Portfolio Characteristics

  • As of Dec 31, 2025

Investment Philosophy

The Global 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.

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  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 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.

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Average Annual Returns

FEGE
TickerYTD %1 MO3 MO1 YR3 YR5 YR10 YRINCEPT %Expense RatioFund Inception Date
GrossNet
FEGE NAV  33.61%   2.26%   5.58%  33.61% -- -- --  32.88%   0.79%   0.50% Dec 19, 2024
FEGE Market Price  34.20%   1.78%   5.39%  34.20% -- -- --  32.93%   0.79%   0.50% Dec 19, 2024
MSCI World Index  21.09%   0.81%   3.12%  21.09% -- -- --  20.73% -- -- --
FEGE NAV  33.61%   2.26%   5.58%  33.61% -- -- --  32.88%   0.79%   0.50% Dec 19, 2024
FEGE Market Price  34.20%   1.78%   5.39%  34.20% -- -- --  32.93%   0.79%   0.50% Dec 19, 2024
MSCI World Index  21.09%   0.81%   3.12%  21.09% -- -- --  20.73% -- -- --

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 Feb 17, 2026

Download as CSV
Stock TickerCUSIP/OtherSecurity NameSharesPriceMarket ValueWeightings
Cash&Other Cash&Other Cash & Other 13,654,965 1.00 $13,654,965.14 1.00%
005930 KS 6771720 Samsung Electronics Co Ltd 362,979 181,200.00 $45,518,388.04 3.34%
BATS LN 0287580 British American Tobacco PLC 641,559 43.54 $38,144,336.22 2.80%
BDX 075887109 Becton Dickinson & Co 190,094 175.89 $33,435,633.66 2.45%
GOOG 02079K107 Alphabet Inc 109,183 306.02 $33,412,181.66 2.45%
HCA 40412C101 HCA Healthcare Inc 59,009 540.29 $31,881,972.61 2.34%
IMO CN 2454241 Imperial Oil Ltd 254,460 163.25 $30,503,062.01 2.24%
META 30303M102 Meta Platforms Inc 41,927 639.77 $26,823,636.79 1.97%
SLB 806857108 SLB Ltd 476,190 50.39 $23,995,214.10 1.76%
MRK GR 4741844 Merck KGaA 150,388 127.80 $22,824,214.61 1.68%
ELV 036752103 ELEVANCE HEALTH INC 65,689 346.80 $22,780,945.20 1.67%
NE G65431127 Noble Corp PLC 495,570 45.82 $22,707,017.40 1.67%
ORCL 68389X105 Oracle Corp 131,388 160.14 $21,040,474.32 1.54%
NEM 651639106 Newmont Corp 164,265 125.80 $20,664,537.00 1.52%
WPM 962879102 Wheaton Precious Metals Corp 139,216 145.90 $20,311,614.40 1.49%
B 06849F108 Barrick Mining Corp 420,560 47.91 $20,149,029.60 1.48%
FNV CN B29NF31 Franco-Nevada Corp 80,011 343.87 $20,202,946.41 1.48%
NESN SW 7123870 Nestle SA 192,808 79.58 $19,985,230.40 1.47%
CFR SW BCRWZ18 Cie Financiere Richemont SA 96,121 158.65 $19,862,711.36 1.46%
CHRW 12541W209 CH Robinson Worldwide Inc 110,358 176.01 $19,424,111.58 1.43%
PRX NA BJDS7L3 Prosus NV 385,385 42.51 $19,453,002.04 1.43%
UNA NA BTMR1D1 Unilever PLC 260,416 62.70 $19,390,410.77 1.42%
BK 064058100 Bank of New York Mellon Corp/The 162,544 117.74 $19,137,930.56 1.41%
6273 JP 6763965 SMC Corp 41,200 70,840.00 $19,115,850.14 1.40%
PM 718172109 Philip Morris International Inc 101,031 187.51 $18,944,322.81 1.39%
UHS 913903100 Universal Health Services Inc 78,549 234.81 $18,444,090.69 1.35%
XOM 30231G102 Exxon Mobil Corp 123,504 148.45 $18,334,168.80 1.35%
RKT LN BSZBP53 RECKITT BENCKISER 205,073 64.68 $18,112,675.21 1.33%
FMX 344419106 Fomento Economico Mexicano SAB de CV 156,046 114.39 $17,850,101.94 1.31%
MC FP 4061412 LVMH Moet Hennessy Louis Vuitton SE 29,088 514.20 $17,762,240.19 1.30%
SCHP SW B11TCY0 Schindler Holding AG 46,014 294.40 $17,644,443.63 1.30%
WTW G96629103 Willis Towers Watson PLC 60,316 287.74 $17,355,325.84 1.27%
WY 962166104 Weyerhaeuser Co 645,031 26.75 $17,254,579.25 1.27%
CMCSA 20030N101 Comcast Corp 537,593 31.57 $16,971,811.01 1.25%
OKE 682680103 ONEOK Inc 193,383 86.11 $16,652,210.13 1.22%
TSM 874039100 Taiwan Semiconductor Manufacturing Co Ltd 44,909 366.36 $16,452,861.24 1.21%
CRM 79466L302 Salesforce Inc 85,926 189.72 $16,301,880.72 1.20%
SHELL NA BP6MXT4 Shell PLC 399,284 33.09 $15,687,901.41 1.15%
6954 JP 6356934 FANUC Corp 366,900 6,445.00 $15,487,755.44 1.14%
9988 HK BK6YZP5 Alibaba Group Holding Ltd 773,800 155.40 $15,381,572.59 1.13%
MDT G5960L103 Medtronic PLC 154,542 99.49 $15,375,383.58 1.13%
WALMEX* MM BW1YVH8 Wal-Mart de Mexico SAB de CV 4,520,974 58.32 $15,364,764.71 1.13%
WDAY 98138H101 Workday Inc 106,639 144.42 $15,400,804.38 1.13%
AEM CN 2009823 Agnico Eagle Mines Ltd 70,241 295.07 $15,219,012.28 1.12%
EXPD 302130109 Expeditors International of Washington Inc 103,117 146.50 $15,106,640.50 1.11%
CHTR 16119P108 Charter Communications Inc 61,933 239.09 $14,807,560.97 1.09%
INVEB SS BMV7PQ4 Investor AB 368,684 358.80 $14,836,178.59 1.09%
PPG 693506107 PPG Industries Inc 109,194 131.34 $14,341,539.96 1.05%
8725 JP B2Q4CS1 MS&AD Insurance Group Holdings Inc 505,300 4,190.00 $13,866,957.03 1.02%
HLN LN BMX86B7 Haleon PLC 2,461,946 4.09 $13,756,855.75 1.01%
TXN 882508104 Texas Instruments Inc 59,443 226.16 $13,443,628.88 0.99%
BN FP B1Y9TB3 Danone SA 155,192 72.32 $13,328,447.09 0.98%
CL 194162103 Colgate-Palmolive Co 135,724 96.67 $13,120,439.08 0.96%
ADI 032654105 Analog Devices Inc 38,247 337.10 $12,893,063.70 0.95%
JM SP 6472119 Jardine Matheson Holdings Ltd 164,911 76.20 $12,566,218.20 0.92%
IFF 459506101 International Flavors & Fragrances Inc 149,523 83.00 $12,410,409.00 0.91%
LLOY LN 0870612 Lloyds Banking Group PLC 9,026,404 1.00 $12,375,236.74 0.91%
ABEV 02319V103 Ambev SA 3,929,114 3.11 $12,219,544.54 0.90%
ITSA4 BZ 2458771 Itausa SA 4,409,998 14.57 $12,302,650.84 0.90%
6503 JP 6597045 Mitsubishi Electric Corp 318,200 5,590.00 $11,650,104.79 0.86%
HEIA NA 7792559 Heineken NV 126,450 78.08 $11,724,934.98 0.86%
POW CN 2697701 Power Corp of Canada 247,948 64.66 $11,772,454.88 0.86%
9735 JP 6791591 Secom Co Ltd 291,200 6,075.00 $11,586,586.32 0.85%
BIO 090572207 Bio-Rad Laboratories Inc 45,271 256.56 $11,614,727.76 0.85%
BRK/B 084670702 Berkshire Hathaway Inc 23,262 497.55 $11,574,008.10 0.85%
DG 256677105 Dollar General Corp 75,603 153.84 $11,630,765.52 0.85%
6861 JP 6490995 Keyence Corp 28,800 55,590.00 $10,485,931.36 0.77%
NTR 67077M108 Nutrien Ltd 148,114 70.81 $10,487,952.34 0.77%
8630 JP B62G7K6 Sompo Holdings Inc 261,700 5,966.00 $10,225,977.21 0.75%
AXP 025816109 American Express Co 29,247 337.50 $9,870,862.50 0.72%
1299 HK B4TX8S1 AIA Group Ltd 939,800 80.30 $9,653,215.14 0.71%
EQR 29476L107 Equity Residential 141,804 63.86 $9,055,603.44 0.66%
035420 KS 6560393 NAVER Corp 49,481 252,500.00 $8,646,633.10 0.63%
WAT 941848103 Waters Corp 25,683 323.37 $8,305,075.33 0.61%
HEN3 GR 5076705 HENKEL AG & CO KGAA 80,564 83.04 $7,944,748.73 0.58%
USB 902973304 US Bancorp 136,055 57.69 $7,849,012.95 0.58%
1113 HK BYZQ077 CK Asset Holdings Ltd 1,256,000 46.90 $7,535,003.90 0.55%
7309 JP 6804820 Shimano Inc 67,100 16,755.00 $7,363,508.65 0.54%
DIS 254687106 Walt Disney Co/The 58,253 105.45 $6,142,778.85 0.45%
OMC 681919106 Omnicom Group Inc 89,703 69.00 $6,189,507.00 0.45%
6465 JP B3FF8W8 Hoshizaki Corp 143,100 5,601.00 $5,249,561.83 0.39%
DGE LN 0237400 Diageo PLC 215,433 18.24 $5,365,894.12 0.39%
BA/ LN 0263494 BAE Systems PLC 185,245 19.68 $4,978,249.10 0.37%
FNF 31620R303 Fidelity National Financial Inc 74,794 56.74 $4,243,811.56 0.31%
GMEXICOB MM 2643674 Grupo Mexico SAB de CV 315,401 204.49 $3,758,473.83 0.28%
RI FP 4682329 Pernod Ricard SA 37,853 84.64 $3,804,764.35 0.28%
SGSN SW BMBQHZ4 SGS SA 28,082 94.30 $3,449,212.11 0.25%
MSFT 594918104 Microsoft Corp 7,082 401.32 $2,842,148.24 0.21%
ADS GR 4031976 adidas AG 11,139 154.95 $2,049,696.64 0.15%
DSY FP BM8H5Y5 Dassault Systemes SE 99,622 17.82 $2,108,214.33 0.15%
MICC NA BSNMGT9 Magnum Ice Cream Co NV/The 58,595 14.00 $974,182.67 0.07%

  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: 14.31%
Health Care: 13.20%
Industrials: 12.05%
Information Technology: 11.85%
Financials: 11.77%
Materials: 10.54%
Communication Services: 8.77%
Energy: 7.73%
Consumer Discretionary: 7.31%
Real Estate: 2.46%
Source: FactSet; data as of Dec 31, 2025.
Consumer Staples 14.31%
Health Care 13.20%
Industrials 12.05%
Information Technology 11.85%
Financials 11.77%
Materials 10.54%
Communication Services 8.77%
Energy 7.73%
Consumer Discretionary 7.31%
Real Estate 2.46%
Consumer Staples 14.32%
Health Care 13.96%
Industrials 12.33%
Financials 11.82%
Information Technology 10.50%
Materials 10.46%
Communication Services 9.17%
Energy 7.71%
Consumer Discretionary 7.54%
Real Estate 2.20%
Consumer Staples 13.95%
Health Care 12.78%
Industrials 12.77%
Information Technology 12.57%
Financials 11.68%
Communication Services 9.73%
Materials 9.45%
Consumer Discretionary 7.86%
Energy 7.50%
Real Estate 1.72%
Consumer Staples 14.31%
Industrials 12.33%
Information Technology 12.09%
Health Care 11.99%
Financials 11.80%
Materials 10.99%
Communication Services 9.91%
Consumer Discretionary 7.52%
Energy 7.25%
Real Estate 1.80%
Consumer Staples 16.14%
Industrials 12.42%
Health Care 12.40%
Financials 12.10%
Information Technology 10.86%
Materials 10.28%
Communication Services 9.34%
Energy 7.80%
Consumer Discretionary 6.73%
Real Estate 1.94%
Consumer Staples 16.35%
Industrials 12.57%
Information Technology 12.28%
Financials 12.17%
Health Care 11.59%
Communication Services 9.32%
Materials 9.27%
Energy 7.77%
Consumer Discretionary 6.72%
Real Estate 1.96%
Consumer Staples 16.71%
Health Care 13.09%
Financials 12.40%
Industrials 11.92%
Information Technology 11.62%
Materials 9.32%
Communication Services 9.06%
Energy 7.40%
Consumer Discretionary 6.98%
Real Estate 1.49%
Consumer Staples 17.82%
Financials 13.44%
Health Care 12.62%
Industrials 12.57%
Information Technology 10.53%
Materials 8.93%
Communication Services 8.07%
Consumer Discretionary 7.40%
Energy 7.03%
Real Estate 1.59%
#N/A #N/A%
Consumer Staples 18.46%
Financials 13.22%
Health Care 12.77%
Industrials 12.22%
Information Technology 10.13%
Materials 9.13%
Communication Services 7.68%
Consumer Discretionary 7.32%
Energy 6.91%
Real Estate 1.64%
Short-Term, Cash & Cash Equivalents 0.52%
Consumer Staples 18.01%
Financials 13.39%
Health Care 12.53%
Industrials 12.18%
Materials 9.56%
Information Technology 9.47%
Communication Services 8.18%
Energy 7.89%
Consumer Discretionary 6.88%
Real Estate 1.75%
Short-Term, Cash & Cash Equivalents 0.16%

Allocation by Asset Class (%)

US Equity: 45.02%
International Equity: 36.95%
Emerging Markets Equity: 9.80%
Gold Related Investments: 8.23%
Source: FactSet; data as of Dec 31, 2025.
US Equity 45.02%
International Equity 36.95%
Emerging Markets Equity 9.80%
Gold Related Investments 8.23%
US Equity 45.54%
International Equity 36.90%
Emerging Markets Equity 9.44%
Gold Related Investments 8.12%
US Equity 44.96%
International Equity 36.85%
Emerging Markets Equity 10.99%
Gold Related Investments 7.20%
US Equity 44.43%
International Equity 36.23%
Emerging Markets Equity 10.41%
Gold Related Investments 8.94%
US Equity 45.64%
International Equity 37.38%
Emerging Markets Equity 8.92%
Gold Related Investments 8.06%
US Equity 45.72%
International Equity 37.46%
Emerging Markets Equity 9.61%
Gold Related Investments 7.21%
US Equity 46.36%
International Equity 37.00%
Emerging Markets Equity 9.46%
Gold Related Investments 7.17%
#N/A #N/A%
US Equity 45.67%
International Equity 38.91%
Emerging Markets Equity 8.31%
Gold Related Investments 7.11%
#N/A #N/A%
US Equity 45.36%
International Equity 39.87%
Gold Related Investments 7.30%
Emerging Markets Equity 6.96%
Short-Term, Cash & Cash Equivalents 0.52%
US Equity 46.65%
International Equity 39.26%
Gold Related Investments 8.23%
Emerging Markets Equity 5.70%
Short-Term, Cash & Cash Equivalents 0.16%

Allocation by Region (%)

United States: 45.02%
Europe: 24.49%
Asia ex-Japan: 9.27%
Gold Related Investments: 8.23%
Japan: 6.69%
Canada: 3.59%
Latin America: 2.70%
Source: FactSet; data as of Dec 31, 2025.
United States 45.02%
Europe 24.49%
Asia ex-Japan 9.27%
Gold Related Investments 8.23%
Japan 6.69%
Canada 3.59%
Latin America 2.70%
United States 45.54%
Europe 24.23%
Asia ex-Japan 8.93%
Gold Related Investments 8.12%
Japan 6.52%
Canada 3.90%
Latin America 2.77%
United States 44.96%
Europe 24.15%
Asia ex-Japan 10.43%
Gold Related Investments 7.20%
Japan 6.97%
Canada 3.60%
Latin America 2.69%
United States 44.43%
Europe 23.71%
Asia ex-Japan 9.85%
Gold Related Investments 8.94%
Japan 6.72%
Canada 3.63%
Latin America 2.73%
United States 45.64%
Europe 24.46%
Asia ex-Japan 8.46%
Gold Related Investments 8.06%
Japan 6.97%
Canada 3.76%
Latin America 2.65%
United States 45.72%
Europe 24.33%
Asia ex-Japan 9.08%
Gold Related Investments 7.21%
Japan 7.17%
Canada 3.75%
Latin America 2.75%
United States 46.36%
Europe 24.66%
Asia ex-Japan 7.92%
Japan 7.19%
Gold Related Investments 7.17%
Canada 3.61%
Latin America 3.08%
United States 45.67%
Europe 26.16%
Japan 7.72%
Gold Related Investments 7.11%
Asia ex-Japan 6.56%
Canada 3.54%
Latin America 3.24%
#N/A #N/A%
United States 45.36%
Europe 26.10%
Japan 7.67%
Gold Related Investments 7.30%
Asia ex-Japan 6.22%
Canada 3.52%
Latin America 3.32%
Short-Term, Cash & Cash Equivalents 0.52%
United States 46.65%
Europe 25.27%
Gold Related Investments 8.23%
Japan 7.42%
Asia ex-Japan 5.95%
Canada 3.30%
Latin America 3.03%
Short-Term, Cash & Cash Equivalents 0.16%

  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.

  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 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.

Ticker: FEGE

Expense Ratio 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 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.

    Fund Management

    • Julien Albertini Headshot

      Julien Albertini

      Deputy Head of Global Value and Portfolio Manager
      Industry start:  
      2003
      Year joined:  
      2013
    • Manish Gupta Headshot

      Manish Gupta

      Portfolio Manager and Senior Research Analyst
      Industry start:  
      2005
      Year joined:  
      2009
    • 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 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.

    Show More Show Less

    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 $0.589 $0.000 $0.000 $0.000 $0.589

    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

    Fact Sheet
    Portfolio Composition
    First Eagle Global 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. 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