Investment Philosophy

  • We believe that the market episodically fails to recognize, in our view, a company’s “intrinsic value;” we selectively invest when price presents what we believe to be an appropriate “margin of safety.”
  • We seek persistent businesses that embody asset scarcity, strong capital structures and corporate resilience.
  • Our fundamental, bottom-up approach requires a temperament focused on: patience, humility and flexibility.
  • Absolute Return Mindset

    Dedication to mitigate downside risk

  • Flexible, Benchmark-Agnostic Approach

    Ability to invest across sector, regions, and market cap without constraints of a benchmark

  • Demonstrated Stock Picking Ability of Team

    The strategy will leverage the Global Value teams experience with picking stocks

Our Process

We identify companies for consideration when they exhibit specific characteristics such as: Scarcity. Durability. Persistence.

Our highly selective approach is focused on finding quality companies and then patiently waiting for that company to trade at what we view as an attractive price.

Top Ten Holdings (%)

As of Apr 30, 2025

Meta Platforms Inc Class A United States 3.65
Philip Morris International Inc. United States 3.61
Wheaton Precious Metals Corp Canada 3.43
Oracle Corporation United States 3.29
Alphabet Inc. Class C United States 2.78
Taiwan Semiconductor Mfg Co., Ltd. Taiwan 2.64
HCA Healthcare Inc United States 2.52
Barrick Gold Corporation Canada 2.45
Prosus N.V. Sponsored ADR Netherlands 2.43
Newmont Corporation United States 2.30
Top Ten Holdings as a Percentage of Total Net Assets 29.08

Allocation by Sector (%)

Consumer Staples: 17.05%
Financials: 13.00%
Health Care: 12.31%
Industrials: 10.17%
Information Technology: 10.09%
Materials: 9.29%
Communication Services: 8.51%
Consumer Discretionary: 8.18%
Energy: 6.31%
Short-Term, Cash & Cash Equivalents: 2.98%
Real Estate: 2.12%
Source: FactSet; data as of Apr 30, 2025.
Consumer Staples 17.05%
Financials 13.00%
Health Care 12.31%
Industrials 10.17%
Information Technology 10.09%
Materials 9.29%
Communication Services 8.51%
Consumer Discretionary 8.18%
Energy 6.31%
Short-Term, Cash & Cash Equivalents 2.98%
Real Estate 2.12%

Allocation by Asset Class (%)

US Equity: 48.13%
International Equity: 35.01%
Gold Related Investments: 8.17%
Emerging Markets Equity: 5.71%
Short-Term, Cash & Cash Equivalents: 2.98%
Source: FactSet; data as of Apr 30, 2025.
US Equity 48.13%
International Equity 35.01%
Gold Related Investments 8.17%
Emerging Markets Equity 5.71%
Short-Term, Cash & Cash Equivalents 2.98%

Allocation by Region (%)

United States: 48.13%
Europe: 23.07%
Gold Related Investments: 8.17%
Japan: 7.19%
Asia ex-Japan: 4.77%
Canada: 3.05%
Short-Term, Cash & Cash Equivalents: 2.98%
Latin America: 2.65%
Source: FactSet; data as of Apr 30, 2025.
United States 48.13%
Europe 23.07%
Gold Related Investments 8.17%
Japan 7.19%
Asia ex-Japan 4.77%
Canada 3.05%
Short-Term, Cash & Cash Equivalents 2.98%
Latin America 2.65%
  1. 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.

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

  3. Other Includes: Communications Services

Portfolio Management

  • Julien Albertini

    Portfolio Manager and Senior Research Analyst

    Industry start:  
    2003
    Year joined:  
    2013
  • Kimball Brooker Jr.

    Co-Head of Global Value Team and Portfolio Manager

    Industry start:  
    1992
    Year joined:  
    2009
  • Manish Gupta

    Portfolio Manager and Senior Research Analyst

    Industry start:  
    2005
    Year joined:  
    2009
  • Matthew McLennan

    Co-Head of Global Value Team and Portfolio Manager

    Industry start:  
    1991
    Year joined:  
    2008

Our Process

The investment team follows a bottom-up, fundamental approach, focusing on companies with businesses which it believes both exhibit sustainable profitability and are trading at significant discounts to their “Intrinsic Values.”

Selective Participation
 

  • 01

    Scarcity

    We look for companies that exhibit scarcity through intangible and tangible assets associated with their businesses that may result in strong demand advantages and/or lasting supply advantages.

    We believe that scarcity of assets is the foundation of durability.

  • 02

    Durability

    Businesses with durability generally have long duration, scarce assets, strong capital structures and management with prudent mindsets. 

    Scarce and durable assets overlaid with a strong capital structure and strong management teams may result in what we view as attractive companies that potentially produce persistent earnings.

  • 03

    Persistence

    Once we have identified a company with demonstrated persistence, we look for the intersection of attractive price and timing to selectively participate.

  • 04

    “Margin of Safety”

    Buy and sell decisions are based on our estimates of a company’s “intrinsic value” and “margin of safety”—the difference between its market value and our estimate.


We seek to avoid companies with high valuations, high levels of leverage, “black box” balance sheets, vulnerable business models, and/or aggressive management behavior.

Not all companies held in this strategy will meet the criteria listed.

Literature

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Contact Us

Corporate Headquarters

1345 Avenue of the Americas

New York, NY 10105

212-698-3300

Portfolio characteristics are shown for illustrative purposes only and subject to change.

  1. Portfolio characteristics are shown for illustrative purposes only and subject to change. 

    The First Eagle Global Equity CIT is a collective trust fund established and maintained by Benefit Trust Company (BTC) under a declaration of trust. First Eagle Investment Management, LLC is the advisor to the trust. The trust is not registered with or required to file prospectuses or registration statements with the SEC or any other regulatory body, and accordingly, neither is available. The trust is available only to certain qualified retirement plans and governmental plans and is not offered to the general public. Units of the trust are not a bank deposit and not insured or guaranteed by any bank, government entity, the FDIC or any other type of deposit insurance. You should carefully consider the investment objectives, risk, charges, and expenses of the trusts before investing. BTC is a non-depositary trust company with operations in Overland Park, Kansas. As an independent fiduciary and fund sponsor, BTC maintains the trust and oversees all compliance related functions for the trust including trade monitoring, pricing, performance, annual reporting and investor eligibility.

    Risk Disclosures: 

    There are risks associated with investing in securities of foreign countries, such as erratic market conditions, economic and political instability and fluctuations in currency exchange rates. These risks may be more pronounced with respect to investments in emerging markets. The 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. All investments involve the risk of loss of principal.

    The MSCI World Index is a widely followed, unmanaged group of stocks from 23 international markets and is not available for purchase. The index provides total returns in US dollars with net dividends reinvested.

    Indices are unmanaged and do not incur management fees or other operating expenses. One cannot invest directly in an index. The opinions expressed are not necessarily those of the firm. These materials are provided for informational purpose only. These opinions are not intended to be a forecast of future events, a guarantee of future results, or investment advice. Any statistic contained herein have been obtained from sources believed to be reliable, but the accuracy of this information cannot be guaranteed. The views expressed herein may change at any time subsequent to the date of issue hereof. The information provided is not to be construed as a recommendation or an offer to buy or sell or the solicitation of an offer to buy or sell any fund or security.

    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.

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

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