Overview
Investment Philosophy
We believe financial markets persistently fail to recognize the "intrinsic value" of companies. This is particularly true of those associated with real assets, which historically have served as a hedge against inflation while also attempting to deliver compelling risk-adjusted returns in a variety of investment environments. The Fund seeks to exploit such market mispricing through a bottom-up, fundamental investment approach rooted in patience, humility and conviction.
Diversified Liquid Real Asset InvestmentGlobal equity strategy investing in companies that participate in the “real economy” complemented by traditional stores of value such as gold bullion and inflation-linked bonds
Durable Global Equity PortfolioTargets listed equities whose intrinsic value is driven by a link to real assets, in an effort to provide greater diversification and increased yield potential relative to broad equity markets, potentially offset the negative impacts of inflation, and provide greater liquidity than typical of private offerings
Distinct First Eagle ApproachPhilosophically consistent with the First Eagle’s Global Value team’s well-established approach to selectively investing in resilient, durable companies based on intensive bottom-up, fundamental research
Our Process
The team builds the portfolio stock by stock in pursuit of sound real returns over time while seeking to avoid the permanent impairment of capital. We purchase assets only when available at a “margin of safety,” or discount to our estimate of intrinsic value.
01
Narrow the UniverseThe team seeks companies that produce, own or offer services related to real assets across a diverse set of industries. We begin with approximately 6,000 companies across the broad global equity universe, about half of which demonstrate the desired real asset characteristics and demand closer examination. This primarily comprises companies that:
- Directly own real assets
or
- Provide goods or services related to real assets
02
Conduct Fundamental ResearchAs with other strategies managed by the Global Value team, the Global Real Assets Fund employs a rigorous bottom-up, fundamental research process.
The team estimates the "intrinsic value" of businesses based on conservative assumptions, focusing on companies with scarce assets of meaningful or known duration. The team places great emphasis on:
- Balance sheet valuation (such as enterprise value to asset-replacement value)
- Cash-flow valuation (such as enterprise value to earnings before interest and taxes)
The team scrutinizes businesses for the corporate governance and capital structure qualities that can help translate persistent earnings power into sustainable intrinsic value.
Financial statements are recast to help uncover a company’s true earnings power using only demonstrated results.
03
Construct PortfolioA portfolio management team of real assets industry specialists helps optimize the selective investment in businesses when their market price offers a “margin of safety” to our estimate of intrinsic value.
- Typically holds 50–100 securities, with position sizing thoughtfully considered
- Annual turnover expected to be 20–50%
- May hold gold bullion and Treasury inflation-protected securities or inflation-linked bonds as stores of value
- Risk management embedded throughout the investment process, from diversified portfolio construction and management to the selective hedging of currency exposures
Disclosures
The First Eagle Global Real Assets Fund ("The Fund") is new and may not be successful under all future market conditions. The Fund may not attract sufficient assets to achieve investment, trading or other efficiencies.
Real economy refers to the part of a country's economy that produces goods and services, rather than the part that consists of financial services such as banks and stock markets. Real assets, in which the Fund will invest, include physical assets and assets that are otherwise recognized as stores of value, such as gold bullion or other precious metals, certain commodities and inflation-linked fixed income securities. Real asset industries, of securities in which the Fund will invest, are those that relate to ownership or production of such assets or products or services otherwise supporting such assets; which include basic materials, industrials, chemicals, energy, infrastructure, real estate, and utilities, as well as related suppliers and similarly connected businesses within the telecommunications, healthcare, automobile and consumer staples industries.
“Intrinsic value” is based on our judgment of what a prudent and rational business buyer would pay in cash for all of the company in normal markets.
First Eagle defines "margin of safety" as the difference between a company's market price and our estimate of its intrinsic value. An investment made with a margin of safety is no guarantee against loss.
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).
Price-to-earnings ratio (P/E ratio) compares a company’s stock price to its earnings per share.
Performance & Prices
Average Annual Returns
| Ticker | Class | YTD % | 1 MO | 3 MO | 1 YR | 3 YR | 5 YR | 10 YR | INCEPT % | Expense Ratio | Fund Inception Date | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross | Net | ||||||||||||
| FERAX | A | w/out load | 16.86% | -0.20% | -2.55% | 35.36% | 18.59% | -- | -- | 11.54% | 4.95% | 1.10% | Nov 30, 2021 |
| FERAX | A | w/load | 11.03% | -5.22% | -7.40% | 28.58% | 16.58% | -- | -- | 10.27% | 4.95% | 1.10% | Nov 30, 2021 |
| MSCI World Index (since inception based on A Shares) | 10.49% | 4.55% | 7.28% | 27.49% | 21.89% | -- | -- | 12.18% | -- | -- | -- | ||
| Consumer Price Index +400bps (since inception based on A Shares) | 3.60% | 0.32% | 2.49% | 7.71% | 7.03% | -- | -- | 7.93% | -- | -- | -- | ||
| FERAX | A | w/out load | 12.08% | -6.54% | 12.08% | 34.79% | 14.85% | -- | -- | 10.94% | 4.95% | 1.10% | Nov 30, 2021 |
| FERAX | A | w/load | 6.48% | -11.19% | 6.48% | 28.02% | 12.91% | -- | -- | 9.63% | 4.95% | 1.10% | Nov 30, 2021 |
| MSCI World Index (since inception based on A Shares) | -3.57% | -6.37% | -3.57% | 18.90% | 16.77% | -- | -- | 9.20% | -- | -- | -- | ||
| Consumer Price Index +400bps (since inception based on A Shares) | 1.41% | 0.33% | 1.41% | 6.40% | 6.68% | -- | -- | 7.71% | -- | -- | -- | ||
| FEREX | I | 16.92% | -0.20% | -2.57% | 35.61% | 18.88% | -- | -- | 11.82% | 4.70% | 0.85% | Nov 30, 2021 | |
| MSCI World Index (since inception based on A Shares) | 10.49% | 4.55% | 7.28% | 27.49% | 21.89% | -- | -- | 12.18% | -- | -- | -- | ||
| Consumer Price Index +400bps (since inception based on A Shares) | 3.60% | 0.32% | 2.49% | 7.71% | 7.03% | -- | -- | 7.93% | -- | -- | -- | ||
| FEREX | I | 12.09% | -6.59% | 12.09% | 35.15% | 15.12% | -- | -- | 11.21% | 4.70% | 0.85% | Nov 30, 2021 | |
| MSCI World Index (since inception based on A Shares) | -3.57% | -6.37% | -3.57% | 18.90% | 16.77% | -- | -- | 9.20% | -- | -- | -- | ||
| Consumer Price Index +400bps (since inception based on A Shares) | 1.41% | 0.33% | 1.41% | 6.40% | 6.68% | -- | -- | 7.71% | -- | -- | -- | ||
| FERRX | R6 | 16.96% | -0.20% | -2.57% | 35.62% | 18.87% | -- | -- | 11.81% | 4.68% | 0.85% | Nov 30, 2021 | |
| MSCI World Index (since inception based on A Shares) | 10.49% | 4.55% | 7.28% | 27.49% | 21.89% | -- | -- | 12.18% | -- | -- | -- | ||
| Consumer Price Index +400bps (since inception based on A Shares) | 3.60% | 0.32% | 2.49% | 7.71% | 7.03% | -- | -- | 7.93% | -- | -- | -- | ||
| FERRX | R6 | 12.12% | -6.60% | 12.12% | 35.03% | 15.10% | -- | -- | 11.21% | 4.68% | 0.85% | Nov 30, 2021 | |
| MSCI World Index (since inception based on A Shares) | -3.57% | -6.37% | -3.57% | 18.90% | 16.77% | -- | -- | 9.20% | -- | -- | -- | ||
| Consumer Price Index +400bps (since inception based on A Shares) | 1.41% | 0.33% | 1.41% | 6.40% | 6.68% | -- | -- | 7.71% | -- | -- | -- | ||
Source: FactSet; data as of Mar 31, 2026.
Source: FactSet; data as of May 31, 2026.
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.
First Eagle Investment Management, LLC (the “Adviser”) has contractually agreed to waive and/or reimburse certain fees and expenses of Classes A, I and R6 so that the total annual operating expenses (excluding interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, dividend and other expenses relating to short sales, and extraordinary expenses, if any) (“annual operating expenses”) of each class are limited to 1.10%, 0.85% and 0.85% of average net assets, respectively. Each of these undertakings lasts until February 28, 2027and may not be terminated during its term without the consent of the Board of Trustees. The Fund has agreed that each of Classes A, I and R6 will repay the Adviser for fees and expenses waived or reimbursed for the class provided that repayment does not cause annual operating expenses (after the repayment is taken into account) to exceed the lesser of: (1) 1.10%, 0.85% and 0.85% of the class’ average net assets, respectively; or (2) if applicable, the then-current expense limitations. Any such repayment must be made within three years after the year in which the Adviser incurred the expense.
Definitions
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.
Consumer Price Index +400bps (Price) presents the Consumer Price Index (CPI), which measures the average change over time in prices paid by US consumers for a specific basket of goods and services, plus 400 basis points annualized. A price-return index only measures price changes.
Portfolio
Top Ten Holdings (%)
As of May 31, 2026
| SK Square Co., Ltd. | 4.21 | |
| Grupo Mexico S.A.B. de C.V. Cl B | 4.02 | |
| Wheaton Precious Metals Corp | 3.07 | |
| Enterprise Products Partners L.P. | 2.81 | |
| Shell Plc | 2.71 | |
| Contemporary Amperex Technology Co., Limited Class H | 2.52 | |
| NGEx Minerals Ltd. | 2.49 | |
| Gold Bullion | 2.45 | |
| GDS Holdings Ltd. | 2.43 | |
| Noble Corporation PLC Class A | 2.29 | |
| Top Ten Holdings as a Percentage of Total Net Assets | 29.00 |
Allocation by Sector (%)
| Materials | 34.72% |
| Energy | 17.56% |
| Real Estate | 16.37% |
| Industrials | 15.06% |
| Information Technology | 5.39% |
| Utilities | 4.05% |
| Consumer Staples | 2.06% |
| Consumer Discretionary | 1.94% |
| Health Care | 1.30% |
| Short-Term, Cash & Cash Equivalents | 0.92% |
| Communication Services | 0.61% |
| Materials | 33.28% |
| Energy | 19.66% |
| Real Estate | 16.53% |
| Industrials | 14.04% |
| Information Technology | 4.86% |
| Utilities | 4.06% |
| Consumer Staples | 2.06% |
| Consumer Discretionary | 2.01% |
| Health Care | 1.50% |
| Short-Term, Cash & Cash Equivalents | 1.28% |
| Communication Services | 0.70% |
| Materials | 34.89% |
| Energy | 21.08% |
| Real Estate | 17.17% |
| Industrials | 11.17% |
| Information Technology | 4.62% |
| Utilities | 4.39% |
| Consumer Staples | 2.07% |
| Health Care | 1.75% |
| Consumer Discretionary | 1.32% |
| Short-Term, Cash & Cash Equivalents | 1.05% |
| Communication Services | 0.50% |
| Materials | 34.50% |
| Energy | 17.92% |
| Real Estate | 17.72% |
| Industrials | 11.88% |
| Information Technology | 6.37% |
| Utilities | 4.13% |
| Consumer Staples | 1.96% |
| Health Care | 1.80% |
| Short-Term, Cash & Cash Equivalents | 1.80% |
| Consumer Discretionary | 1.42% |
| Communication Services | 0.50% |
| Materials | 32.53% |
| Real Estate | 19.00% |
| Energy | 17.94% |
| Industrials | 10.87% |
| Information Technology | 6.26% |
| Utilities | 4.47% |
| Short-Term, Cash & Cash Equivalents | 3.03% |
| Consumer Staples | 2.16% |
| Health Care | 1.83% |
| Consumer Discretionary | 1.42% |
| Communication Services | 0.49% |
| Materials | 32.81% |
| Real Estate | 18.65% |
| Energy | 17.83% |
| Industrials | 11.66% |
| Utilities | 6.32% |
| Information Technology | 5.96% |
| Consumer Staples | 2.38% |
| Health Care | 1.96% |
| Consumer Discretionary | 1.49% |
| Communication Services | 0.55% |
| Short-Term, Cash & Cash Equivalents | 0.38% |
| Materials | 31.78% |
| Real Estate | 18.97% |
| Energy | 17.92% |
| Industrials | 9.31% |
| Utilities | 6.84% |
| Information Technology | 5.95% |
| Health Care | 3.43% |
| Consumer Staples | 2.33% |
| Consumer Discretionary | 1.63% |
| Short-Term, Cash & Cash Equivalents | 1.31% |
| Communication Services | 0.54% |
| Materials | 31.05% |
| Real Estate | 19.24% |
| Energy | 16.78% |
| Industrials | 9.74% |
| Utilities | 6.83% |
| Information Technology | 6.64% |
| Health Care | 3.18% |
| Consumer Staples | 2.29% |
| Short-Term, Cash & Cash Equivalents | 2.02% |
| Consumer Discretionary | 1.58% |
| Communication Services | 0.64% |
| Materials | 32.41% |
| Real Estate | 20.02% |
| Energy | 16.94% |
| Industrials | 10.13% |
| Utilities | 6.63% |
| Information Technology | 4.63% |
| Health Care | 2.97% |
| Consumer Staples | 2.33% |
| Consumer Discretionary | 2.29% |
| Short-Term, Cash & Cash Equivalents | 0.89% |
| Communication Services | 0.76% |
| Materials | 30.42% |
| Real Estate | 18.92% |
| Energy | 17.38% |
| Industrials | 10.23% |
| Utilities | 8.69% |
| Information Technology | 4.22% |
| Consumer Staples | 3.09% |
| Health Care | 2.94% |
| Consumer Discretionary | 2.39% |
| Short-Term, Cash & Cash Equivalents | 0.87% |
| Communication Services | 0.86% |
| Materials | 28.62% |
| Real Estate | 19.22% |
| Energy | 17.78% |
| Industrials | 11.27% |
| Utilities | 9.09% |
| Information Technology | 4.53% |
| Consumer Staples | 3.09% |
| Health Care | 2.69% |
| Consumer Discretionary | 2.13% |
| Communication Services | 0.88% |
| Short-Term, Cash & Cash Equivalents | 0.71% |
| Materials | 28.97% |
| Real Estate | 19.98% |
| Energy | 16.74% |
| Industrials | 11.08% |
| Utilities | 9.28% |
| Information Technology | 3.93% |
| Consumer Staples | 3.53% |
| Health Care | 2.93% |
| Consumer Discretionary | 1.49% |
| Short-Term, Cash & Cash Equivalents | 1.13% |
| Communication Services | 0.95% |
| Materials | 29.89% |
| Real Estate | 21.46% |
| Energy | 16.77% |
| Industrials | 10.51% |
| Utilities | 9.59% |
| Consumer Staples | 3.62% |
| Information Technology | 3.40% |
| Health Care | 3.02% |
| Communication Services | 0.95% |
| Short-Term, Cash & Cash Equivalents | 0.80% |
Allocation by Asset Class (%)
| International Equity | 34.01% |
| US Equity | 31.17% |
| Emerging Markets Equity | 21.81% |
| Gold Related Investments | 12.10% |
| Short-Term, Cash & Cash Equivalents | 0.92% |
| International Equity | 35.00% |
| US Equity | 31.48% |
| Emerging Markets Equity | 20.07% |
| Gold Related Investments | 12.16% |
| Short-Term, Cash & Cash Equivalents | 1.28% |
| International Equity | 37.74% |
| US Equity | 28.67% |
| Emerging Markets Equity | 19.01% |
| Gold Related Investments | 13.54% |
| Short-Term, Cash & Cash Equivalents | 1.05% |
| International Equity | 35.91% |
| US Equity | 26.96% |
| Emerging Markets Equity | 21.43% |
| Gold Related Investments | 13.90% |
| Short-Term, Cash & Cash Equivalents | 1.80% |
| International Equity | 35.36% |
| US Equity | 27.74% |
| Emerging Markets Equity | 21.11% |
| Gold Related Investments | 12.76% |
| Short-Term, Cash & Cash Equivalents | 3.03% |
| International Equity | 35.66% |
| US Equity | 30.35% |
| Emerging Markets Equity | 20.71% |
| Gold Related Investments | 12.89% |
| Short-Term, Cash & Cash Equivalents | 0.38% |
| International Equity | 35.43% |
| US Equity | 32.92% |
| Emerging Markets Equity | 17.85% |
| Gold Related Investments | 12.49% |
| Short-Term, Cash & Cash Equivalents | 1.31% |
| International Equity | 35.24% |
| US Equity | 32.44% |
| Emerging Markets Equity | 18.68% |
| Gold Related Investments | 11.62% |
| Short-Term, Cash & Cash Equivalents | 2.02% |
| International Equity | 36.09% |
| US Equity | 35.06% |
| Emerging Markets Equity | 15.94% |
| Gold Related Investments | 12.02% |
| Short-Term, Cash & Cash Equivalents | 0.89% |
| US Equity | 37.04% |
| International Equity | 36.69% |
| Emerging Markets Equity | 14.14% |
| Gold Related Investments | 11.26% |
| Short-Term, Cash & Cash Equivalents | 0.87% |
| US Equity | 37.22% |
| International Equity | 35.83% |
| Emerging Markets Equity | 15.61% |
| Gold Related Investments | 10.64% |
| Short-Term, Cash & Cash Equivalents | 0.71% |
| US Equity | 37.13% |
| International Equity | 36.88% |
| Emerging Markets Equity | 14.17% |
| Gold Related Investments | 10.70% |
| Short-Term, Cash & Cash Equivalents | 1.13% |
| US Equity | 38.22% |
| International Equity | 36.54% |
| Emerging Markets Equity | 13.20% |
| Gold Related Investments | 11.24% |
| Short-Term, Cash & Cash Equivalents | 0.80% |
Allocation by Region (%)
| United States | 31.17% |
| Asia ex-Japan | 18.05% |
| Europe | 14.10% |
| Gold Related Investments | 12.10% |
| Canada | 10.34% |
| Latin America | 8.10% |
| Japan | 3.42% |
| Short-Term, Cash & Cash Equivalents | 0.92% |
| United States | 31.48% |
| Asia ex-Japan | 17.13% |
| Europe | 14.47% |
| Gold Related Investments | 12.16% |
| Canada | 10.35% |
| Latin America | 7.47% |
| Japan | 3.44% |
| Short-Term, Cash & Cash Equivalents | 1.28% |
| United States | 28.67% |
| Europe | 15.97% |
| Asia ex-Japan | 15.29% |
| Gold Related Investments | 13.54% |
| Canada | 11.57% |
| Latin America | 8.30% |
| Japan | 3.50% |
| Short-Term, Cash & Cash Equivalents | 1.05% |
| United States | 26.96% |
| Asia ex-Japan | 17.18% |
| Europe | 15.16% |
| Gold Related Investments | 13.90% |
| Canada | 10.57% |
| Latin America | 8.89% |
| Japan | 3.52% |
| Short-Term, Cash & Cash Equivalents | 1.80% |
| United States | 27.74% |
| Asia ex-Japan | 16.73% |
| Europe | 16.00% |
| Gold Related Investments | 12.76% |
| Canada | 9.21% |
| Latin America | 9.16% |
| Japan | 3.15% |
| Short-Term, Cash & Cash Equivalents | 3.03% |
| United States | 30.35% |
| Europe | 17.11% |
| Asia ex-Japan | 16.56% |
| Gold Related Investments | 12.89% |
| Canada | 9.39% |
| Latin America | 8.78% |
| Japan | 3.31% |
| Short-Term, Cash & Cash Equivalents | 0.38% |
| United States | 32.92% |
| Europe | 17.33% |
| Asia ex-Japan | 14.13% |
| Gold Related Investments | 12.49% |
| Canada | 9.40% |
| Latin America | 8.37% |
| Japan | 3.34% |
| Short-Term, Cash & Cash Equivalents | 1.31% |
| United States | 32.44% |
| Europe | 17.73% |
| Asia ex-Japan | 15.00% |
| Gold Related Investments | 11.62% |
| Canada | 9.37% |
| Latin America | 8.30% |
| Japan | 3.52% |
| Short-Term, Cash & Cash Equivalents | 2.02% |
| United States | 35.06% |
| Europe | 17.89% |
| Asia ex-Japan | 12.09% |
| Gold Related Investments | 12.02% |
| Canada | 9.90% |
| Latin America | 8.48% |
| Japan | 3.66% |
| Short-Term, Cash & Cash Equivalents | 0.89% |
| United States | 37.04% |
| Europe | 19.05% |
| Gold Related Investments | 11.26% |
| Asia ex-Japan | 11.19% |
| Canada | 9.02% |
| Latin America | 7.71% |
| Japan | 3.86% |
| Short-Term, Cash & Cash Equivalents | 0.87% |
| United States | 37.22% |
| Europe | 19.46% |
| Asia ex-Japan | 11.36% |
| Gold Related Investments | 10.64% |
| Latin America | 8.83% |
| Canada | 8.19% |
| Japan | 3.60% |
| Short-Term, Cash & Cash Equivalents | 0.71% |
| United States | 37.13% |
| Europe | 20.39% |
| Gold Related Investments | 10.70% |
| Asia ex-Japan | 10.23% |
| Latin America | 8.66% |
| Canada | 8.13% |
| Japan | 3.63% |
| Short-Term, Cash & Cash Equivalents | 1.13% |
| United States | 38.22% |
| Europe | 20.19% |
| Gold Related Investments | 11.24% |
| Latin America | 8.92% |
| Asia ex-Japan | 8.76% |
| Canada | 8.18% |
| Japan | 3.70% |
| Short-Term, Cash & Cash Equivalents | 0.80% |
Short-Term, Cash & Cash Equivalents include short-term investments; e.g., short-term commercial paper (0.0% of net assets) that settles in 90 days or less, longer-term commercial paper (0.0% of net assets) that settles in 91 days or more, with the balance in US T-bills or money market funds.
Portfolio holdings are subject to change and should not be considered a recommendation to buy or sell securities. Based on total fair value of investment and cash/cash equivalents. Not a guarantee of future portfolio composition. Current and future portfolio holdings are subject to risk.
Percentages may not sum to 100% due to rounding.
Definitions
One cannot invest directly in an index. Indices do not incur management fees or other operating expenses.
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.
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.
Beta is a measure of the fund's volatility (risk) relative to the overall market. The higher the fund's Beta, the more the fund price is expected to change in response to a given change in the value of the market.
Management
Fund Management
Our Process
The team builds the portfolio stock by stock in pursuit of sound real returns over time while seeking to avoid the permanent impairment of capital. We purchase assets only when available at a “margin of safety,” or discount to our estimate of "intrinsic value."
01
Narrow the UniverseThe team seeks companies that produce, own or offer services related to real assets across a diverse set of industries. We begin with approximately 6,000 companies across the broad global equity universe, about half of which demonstrate the desired real asset characteristics and demand closer examination. This primarily comprises companies that:
- Directly own real assets
or
- Provide goods or services related to real assets
02
Conduct Fundamental ResearchAs with other strategies managed by the Global Value team, the Global Real Assets Fund employs a rigorous bottom-up, fundamental research process.
The team estimates the "intrinsic value" of businesses based on conservative assumptions, focusing on companies with scarce assets of meaningful or known duration. The team places great emphasis on:
- Balance sheet valuation (such as enterprise value to asset-replacement value)
- Cash-flow valuation (such as enterprise value to earnings before interest and taxes)
The team scrutinizes businesses for the corporate governance and capital structure qualities that can help translate persistent earnings power into sustainable intrinsic value.
Financial statements are recast to help uncover a company’s true earnings power using only demonstrated results.
03
Construct PortfolioA portfolio management team of real assets industry specialists helps optimize the selective investment in businesses when their market price offers a “margin of safety” to our estimate of intrinsic value.
- Typically holds 50–100 securities, with position sizing thoughtfully considered
- Annual turnover expected to be 20–50%
- May hold gold bullion and Treasury inflation-protected securities or inflation-linked bonds as stores of value
- Risk management embedded throughout the investment process, from diversified portfolio construction and management to the selective hedging of currency exposures
Disclosures
The First Eagle Global Real Assets Fund ("The Fund") is new and may not be successful under all future market conditions. The Fund may not attract sufficient assets to achieve investment, trading or other efficiencies.
Real economy refers to the part of a country's economy that produces goods and services, rather than the part that consists of financial services such as banks and stock markets. Real assets, in which the Fund will invest, include physical assets and assets that are otherwise recognized as stores of value, such as gold bullion or other precious metals, certain commodities and inflation-linked fixed income securities. Real asset industries, of securities in which the Fund will invest, are those that relate to ownership or production of such assets or products or services otherwise supporting such assets; which include basic materials, industrials, chemicals, energy, infrastructure, real estate, and utilities, as well as related suppliers and similarly connected businesses within the telecommunications, healthcare, automobile and consumer staples industries.
“Intrinsic value” is based on our judgment of what a prudent and rational business buyer would pay in cash for all of the company in normal markets.
First Eagle defines "margin of safety" as the difference between a company's market price and our estimate of its intrinsic value. An investment made with a margin of safety is no guarantee against loss.
Fees & Minimums
Expense Ratio and Shareholder Fees as of March 1, 2026
Shareholder Fee (%)
These are the fees paid directly from your investment.
| Maximum Sales Charge (Load) on Purchases (as a percentage of public offering price) | 5.00 |
| Maximum Deferred Sales Charge (Load)1 (as a percentage of the lesser of your purchase or redemption price) | 1.00 |
| Sales Charge | Dealer Re-Allowance | |
|---|---|---|
| Less than $25,000 | 5.00 | 4.50 |
| $25,000 but less than $50,000 | 4.50 | 4.25 |
| $50,000 but less than $100,000 | 4.00 | 3.75 |
| $100,000 but less than $250,000 | 3.25 | 3.00 |
| $250,000 but less than $500,000 | 2.50 | 2.25 |
| $500,000 but less than $1,000,000 | 1.50 | 1.25 |
| $1,000,000 and over1 | 0.00 | 0.00 |
Expense Ratio (%)
These are the expenses you pay each year as a percentage of the value of your investment
| Management Fees2 | 0.65 |
| Distribution and/or Service (12b-1) Fees | 0.25 |
| Other Expenses | 4.05 |
| Total Annual Operating Expenses (%) | 4.95 |
| Fee Waiver and/or Expense Reimbursement2 | -3.85 |
| Total Annual Operating Expenses After Fee Waiver and/or Expense Reimbursement (%) | 1.10 |
Disclosures
- 1
A contingent deferred sales charge of 1.00% may apply on certain redemptions of Class A shares made within 18 months following a purchase of $1,000,000 or more without an initial sales charge.
- 2
First Eagle Investment Management, LLC (the “Adviser”) has contractually agreed to waive and/or reimburse certain fees and expenses of Classes A, I and R6 so that the total annual operating expenses (excluding interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, dividend and other expenses relating to short sales, and extraordinary expenses, if any) (“annual operating expenses”) of each class are limited to 1.10%, 0.85% and 0.85% of average net assets, respectively. Each of these undertakings lasts until February 28, 2027and may not be terminated during its term without the consent of the Board of Trustees. The Fund has agreed that each of Classes A, I and R6 will repay the Adviser for fees and expenses waived or reimbursed for the class provided that repayment does not cause annual operating expenses (after the repayment is taken into account) to exceed the lesser of: (1) 1.10%, 0.85% and 0.85% of the class’ average net assets, respectively; or (2) if applicable, the then-current expense limitations. Any such repayment must be made within three years after the year in which the Adviser incurred the expense.
In order to claim a breakpoint or other means of reducing the sales charge, an investor should notify his or her dealer, the Distributor, or the Transfer Agent (DST) at the time of purchase.
Expense Ratio and Shareholder Fees as of March 1, 2026
Expense Ratio (%)
These are the expenses you pay each year as a percentage of the value of your investment
| Management Fees1 | 0.65 |
| Distribution and/or Service (12b-1) Fees | 0.00 |
| Other Expenses2 | 4.05 |
| Total Annual Operating Expenses (%) | 4.70 |
| Fee Waiver and/or Expense Reimbursement1 | -3.85 |
| Total Annual Operating Expenses After Fee Waiver and/or Expense Reimbursement (%) | 0.85 |
Disclosures
- 1
First Eagle Investment Management, LLC (the “Adviser”) has contractually agreed to waive and/or reimburse certain fees and expenses of Classes A, I and R6 so that the total annual operating expenses (excluding interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, dividend and other expenses relating to short sales, and extraordinary expenses, if any) (“annual operating expenses”) of each class are limited to 1.10%, 0.85% and 0.85% of average net assets, respectively. Each of these undertakings lasts until February 28, 2027and may not be terminated during its term without the consent of the Board of Trustees. The Fund has agreed that each of Classes A, I and R6 will repay the Adviser for fees and expenses waived or reimbursed for the class provided that repayment does not cause annual operating expenses (after the repayment is taken into account) to exceed the lesser of: (1) 1.10%, 0.85% and 0.85% of the class’ average net assets, respectively; or (2) if applicable, the then-current expense limitations. Any such repayment must be made within three years after the year in which the Adviser incurred the expense.
In order to claim a breakpoint or other means of reducing the sales charge, an investor should notify his or her dealer, the Distributor, or the Transfer Agent (DST) at the time of purchase.
Expense Ratio and Shareholder Fees as of March 1, 2026
Expense Ratio (%)
These are the expenses you pay each year as a percentage of the value of your investment
| Management Fees1 | 0.65 |
| Distribution and/or Service (12b-1) Fees | 0.00 |
| Other Expenses | 4.03 |
| Total Annual Operating Expenses (%) | 4.68 |
| Fee Waiver and/or Expense Reimbursement1 | -3.83 |
| Total Annual Operating Expenses After Fee Waiver and/or Expense Reimbursement (%) | 0.85 |
Disclosures
- 1
First Eagle Investment Management, LLC (the “Adviser”) has contractually agreed to waive and/or reimburse certain fees and expenses of Classes A, I and R6 so that the total annual operating expenses (excluding interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, dividend and other expenses relating to short sales, and extraordinary expenses, if any) (“annual operating expenses”) of each class are limited to 1.10%, 0.85% and 0.85% of average net assets, respectively. Each of these undertakings lasts until February 28, 2027and may not be terminated during its term without the consent of the Board of Trustees. The Fund has agreed that each of Classes A, I and R6 will repay the Adviser for fees and expenses waived or reimbursed for the class provided that repayment does not cause annual operating expenses (after the repayment is taken into account) to exceed the lesser of: (1) 1.10%, 0.85% and 0.85% of the class’ average net assets, respectively; or (2) if applicable, the then-current expense limitations. Any such repayment must be made within three years after the year in which the Adviser incurred the expense.
In order to claim a breakpoint or other means of reducing the sales charge, an investor should notify his or her dealer, the Distributor, or the Transfer Agent (DST) at the time of purchase.
Distributions
Capital Gains Distributions
| Record Date | Ex & Reinvestment Date | Payable Date | Ordinary Income | Short Term Capital Gains | Long Term Capital Gains | Long Term Capital Gains - 28% | Total Distribution |
|---|---|---|---|---|---|---|---|
| 12/03/2025 | 12/04/2025 | 12/05/2025 | $0.318 | $0.000 | $0.119 | $0.000 | $0.437 |
| 12/04/2024 | 12/05/2024 | 12/06/2024 | $0.365 | $0.000 | $0.000 | $0.000 | $0.365 |
| 12/04/2023 | 12/05/2023 | 12/06/2023 | $0.173 | $0.000 | $0.000 | $0.000 | $0.173 |
| 11/30/2022 | 12/01/2022 | 12/02/2022 | $0.098 | $0.000 | $0.000 | $0.000 | $0.098 |
| 12/03/2025 | 12/04/2025 | 12/05/2025 | $0.355 | $0.000 | $0.119 | $0.000 | $0.474 |
| 12/04/2024 | 12/05/2024 | 12/06/2024 | $0.378 | $0.000 | $0.000 | $0.000 | $0.378 |
| 12/04/2023 | 12/05/2023 | 12/06/2023 | $0.215 | $0.000 | $0.000 | $0.000 | $0.215 |
| 11/30/2022 | 12/01/2022 | 12/02/2022 | $0.197 | $0.000 | $0.000 | $0.000 | $0.197 |
| 12/03/2025 | 12/04/2025 | 12/05/2025 | $0.358 | $0.000 | $0.119 | $0.000 | $0.477 |
| 12/04/2024 | 12/05/2024 | 12/06/2024 | $0.390 | $0.000 | $0.000 | $0.000 | $0.390 |
| 12/04/2023 | 12/05/2023 | 12/06/2023 | $0.217 | $0.000 | $0.000 | $0.000 | $0.217 |
| 11/30/2022 | 12/01/2022 | 12/02/2022 | $0.199 | $0.000 | $0.000 | $0.000 | $0.199 |
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.
FEF Distributors, LLC (“FEFD”) (SIPC), a limited purpose broker-dealer, distributes certain First Eagle products. FEFD does not provide services to any investor, but rather provides services to its First Eagle affiliates. As such, when FEFD presents a fund, strategy, or other product to a prospective investor, FEFD and its representatives do not determine whether an investment in the fund, strategy or other product is in the best interests of, or is otherwise beneficial or suitable for, the investor. No statement by FEFD should be construed as a recommendation. Investors should exercise their own judgment and/or consult with a financial professional to determine whether it is advisable for the investor to invest in any First Eagle fund, strategy, or product.
Documents
Mutual Fund Shareholder Reports
FEF Distributors, LLC (“FEFD”) (SIPC), a limited purpose broker-dealer, distributes certain First Eagle products. FEFD does not provide services to any investor, but rather provides services to its First Eagle affiliates. As such, when FEFD presents a fund, strategy, or other product to a prospective investor, FEFD and its representatives do not determine whether an investment in the fund, strategy or other product is in the best interests of, or is otherwise beneficial or suitable for, the investor. No statement by FEFD should be construed as a recommendation. Investors should exercise their own judgment and/or consult with a financial professional to determine whether it is advisable for the investor to invest in any First Eagle fund, strategy, or product.
The prospectus and summary prospectus may be viewed online or by calling us at 800-747-2008. Please read our prospectus carefully before investing. Investments are not FDIC insured or bank guaranteed and may lose value.
Risk Disclosures
All investments involve the risk of loss of principal.
The value and liquidity of portfolio holdings may fluctuate in response to events specific to the companies or markets, as well as economic, political or social events in the United States or abroad. During periods of market volatility, the value of individual securities and other investments at times may decline significantly and rapidly. The securities of small and micro-size companies can be more volatile in price than those of larger companies and may be more difficult or expensive to trade.
The Global Real Assets Fund will invest in companies operating in various industries related to real assets. To the extent there is a downturn in one or more of these industries, there would be a larger impact on the Fund than if the Fund’s portfolio were more broadly diversified. Factors that may affect these industries include, but are not limited to, government regulation or deregulation, energy conservation and supply/demand, raw material prices, commodities regulation, cost of transport, cost of labor, interest rates, and broad economic developments such as growth or contraction in different markets, currency valuation changes and central bank movements.
The Global Real Assets Fund may invest in securities of companies that focus on real estate related activities. Real estate and its related businesses are highly dependent on market conditions, including interest rates. REITs are subject to special risks including the quality and skill of REIT management and the internal expenses of the REIT. Many types of businesses are significant owners and operators of real estate and can be directly or indirectly exposed to similar risks in addition to their own more sector-specific risks. Real estate income and values may be negatively affected by general and local economic developments such as extended vacancies of properties, as well as demographic trends, such as population movement or changing tastes and values. Real estate income and values also may be negatively affected by condemnations, tax law changes, zoning law changes, regulatory limits on rent, environmental regulations and the availability of mortgage financing and changes in interest rates.
The Global Real Assets Fund may invest in energy companies, which may be negatively affected by natural disasters, the high investment costs of exploration and other long-term projects, maintenance costs (and risks of obsolescence) associated with significant fixed assets, commodity prices, government regulations, and conservation efforts, among other factors.
There are risks associated with investing in foreign investments (including depositary receipts). Foreign investments, which can be denominated in foreign currencies, are susceptible to less politically, economically and socially stable environments, fluctuations in the value of foreign currency and exchange rates, and adverse changes to government regulations.
Investment in gold and gold-related investments present certain risks and returns on gold related investments have traditionally been more volatile than investments in broader equity or debt markets.
A principal risk of investing in value stocks is that the price of the security may not approach its anticipated value or may decline in value. “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.
Although the Global Real Assets Fund is intended to provide a measure of protection against inflation, it is possible it will not do so to the extent intended. The Fund’s investments may be adversely affected to a greater extent than other investments during periods of deflation.
Contact Us
Internal Advisor Consultant Desk
Corporate Headquarters
Investors should consider investment objectives, risks, charges and expenses carefully before investing. The prospectus and summary prospectus contain this and other information about the Funds and may be viewed online or calling us at 800.747.2008. Please read the prospectus carefully before investing. Investments are not FDIC insured or bank guaranteed and may lose value.
FEF Distributors, LLC (“FEFD”) (SIPC), a limited purpose broker-dealer, distributes certain First Eagle products. FEFD does not provide services to any investor, but rather provides services to its First Eagle affiliates. As such, when FEFD presents a fund, strategy, or other product to a prospective investor, FEFD and its representatives do not determine whether an investment in the fund, strategy or other product is in the best interests of, or is otherwise beneficial or suitable for, the investor. No statement by FEFD should be construed as a recommendation. Investors should exercise their own judgment and/or consult with a financial professional to determine whether it is advisable for the investor to invest in any First Eagle fund, strategy, or product.
The First Eagle Funds are offered by FEF Distributors, LLC, a subsidiary of First Eagle Investment Management, LLC, which provides advisory services.
Check the background of FEF Distributors, LLC (Member SIPC) on FINRA's BrokerCheck.
Form Customer Relationship Summary ("FORM CRS") can be accessed by clicking on this link FORM CRS