Investment Philosophy

The U.S. Value 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.

  • Insight Dollar Icon

    Focus on Absolute Returns

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

  • 08 flexible

    Flexible, Benchmark-Agnostic Approach

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

  • Bottom Up Investing

    Seeks Downside Mitigation

    Our 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.

Our Process

The fundamental research process has remained constant since the inception of the Fund. The Fund looks for opportunities in companies that have temporarily disappointed investors; industries in turmoil or out of favor; and countries in economic downturns or overlooked by the market.

The investment process involves the following steps:

  • 01

    Analyze, Understand Business Models

    Thoroughly understand a company and the market in which it operates. Among other critical factors, the team’s document-driven analysis examines:

    • A company’s market share
    • The nature of its products and its business contingencies
  • 02

    Recast Financial Statements

    Financial statements are recast because:

    • Conservative accounting practices can mask the true earnings power of a company
    • In our view, accounting practices are sometimes too liberal

    Our goal is to uncover a company’s true economic earnings using only demonstrated results.

  • 03

    Calculate Intrinsic Value

    The team places great emphasis on:

    • Balance sheet valuation (such as Enterprise Value to Asset Replacement Value)
    • Cash flow valuation (such as EV/EBIT)

    Investments are made based on significant discounts to what is believed to be a company’s intrinsic value

  • 04

    Typically Invest for the Long Term

    The team typically seeks a discount to what they believe is a company’s intrinsic value

    • They seek further downside mitigation by determining a “margin of safety” in each holding
    • This “margin of safety” is viewed as a form of risk mitigation against uncertainty in a fundamentally unknowable future.

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

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

Growth of $10K

Select Benchmarks

Source: FactSet; data as of Jun 30, 2022.

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

  1. Disclosures

  2. U.S. Value Fund Inception dates: A Shares 09/04/2001 , C Shares 09/04/2001, I Shares 09/04/2001, R3 Shares 05/01/2018, R4 Shares 07/29/2019, R5 Shares 07/29/2019,R6 Shares 03/01/2017.

  3. For the First Eagle U.S. Value Fund, The Adviser has contractually agreed to waive its management fee at an annual rate in the amount of 0.05% of the average daily value of the Fund's net assets for the period through February 28, 2023. This waiver has the effect of reducing the management fee shown in the table for the term of the waiver from 0.75% to 0.70%.

  4. 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.

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

  6. The average annual returns for Class A Shares “with sales charge” of First Eagle U.S. Value, Global Income Builder and Fund of America gives effect to the deduction of the maximum sales charge of 5.00%.

  7. 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.

  8. 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.

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

  10. Class R Shares are offered without sales charge.

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

Show More Show Less
  1. Definitions

  2. 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.

  3. 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.

  4. 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.

  5. Alpha is a measure of the Fund's excess return relative to the return of the benchmark index.

  6. Information ratio evaluates the ratio of a fund's returns above those of a benchmark against the volatility of those returns.

  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).

  8. 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.

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

  10. 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.

  11. The Fund’s portfolio is actively managed and holdings can change at any time. Current and future portfolio holdings are subject to risk.

  12. Third-party marks are the property of their respective owners.

Show More Show Less

Growth of $10K

Select Benchmarks

Source: FactSet; data as of Jun 30, 2022.

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

10 Year Risk vs. Return

FEVAXS&P 500 IndexRussell 2000 IndexRussell 3000 IndexRussell Midcap Value IndexIndex Averages
Annualized Return (%)    7.95   13.30    9.80   12.89   10.92   11.73
Annualized Standard Deviation (%)   11.56   13.62   18.25   14.06   15.71   15.41
R-Square (%)   85.85  100.00   74.70   99.18   84.94   89.71
Beta    0.79    1.00    1.16    1.03    1.06    1.06
Alpha (annualized)   -2.23    0.00   -4.44   -0.67   -2.61   -1.93
Information Ratio (annualized)   -1.02     NA    -0.37   -0.30   -0.39   -0.35

Source: FactSet; data as of Jun 30, 2022.

Calendar Year Return

YearClass A (FEVAX)S&P 500 Index
2021 18.66 28.71
2020 6.50 18.40
2019 19.36 31.49
2018 -5.92 -4.38
2017 12.79 21.83
2016 14.77 11.96
2015 -5.14 1.38
2014 8.15 13.69
2013 16.94 32.39
2012 10.71 16.00
2011 5.70 2.11
2010 12.22 15.06
2009 24.84 26.46
2008 -23.09 -37.00
2007 8.97 5.49
2006 12.33 15.79
2005 7.16 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, 2021.

TickerClassYTD %1 MO3 MO1 YR3 YR5 YR10 YRINCEPT %Expense Ratio
GrossNet
FEVAX A w/out load -16.40%  -8.10%  -6.74% -12.27%   3.22%   4.38%   6.35%   7.92%   1.16%   1.11%
FEVAX A w/load -20.58% -12.67% -11.40% -16.65%   1.46%   3.32%   5.80%   7.66%   1.16%   1.11%
S&P 500 Index (since inception based on A Shares) -23.87%  -9.21%  -4.88% -15.47%   8.16%   9.24%  11.70%   7.70%
FEVAX A w/out load -16.40%  -8.10%  -6.74% -12.27%   3.22%   4.38%   6.35%   7.92%   1.16%   1.11%
FEVAX A w/load -20.58% -12.67% -11.40% -16.65%   1.46%   3.32%   5.80%   7.66%   1.16%   1.11%
S&P 500 Index (since inception based on A Shares) -23.87%  -9.21%  -4.88% -15.47%   8.16%   9.24%  11.70%   7.70%
FEVCX C -17.68%  -9.08%  -7.82% -13.68%   2.42%   3.59%   5.54%   7.11%   1.95%   1.90%
S&P 500 Index (since inception based on A Shares) -23.87%  -9.21%  -4.88% -15.47%   8.16%   9.24%  11.70%   7.70%
FEVCX C -17.68%  -9.08%  -7.82% -13.68%   2.42%   3.59%   5.54%   7.11%   1.95%   1.90%
S&P 500 Index (since inception based on A Shares) -23.87%  -9.21%  -4.88% -15.47%   8.16%   9.24%  11.70%   7.70%
FEVIX I -16.26%  -8.08%  -6.65% -12.04%   3.49%   4.66%   6.63%   8.20%   0.89%   1.90%
S&P 500 Index (since inception based on A Shares) -23.87%  -9.21%  -4.88% -15.47%   8.16%   9.24%  11.70%   7.70%
FEVIX I -16.26%  -8.08%  -6.65% -12.04%   3.49%   4.66%   6.63%   8.20%   0.89%   1.90%
S&P 500 Index (since inception based on A Shares) -23.87%  -9.21%  -4.88% -15.47%   8.16%   9.24%  11.70%   7.70%
EARVX R3 -16.47%  -8.10%  -6.72% -12.33%   3.07%      -      -   3.86%   1.31%   1.26%
S&P 500 Index (since inception based on A Shares) -23.87%  -9.21%  -4.88% -15.47%   8.16%   9.24%  11.70%   7.70%
EARVX R3 -16.47%  -8.10%  -6.72% -12.33%   3.07%      -      -   3.86%   1.31%   1.26%
S&P 500 Index (since inception based on A Shares) -23.87%  -9.21%  -4.88% -15.47%   8.16%   9.24%  11.70%   7.70%
FIVRX R4 -16.43%  -8.06%  -6.67% -12.27%   3.11%      -      -   2.43%   1.21%   1.16%
S&P 500 Index (since inception based on A Shares) -23.87%  -9.21%  -4.88% -15.47%   8.16%   9.24%  11.70%   7.70%
FIVRX R4 -16.43%  -8.06%  -6.67% -12.27%   3.11%      -      -   2.43%   1.21%   1.16%
S&P 500 Index (since inception based on A Shares) -23.87%  -9.21%  -4.88% -15.47%   8.16%   9.24%  11.70%   7.70%
FERVX R5 -16.25%  -8.05%  -6.61% -12.05%   3.31%      -      -   2.63%   1.13%   1.08%
S&P 500 Index (since inception based on A Shares) -23.87%  -9.21%  -4.88% -15.47%   8.16%   9.24%  11.70%   7.70%
FERVX R5 -16.25%  -8.05%  -6.61% -12.05%   3.31%      -      -   2.63%   1.13%   1.08%
S&P 500 Index (since inception based on A Shares) -23.87%  -9.21%  -4.88% -15.47%   8.16%   9.24%  11.70%   7.70%
FEVRX R6 -16.17%  -8.03%  -6.60% -11.94%   3.56%   4.71%      -   4.79%   0.84%   0.79%
S&P 500 Index (since inception based on A Shares) -23.87%  -9.21%  -4.88% -15.47%   8.16%   9.24%  11.70%   7.70%
FEVRX R6 -16.17%  -8.03%  -6.60% -11.94%   3.56%   4.71%      -   4.79%   0.84%   0.79%
S&P 500 Index (since inception based on A Shares) -23.87%  -9.21%  -4.88% -15.47%   8.16%   9.24%  11.70%   7.70%

Source: FactSet; data as of Sep 30, 2022.

Source: FactSet; data as of Sep 30, 2022.

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

  1. Disclosures

  2. The average annual returns for Class A Shares “with sales charge” of First Eagle U.S. Value Fund give effect to the deduction of the maximum sales charge of 5.00%.

  3. For the First Eagle U.S. Value Fund, The Adviser has contractually agreed to waive its management fee at an annual rate in the amount of 0.05% of the average daily value of the Fund's net assets for the period through February 28, 2023. This waiver has the effect of reducing the management fee shown in the table for the term of the waiver from 0.75% to 0.70%.

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

  5. Class R Shares are offered without sales charge.

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

  7. 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.

  1. Definitions

  2. 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.

  3. 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.

  4. 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.

  5. Alpha is a measure of the Fund's excess return relative to the return of the benchmark index.

  6. Information ratio evaluates the ratio of a fund's returns above those of a benchmark against the volatility of those returns.

  7. 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.

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

  9. 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.

  10. The Fund’s portfolio is actively managed and holdings can change at any time. Current and future portfolio holdings are subject to risk.

  11. Third-party marks are the property of their respective owners.

Top Ten Holdings (%)

As of Aug 31, 2022

Gold Bullion 10.75
Exxon Mobil Corp. 4.29
Oracle Corp. 3.96
Philip Morris International Inc. 3.44
C.H. Robinson Worldwide, Inc. 3.27
Comcast Corporation Class A 2.89
HCA Healthcare Inc 2.70
Elevance Health, Inc. 2.65
Colgate-Palmolive Company 2.55
Meta Platforms Inc. Class A 2.41
Top Ten Holdings as a Percentage of Total Net Assets 38.92

Top Ten Holdings (%)

As of Jul 31, 2022

Gold Bullion 10.89
Exxon Mobil Corp. 4.54
Oracle Corp. 4.03
Philip Morris International Inc. 3.39
C.H. Robinson Worldwide, Inc. 3.07
Comcast Corporation Class A 2.90
HCA Healthcare Inc 2.81
Elevance Health, Inc. 2.66
Colgate-Palmolive Company 2.59
Meta Platforms Inc. Class A 2.28
Top Ten Holdings as a Percentage of Total Net Assets 39.17

Top Ten Holdings (%)

As of Jun 30, 2022

Gold Bullion 11.73
Exxon Mobil Corp. 4.22
Oracle Corp. 3.80
Philip Morris International Inc. 3.62
Comcast Corporation Class A 3.19
C.H. Robinson Worldwide, Inc. 2.96
Elevance Health, Inc. 2.83
Colgate-Palmolive Company 2.77
Meta Platforms Inc. Class A 2.43
HCA Healthcare Inc 2.23
Top Ten Holdings as a Percentage of Total Net Assets 39.78

Top Ten Holdings (%)

As of May 31, 2022

Gold Bullion 11.03
Exxon Mobil Corp. 4.47
Oracle Corp. 3.62
Philip Morris International Inc. 3.60
Comcast Corporation Class A 3.33
C.H. Robinson Worldwide, Inc. 2.93
Anthem, Inc. 2.76
Meta Platforms Inc. Class A 2.70
HCA Healthcare Inc 2.54
Colgate-Palmolive Company 2.52
Top Ten Holdings as a Percentage of Total Net Assets 39.50

Top Ten Holdings (%)

As of Apr 30, 2022

Gold Bullion 11.51
Exxon Mobil Corp. 4.32
Oracle Corp. 3.74
Philip Morris International Inc. 3.43
Comcast Corporation Class A 3.02
C.H. Robinson Worldwide, Inc. 2.89
Meta Platforms Inc. Class A 2.82
Anthem, Inc. 2.75
Colgate-Palmolive Company 2.49
Microsoft Corp. 2.18
Top Ten Holdings as a Percentage of Total Net Assets 39.15

Top Ten Holdings (%)

As of Mar 31, 2022

Gold Bullion 11.07
Oracle Corp. 3.96
Exxon Mobil Corp. 3.94
Comcast Corporation Class A 3.35
Philip Morris International Inc. 3.03
Meta Platforms Inc. Class A 2.95
C.H. Robinson Worldwide, Inc. 2.76
Anthem, Inc. 2.54
Bank of New York Mellon Corp. 2.32
Colgate-Palmolive Company 2.31
Top Ten Holdings as a Percentage of Total Net Assets 38.22

Top Ten Holdings (%)

As of Feb 28, 2022

Gold Bullion 11.21
Exxon Mobil Corp. 3.84
Oracle Corp. 3.74
Comcast Corporation Class A 3.43
Philip Morris International Inc. 3.35
Meta Platforms Inc. Class A 2.87
Bank of New York Mellon Corp. 2.56
C.H. Robinson Worldwide, Inc. 2.55
Colgate-Palmolive Company 2.40
Anthem, Inc. 2.40
Top Ten Holdings as a Percentage of Total Net Assets 38.35

Top Ten Holdings (%)

As of Jan 31, 2022

Gold Bullion 10.54
Oracle Corp. 3.99
Exxon Mobil Corp. 3.72
Comcast Corporation Class A 3.67
Philip Morris International Inc. 3.57
Meta Platforms Inc. Class A 3.02
Bank of New York Mellon Corp. 2.87
C.H. Robinson Worldwide, Inc. 2.76
Colgate-Palmolive Company 2.57
Microsoft Corp. 2.36
Top Ten Holdings as a Percentage of Total Net Assets 39.06

Top Ten Holdings (%)

As of Dec 31, 2021

Gold Bullion 10.59
Oracle Corp. 5.06
Comcast Corporation Class A 3.65
Philip Morris International Inc. 3.25
Colgate-Palmolive Company 3.22
Meta Platforms Inc. Class A 3.20
Exxon Mobil Corp. 2.96
Microsoft Corp. 2.84
C.H. Robinson Worldwide, Inc. 2.80
Bank of New York Mellon Corp. 2.78
Top Ten Holdings as a Percentage of Total Net Assets 40.33

Top Ten Holdings (%)

As of Nov 30, 2021

Gold Bullion 10.54
Oracle Corp. 5.41
Comcast Corporation Class A 3.72
Exxon Mobil Corp. 3.19
Meta Platforms Inc. Class A 3.17
Microsoft Corp. 3.09
Philip Morris International Inc. 3.03
Colgate-Palmolive Company 2.91
Bank of New York Mellon Corp. 2.69
C.H. Robinson Worldwide, Inc. 2.54
Top Ten Holdings as a Percentage of Total Net Assets 40.30

Top Ten Holdings (%)

As of Oct 31, 2021

Gold Bullion 10.05
Oracle Corp. 5.42
Comcast Corporation Class A 3.63
Exxon Mobil Corp. 3.26
Philip Morris International Inc. 3.15
Meta Platforms Inc. Class A 3.00
Microsoft Corp. 2.94
Colgate-Palmolive Company 2.80
Bank of New York Mellon Corp. 2.76
C.H. Robinson Worldwide, Inc. 2.46
Top Ten Holdings as a Percentage of Total Net Assets 39.47

Top Ten Holdings (%)

As of Sep 30, 2021

Gold Bullion 10.26
Oracle Corp. 5.11
Comcast Corporation Class A 4.09
Philip Morris International Inc. 3.28
Facebook, Inc. Class A 3.26
Exxon Mobil Corp. 3.08
Colgate-Palmolive Company 2.88
Microsoft Corp. 2.59
Bank of New York Mellon Corp. 2.50
C.H. Robinson Worldwide, Inc. 2.27
Top Ten Holdings as a Percentage of Total Net Assets 39.32

Allocation by Sector (%)

Gold Related Investments: 14.84%
Technology: 12.97%
Financials: 12.19%
Industrials: 10.24%
Energy: 9.66%
Health Care: 8.54%
Communication Services: 8.47%
Consumer Staples: 7.82%
Short-Term, Cash & Cash Equivalents: 6.90%
Real Estate: 3.42%
Materials: 1.88%
Other: 3.07%
Source: FactSet; data as of Jun 30, 2022.
Gold Related Investments 14.84%
Technology 12.97%
Financials 12.19%
Industrials 10.24%
Energy 9.66%
Health Care 8.54%
Communication Services 8.47%
Consumer Staples 7.82%
Short-Term, Cash & Cash Equivalents 6.90%
Real Estate 3.42%
Materials 1.88%
Holding Companies 1.37%
Consumer Discretionary 0.87%
Utilities 0.83%
Gold Related Investments 14.73%
Technology 13.13%
Financials 12.63%
Industrials 10.13%
Communication Services 9.44%
Energy 9.17%
Short-Term, Cash & Cash Equivalents 8.50%
Health Care 8.36%
Consumer Staples 6.02%
Real Estate 3.53%
Materials 2.13%
Holding Companies 1.56%
Utilities 0.68%
Consumer Discretionary 0.00%
Technology 15.65%
Financials 13.75%
Gold Related Investments 13.56%
Industrials 10.96%
Communication Services 10.20%
Health Care 8.05%
Consumer Staples 7.11%
Energy 7.05%
Real Estate 3.85%
Cash & Cash Equivalents 3.83%
Materials 2.25%
Consumer Discretionary 1.52%
Holding Companies 1.35%
Utilities 0.88%

Allocation By Asset Class (%)

US Stocks: 75.41%
Gold Related Investments: 14.84%
Short-Term, Cash & Cash Equivalents: 6.90%
Other: 2.40%
US $ Bonds: 0.46%
Source: FactSet; data as of Jun 30, 2022.
US Stocks 75.41%
Gold Related Investments 14.84%
Short-Term, Cash & Cash Equivalents 6.90%
Other 2.40%
US $ Bonds 0.46%
US Stocks 74.10%
Gold Related Investments 14.73%
Short-Term, Cash & Cash Equivalents 8.50%
Other 2.40%
US $ Bonds 0.28%
US Stocks 79.89%
Gold Related Investments 13.56%
Cash & Cash Equivalents 3.83%
Other 2.42%
US $ Bonds 0.31%

Allocation by Market Capitalization (%)

Large Cap: 64.02%
Mid Cap: 29.15%
Small Cap: 6.83%
Source: FactSet; data as of Jun 30, 2022.
Large Cap 64.02%
Mid Cap 29.15%
Small Cap 6.83%
Large Cap 64.71%
Mid Cap 28.58%
Small Cap 6.71%
Large Cap 66.25%
Mid Cap 28.39%
Small Cap 5.35%
  1. Short-Term, Cash & Cash Equivalents include short-term investments; e.g., short-term commercial paper (2.0% of net assets) that settles in 90 days or less, longer-term commercial paper (3.6% of net assets) that settles in 91 days or more, with the balance in US T-bills or money market funds.

  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.

  1. Definitions

  2. 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.

  3. 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.

  4. 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.

  5. Alpha is a measure of the Fund's excess return relative to the return of the benchmark index.

  6. Information ratio evaluates the ratio of a fund's returns above those of a benchmark against the volatility of those returns.

  7. 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.

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

  9. 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.

  10. The Fund’s portfolio is actively managed and holdings can change at any time. Current and future portfolio holdings are subject to risk.

Fund Managment

  • Kimball Brooker Jr.

    Co-Head of Global Value Team and Portfolio Manager

    Industry start:  
    1992
    Year joined:  
    2009
  • Matthew Lamphier

    Portfolio Manager and Director of Research

    Industry start:  
    1994
    Year joined:  
    2007
  • Matthew McLennan

    Co-Head of Global Value Team and Portfolio Manager

    Industry start:  
    1991
    Year joined:  
    2008
  • Mark Wright

    Portfolio Manager and Senior Research Analyst

    Industry start:  
    1994
    Year joined:  
    2007

Our Process

The fundamental research process has remained constant since the inception of the Fund. The Fund looks for opportunities in companies that have temporarily disappointed investors; industries in turmoil or out of favor; and countries in economic downturns or overlooked by the market.

The investment process involves the following steps:

  • 01

    Analyze, Understand Business Models

    Thoroughly understand a company and the market in which it operates. Among other critical factors, the team’s document-driven analysis examines:

    • A company’s market share
    • The nature of its products and its business contingencies
  • 02

    Recast Financial Statements

    Financial statements are recast because:

    • Conservative accounting practices can mask the true earnings power of a company
    • In our view, accounting practices are sometimes too liberal

    Our goal is to uncover a company’s true economic earnings using only demonstrated results.

  • 03

    Calculate Intrinsic Value

    The team places great emphasis on:

    • Balance sheet valuation (such as Enterprise Value to Asset Replacement Value)
    • Cash flow valuation (such as EV/EBIT)

    Investments are made based on significant discounts to what is believed to be a company’s intrinsic value

  • 04

    Typically Invest for the Long Term

    The team typically seeks a discount to what they believe is a company’s intrinsic value

    • They seek further downside mitigation by determining a “margin of safety” in each holding
    • This “margin of safety” is viewed as a form of risk mitigation against uncertainty in a fundamentally unknowable future.

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

  • Gold bullion
  • Corporate bonds (senior or subordinated bonds, convertible bonds)
  • Cash and cash equivalents (commercial paper)
  1. 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.

Share Class A (FEVAX)

Expense Ratio and Shareholder Fees as of March 1, 2022

Shareholder Fee (%)

These are the fees paid directly from your investment.

 Sales ChargeDealer Re-Allowance
Less than $25,0005.004.50
$25,000 but less than $50,0004.504.25
$50,000 but less than $100,0004.003.75
$100,000 but less than $250,0003.253.00
$250,000 but less than $500,0002.502.25
$500,000 but less than $1,000,0001.501.25
$1,000,000 and over10.000.00

 

Expense Ratio (%)

These are the expenses you pay each year as a percentage of the value of your investment

Management Fees0.75
Distribution and Service (12b-1) Fees0.25
Other Expenses20.16
Total Annual Operating Expenses (%)1.16
Fee Waiver3-0.05
Total Annual Operating Expenses After Fee Waiver1.11
  1. Disclosures

  2. 1

    A contingent deferred sales charge of 1.00% may be imposed 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.

  3. 2

    "Other Expenses" shown generally reflect actual expenses for the Fund for the most recent fiscal year ended October 31 and estimated expenses in the case of newly organized share classes.

  4. 3

    For the First Eagle U.S. Value Fund, The Adviser has contractually agreed to waive its management fee at an annual rate in the amount of 0.05% of the average daily value of the Fund's net assets for the period through February 28, 2023. This waiver has the effect of reducing the management fee shown in the table for the term of the waiver from 0.75% to 0.70%.

  5. 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.

  6. 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.

Share Class C (FEVCX)

Expense Ratio and Shareholder Fees as of March 1, 2022

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)
1.00

 

Expense Ratio (%)

These are the expenses you pay each year as a percentage of the value of your investment

Management Fees0.75
Distribution and Service (12b-1) Fees1.00
Other Expenses20.20
Total Annual Operating Expenses (%)1.95
Fee Waiver3-0.05
Total Annual Operating Expenses After Fee Waiver1.90
  1. Disclosures

  2. 1

    A contingent deferred sales charge of 1.00% may be imposed 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.

  3. 2

    "Other Expenses" shown generally reflect actual expenses for the Fund for the most recent fiscal year ended October 31 and estimated expenses in the case of newly organized share classes.

  4. 3

    For the First Eagle U.S. Value Fund, The Adviser has contractually agreed to waive its management fee at an annual rate in the amount of 0.05% of the average daily value of the Fund's net assets for the period through February 28, 2023. This waiver has the effect of reducing the management fee shown in the table for the term of the waiver from 0.75% to 0.70%.

  5. 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.

Share Class I (FEVIX)

Expense Ratio and Shareholder Fees as of March 1, 2022

Shareholder Fee (%)

These are the expenses you pay each year as a percentage of the value of your investment

Management Fees0.75
Other Expenses10.14
Total Annual Operating Expenses (%)0.89
Fee Waiver2-0.05
Total Annual Operating Expenses After Fee Waiver0.84
  1. Disclosures

  2. 1

    "Other Expenses" shown generally reflect actual expenses for the Fund for the most recent fiscal year ended October 31 and estimated expenses in the case of newly organized share classes.

  3. 2

    For the First Eagle U.S. Value Fund, The Adviser has contractually agreed to waive its management fee at an annual rate in the amount of 0.05% of the average daily value of the Fund's net assets for the period through February 28, 2023. This waiver has the effect of reducing the management fee shown in the table for the term of the waiver from 0.75% to 0.70%.

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

  5. 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.

Share Class R3 (EARVX)

Expense Ratio and Shareholder Fees as of March 1, 2022

Expense Ratio (%)

These are the expenses you pay each year as a percentage of the value of your investment

Management Fees0.75
Distribution and Service (12b-1) Fees0.35
Other Expenses10.21
Total Annual Operating Expenses (%)1.31
Fee Waiver2-0.05
Total Annual Operating Expenses After Fee Waiver1.26
  1. Disclosures

  2. 1

    "Other Expenses" shown generally reflect actual expenses for the Fund for the most recent fiscal year ended October 31 and estimated expenses in the case of newly organized share classes.

  3. 2

    For the First Eagle U.S. Value Fund, The Adviser has contractually agreed to waive its management fee at an annual rate in the amount of 0.05% of the average daily value of the Fund's net assets for the period through February 28, 2023. This waiver has the effect of reducing the management fee shown in the table for the term of the waiver from 0.75% to 0.70%.

  4. 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.

Share Class R4 (FIVRX)

Expense Ratio and Shareholder Fees as of March 1, 2022

Expense Ratio (%)

These are the expenses you pay each year as a percentage of the value of your investment

Management Fees0.75
Distribution and Service (12b-1) Fees0.10
Other Expenses10.36
Total Annual Operating Expenses (%)1.21
Fee Waiver2-0.05
Total Annual Operating Expenses After Fee Waiver1.16
  1. Disclosures

  2. 1

    "Other Expenses" shown generally reflect actual expenses for the Fund for the most recent fiscal year ended October 31 and estimated expenses in the case of newly organized share classes.

  3. 2

    For the First Eagle U.S. Value Fund, The Adviser has contractually agreed to waive its management fee at an annual rate in the amount of 0.05% of the average daily value of the Fund's net assets for the period through February 28, 2023. This waiver has the effect of reducing the management fee shown in the table for the term of the waiver from 0.75% to 0.70%.

  4. 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.

Share Class R5 (FERVX)

Expense Ratio and Shareholder Fees as of March 1, 2022

Expense Ratio (%)

These are the expenses you pay each year as a percentage of the value of your investment

Management Fees0.75
Distribution and Service (12b-1) Fees0.00
Other Expenses10.38
Total Annual Operating Expenses (%)1.13
Fee Waiver2-0.05
Total Annual Operating Expenses After Fee Waiver1.08
  1. Disclosures

  2. 1

    "Other Expenses" shown generally reflect actual expenses for the Fund for the most recent fiscal year ended October 31 and estimated expenses in the case of newly organized share classes.

  3. 2

    For the First Eagle U.S. Value Fund, The Adviser has contractually agreed to waive its management fee at an annual rate in the amount of 0.05% of the average daily value of the Fund's net assets for the period through February 28, 2023. This waiver has the effect of reducing the management fee shown in the table for the term of the waiver from 0.75% to 0.70%.

  4. 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.

Share Class R6 (FEVRX)

Expense Ratio and Shareholder Fees as of March 1, 2022

Expense Ratio (%)

These are the expenses you pay each year as a percentage of the value of your investment

Management Fees0.75
Distribution and Service (12b-1) Fees0.00
Other Expenses10.09
Total Annual Operating Expenses (%)0.84
Fee Waiver2-0.05
Total Annual Operating Expenses After Fee Waiver0.79
  1. Disclosures

  2. 1

    "Other Expenses" shown generally reflect actual expenses for the Fund for the most recent fiscal year ended October 31 and estimated expenses in the case of newly organized share classes.

  3. 2

    For the First Eagle U.S. Value Fund, The Adviser has contractually agreed to waive its management fee at an annual rate in the amount of 0.05% of the average daily value of the Fund's net assets for the period through February 28, 2023. This waiver has the effect of reducing the management fee shown in the table for the term of the waiver from 0.75% to 0.70%.

  4. 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.

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

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Record DateEx & Reinvestment DatePayable DateOrdinary IncomeShort Term Capital GainsLong Term Capital GainsLong Term Capital Gains - 28%Total Distribution
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