Portfolio Characteristics

  • As of Dec 31, 2025

Investment Philosophy

The Overseas 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 Dec 31, 2025

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. 

  6. Definitions

  7. 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 EAFE Index (Net): measures the performance of large and midcap securities across 21 developed markets countries around the world excluding the US and Canada. A net-return index tracks price changes and reinvestment of distribution income net of withholding taxes.

    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

FEOE
TickerYTD %1 MO3 MO1 YR3 YR5 YR10 YRINCEPT %Expense RatioFund Inception Date
GrossNet
FEOE NAV  41.54%   3.31%   6.45%  41.54% -- -- --  40.08%   0.79%   0.50% Dec 19, 2024
FEOE Market Price  41.33%   3.10%   6.45%  41.33% -- -- --  40.33%   0.79%   0.50% Dec 19, 2024
MSCI EAFE Index  31.22%   3.00%   4.86%  31.22% -- -- --  30.87% -- -- --
FEOE NAV  41.54%   3.31%   6.45%  41.54% -- -- --  40.08%   0.79%   0.50% Dec 19, 2024
FEOE Market Price  41.33%   3.10%   6.45%  41.33% -- -- --  40.33%   0.79%   0.50% Dec 19, 2024
MSCI EAFE Index  31.22%   3.00%   4.86%  31.22% -- -- --  30.87% -- -- --

Source: FactSet; data as of Dec 31, 2025.

Source: FactSet; data as of Dec 31, 2025.

  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 Feb 17, 2026

Download as CSV
Stock TickerCUSIP/OtherSecurity NameSharesPriceMarket ValueWeightings
Cash&Other Cash&Other Cash & Other 7,486,611 1.00 $7,486,611.11 0.95%
005930 KS 6771720 Samsung Electronics Co Ltd 311,580 181,200.00 $39,072,837.12 4.97%
SHELL NA BP6MXT4 Shell PLC 859,433 33.09 $33,767,193.71 4.29%
IMO CN 2454241 Imperial Oil Ltd 273,254 163.25 $32,755,968.35 4.17%
BATS LN 0287580 British American Tobacco PLC 504,626 43.54 $30,002,889.54 3.82%
MRK GR 4741844 Merck KGaA 122,789 127.80 $18,635,545.98 2.37%
CFR SW BCRWZ18 Cie Financiere Richemont SA 84,449 158.65 $17,450,776.75 2.22%
FMX 344419106 Fomento Economico Mexicano SAB de CV 149,071 114.39 $17,052,231.69 2.17%
UNA NA BTMR1D1 Unilever PLC 221,418 62.70 $16,486,644.34 2.10%
6273 JP 6763965 SMC Corp 35,300 70,840.00 $16,378,386.17 2.08%
RKT LN BSZBP53 RECKITT BENCKISER 184,116 64.68 $16,261,713.10 2.07%
PRX NA BJDS7L3 Prosus NV 316,068 42.51 $15,954,101.61 2.03%
MC FP 4061412 LVMH Moet Hennessy Louis Vuitton SE 25,599 514.20 $15,631,723.97 1.99%
FNV CN B29NF31 Franco-Nevada Corp 60,477 343.87 $15,270,570.17 1.94%
JM SP 6472119 Jardine Matheson Holdings Ltd 199,793 76.20 $15,224,226.60 1.94%
NESN SW 7123870 Nestle SA 146,673 79.58 $15,203,174.65 1.93%
INVEB SS BMV7PQ4 Investor AB 360,388 358.80 $14,502,340.03 1.84%
TSM 874039100 Taiwan Semiconductor Manufacturing Co Ltd 39,555 366.36 $14,491,369.80 1.84%
6503 JP 6597045 Mitsubishi Electric Corp 384,300 5,590.00 $14,070,192.56 1.79%
WPM 962879102 Wheaton Precious Metals Corp 94,545 145.90 $13,794,115.50 1.75%
6954 JP 6356934 FANUC Corp 324,000 6,445.00 $13,676,840.45 1.74%
NEM 651639106 Newmont Corp 105,418 125.80 $13,261,584.40 1.69%
8725 JP B2Q4CS1 MS&AD Insurance Group Holdings Inc 482,000 4,190.00 $13,227,534.71 1.68%
ABEV 02319V103 Ambev SA 4,127,233 3.11 $12,835,694.63 1.63%
9988 HK BK6YZP5 Alibaba Group Holding Ltd 639,900 155.40 $12,719,912.51 1.62%
WALMEX* MM BW1YVH8 Wal-Mart de Mexico SAB de CV 3,624,626 58.32 $12,318,479.53 1.57%
BN FP B1Y9TB3 Danone SA 143,032 72.32 $12,284,102.56 1.56%
NTR 67077M108 Nutrien Ltd 166,274 70.81 $11,773,861.94 1.50%
B 06849F108 Barrick Mining Corp 243,009 47.91 $11,642,561.19 1.48%
SCHP SW B11TCY0 Schindler Holding AG 30,364 294.40 $11,643,323.48 1.48%
4613 JP 6483746 Kansai Paint Co Ltd 635,300 2,769.00 $11,521,782.16 1.47%
9735 JP 6791591 Secom Co Ltd 290,800 6,075.00 $11,570,670.68 1.47%
POW CN 2697701 Power Corp of Canada 240,207 64.66 $11,404,915.83 1.45%
LLOY LN 0870612 Lloyds Banking Group PLC 8,230,021 1.00 $11,283,392.39 1.43%
HEIA NA 7792559 Heineken NV 112,359 78.08 $10,418,362.75 1.32%
HLN LN BMX86B7 Haleon PLC 1,856,213 4.09 $10,372,142.39 1.32%
WTW G96629103 Willis Towers Watson PLC 35,321 287.74 $10,163,264.54 1.29%
UOB SP 6916781 United Overseas Bank Ltd 318,361 38.47 $9,703,943.96 1.23%
ORK NO B1VQF42 Orkla ASA 662,050 129.80 $9,049,885.21 1.15%
6861 JP 6490995 Keyence Corp 24,000 55,590.00 $8,738,276.13 1.11%
8630 JP B62G7K6 Sompo Holdings Inc 223,900 5,966.00 $8,748,935.03 1.11%
UOL SP 6916844 UOL Group Ltd 972,125 11.13 $8,572,816.14 1.09%
ITSA4 BZ 2458771 Itausa SA 3,047,521 14.57 $8,501,725.49 1.08%
012330 KS 6449544 Hyundai Mobis Co Ltd 27,707 435,000.00 $8,341,150.21 1.06%
BKG LN BP0RGD0 Berkeley Group Holdings PLC 137,146 44.34 $8,303,933.63 1.06%
1299 HK B4TX8S1 AIA Group Ltd 752,400 80.30 $7,728,324.19 0.98%
HEN3 GR 5076705 HENKEL AG & CO KGAA 78,437 83.04 $7,734,996.47 0.98%
LR FP B11ZRK9 Legrand SA 43,337 149.25 $7,681,127.76 0.98%
7309 JP 6804820 Shimano Inc 67,000 16,755.00 $7,352,534.71 0.94%
PM 718172109 Philip Morris International Inc 37,726 187.51 $7,074,002.26 0.90%
6806 JP 6428725 Hirose Electric Co Ltd 51,100 20,665.00 $6,916,305.34 0.88%
1113 HK BYZQ077 CK Asset Holdings Ltd 1,119,500 46.90 $6,716,112.16 0.85%
BBL-R TB 6368360 BANGKOK BANK THB10 (NVDR) 1,085,569 163.50 $5,711,222.96 0.73%
6465 JP B3FF8W8 Hoshizaki Corp 153,600 5,601.00 $5,634,749.80 0.72%
SHBA SS BXDZ9Q1 Svenska Handelsbanken AB 361,422 139.65 $5,660,709.30 0.72%
035420 KS 6560393 NAVER Corp 31,898 252,500.00 $5,574,064.85 0.71%
BNHRG84 BNHRG84 FUCHS SE 124,201 37.46 $5,525,157.60 0.70%
INDUC SS B1VSK54 Industrivarden AB 91,186 479.90 $4,907,883.47 0.62%
AEM CN 2009823 Agnico Eagle Mines Ltd 21,807 295.07 $4,724,890.03 0.60%
6849 JP 6639970 Nihon Kohden Corp 381,800 1,696.00 $4,241,110.82 0.54%
BA/ LN 0263494 BAE Systems PLC 151,299 19.68 $4,065,988.88 0.52%
DGE LN 0237400 Diageo PLC 151,087 18.24 $3,763,197.12 0.48%
RI FP 4682329 Pernod Ricard SA 37,065 84.64 $3,725,559.16 0.47%
004370 KS 6638115 NongShim Co Ltd 10,891 450,500.00 $3,395,546.90 0.43%
ASII IJ B800MQ5 Astra International Tbk PT 8,526,500 6,650.00 $3,369,056.74 0.43%
SGSN SW BMBQHZ4 SGS SA 27,358 94.30 $3,360,285.77 0.43%
AGHOL TI B03MZM9 AG Anadolu Grubu Holding AS 3,973,268 35.96 $3,267,292.87 0.42%
KESKOB FH 4490005 Kesko Oyj 122,223 21.52 $3,123,539.56 0.40%
GMEXICOB MM 2643674 Grupo Mexico SAB de CV 253,471 204.49 $3,020,485.41 0.38%
3626 JP B2Q4CR0 TIS Inc 125,700 3,174.00 $2,613,124.18 0.33%
BAKKA NO B6632T7 Bakkafrost P/F 47,144 460.40 $2,285,805.80 0.29%
MICC NA BSNMGT9 Magnum Ice Cream Co NV/The 130,996 14.00 $2,177,899.70 0.28%
ADS GR 4031976 adidas AG 10,822 154.95 $1,991,365.21 0.25%
DSY FP BM8H5Y5 Dassault Systemes SE 66,942 17.82 $1,416,635.72 0.18%

  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: 21.41%
Industrials: 15.31%
Financials: 14.92%
Consumer Discretionary: 13.09%
Materials: 12.05%
Information Technology: 9.01%
Energy: 7.54%
Health Care: 4.27%
Real Estate: 1.62%
Communication Services: 0.77%
Source: FactSet; data as of Dec 31, 2025.
Consumer Staples 21.41%
Industrials 15.31%
Financials 14.92%
Consumer Discretionary 13.09%
Materials 12.05%
Information Technology 9.01%
Energy 7.54%
Health Care 4.27%
Real Estate 1.62%
Communication Services 0.77%
Consumer Staples 22.33%
Financials 14.85%
Industrials 14.47%
Consumer Discretionary 13.26%
Materials 12.24%
Information Technology 8.52%
Energy 7.69%
Health Care 4.20%
Real Estate 1.65%
Communication Services 0.78%
Consumer Staples 21.17%
Industrials 15.44%
Financials 14.46%
Consumer Discretionary 14.29%
Materials 11.20%
Information Technology 9.52%
Energy 7.40%
Health Care 4.01%
Real Estate 1.61%
Communication Services 0.91%
Consumer Staples 21.01%
Industrials 15.35%
Financials 14.54%
Consumer Discretionary 13.93%
Materials 13.44%
Information Technology 8.13%
Energy 7.37%
Health Care 3.72%
Real Estate 1.59%
Communication Services 0.93%
Consumer Staples 22.44%
Industrials 15.40%
Financials 15.01%
Materials 13.20%
Consumer Discretionary 12.50%
Energy 7.88%
Information Technology 7.30%
Health Care 3.95%
Real Estate 1.55%
Communication Services 0.78%
Consumer Staples 22.63%
Industrials 15.64%
Financials 15.19%
Materials 12.15%
Consumer Discretionary 12.06%
Energy 7.86%
Information Technology 7.86%
Health Care 4.16%
Real Estate 1.56%
Communication Services 0.89%
Consumer Staples 22.36%
Industrials 15.42%
Financials 15.31%
Consumer Discretionary 12.76%
Materials 12.25%
Energy 7.60%
Information Technology 6.97%
Health Care 4.79%
Real Estate 1.49%
Communication Services 1.05%
Consumer Staples 21.84%
Industrials 16.43%
Financials 16.12%
Consumer Discretionary 12.79%
Materials 12.18%
Energy 7.41%
Information Technology 6.83%
Health Care 4.85%
Real Estate 0.81%
Communication Services 0.75%
#N/A #N/A%
Consumer Staples 22.13%
Industrials 16.26%
Financials 16.09%
Consumer Discretionary 12.51%
Materials 12.48%
Energy 7.04%
Information Technology 6.36%
Health Care 4.97%
Real Estate 0.82%
Communication Services 0.80%
Short-Term, Cash & Cash Equivalents 0.55%
Consumer Staples 23.07%
Financials 16.37%
Industrials 15.37%
Materials 12.69%
Consumer Discretionary 11.99%
Energy 7.52%
Information Technology 6.28%
Health Care 4.65%
Real Estate 0.82%
Communication Services 0.73%
Short-Term, Cash & Cash Equivalents 0.51%

Allocation by Asset Class (%)

International Equity: 73.04%
Emerging Markets Equity: 17.75%
Gold Related Investments: 8.35%
US Equity: 0.87%
Source: FactSet; data as of Dec 31, 2025.
International Equity 73.04%
Emerging Markets Equity 17.75%
Gold Related Investments 8.35%
US Equity 0.87%
International Equity 73.67%
Emerging Markets Equity 16.94%
Gold Related Investments 8.51%
US Equity 0.88%
International Equity 72.96%
Emerging Markets Equity 18.77%
Gold Related Investments 7.45%
US Equity 0.83%
International Equity 72.27%
Emerging Markets Equity 17.27%
Gold Related Investments 9.52%
US Equity 0.93%
International Equity 74.59%
Emerging Markets Equity 15.39%
Gold Related Investments 9.01%
US Equity 1.00%
International Equity 74.60%
Emerging Markets Equity 16.36%
Gold Related Investments 8.01%
US Equity 1.03%
International Equity 75.04%
Emerging Markets Equity 15.79%
Gold Related Investments 8.02%
US Equity 1.15%
#N/A #N/A%
International Equity 75.69%
Emerging Markets Equity 15.32%
Gold Related Investments 7.82%
US Equity 1.18%
#N/A #N/A%
International Equity 76.85%
Emerging Markets Equity 13.45%
Gold Related Investments 7.99%
US Equity 1.16%
Short-Term, Cash & Cash Equivalents 0.55%
International Equity 77.64%
Emerging Markets Equity 12.01%
Gold Related Investments 8.74%
US Equity 1.11%
Short-Term, Cash & Cash Equivalents 0.51%

Allocation by Region (%)

Europe: 45.34%
Asia ex-Japan: 18.34%
Japan: 15.45%
Gold Related Investments: 8.35%
Canada: 6.70%
Latin America: 4.96%
United States: 0.87%
Source: FactSet; data as of Dec 31, 2025.
Europe 45.34%
Asia ex-Japan 18.34%
Japan 15.45%
Gold Related Investments 8.35%
Canada 6.70%
Latin America 4.96%
United States 0.87%
Europe 45.64%
Asia ex-Japan 17.39%
Japan 15.07%
Gold Related Investments 8.51%
Canada 7.34%
Latin America 5.18%
United States 0.88%
Europe 45.66%
Asia ex-Japan 19.32%
Japan 15.12%
Gold Related Investments 7.45%
Canada 6.75%
Latin America 4.88%
United States 0.83%
Europe 45.15%
Asia ex-Japan 18.34%
Japan 14.75%
Gold Related Investments 9.52%
Canada 6.85%
Latin America 4.45%
United States 0.93%
Europe 46.61%
Asia ex-Japan 16.61%
Japan 15.19%
Gold Related Investments 9.01%
Canada 7.19%
Latin America 4.38%
United States 1.00%
Europe 46.65%
Asia ex-Japan 17.42%
Japan 15.20%
Gold Related Investments 8.01%
Canada 7.16%
Latin America 4.51%
United States 1.03%
Europe 47.20%
Asia ex-Japan 16.25%
Japan 15.63%
Gold Related Investments 8.02%
Canada 6.90%
Latin America 4.84%
United States 1.15%
Europe 47.53%
Japan 16.68%
Asia ex-Japan 14.56%
Gold Related Investments 7.82%
Canada 6.96%
Latin America 5.27%
United States 1.18%
#N/A #N/A%
Europe 47.44%
Japan 16.12%
Asia ex-Japan 14.45%
Gold Related Investments 7.99%
Canada 6.85%
Latin America 5.44%
United States 1.16%
Short-Term, Cash & Cash Equivalents 0.55%
Europe 47.47%
Japan 16.19%
Asia ex-Japan 14.16%
Gold Related Investments 8.74%
Canada 6.77%
Latin America 5.06%
United States 1.11%
Short-Term, Cash & Cash Equivalents 0.51%

  1. Disclosures

  2. 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.

  3. Percentages may not sum to 100% due to rounding.

  4. As with all ETFs, Shares may be bought and sold in the secondary market at market prices. 

    Investments involve risk. Principal loss is possible. 

  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 EAFE Index (Net): measures the performance of large and midcap securities across 21 developed markets countries around the world excluding the US and Canada. A net-return index tracks price changes and reinvestment of distribution income net of withholding taxes.

    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

  • Alan Barr Headshot

    Alan Barr

    Portfolio Manager and Senior Research Analyst
    Industry start:  
    1990
    Year joined:  
    2001
  • Christian Heck Headshot

    Christian Heck

    Deputy Head of Global Value and Portfolio Manager
    Industry start:  
    2011
    Year joined:  
    2013
  • 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 EAFE Index (Net): measures the performance of large and midcap securities across 21 developed markets countries around the world excluding the US and Canada. A net-return index tracks price changes and reinvestment of distribution income net of withholding taxes.

    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: FEOE

Expense Ratio as 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 EAFE Index (Net): measures the performance of large and midcap securities across 21 developed markets countries around the world excluding the US and Canada. A net-return index tracks price changes and reinvestment of distribution income net of withholding taxes.

      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.

    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 $0.738 $0.000 $0.000 $0.000 $0.738

    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

    Portfolio Composition
    Fact Sheet
    First Eagle Overseas Equity ETF Profile
    An Introduction to Exchange-Traded Funds (ETFs)
    Shareholder Report
    Semi-Annual Report
    2025 ETF Ordinary Income and Capital Gains Distributions

    Commentaries

    Quarterly Commentary

    1. 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.

    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.

    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