Portfolio Characteristics

  • As of Mar 31, 2026

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 Mar 31, 2026

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   1.14%  -9.25%   1.14%  25.95% -- -- --  26.92%   0.79%   0.50% Dec 19, 2024
FEGE Market Price   2.11%  -8.68%   2.11%  26.68% -- -- --  27.91%   0.79%   0.50% Dec 19, 2024
MSCI World Index  -3.57%  -6.37%  -3.57%  18.90% -- -- --  13.17% -- -- --
FEGE NAV   1.14%  -9.25%   1.14%  25.95% -- -- --  26.92%   0.79%   0.50% Dec 19, 2024
FEGE Market Price   2.11%  -8.68%   2.11%  26.68% -- -- --  27.91%   0.79%   0.50% Dec 19, 2024
MSCI World Index  -3.57%  -6.37%  -3.57%  18.90% -- -- --  13.17% -- -- --

Source: FactSet; data as of Mar 31, 2026.

Source: FactSet; data as of Mar 31, 2026.

  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 Apr 21, 2026

Download as CSV
Stock TickerCUSIP/OtherSecurity NameSharesPriceMarket ValueWeightings
Cash&Other Cash&Other Cash & Other 13,211,340 1.00 $13,211,340.43 0.74%
005930 KS 6771720 Samsung Electronics Co Ltd 345,069 214,500.00 $50,104,789.64 2.82%
GOOG 02079K107 Alphabet Inc 144,375 335.40 $48,423,375.00 2.73%
BATS LN 0287580 British American Tobacco PLC 775,333 42.24 $44,319,132.19 2.50%
BDX 075887109 Becton Dickinson & Co 251,298 158.64 $39,865,914.72 2.25%
META 30303M102 Meta Platforms Inc 55,386 670.91 $37,159,021.26 2.09%
HCA 40412C101 HCA Healthcare Inc 68,826 478.13 $32,907,775.38 1.85%
SLB 806857108 SLB Ltd 629,313 52.20 $32,850,138.60 1.85%
PRX NA BJDS7L3 Prosus NV 629,061 44.00 $32,618,554.43 1.84%
MC FP 4061412 LVMH Moet Hennessy Louis Vuitton SE 54,576 490.55 $31,553,941.02 1.78%
ORCL 68389X105 Oracle Corp 173,606 177.58 $30,828,953.48 1.74%
BK 064058100 Bank of New York Mellon Corp/The 214,910 135.37 $29,092,366.70 1.64%
ELV 036752103 ELEVANCE HEALTH INC 86,797 319.36 $27,719,489.92 1.56%
MRK GR 4741844 Merck KGaA 198,725 117.55 $27,532,380.73 1.55%
WPM 962879102 Wheaton Precious Metals Corp 183,981 149.21 $27,451,805.01 1.55%
FNV CN B29NF31 Franco-Nevada Corp 105,779 351.99 $27,283,029.39 1.54%
WY 962166104 Weyerhaeuser Co 1,056,136 25.44 $26,868,099.84 1.51%
CFR SW BCRWZ18 Cie Financiere Richemont SA 126,981 157.70 $25,724,071.81 1.45%
NE G65431127 Noble Corp PLC 541,230 46.63 $25,237,554.90 1.42%
NESN SW 7123870 Nestle SA 254,886 76.80 $25,146,438.18 1.42%
DSY FP BM8H5Y5 Dassault Systemes SE 1,124,176 18.93 $25,074,877.78 1.41%
NEM 651639106 Newmont Corp 217,045 114.84 $24,925,447.80 1.40%
6273 JP 6763965 SMC Corp 54,500 71,470.00 $24,523,799.03 1.38%
IMO CN 2454241 Imperial Oil Ltd 198,308 167.54 $24,345,660.09 1.37%
CRM 79466L302 Salesforce Inc 130,041 186.27 $24,222,737.07 1.36%
FMX 344419106 Fomento Economico Mexicano SAB de CV 206,246 117.34 $24,200,905.64 1.36%
WTW G96629103 Willis Towers Watson PLC 79,690 296.56 $23,632,866.40 1.33%
SHELL NA BP6MXT4 Shell PLC 528,002 37.61 $23,401,828.27 1.32%
TSM 874039100 Taiwan Semiconductor Manufacturing Co Ltd 59,330 366.24 $21,729,019.20 1.22%
OKE 682680103 ONEOK Inc 255,679 83.78 $21,420,786.62 1.21%
SCHP SW B11TCY0 Schindler Holding AG 60,841 274.60 $21,461,800.50 1.21%
CMCSA 20030N101 Comcast Corp 710,811 29.73 $21,132,411.03 1.19%
PM 718172109 Philip Morris International Inc 133,515 157.55 $21,035,288.25 1.19%
WDAY 98138H101 Workday Inc 160,260 127.94 $20,503,664.40 1.16%
INVEB SS BMV7PQ4 Investor AB 487,600 381.70 $20,396,821.85 1.15%
AEM CN 2009823 Agnico Eagle Mines Ltd 92,685 295.48 $20,067,827.21 1.13%
CHTR 16119P108 Charter Communications Inc 81,811 244.69 $20,018,333.59 1.13%
UNA NA BTMR1D1 Unilever PLC 344,285 49.31 $20,008,831.71 1.13%
WALMEX* MM BW1YVH8 Wal-Mart de Mexico SAB de CV 5,979,629 55.65 $19,232,825.91 1.08%
RKT LN BSZBP53 RECKITT BENCKISER 270,985 50.94 $18,680,274.85 1.05%
UHS 913903100 Universal Health Services Inc 103,889 179.72 $18,670,931.08 1.05%
XOM 30231G102 Exxon Mobil Corp 125,331 147.68 $18,508,882.08 1.04%
TXN 882508104 Texas Instruments Inc 78,400 233.70 $18,322,080.00 1.03%
BIO 090572207 Bio-Rad Laboratories Inc 59,792 303.34 $18,137,305.28 1.02%
9988 HK BK6YZP5 Alibaba Group Holding Ltd 1,023,600 137.00 $17,909,617.44 1.01%
B 06849F108 Barrick Mining Corp 418,710 42.96 $17,987,781.60 1.01%
EXPD 302130109 Expeditors International of Washington Inc 118,436 149.31 $17,683,679.16 1.00%
CHRW 12541W209 CH Robinson Worldwide Inc 94,893 183.95 $17,455,567.35 0.98%
MDT G5960L103 Medtronic PLC 204,386 85.00 $17,372,810.00 0.98%
POW CN 2697701 Power Corp of Canada 327,813 72.25 $17,355,088.48 0.98%
ITSA4 BZ 2458771 Itausa SA 5,827,107 14.73 $17,257,084.34 0.97%
8725 JP B2Q4CS1 MS&AD Insurance Group Holdings Inc 667,600 4,026.00 $16,922,228.80 0.95%
ADP 053015103 Automatic Data Processing Inc 83,229 202.39 $16,844,717.31 0.95%
LLOY LN 0870612 Lloyds Banking Group PLC 11,938,531 1.03 $16,604,988.31 0.94%
BN FP B1Y9TB3 Danone SA 205,189 67.96 $16,435,240.84 0.93%
PPG 693506107 PPG Industries Inc 144,349 114.73 $16,561,160.77 0.93%
6954 JP 6356934 FANUC Corp 398,100 6,503.00 $16,299,466.73 0.92%
ABEV 02319V103 Ambev SA 5,196,712 3.07 $15,953,905.84 0.90%
JM SP 6472119 Jardine Matheson Holdings Ltd 217,826 73.24 $15,953,576.24 0.90%
HLN LN BMX86B7 Haleon PLC 3,256,347 3.56 $15,687,716.95 0.88%
6861 JP 6490995 Keyence Corp 38,000 64,030.00 $15,319,146.26 0.86%
CL 194162103 Colgate-Palmolive Co 179,486 83.53 $14,992,465.58 0.84%
IFF 459506101 International Flavors & Fragrances Inc 197,714 74.44 $14,717,830.16 0.83%
9735 JP 6791591 Secom Co Ltd 384,200 6,010.00 $14,537,820.31 0.82%
BRK/B 084670702 Berkshire Hathaway Inc 30,691 472.08 $14,488,607.28 0.82%
HEIA NA 7792559 Heineken NV 167,084 69.08 $13,603,661.60 0.77%
1299 HK B4TX8S1 AIA Group Ltd 1,235,600 83.50 $13,176,493.13 0.74%
BRO 115236101 Brown & Brown Inc 194,220 67.78 $13,164,231.60 0.74%
8630 JP B62G7K6 Sompo Holdings Inc 345,800 5,876.00 $12,793,054.21 0.72%
AXP 025816109 American Express Co 38,593 329.87 $12,730,672.91 0.72%
DG 256677105 Dollar General Corp 99,826 126.46 $12,623,995.96 0.71%
OMC 681919106 Omnicom Group Inc 161,085 78.50 $12,645,172.50 0.71%
DGE LN 0237400 Diageo PLC 600,772 15.20 $12,354,297.00 0.70%
REL LN B2B0DG9 RELX PLC 333,554 27.06 $12,214,424.65 0.69%
DIS 254687106 Walt Disney Co/The 114,005 106.30 $12,118,731.50 0.68%
EQR 29476L107 Equity Residential 186,903 63.43 $11,855,257.29 0.67%
WAT 941848103 Waters Corp 33,928 335.61 $11,386,576.08 0.64%
BXP 101121101 BXP Inc 179,750 58.91 $10,589,072.50 0.60%
FISV 337738108 Fiserv Inc 164,799 64.14 $10,570,207.86 0.60%
NTR 67077M108 Nutrien Ltd 147,592 71.17 $10,504,122.64 0.59%
USB 902973304 US Bancorp 179,428 57.00 $10,227,396.00 0.58%
1113 HK BYZQ077 CK Asset Holdings Ltd 1,659,500 47.66 $10,101,055.55 0.57%
EXR 30225T102 Extra Space Storage Inc 68,649 146.95 $10,087,970.55 0.57%
FNF 31620R303 Fidelity National Financial Inc 195,894 50.42 $9,876,975.48 0.56%
7309 JP 6804820 Shimano Inc 88,700 17,105.00 $9,552,436.57 0.54%
HEN3 GR 5076705 HENKEL AG & CO KGAA 106,220 66.28 $8,297,694.18 0.47%
6503 JP 6597045 Mitsubishi Electric Corp 192,500 6,088.00 $7,378,580.87 0.42%
035420 KS 6560393 NAVER Corp 42,172 213,500.00 $6,094,920.97 0.34%
6465 JP B3FF8W8 Hoshizaki Corp 188,700 5,078.00 $6,032,982.43 0.34%
GMEXICOB MM 2643674 Grupo Mexico SAB de CV 415,799 210.44 $5,057,261.68 0.28%
SGSN SW BMBQHZ4 SGS SA 37,032 87.02 $4,139,668.11 0.23%
MSFT 594918104 Microsoft Corp 9,342 418.07 $3,905,609.94 0.22%
RI FP 4682329 Pernod Ricard SA 50,145 67.16 $3,969,236.26 0.22%
ADS GR 4031976 adidas AG 14,686 144.85 $2,507,209.65 0.14%
MICC NA BSNMGT9 Magnum Ice Cream Co NV/The 77,261 12.07 $1,099,461.75 0.06%

  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: 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%
Source: FactSet; data as of Mar 31, 2026.
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%
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: 45.96%
International Equity: 37.82%
Emerging Markets Equity: 9.60%
Gold Related Investments: 6.62%
Source: FactSet; data as of Mar 31, 2026.
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%
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: 45.96%
Europe: 25.05%
Asia ex-Japan: 7.24%
Japan: 7.05%
Gold Related Investments: 6.62%
Latin America: 4.68%
Canada: 3.40%
Source: FactSet; data as of Mar 31, 2026.
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%
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
    Positioning for Resilience Brochure

    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