Portfolio Characteristics

  • As of Apr 30, 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 Apr 30, 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.

Show More Show Less

  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.

Show More Show Less

Average Annual Returns

FEGE
TickerYTD %1 MO3 MO1 YR3 YR5 YR10 YRINCEPT %Expense RatioFund Inception Date
GrossNet
FEGE NAV   6.24%   5.05%   0.34%  32.33% -- -- --  29.71%   0.79%   0.50% Dec 19, 2024
FEGE Market Price   6.63%   4.43%   0.45%  32.62% -- -- --  30.10%   0.79%   0.50% Dec 19, 2024
MSCI World Index   5.68%   9.59%   3.36%  29.16% -- -- --  20.10% -- -- --
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 Apr 30, 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 May 29, 2026

Download as CSV
Stock TickerCUSIP/OtherSecurity NameSharesPriceMarket ValueWeightings
Cash&Other Cash&Other Cash & Other 7,168,517 1.00 $7,168,517.11 0.37%
005930 KS 6771720 Samsung Electronics Co Ltd 374,196 299,500.00 $74,575,260.85 3.87%
GOOG 02079K107 Alphabet Inc 156,738 386.12 $60,519,676.56 3.14%
BATS LN 0287580 British American Tobacco PLC 842,024 47.07 $53,264,439.83 2.77%
BDX 075887109 Becton Dickinson & Co 272,648 148.41 $40,463,689.68 2.10%
META 30303M102 Meta Platforms Inc 60,198 635.29 $38,243,187.42 1.99%
ORCL 68389X105 Oracle Corp 188,618 203.70 $38,421,486.60 1.99%
SLB 806857108 SLB Ltd 682,867 55.12 $37,639,629.04 1.95%
ELV 036752103 ELEVANCE HEALTH INC 94,302 392.75 $37,037,110.50 1.92%
MC FP 4061412 LVMH Moet Hennessy Louis Vuitton SE 59,262 480.95 $33,197,902.16 1.72%
BNY 064058100 Bank of New York Mellon Corp/The 233,210 140.56 $32,779,997.60 1.70%
MRK GR 4741844 Merck KGaA 215,830 129.95 $32,667,996.62 1.70%
PRX NA BJDS7L3 Prosus NV 682,615 38.63 $30,709,922.98 1.59%
CFR SW BCRWZ18 Cie Financiere Richemont SA 137,953 165.50 $29,127,028.77 1.51%
HCA 40412C101 HCA Healthcare Inc 74,706 384.39 $28,716,239.34 1.49%
NESN SW 7123870 Nestle SA 276,541 79.83 $28,163,893.64 1.46%
WY 962166104 Weyerhaeuser Co 1,146,290 24.56 $28,152,882.40 1.46%
NE G65431127 Noble Corp PLC 587,285 47.20 $27,719,852.00 1.44%
TSM 874039100 Taiwan Semiconductor Manufacturing Co Ltd 64,496 424.86 $27,401,770.56 1.42%
FMX 344419106 Fomento Economico Mexicano SAB de CV 224,023 120.86 $27,075,419.78 1.41%
ADP 053015103 Automatic Data Processing Inc 122,567 219.86 $26,947,580.62 1.40%
DSY FP BM8H5Y5 Dassault Systemes SE 1,220,125 18.65 $26,504,375.11 1.38%
IMO CN 2454241 Imperial Oil Ltd 215,083 168.73 $26,331,184.18 1.37%
FNV CN B29NF31 Franco-Nevada Corp 114,837 311.16 $25,926,124.38 1.35%
WPM 962879102 Wheaton Precious Metals Corp 199,794 130.07 $25,987,205.58 1.35%
PM 718172109 Philip Morris International Inc 144,993 178.57 $25,891,400.01 1.34%
NEM 651639106 Newmont Corp 235,748 108.23 $25,515,006.04 1.32%
6273 JP 6763965 SMC Corp 58,800 67,880.00 $25,063,384.62 1.30%
CRM 79466L302 Salesforce Inc 141,232 176.17 $24,880,841.44 1.29%
OKE 682680103 ONEOK Inc 277,334 87.02 $24,133,604.68 1.25%
SHELL NA BP6MXT4 Shell PLC 573,016 36.22 $24,170,723.24 1.25%
WDAY 98138H101 Workday Inc 174,076 130.01 $22,631,620.76 1.17%
6954 JP 6356934 FANUC Corp 432,400 7,984.00 $21,678,377.39 1.13%
SCHP SW B11TCY0 Schindler Holding AG 66,026 259.20 $21,833,181.35 1.13%
WTW G96629103 Willis Towers Watson PLC 86,463 252.01 $21,789,540.63 1.13%
UNA NA BTMR1D1 Unilever PLC 373,565 49.17 $21,392,258.14 1.11%
POW CN 2697701 Power Corp of Canada 355,568 81.49 $21,023,207.92 1.09%
BIO 090572207 Bio-Rad Laboratories Inc 65,004 318.22 $20,685,572.88 1.07%
EXPD 302130109 Expeditors International of Washington Inc 128,501 158.96 $20,426,518.96 1.06%
XOM 30231G102 Exxon Mobil Corp 136,006 146.96 $19,987,441.76 1.04%
WALMEX* MM BW1YVH8 Wal-Mart de Mexico SAB de CV 6,490,537 52.60 $19,718,276.90 1.02%
6861 JP 6490995 Keyence Corp 41,200 75,180.00 $19,450,021.98 1.01%
CMCSA 20030N101 Comcast Corp 771,380 25.16 $19,407,920.80 1.01%
8725 JP B2Q4CS1 MS&AD Insurance Group Holdings Inc 716,000 4,245.00 $19,085,839.87 0.99%
B 06849F108 Barrick Mining Corp 454,395 41.54 $18,876,136.29 0.98%
INVEB SS BMV7PQ4 Investor AB 457,307 377.90 $18,679,310.97 0.97%
RKT LN BSZBP53 Reckitt Benckiser Group PLC 294,111 46.83 $18,509,902.07 0.96%
TXN 882508104 Texas Instruments Inc 58,259 315.95 $18,406,931.05 0.96%
ABEV 02319V103 Ambev SA 5,640,646 3.20 $18,050,067.20 0.94%
CHRW 12541W209 CH Robinson Worldwide Inc 102,993 175.41 $18,066,002.13 0.94%
AEM CN 2009823 Agnico Eagle Mines Ltd 100,725 245.50 $17,941,583.53 0.93%
CL 194162103 Colgate-Palmolive Co 194,736 91.66 $17,849,501.76 0.93%
DGE LN 0237400 Diageo PLC 832,655 15.82 $17,702,730.95 0.92%
PPG 693506107 PPG Industries Inc 156,549 112.86 $17,668,120.14 0.92%
LLOY LN 0870612 Lloyds Banking Group PLC 12,946,954 1.01 $17,599,575.29 0.91%
9988 HK BK6YZP5 Alibaba Group Holding Ltd 1,110,000 121.80 $17,258,731.62 0.90%
9735 JP 6791591 Secom Co Ltd 417,700 6,462.00 $16,949,308.63 0.88%
UHS 913903100 Universal Health Services Inc 112,734 150.12 $16,923,628.08 0.88%
IFF 459506101 International Flavors & Fragrances Inc 214,489 78.03 $16,736,576.67 0.87%
MDT G5960L103 Medtronic PLC 221,771 75.57 $16,759,234.47 0.87%
HLN LN BMX86B7 Haleon PLC 3,531,203 3.42 $16,210,978.97 0.84%
BN FP B1Y9TB3 Danone SA 222,574 61.86 $16,036,838.44 0.83%
BRK/B 084670702 Berkshire Hathaway Inc 33,360 477.42 $15,926,731.20 0.83%
ITSA4 BZ 2458771 Itausa SA 6,166,932 13.00 $15,938,234.41 0.83%
JM SP 6472119 Jardine Matheson Holdings Ltd 236,543 64.20 $15,186,060.60 0.79%
HEIA NA 7792559 Heineken NV 181,308 68.62 $14,491,124.52 0.75%
1299 HK B4TX8S1 AIA Group Ltd 1,316,600 82.15 $13,807,022.31 0.72%
8630 JP B62G7K6 Sompo Holdings Inc 365,200 5,902.00 $13,534,759.18 0.70%
EQR 29476L107 Equity Residential 202,763 66.26 $13,435,076.38 0.70%
WAT 941848103 Waters Corp 36,783 366.67 $13,487,222.61 0.70%
AXP 025816109 American Express Co 41,955 315.12 $13,220,859.60 0.69%
CHTR 16119P108 Charter Communications Inc 88,754 147.26 $13,069,914.04 0.68%
DIS 254687106 Walt Disney Co/The 123,958 103.73 $12,858,163.34 0.67%
OMC 681919106 Omnicom Group Inc 174,810 74.09 $12,951,672.90 0.67%
BRO 115236101 Brown & Brown Inc 210,690 56.84 $11,975,619.60 0.62%
DG 256677105 Dollar General Corp 108,417 109.90 $11,915,028.30 0.62%
REL LN B2B0DG9 RELX PLC 361,703 24.47 $11,894,735.13 0.62%
BXP 101121101 BXP Inc 195,000 60.63 $11,822,850.00 0.61%
NTR 67077M108 Nutrien Ltd 160,097 69.65 $11,150,756.05 0.58%
EXR 30225T102 Extra Space Storage Inc 74,444 145.81 $10,854,679.64 0.56%
GMEXICOB MM 2643674 Grupo Mexico SAB de CV 853,446 213.68 $10,532,809.67 0.55%
USB 902973304 US Bancorp 194,678 54.45 $10,600,217.10 0.55%
1113 HK BYZQ077 CK Asset Holdings Ltd 1,752,000 46.06 $10,301,409.31 0.53%
FNF 31620R303 Fidelity National Financial Inc 212,737 47.56 $10,117,771.72 0.53%
FISV 337738108 Fiserv Inc 178,829 55.83 $9,984,023.07 0.52%
7309 JP 6804820 Shimano Inc 93,600 16,605.00 $9,759,673.47 0.51%
HEN3 GR 5076705 HENKEL AG & CO KGAA 115,306 67.20 $9,025,174.07 0.47%
6503 JP 6597045 Mitsubishi Electric Corp 204,700 6,557.00 $8,428,369.86 0.44%
6465 JP B3FF8W8 Hoshizaki Corp 200,600 5,238.00 $6,598,070.96 0.34%
035420 KS 6560393 NAVER Corp 44,632 205,000.00 $6,088,341.76 0.32%
SGSN SW BMBQHZ4 SGS SA 40,219 88.54 $4,542,948.60 0.24%
MSFT 594918104 Microsoft Corp 10,190 426.99 $4,351,028.10 0.23%
RI FP 4682329 Pernod Ricard SA 54,415 64.42 $4,082,947.18 0.21%
ADS GR 4031976 adidas AG 15,906 167.15 $3,096,718.77 0.16%
MICC NA BSNMGT9 Magnum Ice Cream Co NV/The 83,666 14.09 $1,373,270.37 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: 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%
Source: FactSet; data as of Apr 30, 2026.
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%
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%

Allocation by Asset Class (%)

US Equity: 46.02%
International Equity: 37.70%
Emerging Markets Equity: 10.18%
Gold Related Investments: 6.09%
Source: FactSet; data as of Apr 30, 2026.
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%
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%

Allocation by Region (%)

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%
Source: FactSet; data as of Apr 30, 2026.
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%
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%

  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
    Annual Financial Statement
    Semi-Annual Financial Statement
    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