Top Ten (Equity Only) Holdings (%)

As of Jun 30, 2026

Flex Ltd Information Technology 3.20
Ultra Clean Holdings, Inc. Information Technology 2.61
TTM Technologies, Inc. Information Technology 2.45
Onto Innovation, Inc. Information Technology 2.40
Silicon Motion Technology Corporation Sponsored ADR Information Technology 2.40
nVent Electric plc Industrials 2.22
Advanced Energy Industries, Inc. Information Technology 2.19
United Rentals, Inc. Industrials 2.15
Performance Food Group Co Consumer Staples 2.05
Coherent Corp. Information Technology 2.02
Top Ten (Equity Only) Holdings as a Percentage of Total Net Assets 23.69

Allocation by Sector (%)

Information Technology: 29.76%
Industrials: 26.92%
Financials: 7.42%
Health Care: 7.32%
Materials: 6.57%
Energy: 5.64%
Consumer Discretionary: 5.55%
Real Estate: 5.38%
Consumer Staples: 2.83%
Utilities: 1.38%
Cash & Cash Equivalents: 1.24%
Communication Services: 0.00%
Source: FactSet; data as of Jun 30, 2026.
Information Technology 29.76%
Industrials 26.92%
Financials 7.42%
Health Care 7.32%
Materials 6.57%
Energy 5.64%
Consumer Discretionary 5.55%
Real Estate 5.38%
Consumer Staples 2.83%
Utilities 1.38%
Cash & Cash Equivalents 1.24%
Communication Services 0.00%

Allocation by Asset Class (%)

Equity: 98.76%
Cash & Cash Equivalents: 1.24%
Source: FactSet; data as of Jun 30, 2026.
Equity 98.76%
Cash & Cash Equivalents 1.24%

Allocation by Market Capitalization (%)

$10 to $50 Billion: 57.53%
$0 to $10 Billion: 27.00%
> $50 Billion: 15.47%
Source: FactSet; data as of Jun 30, 2026.
$10 to $50 Billion 57.53%
$0 to $10 Billion 27.00%
> $50 Billion 15.47%

Fund Management

  • Suzanne Franks

    Associate Portfolio Manager and Senior Research Analyst

    Industry start:  
    2004
    Year joined:  
    2021
  • Bill Hench

    Head of Small Cap Team and Portfolio Manager

    Industry start:  
    1992
    Year joined:  
    2021
  • Adam Mielnik

    Associate Portfolio Manager and Senior Research Analyst

    Industry start:  
    2014
    Year joined:  
    2021

Investment Process

The team uses a bottom-up process, building the portfolio stock by stock.

  • 01

    Narrow the Universe

    The team narrows the approximately 800 US Mid Cap Stock Universe using their historical investment experience, by attending management meetings, conference calls, investment conferences, and by following industry trade journals.

  • 02

    Conduct Fundamental Research

    The team aims to identify companies that have low multiples and a potential catalyst for improvement.
     

    Low Multiples
    • The team seeks to uncover companies that they believe are trading at a significantly discounted price/book or price/sales.
    • Holdings typically fall into at least one category below:
      • Turnarounds
      • Emerging growth
      • Undervalued companies

    Catalyst for Improvement
    • Utilizing the team’s analysis and deep institutional knowledge of competitors, industry and existing holdings used for comparisons, they seek to determine the likelihood of execution success.
    • Some potential catalysts the team look for that could lead to a company’s return to normalized earnings are:
      • New management
      • More favorable business cycle
      • Margin improvement
      • Product innovation
  • 03

    Construct Portfolio

    • Diversified with approximately 40-70 holdings
    • Annual turnover expected 10%–20%

Share Class I-UC

Fees and Minimums

Minimum Investment$1 million
Open to New InvestorsYes
Reference IndicatorNone
Entry ChargeNo Charge
Exit ChargeNo Charge
Ongoing Charges0.75%
Performance FeeNone

As of April 2026.

    Share Class W-UC

    Fees and Minimums

    Minimum Investment$20 million
    Open to New InvestorsYes
    Reference IndicatorNone
    Entry ChargeNo Charge
    Exit ChargeNo Charge
    Ongoing Charges0.50%
    Performance FeeNone

    As of April 2026.

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      Contact Us

      Munich Office

      First Eagle Investment Management GmbH
      Luisenstr. 14
      80333 Munich Germany

      London Office

      Napier Park Global Capital Ltd
      5 Hanover Square
      London, W1S 1HE, UK