Overview
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 CreationThe team builds long-term-oriented portfolios that seek to persevere across disparate market conditions and in the face of periodic challenges.
Scarcity-Driven SelectivityThe 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 InvestmentAccess to the Global Value team’s experience in stock picking as a pioneer in global value investing since 1979.
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:
- 01Analyze, 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.
- 02Recast 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.
- 03Calculate 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.
- 04Typically 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.
Disclosures
“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.
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.
One cannot invest directly in an index. Indices do not incur management fees or other operating expenses.
As with all ETFs, Shares may be bought and sold in the secondary market at market prices.
Investments involve risk. Principal loss is possible.
Definitions
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.
Performance
Average Annual Returns
| Ticker | YTD % | 1 MO | 3 MO | 1 YR | 3 YR | 5 YR | 10 YR | INCEPT % | Expense Ratio | Fund Inception Date | |||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross | Net | ||||||||||||
| FEGE NAV | 15.17% | 3.96% | 5.94% | 27.06% | -- | -- | -- | 29.18% | 0.79% | 0.50% | Dec 19, 2024 | ||
| FEGE Market Price | 15.26% | 4.29% | 5.93% | 26.84% | -- | -- | -- | 29.27% | 0.79% | 0.50% | Dec 19, 2024 | ||
| MSCI World Index | 13.10% | 2.58% | 2.36% | 20.37% | -- | -- | -- | 20.57% | -- | -- | -- | ||
| FEGE NAV | 6.17% | -2.34% | 4.97% | 22.74% | -- | -- | -- | 26.01% | 0.79% | 0.50% | Dec 19, 2024 | ||
| FEGE Market Price | 6.29% | -2.32% | 4.09% | 22.73% | -- | -- | -- | 26.14% | 0.79% | 0.50% | Dec 19, 2024 | ||
| MSCI World Index | 9.69% | -0.72% | 13.76% | 21.34% | -- | -- | -- | 20.65% | -- | -- | -- | ||
Source: FactSet; data as of Jun 30, 2026.
Source: FactSet; data as of Aug 31, 2026.
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.
Portfolio
ETF Holdings
As of Sep 23, 2026
| Stock Ticker | CUSIP/Other | Security Name | Shares | Price | Market Value | Weightings |
|---|---|---|---|---|---|---|
| 005930 KS | Samsung Electronics Co Ltd | 388,508 | 276,500.00 | $79,091,784.72 | 3.12% | |
| BDX | Becton Dickinson & Co | 382,662 | 183.00 | $70,027,146.00 | 2.77% | |
| GOOG | Alphabet Inc | 187,888 | 347.41 | $65,274,170.08 | 2.58% | |
| BATS LN | British American Tobacco PLC | 1,064,281 | 41.65 | $59,148,024.03 | 2.34% | |
| META | Meta Platforms Inc | 76,169 | 736.60 | $56,105,704.56 | 2.22% | |
| ELV | ELEVANCE HEALTH INC | 119,270 | 402.43 | $47,997,826.10 | 1.90% | |
| CRM | Salesforce Inc | 205,552 | 233.28 | $47,951,170.56 | 1.89% | |
| WDAY | Workday Inc | 252,252 | 188.23 | $47,481,393.96 | 1.88% | |
| ADP | Automatic Data Processing Inc | 155,038 | 269.64 | $41,804,446.32 | 1.65% | |
| HCA | HCA Healthcare Inc | 94,514 | 438.12 | $41,408,473.68 | 1.64% | |
| SLB | SLB Ltd | 773,876 | 52.12 | $40,334,417.12 | 1.59% | |
| WPM | Wheaton Precious Metals Corp | 252,753 | 153.81 | $38,875,938.93 | 1.54% | |
| FNV CN | Franco-Nevada Corp | 145,304 | 376.04 | $38,851,049.60 | 1.53% | |
| SHELL NA | Shell PLC | 818,220 | 41.01 | $38,417,295.06 | 1.52% | |
| MRK GR | Merck KGaA | 249,137 | 133.15 | $37,979,244.77 | 1.50% | |
| NEM | Newmont Corp | 298,051 | 127.26 | $37,929,970.26 | 1.50% | |
| MDT | Medtronic PLC | 416,419 | 90.77 | $37,798,352.63 | 1.49% | |
| PRX NA | Prosus NV | 863,578 | 37.57 | $37,140,854.06 | 1.47% | |
| DSY FP | Dassault Systemes SE | 1,542,286 | 20.98 | $37,045,658.87 | 1.46% | |
| ORCL | Oracle Corp | 238,558 | 149.20 | $35,592,853.60 | 1.41% | |
| BNY | Bank of New York Mellon Corp/The | 232,871 | 150.17 | $34,970,238.07 | 1.38% | |
| PM | Philip Morris International Inc | 183,427 | 190.23 | $34,893,318.21 | 1.38% | |
| FMX | Fomento Economico Mexicano SAB de CV | 283,420 | 122.03 | $34,585,742.60 | 1.37% | |
| MC FP | LVMH Moet Hennessy Louis Vuitton SE | 74,960 | 401.95 | $34,495,983.70 | 1.36% | |
| IMO CN | Imperial Oil Ltd | 272,375 | 174.70 | $33,833,839.95 | 1.34% | |
| NE | Noble Corp PLC | 742,596 | 45.04 | $33,446,523.84 | 1.32% | |
| WTW | Willis Towers Watson PLC | 109,520 | 301.73 | $33,045,469.60 | 1.31% | |
| NESN SW | Nestle SA | 350,001 | 77.09 | $32,886,314.94 | 1.30% | |
| 6273 JP | SMC Corp | 74,800 | 66,330.00 | $31,518,495.70 | 1.25% | |
| OKE | ONEOK Inc | 350,938 | 90.09 | $31,616,004.42 | 1.25% | |
| BIO | Bio-Rad Laboratories Inc | 82,287 | 379.57 | $31,233,676.59 | 1.23% | |
| CFR SW | Cie Financiere Richemont SA | 150,935 | 169.75 | $31,228,248.22 | 1.23% | |
| WY | Weyerhaeuser Co | 1,449,058 | 21.54 | $31,212,709.32 | 1.23% | |
| 8725 JP | MS&AD Insurance Group Holdings Inc | 917,000 | 5,217.00 | $30,390,934.79 | 1.20% | |
| POW CN | Power Corp of Canada | 449,959 | 93.80 | $30,010,064.14 | 1.19% | |
| UNA NA | Unilever PLC | 472,714 | 54.84 | $29,679,927.37 | 1.17% | |
| TSM | Taiwan Semiconductor Manufacturing Co Ltd | 63,010 | 452.00 | $28,480,520.00 | 1.13% | |
| RKT LN | Reckitt Benckiser Group PLC | 426,124 | 50.04 | $28,452,617.27 | 1.12% | |
| XOM | ExxonMobil Holdings Corp | 171,958 | 158.71 | $27,291,454.18 | 1.08% | |
| SCHP SW | Schindler Holding AG | 83,454 | 262.60 | $26,710,976.17 | 1.06% | |
| AEM CN | Agnico Eagle Mines Ltd | 127,537 | 286.70 | $25,998,903.51 | 1.03% | |
| WALMEX* MM | Wal-Mart de Mexico SAB de CV | 9,699,138 | 45.87 | $25,731,605.56 | 1.02% | |
| UHS | Universal Health Services Inc | 142,536 | 179.29 | $25,555,279.44 | 1.01% | |
| 6861 JP | Keyence Corp | 52,200 | 76,580.00 | $25,394,504.97 | 1.00% | |
| B | Barrick Mining Corp | 574,454 | 43.88 | $25,207,041.52 | 1.00% | |
| INVEB SS | Investor AB | 579,883 | 409.45 | $24,141,892.07 | 0.95% | |
| HLN LN | Haleon PLC | 5,281,624 | 3.43 | $24,144,808.49 | 0.95% | |
| BKNG | Booking Holdings Inc | 141,099 | 164.22 | $23,171,277.78 | 0.92% | |
| IFF | International Flavors & Fragrances Inc | 271,383 | 85.79 | $23,281,947.57 | 0.92% | |
| DGE LN | Diageo PLC | 1,054,725 | 16.39 | $23,059,750.91 | 0.91% | |
| ITSA4 BZ | Itausa SA | 8,004,020 | 14.38 | $22,554,266.99 | 0.89% | |
| CMCSA | Comcast Corp | 975,142 | 22.42 | $21,862,683.64 | 0.86% | |
| 9735 JP | Secom Co Ltd | 529,000 | 6,436.00 | $21,628,459.80 | 0.85% | |
| CL | Colgate-Palmolive Co | 246,269 | 87.05 | $21,437,716.45 | 0.85% | |
| DIS | Walt Disney Co/The | 207,874 | 103.82 | $21,581,478.68 | 0.85% | |
| ABEV | Ambev SA | 7,127,078 | 3.00 | $21,362,921.69 | 0.84% | |
| BRK/B | Berkshire Hathaway Inc | 42,249 | 503.49 | $21,271,949.01 | 0.84% | |
| PPG | PPG Industries Inc | 198,180 | 107.77 | $21,357,858.60 | 0.84% | |
| BRO | Brown & Brown Inc | 336,259 | 62.44 | $20,996,011.96 | 0.83% | |
| 8630 JP | Sompo Holdings Inc | 475,000 | 6,891.00 | $20,793,602.90 | 0.82% | |
| 9988 HK | Alibaba Group Holding Ltd | 1,406,000 | 114.80 | $20,578,145.52 | 0.81% | |
| BN FP | Danone SA | 281,685 | 60.90 | $19,640,291.83 | 0.78% | |
| LLOY LN | Lloyds Banking Group PLC | 13,707,494 | 1.08 | $19,808,675.93 | 0.78% | |
| REL LN | RELX PLC | 595,239 | 24.50 | $19,459,263.04 | 0.77% | |
| Cash&Other | Cash & Other | 19,451,133 | 1.00 | $19,451,133.27 | 0.77% | |
| HEIA NA | Heineken NV | 229,587 | 71.70 | $18,846,615.57 | 0.74% | |
| FISV | Fiserv Inc | 387,997 | 46.10 | $17,886,661.70 | 0.71% | |
| 6954 JP | FANUC Corp | 466,300 | 5,852.00 | $17,334,990.95 | 0.68% | |
| JM SP | Jardine Matheson Holdings Ltd | 299,185 | 57.30 | $17,143,300.50 | 0.68% | |
| 1299 HK | AIA Group Ltd | 1,708,800 | 76.25 | $16,611,548.12 | 0.66% | |
| DG | Dollar General Corp | 137,118 | 122.63 | $16,814,780.34 | 0.66% | |
| OMC | Omnicom Group Inc | 220,897 | 75.34 | $16,642,379.98 | 0.66% | |
| AXP | American Express Co | 53,142 | 305.07 | $16,212,029.94 | 0.64% | |
| UMG NA | Universal Music Group NV | 973,293 | 14.55 | $16,207,806.70 | 0.64% | |
| BXP | BXP Inc | 246,599 | 64.31 | $15,858,781.69 | 0.63% | |
| VMRK | Vivmark Residential | 256,412 | 62.35 | $15,987,288.20 | 0.63% | |
| NTR | Nutrien Ltd | 202,545 | 75.43 | $15,277,969.35 | 0.60% | |
| WAT | Waters Corp | 35,635 | 425.74 | $15,171,244.90 | 0.60% | |
| USB | US Bancorp | 246,239 | 59.44 | $14,636,446.16 | 0.58% | |
| 7309 JP | Shimano Inc | 121,800 | 18,225.00 | $14,101,610.39 | 0.56% | |
| GMEXICOB MM | Grupo Mexico SAB de CV | 1,086,423 | 222.16 | $13,959,492.74 | 0.55% | |
| CSL | Carlisle Cos Inc | 41,362 | 328.55 | $13,589,485.10 | 0.54% | |
| 1113 HK | CK Asset Holdings Ltd | 2,279,500 | 46.44 | $13,496,179.10 | 0.53% | |
| CHTR | Charter Communications Inc | 112,464 | 117.26 | $13,187,528.64 | 0.52% | |
| CFR | Cullen/Frost Bankers Inc | 80,382 | 156.15 | $12,551,649.30 | 0.50% | |
| EXR | Extra Space Storage Inc | 94,235 | 134.99 | $12,720,782.65 | 0.50% | |
| HCC | Warrior Met Coal Inc | 136,823 | 92.10 | $12,601,398.30 | 0.50% | |
| FNF | Fidelity National Financial Inc | 269,038 | 42.55 | $11,447,566.90 | 0.45% | |
| 6465 JP | Hoshizaki Corp | 261,000 | 5,328.00 | $8,834,024.71 | 0.35% | |
| 035420 KS | NAVER Corp | 57,927 | 201,000.00 | $8,572,615.96 | 0.34% | |
| 6503 JP | Mitsubishi Electric Corp | 266,200 | 5,126.00 | $8,668,431.85 | 0.34% | |
| HEN3 GR | HENKEL AG & CO KGAA | 100,575 | 75.18 | $8,656,837.91 | 0.34% | |
| MSFT | Microsoft Corp | 12,964 | 498.00 | $6,456,072.00 | 0.26% | |
| SGSN SW | SGS SA | 50,920 | 95.42 | $5,922,099.34 | 0.23% | |
| RI FP | Pernod Ricard SA | 68,765 | 60.64 | $4,774,122.55 | 0.19% | |
| ADS GR | adidas AG | 20,151 | 146.85 | $3,387,953.78 | 0.13% | |
| MICC NA | Magnum Ice Cream Co NV/The | 106,302 | 16.83 | $2,048,538.27 | 0.08% |
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 | 15.11% |
| Financials | 13.96% |
| Health Care | 12.89% |
| Information Technology | 12.12% |
| Materials | 9.91% |
| Industrials | 8.58% |
| Energy | 8.32% |
| Communication Services | 8.25% |
| Consumer Discretionary | 7.23% |
| Real Estate | 3.63% |
| Consumer Staples | 16.27% |
| Financials | 14.71% |
| Health Care | 12.59% |
| Information Technology | 11.04% |
| Industrials | 9.07% |
| Communication Services | 8.33% |
| Materials | 8.33% |
| Energy | 8.09% |
| Consumer Discretionary | 7.61% |
| Real Estate | 3.96% |
| Consumer Staples | 16.31% |
| Financials | 13.14% |
| Health Care | 12.72% |
| Information Technology | 11.54% |
| Industrials | 10.06% |
| Materials | 8.79% |
| Communication Services | 8.55% |
| Consumer Discretionary | 7.49% |
| Energy | 7.42% |
| Real Estate | 3.99% |
| Consumer Staples | 15.61% |
| Information Technology | 14.04% |
| Financials | 12.80% |
| Health Care | 11.50% |
| Industrials | 10.33% |
| Materials | 8.94% |
| Communication Services | 8.37% |
| Energy | 8.15% |
| Consumer Discretionary | 6.41% |
| Real Estate | 3.86% |
| Consumer Staples | 15.55% |
| Financials | 13.40% |
| Information Technology | 12.32% |
| Health Care | 11.65% |
| Industrials | 10.16% |
| Energy | 9.04% |
| Communication Services | 8.77% |
| Materials | 8.70% |
| Consumer Discretionary | 6.43% |
| Real Estate | 3.97% |
| Consumer Staples | 15.78% |
| Financials | 13.26% |
| Health Care | 12.17% |
| Information Technology | 11.19% |
| Industrials | 9.73% |
| Energy | 9.70% |
| Materials | 9.37% |
| Communication Services | 8.46% |
| Consumer Discretionary | 6.43% |
| Real Estate | 3.91% |
| Consumer Staples | 16.66% |
| Health Care | 12.65% |
| Information Technology | 12.12% |
| Financials | 11.44% |
| Materials | 10.64% |
| Industrials | 9.77% |
| Energy | 9.31% |
| Communication Services | 8.54% |
| Consumer Discretionary | 5.92% |
| Real Estate | 2.95% |
| Consumer Staples | 16.18% |
| Health Care | 12.82% |
| Information Technology | 11.90% |
| Financials | 11.48% |
| Industrials | 10.89% |
| Materials | 9.90% |
| Communication Services | 9.04% |
| Energy | 8.73% |
| Consumer Discretionary | 6.56% |
| Real Estate | 2.50% |
| 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% |
Allocation by Asset Class (%)
| US Equity | 46.76% |
| International Equity | 37.31% |
| Emerging Markets Equity | 9.53% |
| Gold Related Investments | 6.40% |
| US Equity | 45.73% |
| International Equity | 39.23% |
| Emerging Markets Equity | 9.97% |
| Gold Related Investments | 5.07% |
| US Equity | 45.64% |
| International Equity | 38.33% |
| Emerging Markets Equity | 10.67% |
| Gold Related Investments | 5.36% |
| US Equity | 45.41% |
| International Equity | 37.09% |
| Emerging Markets Equity | 11.44% |
| Gold Related Investments | 6.06% |
| US Equity | 46.02% |
| International Equity | 37.70% |
| Emerging Markets Equity | 10.18% |
| Gold Related Investments | 6.09% |
| US Equity | 45.96% |
| International Equity | 37.82% |
| Emerging Markets Equity | 9.60% |
| Gold Related Investments | 6.62% |
| US Equity | 43.52% |
| International Equity | 37.54% |
| Emerging Markets Equity | 11.28% |
| Gold Related Investments | 7.67% |
| US Equity | 44.55% |
| International Equity | 37.10% |
| Emerging Markets Equity | 11.25% |
| Gold Related Investments | 7.11% |
| 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% |
Allocation by Region (%)
| United States | 46.76% |
| Europe | 25.25% |
| Japan | 7.09% |
| Asia ex-Japan | 6.85% |
| Gold Related Investments | 6.40% |
| Latin America | 4.51% |
| Canada | 3.13% |
| United States | 45.73% |
| Europe | 26.41% |
| Japan | 7.55% |
| Asia ex-Japan | 7.14% |
| Gold Related Investments | 5.07% |
| Latin America | 4.89% |
| Canada | 3.22% |
| United States | 45.64% |
| Europe | 26.04% |
| Asia ex-Japan | 7.77% |
| Japan | 7.32% |
| Gold Related Investments | 5.36% |
| Latin America | 4.86% |
| Canada | 3.00% |
| United States | 45.41% |
| Europe | 24.63% |
| Asia ex-Japan | 8.81% |
| Japan | 7.37% |
| Gold Related Investments | 6.06% |
| Latin America | 4.71% |
| Canada | 3.01% |
| United States | 46.02% |
| Europe | 24.88% |
| Asia ex-Japan | 7.84% |
| Japan | 7.36% |
| Gold Related Investments | 6.09% |
| Latin America | 4.57% |
| Canada | 3.23% |
| United States | 45.96% |
| Europe | 25.05% |
| Asia ex-Japan | 7.24% |
| Japan | 7.05% |
| Gold Related Investments | 6.62% |
| Latin America | 4.68% |
| Canada | 3.40% |
| United States | 43.52% |
| Europe | 23.85% |
| Asia ex-Japan | 9.17% |
| Gold Related Investments | 7.67% |
| Japan | 7.49% |
| Latin America | 4.43% |
| Canada | 3.88% |
| United States | 44.55% |
| Europe | 23.76% |
| Asia ex-Japan | 9.38% |
| Japan | 7.34% |
| Gold Related Investments | 7.11% |
| Latin America | 4.16% |
| Canada | 3.70% |
| 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% |
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.
Definitions
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.
Fees & Minimums
Expense Ratio of December 19, 2024
Annual Fund Operating Expenses (%)
| Management Fees | 0.79 |
| Distribution and/or Service (12b-1) Fees | 0.00 |
| Other Expenses1 | 0.00 |
| Total Annual Fund Operating Expenses | 0.79 |
| Fee Waiver and/or Expense Reimbursement2 | -0.29 |
| Total Annual Operating Expenses After Fee Waiver and/or Expense Reimbursement | 0.50 |
“Other Expenses” are estimated for the current fiscal year.
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”)
Disclosures
As with all ETFs, Shares may be bought and sold in the secondary market at market prices.
Investments involve risk. Principal loss is possible.
Definitions
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.
Management
Fund Management
-
Julien Albertini
Deputy Head of Global Value and Portfolio ManagerIndustry start:2003Year joined:2013 -
-
-
Matthew McLennan
Head of Global Value Team and Portfolio ManagerIndustry start:1991Year 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:
- 01Analyze, 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.
- 02Recast 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.
- 03Calculate 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.
- 04Typically 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.
Disclosures
As with all ETFs, Shares may be bought and sold in the secondary market at market prices.
Investments involve risk. Principal loss is possible.
Definitions
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.
Distributions
Capital Gains Distributions
| Record Date | Ex & Reinvestment Date | Payable Date | Ordinary Income | Short Term Capital Gains | Long Term Capital Gains | Long 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 |
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.
Documents
Fund Information
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.
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.
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.
Distributed by Quasar Distributors, LLC