Characteristics

  • As of Mar 31, 2023

Investment Philosophy

The Global Fund’s 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.

  • Focus on Absolute Returns

    We attempt to avoid the permanent impairment of capital and generate long-term positive absolute returns across market cycles.

  • Flexible, Benchmark-Agnostic Approach

    The Fund has the ability to invest across asset classes, regions, sectors/industries, market-capitalization ranges, and without regard to a benchmark.

  • Seeks To Provide Downside Mitigation

    Our attempts to avoid the permanent loss of capital result in a portfolio that has exposure to equities purchased with what we believe to be a “margin of safety” in price.

Characteristics

  • As of Mar 31, 2023

Our Process

The fundamental research process has remained constant since the inception of the Fund. 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.

The Global Fund may also invest in non-equity securities in an attempt to help preserve purchasing power. These include:

  • Gold bullion
  • Corporate bonds (senior or subordinated bonds, convertible bonds)
  • Cash and cash equivalents (commercial paper)

Growth of $10K

Select Benchmarks

Source: FactSet; data as of Mar 31, 2023.

  1. The performance data quoted herein represents past performance and does not guarantee future results. Market volatility can dramatically impact a Fund's short-term performance. Current performance may be lower or higher than figures shown. The investment return and principal value will fluctuate so that an investor's shares, when redeemed may be worth more or less than their original cost. Past performance data through the most recent month end is available on the Prices & Performance page.

  2. This chart illustrates a hypothetical investment in Class A shares without the effect of sales charges and assumes all distributions have been reinvested and if a sales charge was included values would be lower. Date selected assumes purchase at month end.

  1. Disclosures

  2. Global Fund Inception dates: A Shares 01/01/1979, C Shares 06/05/2000, I Shares 07/31/1998, R3 Shares 05/01/2018, R4 Shares 01/17/2018, R6 Shares 03/01/2017. Performance for periods prior to January 1, 2000 occurred while a prior portfolio manager of The Fund was affiliated with another firm. Inception date shown is when this prior portfolio manager assumed portfolio management responsibilities.

  3. The average annual returns shown above are historical and reflect changes in share price, reinvested dividends and are net of expenses. Investment results and the principal value of an investment will vary.

  4. Returns for periods less than one year are not annualized.

  5. The average annual returns for Class A Shares “with sales charge” performance gives effect to the deduction of the maximum sales charge of 3.75% for periods prior to March 1, 2000 and of 5.00% thereafter.

  6. The average annual returns for Class C Shares reflect a CDSC (contingent deferred sales charge) of 1.00% in the year-to-date and first year only.

  7. Performance information for Class I Shares is without the effect of sales charges and assumes all distributions have been reinvested and if a sales charge was included values would be lower. Had fees not been waived and/or expenses reimbursed, the performance would have been lower. Class A and C Shares have maximum sales charges of 5.00% and 1.00% respectively, and 12b-1 fees, which reduce performance.

  8. Class I Shares require $1MM minimum investment and are offered without sales charge. There is no minimum subsequent investment amount for Class I Shares.

  9. Class R Shares are offered without sales charge.

  10. The annual expense ratio is based on expenses incurred by The Fund, as stated in the most recent prospectus.

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  1. Definitions

  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. 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.

  6. Standard deviation is a statistical measure of the distance a quantity is likely to be from its average value.  It is applied to the annual rate of return to measure volatility.

  7. 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.

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

  9. FEF Distributors, LLC (Member SIPC) distributes certain First Eagle products; it does not provide services to investors. As such, when FEF Distributors, LLC presents a strategy or product to an investor, FEF Distributors, LLC  does not determine whether the investment is in the best interests of, or is suitable for, the investor. Investors should exercise their own judgment and/or consult with a financial professional prior to investing in any First Eagle strategy or product.

Show More Show Less

Focus on Absolute Returns Across Market Cycles

  1. This chart illustrates a hypothetical investment in Class A shares without the effect of sales charges and assumes all distributions have been reinvested and if a sales charge was included values would be lower. Date selected assumes purchase at month end.

Benchmark Agnostic Approach

First Eagle Fund
Show Benchmarks
Source: FactSet; data as of Mar 31, 2023.

  1. The performance data quoted herein represents past performance and does not guarantee future results. Market volatility can dramatically impact a Fund's short-term performance. Current performance may be lower or higher than figures shown. The investment return and principal value will fluctuate so that an investor's shares, when redeemed may be worth more or less than their original cost. Past performance data through the most recent month end is available on the Prices & Performance page.

Consistent Approach Seeks to Provide a Better Investor Experience

Source: FactSet; data as of Dec 31, 2022.

  1. The performance data quoted herein represents past performance and does not guarantee future results. Market volatility can dramatically impact a Fund's short-term performance. Current performance may be lower or higher than figures shown. The investment return and principal value will fluctuate so that an investor's shares, when redeemed may be worth more or less than their original cost. Past performance data through the most recent month end is available on the Prices & Performance page.

Seeking Solutions for Varying Portfolio Needs

 S&P 500 IndexBLENDED PORTFOLIOS&P 500 Index 90% / SGENX 10%BLENDED PORTFOLIOS&P 500 Index 80% / 20%SGENXBLENDED PORTFOLIOS&P 500 Index 70% / SGENX 30%BLENDED PORTFOLIOS&P 500 Index 60% / SGENX 40%BLENDED PORTFOLIOS&P 500 Index 50% / SGENX 50%BLENDED PORTFOLIOS&P 500 Index 40% / SGENX 60%BLENDED PORTFOLIOS&P 500 Index 30% / SGENX 70%BLENDED PORTFOLIOS&P 500 Index 20% / SGENX 80%BLENDED PORTFOLIOS&P 500 Index 10% / SGENX 90%SGENX
Cumulative Return12,781%13,278%13,747%14,185%14,587%14,951%15,272%15,547%15,775%15,953%16,079%
Max Drawdown-50.95%-49.26%-47.51%-45.72%-43.87%-41.97%-40.01%-38.00%-35.93%-34.11%-32.61%
$100K Beginning Investment$12,881K$13,378K$13,847K$14,285K$14,687K$15,051K$15,372K$15,647K$15,875K$16,053K$16,179K
Max Drawdown Recovery Time37 Months37 Months36 Months26 Months24 Months23 Months22 Months22 Months20 Months20 Months14 Months
Annualized Standard Deviation15.25%14.63%14.03%13.47%12.93%12.44%11.99%11.59%11.24%10.95%10.73%
Beta1.000.960.920.870.830.790.750.710.670.620.58
Alpha0.000.040.080.130.170.210.250.290.340.380.42
Sharpe Ratio0.490.510.540.570.600.630.660.680.710.730.75
Upside Capture100.00%96.62%93.26%89.91%86.56%83.23%79.91%76.61%73.31%70.02%66.75%
Downside Capture100.00%94.73%89.44%84.13%78.80%73.44%68.06%62.66%57.24%51.80%46.34%

January 1979 through December 2022

  1. The performance data quoted herein represents past performance and does not guarantee future results. Market volatility can dramatically impact a Fund's short-term performance. Current performance may be lower or higher than figures shown. The investment return and principal value will fluctuate so that an investor's shares, when redeemed may be worth more or less than their original cost. Past performance data through the most recent month end is available on the Prices & Performance page.

  1. Disclosures

  2. Global Fund Inception dates: A Shares 01/01/1979, C Shares 06/05/2000, I Shares 07/31/1998, R3 Shares 05/01/2018, R4 Shares 01/17/2018, R6 Shares 03/01/2017. Performance for periods prior to January 1, 2000 occurred while a prior portfolio manager of The Fund was affiliated with another firm. Inception date shown is when this prior portfolio manager assumed portfolio management responsibilities.

  3. The average annual returns shown above are historical and reflect changes in share price, reinvested dividends and are net of expenses. Investment results and the principal value of an investment will vary.

  4. Returns for periods less than one year are not annualized.

  5. The average annual returns for Class A Shares “with sales charge” performance gives effect to the deduction of the maximum sales charge of 3.75% for periods prior to March 1, 2000 and of 5.00% thereafter.

  6. The average annual returns for Class C Shares reflect a CDSC (contingent deferred sales charge) of 1.00% in the year-to-date and first year only.

  7. Performance information for Class I Shares is without the effect of sales charges and assumes all distributions have been reinvested and if a sales charge was included values would be lower. Had fees not been waived and/or expenses reimbursed, the performance would have been lower. Class A and C Shares have maximum sales charges of 5.00% and 1.00% respectively, and 12b-1 fees, which reduce performance.

  8. Class I Shares require $1MM minimum investment and are offered without sales charge. There is no minimum subsequent investment amount for Class I Shares.

  9. Class R Shares are offered without sales charge.

  10. The annual expense ratio is based on expenses incurred by The Fund, as stated in the most recent prospectus.

  1. Definitions

  2. One cannot invest directly in an index. Indices do not incur management fees or other operating expenses.

  3. 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.

  4. MSCI EAFE: The MSCI EAFE Index is an unmanaged total return index, reported in U.S. dollars, based on share prices and reinvested net dividends of companies from 21 countries and is not available for purchase.

  5. Standard & Poor's 500 Index: Standard & Poor's 500 Index is a widely recognized unmanaged index including a representative sample of 500 leading companies in leading sectors of the U.S. economy and is not available for purchase. Although the Standard & Poor's 500 Index focuses on the large-cap segment of the market, with approximately 80% coverage of U.S. equities, it is also considered a proxy for the total market.

  6. Standard deviation is a statistical measure of the distance a quantity is likely to be from its average value.  It is applied to the annual rate of return to measure volatility.

  7. 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.

Growth of $10K

Select Benchmarks

Source: FactSet; data as of Mar 31, 2023.

  1. This chart illustrates a hypothetical investment in Class A shares without the effect of sales charges and assumes all distributions have been reinvested and if a sales charge was included values would be lower. Date selected assumes purchase at month end.

  2. The average annual returns for Class C Shares reflect a CDSC (contingent deferred sales charge) of 1.00% in the year-to-date and first year only.

25 Year Risk vs. Return

SGENXMSCI World IndexMSCI EAFE IndexS&P 500 Index
Annualized Return (%)    9.27    5.79    4.26    7.39
Annualized Standard Deviation (%)   11.27   15.78   16.76   15.64
R-Square (%)   81.46  100.00   91.47   94.15
Beta    0.64    1.00    1.02    0.96
Alpha (annualized)    5.20    0.00   -1.40    1.76
Information Ratio (annualized)    0.47     NA    -0.31    0.42

Source: FactSet; data as of Mar 31, 2023.

Calendar Year Returns

YearClass A (SGENX)MSCI World Index
2022 -6.48 -18.14
2021 12.24 21.82
2020 8.30 15.90
2019 20.17 27.67
2018 -8.51 -8.71
2017 13.49 22.40
2016 10.65 7.51
2015 -0.94 -0.87
2014 2.93 4.94
2013 15.49 26.68
2012 12.46 15.83
2011 -0.19 -5.54
2010 17.58 11.76
2009 22.91 29.99
2008 -21.06 -40.71
2007 9.90 9.04
2006 20.50 20.07
2005 14.91 9.49
2004 18.37 14.72
2003 37.64 33.11
2002 10.23 -19.89
2001 10.21 -16.82
2000 9.72 -13.18
1999 19.56 24.93
1998 -0.26 24.34
1997 8.54 15.76
1996 13.64 13.48
1995 15.24 20.72
1994 2.52 5.08
1993 26.15 22.50
1992 8.41 -5.23
1991 17.93 18.28
1990 -1.30 -17.02
1989 17.21 16.61
1988 14.15 23.29
1987 13.76 16.16
1986 25.02 41.89
1985 32.71 40.56
1984 2.86 4.72
1983 24.03 21.93
1982 31.56 9.71
1981 8.00 -4.79
1980 31.66 25.67
1979 24.11 10.95

Source: FactSet; data as of Dec 31, 2022.

Average Annual Returns

TickerClassYTD %1 MO3 MO1 YR3 YR5 YR10 YRINCEPT %Expense Ratio
GrossNet
SGENX A w/out load   7.94%   1.87%   0.90%   6.32%  11.54%   6.31%   6.43%  12.35%   1.11% --
SGENX A w/load   2.54%  -3.22%  -4.14%   1.01%   9.65%   5.22%   5.88%  12.22%   1.11% --
MSCI World Index (since inception based on A Shares)   9.62%   1.75%   2.38%   3.18%  13.10%   8.14%   8.71%   9.50%                
SGENX A w/out load   5.95%   2.74%   5.95%  -1.19%  14.37%   6.02%   6.43%  12.33%   1.11% --
SGENX A w/load   0.66%  -2.40%   0.66%  -6.13%  12.43%   4.94%   5.88%  12.20%   1.11% --
MSCI World Index (since inception based on A Shares)   7.73%   3.09%   7.73%  -7.02%  16.40%   8.01%   8.85%   9.47%                
FESGX C   6.68%   0.82%  -0.28%   4.51%  10.70%   5.51%   5.63%   8.90%   1.87% --
MSCI World Index (since inception based on A Shares)   9.62%   1.75%   2.38%   3.18%  13.10%   8.14%   8.71%   9.50%                
FESGX C   4.75%   1.66%   4.75%  -2.89%  13.50%   5.22%   5.62%   8.85%   1.87% --
MSCI World Index (since inception based on A Shares)   7.73%   3.09%   7.73%  -7.02%  16.40%   8.01%   8.85%   9.47%                
SGIIX I   8.03%   1.91%   0.96%   6.58%  11.82%   6.59%   6.71%   9.87%   0.86% --
MSCI World Index (since inception based on A Shares)   9.62%   1.75%   2.38%   3.18%  13.10%   8.14%   8.71%   9.50%                
SGIIX I   6.01%   2.74%   6.01%  -0.96%  14.65%   6.29%   6.70%   9.82%   0.86% --
MSCI World Index (since inception based on A Shares)   7.73%   3.09%   7.73%  -7.02%  16.40%   8.01%   8.85%   9.47%                
EARGX R3   7.89%   1.87%   0.87%   6.17%  11.17%      -      -   6.08%   1.20% --
MSCI World Index (since inception based on A Shares)   9.62%   1.75%   2.38%   3.18%  13.10%   8.14%   8.71%   9.50%                
EARGX R3   5.90%   2.71%   5.90%  -1.33%  13.99%      -      -   5.78%   1.20% --
MSCI World Index (since inception based on A Shares)   7.73%   3.09%   7.73%  -7.02%  16.40%   8.01%   8.85%   9.47%                
EAGRX R4   7.96%   1.88%   0.93%   6.29%  11.57%   6.40%      -   5.17%   1.07% --
MSCI World Index (since inception based on A Shares)   9.62%   1.75%   2.38%   3.18%  13.10%   8.14%   8.71%   9.50%                
EAGRX R4   5.97%   2.74%   5.97%  -1.20%  14.41%   6.11%      -   4.88%   1.07% --
MSCI World Index (since inception based on A Shares)   7.73%   3.09%   7.73%  -7.02%  16.40%   8.01%   8.85%   9.47%                
FRGLX R5   7.97%   1.89%   0.93%   6.31%  10.91%      -      -   6.24%   1.11% --
MSCI World Index (since inception based on A Shares)   9.62%   1.75%   2.38%   3.18%  13.10%   8.14%   8.71%   9.50%                
FRGLX R5   5.97%   2.75%   5.97%  -1.22%  13.69%      -      -   5.85%   1.11% --
MSCI World Index (since inception based on A Shares)   7.73%   3.09%   7.73%  -7.02%  16.40%   8.01%   8.85%   9.47%                
FEGRX R6   8.06%   1.91%   0.98%   6.65%  11.89%   6.66%      -   6.63%   0.79% --
MSCI World Index (since inception based on A Shares)   9.62%   1.75%   2.38%   3.18%  13.10%   8.14%   8.71%   9.50%                
FEGRX R6   6.04%   2.76%   6.04%  -0.89%  14.73%   6.37%      -   6.39%   0.79% --
MSCI World Index (since inception based on A Shares)   7.73%   3.09%   7.73%  -7.02%  16.40%   8.01%   8.85%   9.47%                

Source: FactSet; data as of Mar 31, 2023.

Source: FactSet; data as of Apr 30, 2023.

  1. The performance data quoted herein represents past performance and does not guarantee future results. Market volatility can dramatically impact a Fund's short-term performance. Current performance may be lower or higher than figures shown. The investment return and principal value will fluctuate so that an investor's shares, when redeemed may be worth more or less than their original cost. Past performance data through the most recent month end is available on the Prices & Performance page.

  1. Disclosures

  2. Global Fund Inception dates: A Shares 01/01/1979, C Shares 06/05/2000, I Shares 07/31/1998, R3 Shares 05/01/2018, R4 Shares 01/17/2018, R6 Shares 03/01/2017. Performance for periods prior to January 1, 2000 occurred while a prior portfolio manager of The Fund was affiliated with another firm. Inception date shown is when this prior portfolio manager assumed portfolio management responsibilities.

  3. The average annual returns shown above are historical and reflect changes in share price, reinvested dividends and are net of expenses. Investment results and the principal value of an investment will vary.

  4. Returns for periods less than one year are not annualized.

  5. The average annual returns for Class A Shares “with sales charge” performance gives effect to the deduction of the maximum sales charge of 3.75% for periods prior to March 1, 2000 and of 5.00% thereafter.

  6. Performance information for Class I Shares is without the effect of sales charges and assumes all distributions have been reinvested and if a sales charge was included values would be lower. Had fees not been waived and/or expenses reimbursed, the performance would have been lower. Class A and C Shares have maximum sales charges of 5.00% and 1.00% respectively, and 12b-1 fees, which reduce performance.

  7. Class I Shares require $1MM minimum investment and are offered without sales charge. There is no minimum subsequent investment amount for Class I Shares.

  8. Class R Shares are offered without sales charge.

  9. The annual expense ratio is based on expenses incurred by The Fund, as stated in the most recent prospectus.

Show More Show Less

  1. Definitions

  2. One cannot invest directly in an index. Indices do not incur management fees or other operating expenses.

  3. 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.

  4. Standard deviation is a statistical measure of the distance a quantity is likely to be from its average value.  It is applied to the annual rate of return to measure volatility.

  5. 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.

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

  7. FEF Distributors, LLC (Member SIPC) distributes certain First Eagle products; it does not provide services to investors. As such, when FEF Distributors, LLC presents a strategy or product to an investor, FEF Distributors, LLC  does not determine whether the investment is in the best interests of, or is suitable for, the investor. Investors should exercise their own judgment and/or consult with a financial professional prior to investing in any First Eagle strategy or product.

Show More Show Less

Top Ten Holdings (%)

As of Apr 30, 2023

Gold Bullion 11.34
Oracle Corp. US 2.85
Exxon Mobil Corp. US 2.33
Meta Platforms Inc. Class A US 2.04
Schlumberger N.V. US 2.03
Comcast Corporation Class A US 1.87
HCA Healthcare Inc. US 1.84
Compagnie Financiere Richemont SA SWITZ 1.59
Unilever PLC UK 1.48
British American Tobacco PLC UK 1.46
Top Ten Holdings as a Percentage of Total Net Assets 28.84

Top Ten Holdings (%)

As of Mar 31, 2023

Gold Bullion 11.47
Oracle Corp. US 2.86
Exxon Mobil Corp. US 2.20
Schlumberger N.V. US 2.06
Meta Platforms Inc. Class A US 1.84
Comcast Corporation Class A US 1.75
HCA Healthcare Inc. US 1.73
Compagnie Financiere Richemont SA SWITZ 1.67
C.H. Robinson Worldwide, Inc. US 1.42
British American Tobacco PLC UK 1.42
Top Ten Holdings as a Percentage of Total Net Assets 28.43

Top Ten Holdings (%)

As of Feb 28, 2023

Gold Bullion 10.89
Oracle Corp. US 2.75
Schlumberger N.V. US 2.28
Exxon Mobil Corp. US 2.26
Comcast Corporation Class A US 1.76
Compagnie Financiere Richemont SA SWITZ 1.67
HCA Healthcare Inc US 1.63
British American Tobacco PLC UK 1.57
Meta Platforms Inc. Class A US 1.56
C.H. Robinson Worldwide, Inc. US 1.51
Top Ten Holdings as a Percentage of Total Net Assets 27.89

Top Ten Holdings (%)

As of Jan 31, 2023

Gold Bullion 11.10
Oracle Corp. US 2.69
Schlumberger NV US 2.36
Exxon Mobil Corp. US 2.30
Comcast Corporation Class A US 1.80
HCA Healthcare Inc. US 1.65
Compagnie Financiere Richemont SA SWITZ 1.63
C.H. Robinson Worldwide, Inc. US 1.55
British American Tobacco PLC UK 1.53
Philip Morris International Inc. US 1.45
Top Ten Holdings as a Percentage of Total Net Assets 28.05

Top Ten Holdings (%)

As of Dec 31, 2022

Gold Bullion 11.25
Oracle Corp. US 2.66
Schlumberger NV US 2.38
Exxon Mobil Corp. US 2.35
Comcast Corporation Class A US 1.71
British American Tobacco PLC UK 1.68
HCA Healthcare Inc US 1.67
C.H. Robinson Worldwide, Inc. US 1.52
Philip Morris International Inc. US 1.51
Compagnie Financiere Richemont SA SWITZ 1.47
Top Ten Holdings as a Percentage of Total Net Assets 28.20

Top Ten Holdings (%)

As of Nov 30, 2022

Gold Bullion 10.68
Oracle Corp. US 3.34
Exxon Mobil Corp. US 3.07
Schlumberger NV US 2.24
Comcast Corporation Class A US 1.76
British American Tobacco PLC UK 1.69
Philip Morris International Inc. US 1.65
HCA Healthcare Inc US 1.63
C.H. Robinson Worldwide, Inc. US 1.62
Elevance Health, Inc. US 1.46
Top Ten Holdings as a Percentage of Total Net Assets 29.16

Top Ten Holdings (%)

As of Oct 31, 2022

Gold Bullion 10.57
Exxon Mobil Corp. US 3.74
Oracle Corp. US 3.36
Schlumberger NV US 2.42
British American Tobacco PLC UK 1.77
Elevance Health, Inc. US 1.70
C.H. Robinson Worldwide, Inc. US 1.69
Philip Morris International Inc. US 1.63
Comcast Corporation Class A US 1.63
HCA Healthcare Inc US 1.58
Top Ten Holdings as a Percentage of Total Net Assets 30.08

Top Ten Holdings (%)

As of Sep 30, 2022

Gold Bullion 11.37
Exxon Mobil Corp. US 3.11
Oracle Corp. US 2.77
C.H. Robinson Worldwide, Inc. US 1.76
Schlumberger NV US 1.76
British American Tobacco PLC UK 1.69
Comcast Corporation Class A US 1.58
Philip Morris International Inc. US 1.55
Elevance Health, Inc. US 1.49
HCA Healthcare Inc US 1.41
Top Ten Holdings as a Percentage of Total Net Assets 28.48

Top Ten Holdings (%)

As of Aug 31, 2022

Gold Bullion 10.66
Exxon Mobil Corp. US 3.10
Oracle Corp. US 3.07
C.H. Robinson Worldwide, Inc. US 1.90
British American Tobacco PLC UK 1.72
Schlumberger NV US 1.70
Comcast Corporation Class A US 1.70
Philip Morris International Inc. US 1.63
Elevance Health, Inc. US 1.45
Meta Platforms Inc. Class A US 1.41
Top Ten Holdings as a Percentage of Total Net Assets 28.34

Top Ten Holdings (%)

As of Jul 31, 2022

Gold Bullion 10.72