0.01 138 357.52 $49,337.76 1.74%
XPO 983793100 XPO INC COMMON STOCK USD 0.001 222 222.12 $49,310.64 1.74%
RRX 758750103 REGAL REXNORD CORP COMMON STOCK USD 0.01 251 196.07 $49,213.57 1.74%
TDY 879360105 TELEDYNE TECHNOLOGIES INC COMMON STOCK USD 0.01 77 635.76 $48,953.52 1.73%
BDC 077454106 BELDEN INC COMMON STOCK USD 0.01 384 126.37 $48,526.08 1.71%
FLEX Y2573F102 FLEX LTD COMMON STOCK USD 0 602 79.92 $48,111.84 1.70%
RHP 78377T107 RYMAN HOSPITALITY PROPERTIES INC REIT USD 0.01 472 100.54 $47,454.88 1.67%
WPC 92936U109 WP CAREY INC REIT USD 0.001 640 72.89 $46,649.60 1.65%
URI 911363109 UNITED RENTALS INC COMMON STOCK USD 0.01 60 777.49 $46,649.40 1.65%
DGX 74834L100 QUEST DIAGNOSTICS INC COMMON STOCK USD 0.01 243 191.46 $46,524.78 1.64%
ODFL 679580100 OLD DOMINION FREIGHT LINE INC COMMON STOCK USD 0.1 217 213.57 $46,344.69 1.63%
EXE 165167735 EXPAND ENERGY CORP COMMON STOCK USD 0.01 474 97.36 $46,148.64 1.63%
PPG 693506107 PPG INDUSTRIES INC COMMON STOCK USD 1.66666 408 112.16 $45,761.28 1.61%
HLI 441593100 HOULIHAN LOKEY INC COMMON STOCK USD 0.001 287 158.78 $45,569.86 1.61%
LOPE 38526M106 GRAND CANYON EDUCATION INC COMMON STOCK USD 0.01 264 171.92 $45,386.88 1.60%
QXO 82846H405 QXO INC COMMON STOCK USD 0.00001 1,864 24.25 $45,202.00 1.59%
ENSG 29358P101 ENSIGN GROUP INC/THE COMMON STOCK USD 0.001 227 197.72 $44,882.44 1.58%
RJF 754730109 RAYMOND JAMES FINANCIAL INC COMMON STOCK USD 0.01 296 150.86 $44,654.56 1.58%
MKTX 57060D108 MARKETAXESS HOLDINGS INC COMMON STOCK USD 0.003 256 173.50 $44,416.00 1.57%
BIO 090572207 BIO-RAD LABORATORIES INC COMMON STOCK USD 0.0001 152 291.09 $44,245.68 1.56%
FTAI G3730V105 FTAI AVIATION LTD COMMON STOCK USD 1 173 253.92 $43,928.16 1.55%
WCN 94106B101 WASTE CONNECTIONS INC COMMON STOCK 272 159.99 $43,517.28 1.53%
GEHC 36266G107 GE HEALTHCARE TECHNOLOGIES INC COMMON STOCK USD 586 73.20 $42,895.20 1.51%
UCTT 90385V107 ULTRA CLEAN HOLDINGS INC COMMON STOCK USD 0.001 557 76.44 $42,577.08 1.50%
RGA 759351604 REINSURANCE GROUP OF AMERICA INC COMMON STOCK USD 203 208.73 $42,372.19 1.49%
EXP 26969P108 EAGLE MATERIALS INC COMMON STOCK USD 0.01 211 197.56 $41,685.16 1.47%
CSL 142339100 CARLISLE COS INC COMMON STOCK USD 1 120 347.26 $41,671.20 1.47%
WTW G96629103 WILLIS TOWERS WATSON PLC 140 295.83 $41,416.20 1.46%
CNS 19247A100 COHEN & STEERS INC COMMON STOCK USD 0.01 640 64.64 $41,369.60 1.46%
MSA 553498106 MSA SAFETY INC COMMON STOCK USD 0 248 165.17 $40,962.16 1.44%
SN G8068L108 SHARKNINJA INC COMMON STOCK 352 114.88 $40,437.76 1.43%
THC 88033G407 TENET HEALTHCARE CORP COMMON STOCK USD 0.05 209 192.00 $40,128.00 1.42%
HRI 42704L104 HERC HOLDINGS INC COMMON STOCK USD 0.01 381 104.10 $39,662.10 1.40%
STE G8473T100 STERIS PLC COMMON STOCK USD 75 180 219.97 $39,594.60 1.40%
DXCM 252131107 DEXCOM INC COMMON STOCK USD 0.001 640 61.23 $39,187.20 1.38%
PLXS 729132100 PLEXUS CORP COMMON STOCK USD 0.01 172 222.88 $38,335.36 1.35%
CLX 189054109 CLOROX CO/THE COMMON STOCK USD 1 371 102.38 $37,982.98 1.34%
CIGI 194693107 COLLIERS INTERNATIONAL GROUP INC COMMON STOCK CAD 329 115.08 $37,861.32 1.34%
BXP 101121101 BXP INC REIT USD 0.01 664 56.17 $37,296.88 1.32%
PFGC 71377A103 PERFORMANCE FOOD GROUP CO COMMON STOCK USD 0.01 398 89.01 $35,425.98 1.25%
PHM 745867101 PULTEGROUP INC COMMON STOCK USD 0.01 286 120.47 $34,454.42 1.22%
DAL 247361702 DELTA AIR LINES INC COMMON STOCK USD 0.0001 483 69.89 $33,756.87 1.19%
FN G3323L100 FABRINET COMMON STOCK USD 0.01 43 672.64 $28,923.52 1.02%
DY 267475101 DYCOM INDUSTRIES INC COMMON STOCK USD 0.3333333 72 400.38 $28,827.36 1.02%
ECL 278865100 ECOLAB INC COMMON STOCK USD 1 86 269.23 $23,153.78 0.82%
AIR 000361105 AAR CORP COMMON STOCK USD 1 195 118.51 $23,109.45 0.82%
FLEX Y2573F102 FLEX LTD COMMON STOCK USD 0 176 79.92 $14,065.92 0.50%
CPNG 22266T109 COUPANG INC COMMON STOCK USD 0.0001 648 21.49 $13,925.52 0.49%
TXRH 882681109 TEXAS ROADHOUSE INC COMMON STOCK USD 0.001 77 159.95 $12,316.15 0.43%
681937520 JPMORGAN US GOVT MM 10,179 100.00 $10,178.69 0.36%
FTAI G3730V105 FTAI AVIATION LTD COMMON STOCK USD 1 22 253.92 $5,586.24 0.20%
WTW G96629103 WILLIS TOWERS WATSON PLC 15 295.83 $4,437.45 0.16%
STE G8473T100 STERIS PLC COMMON STOCK USD 75 13 219.97 $2,859.61 0.10%
CASH 670 100.00 $669.80 0.02%

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.

    Fund Management

    • Suzanne Franks Headshot

      Suzanne Franks

      Associate Portfolio Manager
      Industry start:  
      2004
      Year joined:  
      2021
    • Bill Hench Headshot

      Bill Hench

      Head of Small Cap Team and Portfolio Manager
      Industry start:  
      1992
      Year joined:  
      2021
    • Adam Mielnik Headshot

      Adam Mielnik

      Associate Portfolio Manager
      Industry start:  
      2014
      Year joined:  
      2021

    Investment Process

    The team uses a bottom-up process, building the portfolio stock by stock.

    • 01

      Narrow the Universe

      The team narrows the approximately 800 US Mid Cap Stock Universe using their historical investment experience, by attending management meetings, conference calls, investment conferences, and by following industry trade journals.

    • 02

      Conduct Fundamental Research

      The team aims to identify companies that have low multiples and a potential catalyst for improvement.
       

      Low Multiples
      • The team seeks to uncover companies that they believe are trading at a significantly discounted price/book or price/sales.
      • Holdings typically fall into at least one category below:
        • Turnarounds
        • Emerging growth
        • Undervalued companies

      Catalyst for Improvement
      • Utilizing the team’s analysis and deep institutional knowledge of competitors, industry and existing holdings used for comparisons, they seek to determine the likelihood of execution success.
      • Some potential catalysts the team look for that could lead to a company’s return to normalized earnings are:
        • New management
        • More favorable business cycle
        • Margin improvement
        • Product innovation
    • 03

      Construct Portfolio

      • Diversified with approximately 40-70 holdings
      • Annual turnover expected 10%–20%

    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).

      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.

      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.

    Show More Show Less

    Ticker: FEMD

    Expense Ratio as of January 27, 2026

     

    Annual Fund Operating Expenses (%)
    Management Fees1 0.75%
    Distribution and/or Service (12b-1) Fee0.00%
    Other Expenses20.00%
    Total Annual Fund Operating Expenses (%) 0.75%
    Fee Waivers and/or Expense Reimbursement1-0.20%
    Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursement (%) 0.55%
    1. 1

      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 0.55% of the Fund’s average daily net assets. These contractual limitations are in effect until February 1, 2027, and may not be terminated prior to that date without the approval of the Board of Trustees (the “Board”) of First Eagle ETF Trust (the “Trust”).

    2. 2

      "Other Expenses" are based on estimated expenses for the current fiscal year; actual expenses may vary.

    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).

      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.

      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.

    Show More Show Less

    Fund Information

    First Eagle Mid Cap Equity ETF Profile
    Portfolio Composition

    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).

      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.

      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.

    Show More Show Less

    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.