Recorded March 18, 2026.
Data sources:
“Credit spreads were below average earnings multiples above average, and sovereign balance sheets came into this moment with some degree of stretch. Fiscal deficits are larger than average.” Bloomberg 
“…world’s most consumed commodity.” U.S. Energy Information Administration (EIA)
“And that decade as a whole saw, equity market valuations declined from close to 20 times earnings to below 10 times earnings.” Bloomberg
“So the market, while diversified statistically, is over 70% in the US ...” MSCI Fact Sheet, World Bank, Bloomberg, 
“The total stock of gold above ground, a couple hundred thousand tons” World Gold Council
“…the amount of new gold being mined every year, it was only about 1.5% of that cube” World Gold Council
“…around 5% annualized with limited volatility.” Bloomberg
“…it’s about available at 12 to 13 times earnings. Bloomberg
“…the company trades at about eight to nine times EBITDA…” Bloomberg
“…that trades at 20 times EBITDA.” Bloomberg"

The opinions expressed are not necessarily those of the firm. These materials are provided for informational purposes only. These opinions are not intended to be a forecast of future events, a guarantee of future results, or investment advice. Any statistics contained herein have been obtained from sources believed to be reliable, but the accuracy of this information cannot be guaranteed. The views expressed herein may change at any time subsequent to the date of issue hereof. The information provided is not to be construed as a recommendation to buy, hold or sell or the solicitation or an offer to buy or sell any fund or security. The specific security identified and described is not representative of all of the securities purchased, sold, or recommended for client accounts. It should not be assumed that an investment in the securities identified has or will be profitable. Actual holdings will vary for each client and there is no guarantee that a particular client's account will hold any or all of the securities listed. The holding of mentioned herein represent the following percentages of the total net assets of the First Eagle Funds as of March 31, 2026: Becton, Dickinson (1.25%), Femsa (0.96%), Hoshizaki (0.29%).

Definitions:
LNG stands for Liquefied Natural Gas.

Magnificent Seven is widely used in the financial media and elsewhere to refer to seven very large US technology-related stocks—Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia and Tesla. 

Past performance does not guarantee future results.

Risk Disclosures
All investments involve the risk of loss of principal.

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. There are risks associated with investing in foreign investments (including depositary receipts). Foreign investments, which can be denominated in foreign currencies, are susceptible to less politically, economically and socially stable environments; fluctuations in the value of foreign currency and exchange rates; and adverse changes to government regulations.

Investment in gold and gold-related investments present certain risks, and returns on gold-related investments have traditionally been more volatile than investments in broader equity or debt markets. Gold is used as a potential hedge in portfolios.

Indexes are unmanaged and do not incur management fees or other operating expenses. One cannot invest directly in an index.

MSCI World Index (Net) measures the performance of large and midcap equities across developed markets countries. A net-return index tracks price changes and reinvestment of distribution income net of withholding taxes. 

Diversification does not guarantee investment returns and does not eliminate the risk of loss.

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. 

Duration risk is a measure of the sensitivity of the price of a bond or other debt instrument to a change in interest rates. Non-US Residents: This material and the information contained herein is provided for informational purposes only, do not constitute and is not intended to constitute an offer of securities, and accordingly should not be construed as such. Any funds or other products or services referenced in this material may not be licensed in all juris¬dictions and unless otherwise indicated, no regulator or government authority has reviewed this material or the merits of the products and services referenced herein. This material and the information contained herein has been made available in accordance with the restrictions and/or limitations implemented by any applicable laws and regulations. This material is directed at and intended for institutional investors (as such term is defined in any applicable jurisdiction). This material is provided on a confidential basis for informational purposes only and may not be reproduced in any form. This material is for general information only and is not intended as investment advice or any other specific recommendation as to any particular course of action or inaction. The information in this material does not take into account the specific investment objectives, financial situation, tax situation or particular needs of the recipient. Before acting on any information in this material, prospective investors should inform themselves of and observe all applicable laws, rules and regulations of any relevant jurisdictions and obtain independent advice if required. This material is for the use of the named addressee only and should not be given, forwarded or shown to any other person (other than employees, agents or consultants in connection with the addressee’s consideration thereof). 

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