Overview
Investment Philosophy
The U.S. 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 ReturnsWe attempt to avoid the permanent impairment of capital and generate long-term positive absolute returns across market cycles.
Flexible, Benchmark-Agnostic ApproachThe Fund has the ability to invest across asset classes, regions, sectors/industries and market-capitalization ranges, without regard to a benchmark.
Seeks Downside MitigationOur attempts to avoid the permanent loss of capital result in a portfolio that has exposure to US equities purchased with what we believe to be a "margin of safety" in price.
Portfolio Characteristics
| Total Net Assets as of Apr 30, 2026 | $1,653MM |
| Number of Holdings | 72 |
| Weighted Average Market Cap | $463,336MM |
| Median Market Cap | $34,965MM |
| Price/Earnings Ratio | 19.23 |
| Since Inception Standard Deviation | 11.64 |
| Active Share | 88.4% |
| Turnover as of 31-Oct-2025 | 16.9% |
- As of Apr 30, 2026
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 ModelsThoroughly 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 StatementsFinancial 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 ValueThe 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 TermThe 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.
Growth of $10K
Source: FactSet; data as of Mar 31, 2026.
Disclosures
U.S. Fund Inception dates: A Shares 4-Sep-2001, C Shares 4-Sep-2001, I Shares 4-Sep-2001, R6 Shares 1-Mar-2017.
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.
Returns for periods less than one year are not annualized.
The average annual returns for Class A Shares “with sales charge” of First Eagle U.S. Fund, Global Income Builder and Rising Dividend Fund gives effect to the deduction of the maximum sales charge of 5.00%.
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.
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.
Class I Shares require $1MM minimum investment and are offered without sales charge. There is no minimum subsequent investment amount for Class I Shares.
Class R Shares are offered without sales charge.
The annual expense ratio is based on expenses incurred by The Fund, as stated in the most recent prospectus.
Definitions
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.
R-Squared reflects the percentage of a fund's movements that are explained by movements in its benchmark index, showing the degree of correlation between the fund and the benchmark.
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.
Alpha is a measure of the Fund's excess return relative to the return of the benchmark index.
Information ratio evaluates the ratio of a fund's returns above those of a benchmark against the volatility of those returns.
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).
A real estate investment trust (REIT) is a company that in most cases owns and operates income-producing real estate assets. To qualify as a REIT under the Internal Revenue Code, a REIT is required to distribute at least 90% of its taxable income to shareholders annually and receive at least 75% of that income from rents, mortgages and sales of property.
One cannot invest directly in an index. Indices do not incur management fees or other operating expenses.
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.
The Fund’s portfolio is actively managed and holdings can change at any time. Current and future portfolio holdings are subject to risk.
Third-party marks are the property of their respective owners.
Performance & Prices
Growth of $10K
Source: FactSet; data as of Mar 31, 2026.
Calendar Year Return
| Year | Class A (FEVAX) | S&P 500 Index |
|---|---|---|
| 2025 | 22.65 | 17.88 |
| 2024 | 15.60 | 25.02 |
| 2023 | 14.42 | 26.29 |
| 2022 | -5.69 | -18.11 |
| 2021 | 18.67 | 28.71 |
| 2020 | 6.49 | 18.40 |
| 2019 | 19.36 | 31.49 |
| 2018 | -5.92 | -4.38 |
| 2017 | 12.79 | 21.83 |
| 2016 | 14.75 | 11.96 |
| 2015 | -5.15 | 1.38 |
| 2014 | 8.16 | 13.69 |
| 2013 | 16.92 | 32.39 |
| 2012 | 10.70 | 16.00 |
| 2011 | 5.70 | 2.11 |
| 2010 | 12.23 | 15.06 |
| 2009 | 24.83 | 26.46 |
| 2008 | -23.10 | -37.00 |
| 2007 | 8.95 | 5.49 |
| 2006 | 12.33 | 15.79 |
| 2005 | 7.14 | 4.91 |
| 2004 | 14.67 | 10.88 |
| 2003 | 29.92 | 28.68 |
| 2002 | -2.58 | -22.10 |
| 2001 | 12.80 | 1.75 |
Source: FactSet; data as of Dec 31, 2025.
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 | ||||||||||||
| FEVAX | A | w/out load | 4.75% | 0.29% | -3.43% | 21.99% | 17.93% | 10.33% | 10.64% | 9.56% | 1.14% | -- | Sep 4, 2001 |
| FEVAX | A | w/load | -0.49% | -4.72% | -8.25% | 15.87% | 15.93% | 9.21% | 10.07% | 9.33% | 1.14% | -- | Sep 4, 2001 |
| S&P 500 Index (since inception based on A Shares) | 11.27% | 5.26% | 10.52% | 29.78% | 23.61% | 14.15% | 15.65% | 10.01% | -- | -- | -- | ||
| FEVAX | A | w/out load | 1.17% | -6.73% | 1.17% | 19.23% | 16.24% | 11.42% | 10.54% | 9.47% | 1.14% | -- | Sep 4, 2001 |
| FEVAX | A | w/load | -3.90% | -11.39% | -3.90% | 13.28% | 14.26% | 10.28% | 9.98% | 9.24% | 1.14% | -- | Sep 4, 2001 |
| S&P 500 Index (since inception based on A Shares) | -4.33% | -4.98% | -4.33% | 17.80% | 18.32% | 12.06% | 14.16% | 9.39% | -- | -- | -- | ||
| FEVCX | C | 3.41% | -0.78% | -4.56% | 20.08% | 17.06% | 9.50% | 9.79% | 8.73% | 1.88% | -- | Sep 4, 2001 | |
| S&P 500 Index (since inception based on A Shares) | 11.27% | 5.26% | 10.52% | 29.78% | 23.61% | 14.15% | 15.65% | 10.01% | -- | -- | -- | ||
| FEVCX | C | -0.03% | -7.70% | -0.03% | 17.32% | 15.36% | 10.58% | 9.70% | 8.65% | 1.88% | -- | Sep 4, 2001 | |
| S&P 500 Index (since inception based on A Shares) | -4.33% | -4.98% | -4.33% | 17.80% | 18.32% | 12.06% | 14.16% | 9.39% | -- | -- | -- | ||
| FEVIX | I | 4.87% | 0.32% | -3.33% | 22.26% | 18.23% | 10.62% | 10.93% | 9.83% | 0.89% | -- | Sep 4, 2001 | |
| S&P 500 Index (since inception based on A Shares) | 11.27% | 5.26% | 10.52% | 29.78% | 23.61% | 14.15% | 15.65% | 10.01% | -- | -- | -- | ||
| FEVIX | I | 1.22% | -6.70% | 1.22% | 19.49% | 16.51% | 11.70% | 10.83% | 9.75% | 0.89% | -- | Sep 4, 2001 | |
| S&P 500 Index (since inception based on A Shares) | -4.33% | -4.98% | -4.33% | 17.80% | 18.32% | 12.06% | 14.16% | 9.39% | -- | -- | -- | ||
| FEVRX | R6 | 4.87% | 0.28% | -3.37% | 22.34% | 18.30% | 10.68% | -- | 10.50% | 0.83% | -- | Mar 1, 2017 | |
| S&P 500 Index (since inception based on A Shares) | 11.27% | 5.26% | 10.52% | 29.78% | 23.61% | 14.15% | 15.65% | 10.01% | -- | -- | -- | ||
| FEVRX | R6 | 1.26% | -6.70% | 1.26% | 19.57% | 16.60% | 11.77% | -- | 10.27% | 0.83% | -- | Mar 1, 2017 | |
| S&P 500 Index (since inception based on A Shares) | -4.33% | -4.98% | -4.33% | 17.80% | 18.32% | 12.06% | 14.16% | 9.39% | -- | -- | -- | ||
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.
Disclosures
The average annual returns for Class A Shares “with sales charge” of First Eagle U.S. Fund give effect to the deduction of the maximum sales charge of 5.00%.
Class I Shares require $1MM minimum investment and are offered without sales charge. There is no minimum subsequent investment amount for Class I Shares.
Class R Shares are offered without sales charge.
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.
The Fund may invest in gold and precious metals through investment in a wholly-owned subsidiary of the Fund organized under the laws of the Cayman Islands (the “Subsidiary”). Gold Bullion and commodities include the Fund’s investment in the Subsidiary.
Definitions
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.
R-Squared reflects the percentage of a fund's movements that are explained by movements in its benchmark index, showing the degree of correlation between the fund and the benchmark.
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.
Alpha is a measure of the Fund's excess return relative to the return of the benchmark index.
Information ratio evaluates the ratio of a fund's returns above those of a benchmark against the volatility of those returns.
A real estate investment trust (REIT) is a company that in most cases owns and operates income-producing real estate assets. To qualify as a REIT under the Internal Revenue Code, a REIT is required to distribute at least 90% of its taxable income to shareholders annually and receive at least 75% of that income from rents, mortgages and sales of property.
One cannot invest directly in an index. Indices do not incur management fees or other operating expenses.
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.
The Fund’s portfolio is actively managed and holdings can change at any time. Current and future portfolio holdings are subject to risk.
Third-party marks are the property of their respective owners.
Portfolio
Top Ten Holdings (%)
As of Apr 30, 2026
| Gold Bullion | 11.74 | |
| Alphabet Inc. Class C | 4.55 | |
| Meta Platforms Inc Class A | 3.32 | |
| Bank of New York Mellon Corp | 2.92 | |
| HCA Healthcare Inc | 2.82 | |
| Elevance Health, Inc. | 2.78 | |
| Becton, Dickinson and Company | 2.78 | |
| Philip Morris International Inc. | 2.32 | |
| Oracle Corporation | 2.21 | |
| ONEOK, Inc. | 2.08 | |
| Top Ten Holdings as a Percentage of Total Net Assets | 37.52 |
Allocation by Sector (%)
| Materials | 18.14% |
| Health Care | 13.74% |
| Communication Services | 12.15% |
| Financials | 10.84% |
| Energy | 10.35% |
| Information Technology | 8.92% |
| Short-Term, Cash & Cash Equivalents | 8.33% |
| Industrials | 7.88% |
| Consumer Staples | 5.06% |
| Real Estate | 4.58% |
| Materials | 18.61% |
| Health Care | 14.12% |
| Communication Services | 11.78% |
| Financials | 10.76% |
| Energy | 10.60% |
| Information Technology | 9.14% |
| Short-Term, Cash & Cash Equivalents | 8.34% |
| Industrials | 7.03% |
| Consumer Staples | 5.22% |
| Real Estate | 4.40% |
| Materials | 20.50% |
| Health Care | 14.64% |
| Communication Services | 11.94% |
| Energy | 9.87% |
| Financials | 9.77% |
| Short-Term, Cash & Cash Equivalents | 8.47% |
| Information Technology | 8.43% |
| Industrials | 6.29% |
| Consumer Staples | 5.72% |
| Real Estate | 4.07% |
| Materials | 19.46% |
| Health Care | 15.02% |
| Communication Services | 12.47% |
| Information Technology | 9.60% |
| Energy | 9.28% |
| Financials | 9.27% |
| Short-Term, Cash & Cash Equivalents | 8.03% |
| Industrials | 7.47% |
| Consumer Staples | 5.46% |
| Real Estate | 3.72% |
| Consumer Discretionary | 0.22% |
| Materials | 19.62% |
| Health Care | 15.43% |
| Communication Services | 12.63% |
| Information Technology | 10.11% |
| Financials | 9.31% |
| Energy | 8.41% |
| Short-Term, Cash & Cash Equivalents | 7.89% |
| Industrials | 7.19% |
| Consumer Staples | 5.15% |
| Real Estate | 3.81% |
| Consumer Discretionary | 0.44% |
| Materials | 19.96% |
| Health Care | 15.92% |
| Communication Services | 12.68% |
| Information Technology | 9.76% |
| Financials | 9.16% |
| Short-Term, Cash & Cash Equivalents | 8.12% |
| Energy | 7.90% |
| Industrials | 7.34% |
| Consumer Staples | 5.20% |
| Real Estate | 3.54% |
| Consumer Discretionary | 0.42% |
| Materials | 19.23% |
| Health Care | 15.17% |
| Communication Services | 13.36% |
| Information Technology | 10.86% |
| Financials | 9.12% |
| Short-Term, Cash & Cash Equivalents | 8.63% |
| Energy | 7.76% |
| Industrials | 7.38% |
| Consumer Staples | 4.97% |
| Real Estate | 3.12% |
| Consumer Discretionary | 0.39% |
| Materials | 19.30% |
| Health Care | 14.76% |
| Communication Services | 13.40% |
| Information Technology | 10.52% |
| Financials | 9.33% |
| Short-Term, Cash & Cash Equivalents | 9.03% |
| Energy | 7.95% |
| Industrials | 6.94% |
| Consumer Staples | 5.33% |
| Real Estate | 3.07% |
| Consumer Discretionary | 0.37% |
| Materials | 18.35% |
| Health Care | 14.90% |
| Communication Services | 12.99% |
| Information Technology | 10.05% |
| Financials | 9.41% |
| Short-Term, Cash & Cash Equivalents | 9.35% |
| Energy | 8.25% |
| Industrials | 7.37% |
| Consumer Staples | 5.73% |
| Real Estate | 3.23% |
| Consumer Discretionary | 0.37% |
| Materials | 17.73% |
| Health Care | 13.67% |
| Communication Services | 12.95% |
| Short-Term, Cash & Cash Equivalents | 10.82% |
| Information Technology | 10.29% |
| Financials | 9.33% |
| Energy | 8.39% |
| Industrials | 7.26% |
| Consumer Staples | 6.02% |
| Real Estate | 3.19% |
| Consumer Discretionary | 0.36% |
| Materials | 17.80% |
| Health Care | 14.59% |
| Communication Services | 12.29% |
| Information Technology | 10.34% |
| Short-Term, Cash & Cash Equivalents | 9.63% |
| Financials | 9.40% |
| Energy | 8.26% |
| Consumer Staples | 7.17% |
| Industrials | 6.85% |
| Real Estate | 3.33% |
| Consumer Discretionary | 0.34% |
| Materials | 18.15% |
| Health Care | 15.06% |
| Communication Services | 11.91% |
| Financials | 10.19% |
| Information Technology | 9.38% |
| Short-Term, Cash & Cash Equivalents | 9.29% |
| Energy | 7.85% |
| Consumer Staples | 7.28% |
| Industrials | 7.00% |
| Real Estate | 3.50% |
| Consumer Discretionary | 0.38% |
| Materials | 18.78% |
| Health Care | 15.16% |
| Communication Services | 11.39% |
| Financials | 10.44% |
| Information Technology | 9.21% |
| Short-Term, Cash & Cash Equivalents | 8.77% |
| Consumer Staples | 8.08% |
| Energy | 7.69% |
| Industrials | 6.54% |
| Real Estate | 3.56% |
| Consumer Discretionary | 0.39% |
Allocation by Asset Class (%)
| US Equity | 72.95% |
| Gold Related Investments | 14.87% |
| Short-Term, Cash & Cash Equivalents | 8.33% |
| International Equity | 2.36% |
| US Fixed Income | 1.14% |
| International Fixed Income | 0.35% |
| US Equity | 71.97% |
| Gold Related Investments | 15.57% |
| Short-Term, Cash & Cash Equivalents | 8.34% |
| International Equity | 2.60% |
| US Fixed Income | 1.16% |
| International Fixed Income | 0.37% |
| US Equity | 70.24% |
| Gold Related Investments | 17.18% |
| Short-Term, Cash & Cash Equivalents | 8.47% |
| International Equity | 2.70% |
| US Fixed Income | 1.08% |
| International Fixed Income | 0.34% |
| US Equity | 71.71% |
| Gold Related Investments | 16.39% |
| Short-Term, Cash & Cash Equivalents | 8.03% |
| International Equity | 2.74% |
| US Fixed Income | 0.79% |
| International Fixed Income | 0.34% |
| US Equity | 71.41% |
| Gold Related Investments | 16.66% |
| Short-Term, Cash & Cash Equivalents | 7.89% |
| International Equity | 2.84% |
| US Fixed Income | 0.84% |
| International Fixed Income | 0.36% |
| US Equity | 70.84% |
| Gold Related Investments | 17.09% |
| Short-Term, Cash & Cash Equivalents | 8.12% |
| International Equity | 2.70% |
| US Fixed Income | 0.89% |
| International Fixed Income | 0.36% |
| US Equity | 71.05% |
| Gold Related Investments | 16.45% |
| Short-Term, Cash & Cash Equivalents | 8.63% |
| International Equity | 2.59% |
| US Fixed Income | 0.92% |
| International Fixed Income | 0.37% |
| US Equity | 70.30% |
| Gold Related Investments | 16.57% |
| Short-Term, Cash & Cash Equivalents | 9.03% |
| International Equity | 2.82% |
| US Fixed Income | 0.91% |
| International Fixed Income | 0.36% |
| US Equity | 71.15% |
| Gold Related Investments | 15.41% |
| Short-Term, Cash & Cash Equivalents | 9.35% |
| International Equity | 2.78% |
| US Fixed Income | 0.93% |
| International Fixed Income | 0.37% |
| US Equity | 70.07% |
| Gold Related Investments | 14.89% |
| Short-Term, Cash & Cash Equivalents | 10.82% |
| International Equity | 2.86% |
| US Fixed Income | 0.97% |
| International Fixed Income | 0.38% |
| US Equity | 71.37% |
| Gold Related Investments | 14.88% |
| Short-Term, Cash & Cash Equivalents | 9.63% |
| International Equity | 2.78% |
| US Fixed Income | 0.97% |
| International Fixed Income | 0.37% |
| US Equity | 71.16% |
| Gold Related Investments | 15.23% |
| Short-Term, Cash & Cash Equivalents | 9.29% |
| International Equity | 2.96% |
| US Fixed Income | 0.99% |
| International Fixed Income | 0.38% |
| US Equity | 70.97% |
| Gold Related Investments | 15.91% |
| Short-Term, Cash & Cash Equivalents | 8.77% |
| International Equity | 2.96% |
| US Fixed Income | 1.00% |
| International Fixed Income | 0.39% |
Allocation by Market Capitalization (%)
| Large Cap | 64.78% |
| Mid Cap | 29.45% |
| Small Cap | 5.77% |
| Large Cap | 63.62% |
| Mid Cap | 30.64% |
| Small Cap | 5.75% |
| Large Cap | 63.81% |
| Mid Cap | 28.89% |
| Small Cap | 7.30% |
| Large Cap | 68.38% |
| Mid Cap | 26.50% |
| Small Cap | 5.12% |
| Large Cap | 68.67% |
| Mid Cap | 27.30% |
| Small Cap | 4.03% |
| Large Cap | 68.60% |
| Mid Cap | 27.20% |
| Small Cap | 4.21% |
| Large Cap | 68.53% |
| Mid Cap | 27.07% |
| Small Cap | 4.40% |
| Large Cap | 70.84% |
| Mid Cap | 22.97% |
| Small Cap | 6.19% |
| Large Cap | 69.74% |
| Mid Cap | 24.79% |
| Small Cap | 5.47% |
| Large Cap | 69.25% |
| Mid Cap | 23.98% |
| Small Cap | 6.77% |
| Large Cap | 69.72% |
| Mid Cap | 23.39% |
| Large Cap | 69.19% |
| Mid Cap | 23.95% |
| Large Cap | 68.34% |
| Mid Cap | 25.30% |
Short-Term, Cash & Cash Equivalents include short-term investments; e.g., short-term commercial paper (2.3% of net assets) that settles in 90 days or less, longer-term commercial paper (5.5% 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
R-Squared reflects the percentage of a fund's movements that are explained by movements in its benchmark index, showing the degree of correlation between the fund and the benchmark.
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.
Alpha is a measure of the Fund's excess return relative to the return of the benchmark index.
Information ratio evaluates the ratio of a fund's returns above those of a benchmark against the volatility of those returns.
A real estate investment trust (REIT) is a company that in most cases owns and operates income-producing real estate assets. To qualify as a REIT under the Internal Revenue Code, a REIT is required to distribute at least 90% of its taxable income to shareholders annually and receive at least 75% of that income from rents, mortgages and sales of property.
One cannot invest directly in an index. Indices do not incur management fees or other operating expenses.
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.
The Fund’s portfolio is actively managed and holdings can change at any time. Current and future portfolio holdings are subject to risk.
Management
Fund Managment
-
-
Matthew McLennan
Head of Global Value Team and Portfolio ManagerIndustry start:1991Year joined:2008 -
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 ModelsThoroughly 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 StatementsFinancial 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 ValueThe 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 TermThe 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.
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 Fees | 0.75 |
| Distribution and/or Service (12b-1) Fees | 0.25 |
| Other Expenses | 0.14 |
| Total Annual Operating Expenses (%) | 1.14 |
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.
There are several ways to lower the sales charge on Class A shares: Aggregation, Rights of Accumulation and Letter of Intention. For details please refer to our prospectus.
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
Shareholder Fee (%)
These are the fees paid directly from your investment.
| Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of your purchase or redemption price)1 | 1.00 |
Expense Ratio (%)
These are the expenses you pay each year as a percentage of the value of your investment
| Management Fees | 0.75 |
| Distribution and Service (12b-1) Fees | 1.00 |
| Other Expenses | 0.13 |
| Total Annual Operating Expenses (%) | 1.88 |
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.
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
Shareholder Fee (%)
These are the expenses you pay each year as a percentage of the value of your investment
| Management Fees | 0.75 |
| Distribution and/or Service (12b-1) Fees | 0.00 |
| Other Expenses | 0.14 |
| Total Annual Operating Expenses (%) | 0.89 |
Disclosures
Class I Shares require $1MM minimum investment and are offered without sales charge. There is no minimum subsequent investment amount for Class I Shares.
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 Fees | 0.75 |
| Distribution and/or Service (12b-1) Fees | 0.00 |
| Other Expenses | 0.08 |
| Total Annual Operating Expenses After Fee Waiver | 0.83 |
Disclosures
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.
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.
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 | $0.476 | $0.038 | $1.683 | $0.000 | $2.197 |
| 12/04/2024 | 12/05/2024 | 12/06/2024 | $0.339 | $0.009 | $1.035 | $0.000 | $1.383 |
| 12/04/2023 | 12/05/2023 | 12/06/2023 | $0.239 | $0.000 | $1.014 | $0.000 | $1.253 |
| 11/30/2022 | 12/01/2022 | 12/02/2022 | $0.099 | $0.000 | $1.358 | $0.000 | $1.457 |
| 11/30/2021 | 12/01/2021 | 12/02/2021 | $0.170 | $0.018 | $1.685 | $0.000 | $1.873 |
| 11/30/2020 | 12/01/2020 | 12/02/2020 | $0.198 | $0.000 | $0.121 | $0.000 | $0.319 |
| 12/17/2019 | 12/18/2019 | 12/19/2019 | $0.155 | $0.000 | $1.365 | $0.000 | $1.520 |
| 12/11/2018 | 12/12/2018 | 12/13/2018 | $0.120 | $0.006 | $2.520 | $0.000 | $2.646 |
| 12/12/2017 | 12/13/2017 | 12/14/2017 | $0.029 | $0.032 | $1.729 | $0.000 | $1.790 |
| 12/13/2016 | 12/14/2016 | 12/15/2016 | $0.035 | $0.046 | $1.591 | $0.000 | $1.672 |
| 12/16/2015 | 12/17/2015 | 12/18/2015 | $0.036 | $0.000 | $0.849 | $0.000 | $0.885 |
| 12/15/2014 | 12/16/2014 | 12/17/2014 | $0.075 | $0.015 | $1.112 | $0.069 | $1.271 |
| 12/16/2013 | 12/17/2013 | 12/18/2013 | $0.148 | $0.103 | $0.569 | $0.067 | $0.887 |
| 12/12/2012 | 12/13/2012 | 12/14/2012 | $0.126 | $0.121 | $0.250 | $0.053 | $0.550 |
| 12/12/2011 | 12/13/2011 | 12/14/2011 | $0.144 | $0.045 | $0.351 | $0.057 | $0.597 |
| 12/15/2010 | 12/16/2010 | 12/17/2010 | $0.330 | $0.000 | $0.000 | $0.000 | $0.330 |
| 12/15/2009 | 12/16/2009 | 12/17/2009 | $0.194 | $0.000 | $0.000 | $0.000 | $0.194 |
| 12/16/2008 | 12/17/2008 | 12/18/2008 | $0.220 | $0.000 | $0.112 | $0.000 | $0.332 |
| 12/03/2025 | 12/04/2025 | 12/05/2025 | $0.306 | $0.038 | $1.683 | $0.000 | $2.027 |
| 12/04/2024 | 12/05/2024 | 12/06/2024 | $0.172 | $0.009 | $1.035 | $0.000 | $1.216 |
| 12/04/2023 | 12/05/2023 | 12/06/2023 | $0.090 | $0.000 | $1.014 | $0.000 | $1.104 |
| 11/30/2022 | 12/01/2022 | 12/02/2022 | $0.000 | $0.000 | $1.358 | $0.000 | $1.358 |
| 11/30/2021 | 12/01/2021 | 12/02/2021 | $0.000 | $0.018 | $1.685 | $0.000 | $1.703 |
| 11/30/2020 | 12/01/2020 | 12/02/2020 | $0.016 | $0.000 | $0.121 | $0.000 | $0.137 |
| 12/17/2019 | 12/18/2019 | 12/19/2019 | $0.000 | $0.000 | $1.365 | $0.000 | $1.365 |
| 12/11/2018 | 12/12/2018 | 12/13/2018 | $0.000 | $0.006 | $2.520 | $0.000 | $2.526 |
| 12/12/2017 | 12/13/2017 | 12/14/2017 | $0.000 | $0.032 | $1.729 | $0.000 | $1.761 |
| 12/13/2016 | 12/14/2016 | 12/15/2016 | $0.000 | $0.046 | $1.591 | $0.000 | $1.637 |
| 12/16/2015 | 12/17/2015 | 12/18/2015 | $0.000 | $0.000 | $0.849 | $0.000 | $0.849 |
| 12/15/2014 | 12/16/2014 | 12/17/2014 | $0.000 | $0.015 | $1.112 | $0.069 | $1.196 |
| 12/16/2013 | 12/17/2013 | 12/18/2013 | $0.004 | $0.103 | $0.569 | $0.067 | $0.743 |
| 12/12/2012 | 12/13/2012 | 12/14/2012 | $0.007 | $0.121 | $0.250 | $0.053 | $0.431 |
| 12/12/2011 | 12/13/2011 | 12/14/2011 | $0.030 | $0.045 | $0.351 | $0.057 | $0.483 |
| 12/15/2010 | 12/16/2010 | 12/17/2010 | $0.220 | $0.000 | $0.000 | $0.000 | $0.220 |
| 12/15/2009 | 12/16/2009 | 12/17/2009 | $0.097 | $0.000 | $0.000 | $0.000 | $0.097 |
| 12/16/2008 | 12/17/2008 | 12/18/2008 | $0.137 | $0.000 | $0.112 | $0.000 | $0.249 |
| 12/03/2025 | 12/04/2025 | 12/05/2025 | $0.532 | $0.038 | $1.683 | $0.000 | $2.253 |
| 12/04/2024 | 12/05/2024 | 12/06/2024 | $0.396 | $0.009 | $1.035 | $0.000 | $1.440 |
| 12/04/2023 | 12/05/2023 | 12/06/2023 | $0.286 | $0.000 | $1.014 | $0.000 | $1.300 |
| 11/30/2022 | 12/01/2022 | 12/02/2022 | $0.154 | $0.000 | $1.358 | $0.000 | $1.512 |
| 11/30/2021 | 12/01/2021 | 12/02/2021 | $0.227 | $0.018 | $1.685 | $0.000 | $1.930 |
| 11/30/2020 | 12/01/2020 | 12/02/2020 | $0.249 | $0.000 | $0.121 | $0.000 | $0.370 |
| 12/17/2019 | 12/18/2019 | 12/19/2019 | $0.207 | $0.000 | $1.365 | $0.000 | $1.572 |
| 12/11/2018 | 12/12/2018 | 12/13/2018 | $0.181 | $0.006 | $2.520 | $0.000 | $2.707 |
| 12/12/2017 | 12/13/2017 | 12/14/2017 | $0.093 | $0.032 | $1.729 | $0.000 | $1.854 |
| 12/13/2016 | 12/14/2016 | 12/15/2016 | $0.088 | $0.046 | $1.591 | $0.000 | $1.725 |
| 12/16/2015 | 12/17/2015 | 12/18/2015 | $0.094 | $0.000 | $0.849 | $0.000 | $0.943 |
| 12/15/2014 | 12/16/2014 | 12/17/2014 | $0.134 | $0.015 | $1.112 | $0.069 | $1.330 |
| 12/16/2013 | 12/17/2013 | 12/18/2013 | $0.200 | $0.103 | $0.569 | $0.067 | $0.939 |
| 12/12/2012 | 12/13/2012 | 12/14/2012 | $0.169 | $0.121 | $0.250 | $0.053 | $0.593 |
| 12/12/2011 | 12/13/2011 | 12/14/2011 | $0.181 | $0.045 | $0.351 | $0.057 | $0.634 |
| 12/15/2010 | 12/16/2010 | 12/17/2010 | $0.370 | $0.000 | $0.000 | $0.000 | $0.370 |
| 12/15/2009 | 12/16/2009 | 12/17/2009 | $0.223 | $0.000 | $0.000 | $0.000 | $0.223 |
| 12/16/2008 | 12/17/2008 | 12/18/2008 | $0.248 | $0.000 | $0.112 | $0.000 | $0.360 |
| 12/03/2025 | 12/04/2025 | 12/05/2025 | $0.547 | $0.038 | $1.683 | $0.000 | $2.268 |
| 12/04/2024 | 12/05/2024 | 12/06/2024 | $0.406 | $0.009 | $1.035 | $0.000 | $1.450 |
| 12/04/2023 | 12/05/2023 | 12/06/2023 | $0.300 | $0.000 | $1.014 | $0.000 | $1.314 |
| 11/30/2022 | 12/01/2022 | 12/02/2022 | $0.164 | $0.000 | $1.358 | $0.000 | $1.522 |
| 11/30/2021 | 12/01/2021 | 12/02/2021 | $0.238 | $0.018 | $1.685 | $0.000 | $1.941 |
| 11/30/2020 | 12/01/2020 | 12/02/2020 | $0.257 | $0.000 | $0.121 | $0.000 | $0.378 |
| 12/17/2019 | 12/18/2019 | 12/19/2019 | $0.215 | $0.000 | $1.365 | $0.000 | $1.580 |
| 12/11/2018 | 12/12/2018 | 12/13/2018 | $0.187 | $0.006 | $2.520 | $0.000 | $2.713 |
| 12/12/2017 | 12/13/2017 | 12/14/2017 | $0.101 | $0.032 | $1.729 | $0.000 | $1.862 |
Distributions have not included a return of capital.
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.
Documents
Mutual Fund Shareholder Reports
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.
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.
Risk Disclosures
All investments involve the risk of loss of principal.
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.
The Fund’s portfolio is actively managed and holdings can change at any time. Current and future portfolio holdings are subject to risk.
Contact Us
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