Investment Philosophy

The First Eagle Overseas 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.

  • 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.

  • Absolute Return Orientation

    Focus on Absolute Returns

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

  • Bottom Up Investing

    Seeks To Provide Downside Mitigation

    Our attempts to avoid the permanent loss of capital result in a portfolio that has exposure to non-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 Overseas 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 Mar 31, 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. Overseas Fund Inception dates: A Shares 08/31/1993, C Shares 06/05/2000, I Shares 07/31/1998, R3 Shares 05/01/2018, R4 Shares 01/17/2018, R5 Shares 03/11/2019, R6 Shares 03/01/2017.

  3. 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.

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

  5. The average annual returns for Class A Shares “with sales charge” performance gives effect to the deduction of the maximum sales charge of 3.75% for periods prior to March 1, 2000 and of 5.00% thereafter.

  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. 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.

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

  9. Class R Shares are offered without sales charge.

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

Focus on Absolute Returns

  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.

Benchmark Agnostic Approach

First Eagle Fund
Show Benchmarks
Source: FactSet; data as of Mar 31, 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.

Consistent Approach Seeks to Provide a Better Investor Experience

Source: FactSet; data as of Dec 31, 2021.

  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.

Seeking Solutions for Varying Portfolio Needs

 MSCI EAFE IndexBLENDED PORTFOLIOMSCI EAFE Index 90% / SGOVX 10%BLENDED PORTFOLIOMSCI EAFE Index 80% / 20%SGOVXBLENDED PORTFOLIOMSCI EAFE Index 70% / SGOVX 30%BLENDED PORTFOLIOMSCI EAFE Index 60% / SGOVX 40%BLENDED PORTFOLIOMSCI EAFE Index 50% / SGOVX 50%BLENDED PORTFOLIOMSCI EAFE Index 40% / SGOVX 60%BLENDED PORTFOLIOMSCI EAFE Index 30% / SGOVX 70%BLENDED PORTFOLIOMSCI EAFE Index 20% / SGOVX 80%BLENDED PORTFOLIOMSCI EAFE Index 10% / SGOVX 90%SGOVX
Cumulative Return348%406%471%543%623%711%808%915%1,031%1,159%1,298%
Max Drawdown-56.68%-54.63%-52.51%-50.29%-47.99%-45.60%-43.11%-40.52%-37.83%-35.04%-32.14%
$100K Beginning Investment$448K$506K$571K$643K$723K$811K$908K$1,015K$1,131K$1,259K$1,398K
Max Drawdown Recovery Time64 Months60 Months56 Months55 Months50 Months47 Months26 Months24 Months22 Months20 Months19 Months
Annualized Standard Deviation16.07%15.42%14.80%14.20%13.62%13.07%12.55%12.06%11.62%11.21%10.86%
Beta1.000.960.920.880.840.800.760.720.680.630.59
Alpha0.000.050.100.150.200.250.300.350.400.450.50
Sharpe Ratio0.190.230.270.320.360.410.460.520.570.630.69
Upside Capture100.00%97.10%94.20%91.31%88.43%85.55%82.68%79.82%76.96%74.11%71.27%
Downside Capture100.00%94.90%89.78%84.62%79.43%74.21%68.95%63.67%58.35%53.00%47.61%

August 1993 through December 2021

  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. Overseas Fund Inception dates: A Shares 08/31/1993, C Shares 06/05/2000, I Shares 07/31/1998, R3 Shares 05/01/2018, R4 Shares 01/17/2018, R5 Shares 03/11/2019, R6 Shares 03/01/2017.

  3. 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.

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

  5. The average annual returns for Class A Shares “with sales charge” performance gives effect to the deduction of the maximum sales charge of 3.75% for periods prior to March 1, 2000 and of 5.00% thereafter.

  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. 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.

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

  9. Class R Shares are offered without sales charge.

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

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

  3. 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.

  4. The MSCI EAFE Index is an unmanaged total return index, reported in U.S. dollars, based on share prices and reinvested net dividends of companies from 21 countries and is not available for purchase.

  5. 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.

  6. 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.

  7. 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.

  8. 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.

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

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

Growth of $10K

Select Benchmarks

Source: FactSet; data as of Mar 31, 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

SGOVXMSCI EAFE IndexMSCI World IndexS&P 500 Index
Annualized Return (%)    5.24    6.27   10.88   14.64
Annualized Standard Deviation (%)    9.78   14.03   13.24   13.18
R-Square (%)   85.12  100.00   88.99   72.02
Beta    0.64    1.00    0.89    0.80
Alpha (annualized)    1.05    0.00    5.06    9.33
Information Ratio (annualized)   -0.16     NA     0.99    1.11

Source: FactSet; data as of Mar 31, 2022.

  1. This chart illustrates risk and return data for Class A Shares without the effect of sales charges and assumes all distributions have been reinvested and if sales charge was included values would be lower

Calendar Year Returns

YearClass A (SGOVX)MSCI EAFE Index
2021 4.94 11.26
2020 6.95 7.82
2019 17.61 22.01
2018 -10.29 -13.79
2017 14.05 25.03
2016 5.59 1.00
2015 2.27 -0.81
2014 -0.97 -4.90
2013 11.57 22.78
2012 13.98 17.32
2011 -5.60 -12.14
2010 19.24 7.75
2009 20.64 31.78
2008 -20.97 -43.38
2007 8.39 11.17
2006 22.29 26.34
2005 16.92 13.54
2004 21.83 20.25
2003 41.41 38.59
2002 12.53 -15.94
2001 5.35 -21.44
2000 5.68 -14.17
1999 33.19 26.96
1998 2.53 20.00
1997 3.02 1.78
1996 14.53 6.05
1995 11.79 11.21
1994 7.79 7.78
1993 9.20 -1.41

Source: FactSet; data as of Dec 31, 2021.

TickerClassYTD %1 MO3 MO1 YR3 YR5 YR10 YRINCEPT %Expense Ratio
GrossNet
SGOVX A w/out load  -5.69%  -4.41%  -4.60%  -4.22%   4.30%   3.48%   4.94%   9.41%   1.16% --
SGOVX A w/load -10.40%  -9.17%  -9.38%  -9.01%   2.53%   2.43%   4.40%   9.22%   1.16% --
MSCI EAFE Index (since inception based on A Shares) -12.00%  -6.47%  -7.53%  -8.15%   4.44%   4.77%   5.77%   4.90%                
SGOVX A w/out load  -1.34%  -0.12%  -1.34%   2.41%   6.48%   4.60%   5.24%   9.62%   1.16% --
SGOVX A w/load  -6.27%  -5.13%  -6.27%  -2.71%   4.68%   3.54%   4.71%   9.42%   1.16% --
MSCI EAFE Index (since inception based on A Shares)  -5.91%   0.64%  -5.91%   1.16%   7.78%   6.72%   6.27%   5.16%                
FESOX C  -6.87%  -5.43%  -5.75%  -5.84%   3.53%   2.72%   4.17%   7.90%   1.89% --
MSCI EAFE Index (since inception based on A Shares) -12.00%  -6.47%  -7.53%  -8.15%   4.44%   4.77%   5.77%   4.90%                
FESOX C  -2.51%  -1.17%  -2.51%   0.73%   5.70%   3.84%   4.47%   8.15%   1.89% --
MSCI EAFE Index (since inception based on A Shares)  -5.91%   0.64%  -5.91%   1.16%   7.78%   6.72%   6.27%   5.16%                
SGOIX I  -5.59%  -4.38%  -4.52%  -3.94%   4.60%   3.78%   5.23%   9.25%   0.88% --
MSCI EAFE Index (since inception based on A Shares) -12.00%  -6.47%  -7.53%  -8.15%   4.44%   4.77%   5.77%   4.90%                
SGOIX I  -1.27%  -0.12%  -1.27%   2.73%   6.78%   4.90%   5.53%   9.49%   0.88% --
MSCI EAFE Index (since inception based on A Shares)  -5.91%   0.64%  -5.91%   1.16%   7.78%   6.72%   6.27%   5.16%                
EAROX R3  -5.76%  -4.47%  -4.69%  -4.43%   4.07%      -      -   2.77%   1.34% --
MSCI EAFE Index (since inception based on A Shares) -12.00%  -6.47%  -7.53%  -8.15%   4.44%   4.77%   5.77%   4.90%                
EAROX R3  -1.35%  -0.12%  -1.35%   2.27%   6.27%      -      -   4.03%   1.34% --
MSCI EAFE Index (since inception based on A Shares)  -5.91%   0.64%  -5.91%   1.16%   7.78%   6.72%   6.27%   5.16%                
FIORX R4  -5.64%  -4.42%  -4.57%  -4.14%   4.43%      -      -   1.88%   1.06% --
MSCI EAFE Index (since inception based on A Shares) -12.00%  -6.47%  -7.53%  -8.15%   4.44%   4.77%   5.77%   4.90%                
FIORX R4  -1.28%  -0.08%  -1.28%   2.54%   6.64%      -      -   3.02%   1.06% --
MSCI EAFE Index (since inception based on A Shares)  -5.91%   0.64%  -5.91%   1.16%   7.78%   6.72%   6.27%   5.16%                
FEROX R5  -5.72%  -4.43%  -4.65%  -4.24%   4.23%      -      -   5.08%   1.20% --
MSCI EAFE Index (since inception based on A Shares) -12.00%  -6.47%  -7.53%  -8.15%   4.44%   4.77%   5.77%   4.90%                
FEROX R5  -1.35%  -0.16%  -1.35%   2.44%   6.42%      -      -   6.79%   1.20% --
MSCI EAFE Index (since inception based on A Shares)  -5.91%   0.64%  -5.91%   1.16%   7.78%   6.72%   6.27%   5.16%                
FEORX R6  -5.56%  -4.38%  -4.52%  -3.85%   4.68%   3.86%      -   4.20%   0.79% --
MSCI EAFE Index (since inception based on A Shares) -12.00%  -6.47%  -7.53%  -8.15%   4.44%   4.77%   5.77%   4.90%                
FEORX R6  -1.23%  -0.08%  -1.23%   2.83%   6.88%   4.98%      -   5.19%   0.79% --
MSCI EAFE Index (since inception based on A Shares)  -5.91%   0.64%  -5.91%   1.16%   7.78%   6.72%   6.27%   5.16%                

Source: FactSet; data as of Mar 31, 2022.

Source: FactSet; data as of Apr 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. Overseas Fund Inception dates: A Shares 08/31/1993, C Shares 06/05/2000, I Shares 07/31/1998, R3 Shares 05/01/2018, R4 Shares 01/17/2018, R5 Shares 03/11/2019, R6 Shares 03/01/2017.

  3. 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.

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

  5. The average annual returns for Class A Shares “with sales charge” performance gives effect to the deduction of the maximum sales charge of 3.75% for periods prior to March 1, 2000 and of 5.00% thereafter.

  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. 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.

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

  9. Class R Shares are offered without sales charge.

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

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

  3. 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.

  4. The MSCI EAFE Index is an unmanaged total return index, reported in U.S. dollars, based on share prices and reinvested net dividends of companies from 21 countries and is not available for purchase.

  5. 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.

  6. 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.

  7. 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.

  8. 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.

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

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

Top Ten Holdings (%)

As of Apr 30, 2022

Gold Bullion 11.44
Imperial Oil Ltd. CAN 3.36
British American Tobacco PLC UK 2.80
Danone SA FRA 2.42
Groupe Bruxelles Lambert SA BEL 2.32
Compagnie Financiere Richemont SA SWITZ 2.15
Unilever PLC UK 2.05
Willis Towers Watson Public Limited Company UK 1.92
Mitsubishi Estate Company, Ltd. JPN 1.82
Nutrien Ltd. CAN 1.78
Top Ten Holdings as a Percentage of Total Net Assets 32.06

Top Ten Holdings (%)

As of Mar 31, 2022

Gold Bullion 11.47
Imperial Oil Ltd. CAN 3.05
British American Tobacco PLC UK 2.67
Groupe Bruxelles Lambert SA BEL 2.42
Compagnie Financiere Richemont SA SWITZ 2.22
Danone SA FRA 2.11
Willis Towers Watson Public Limited Company UK 2.00
Unilever PLC UK 1.90
Nutrien Ltd. CAN 1.78
Nestle S.A. SWITZ 1.77
Top Ten Holdings as a Percentage of Total Net Assets 31.40

Top Ten Holdings (%)

As of Feb 28, 2022

Gold Bullion 11.71
Imperial Oil Ltd. CAN 2.79
British American Tobacco PLC UK 2.75
Groupe Bruxelles Lambert SA BEL 2.40
Compagnie Financiere Richemont SA SWITZ 2.31
Danone SA FRA 2.29
Unilever PLC UK 1.90
Willis Towers Watson Public Limited Company UK 1.87
Mitsubishi Estate Company, Ltd. JPN 1.78
Nestle S.A. SWITZ 1.75
Top Ten Holdings as a Percentage of Total Net Assets 31.54

Top Ten Holdings (%)

As of Jan 31, 2022

Gold Bullion 10.88
British American Tobacco PLC UK 2.64
Compagnie Financiere Richemont SA SWITZ 2.53
Imperial Oil Ltd. CAN 2.51
Groupe Bruxelles Lambert SA BEL 2.43
Danone SA FRA 2.30
Taiwan Semiconductor Manufacturing Co., Ltd. TWN 1.94
Willis Towers Watson Public Limited Company UK 1.94
Nestle S.A. SWITZ 1.93
Unilever PLC UK 1.89
Top Ten Holdings as a Percentage of Total Net Assets 30.99

Top Ten Holdings (%)

As of Dec 31, 2021

Gold Bullion 10.80
Compagnie Financiere Richemont SA SWITZ 2.55
Groupe Bruxelles Lambert SA BEL 2.50
British American Tobacco PLC UK 2.24
Danone SA FRA 2.24
Imperial Oil Ltd. CAN 2.16
Nestle S.A. SWITZ 2.05
Unilever PLC UK 1.94
Willis Towers Watson Public Limited Company UK 1.92
Taiwan Semiconductor Manufacturing Co., Ltd. TWN 1.86
Top Ten Holdings as a Percentage of Total Net Assets 30.25

Top Ten Holdings (%)

As of Nov 30, 2021

Gold Bullion 10.54
Compagnie Financiere Richemont SA SWITZ 2.68
Groupe Bruxelles Lambert SA BEL 2.49
Danone SA FRA 2.12
British American Tobacco PLC UK 2.02
Imperial Oil Ltd. CAN 1.99
Nestle S.A. SWITZ 1.97
Unilever PLC UK 1.86
Taiwan Semiconductor Manufacturing Co., Ltd. TWN 1.85
Willis Towers Watson Public Limited Company UK 1.84
Top Ten Holdings as a Percentage of Total Net Assets 29.37

Top Ten Holdings (%)

As of Oct 31, 2021

Gold Bullion 10.13
Groupe Bruxelles Lambert SA BEL 2.57
Danone SA FRA 2.27
Compagnie Financiere Richemont SA SWITZ 2.15
British American Tobacco PLC UK 2.01
Nestle S.A. SWITZ 1.98
Imperial Oil Ltd. CAN 1.95
Willis Towers Watson Public Limited Company UK 1.88
Unilever PLC UK 1.87
Nutrien Ltd. CAN 1.82
Top Ten Holdings as a Percentage of Total Net Assets 28.63

Top Ten Holdings (%)

As of Sep 30, 2021

Gold Bullion 10.06
Groupe Bruxelles Lambert SA BEL 2.45
Danone SA FRA 2.39
Nutrien Ltd. CAN 2.15
British American Tobacco PLC UK 2.03
Unilever PLC UK 1.90
Fanuc Corp. JPN 1.86
Imperial Oil Ltd. CAN 1.84
Willis Towers Watson Public Limited Company UK 1.82
Nestle S.A. SWITZ 1.81
Top Ten Holdings as a Percentage of Total Net Assets 28.32

Top Ten Holdings (%)

As of Aug 31, 2021

Gold Bullion 10.01
Danone SA FRA 2.47
Groupe Bruxelles Lambert SA BEL 2.46
British American Tobacco PLC UK 2.10
Compagnie Financiere Richemont SA SWITZ 2.03
Nutrien Ltd. CAN 1.96
Unilever PLC UK 1.88
Nestle S.A. SWITZ 1.83
Fanuc Corp. JPN 1.79
Taiwan Semiconductor Manufacturing Co., Ltd. TWN 1.74
Top Ten Holdings as a Percentage of Total Net Assets 28.28

Top Ten Holdings (%)

As of Jul 31, 2021

Gold Bullion 9.96
Groupe Bruxelles Lambert SA BEL 2.48
Danone SA FRA 2.47
Compagnie Financiere Richemont SA SWITZ 2.35
British American Tobacco PLC UK 2.07
Unilever PLC UK 1.93
Nutrien Ltd. CAN 1.90
Nestle S.A. SWITZ 1.83
Fanuc Corp. JPN 1.82
Sompo Holdings,Inc. JPN 1.72
Top Ten Holdings as a Percentage of Total Net Assets 28.54

Top Ten Holdings (%)

As of Jun 30, 2021

Gold Bullion 9.72
Groupe Bruxelles Lambert SA BEL 2.39
Danone SA FRA 2.37
Compagnie Financiere Richemont SA SWITZ 2.23
British American Tobacco PLC UK 2.16
Fanuc Corp. JPN 1.96
Nutrien Ltd. CAN 1.94
Unilever PLC UK 1.87
Nestle S.A. SWITZ 1.80
Taiwan Semiconductor Manufacturing Co., Ltd. TWN 1.75
Top Ten Holdings as a Percentage of Total Net Assets 28.20

Top Ten Holdings (%)

As of May 31, 2021

Gold Bullion 10.27
Groupe Bruxelles Lambert SA BEL 2.38
Danone SA FRA 2.35
Compagnie Financiere Richemont SA SWITZ 2.18
Nutrien Ltd. CAN 2.11
British American Tobacco PLC UK 2.10
Fanuc Corp. JPN 1.92
Unilever PLC UK 1.88
Imperial Oil Ltd. CAN 1.81
Nestle S.A. SWITZ 1.75
Top Ten Holdings as a Percentage of Total Net Assets 28.75

Allocation By Sector (%)

Consumer Staples: 18.22%
Gold Related Investments: 16.28%
Industrials: 12.69%
Financials: 10.30%
Consumer Discretionary: 8.50%
Holding Companies: 6.11%
Energy: 4.74%
Real Estate: 4.23%
Technology: 4.03%
Short-Term, Cash & Cash Equivalents: 3.87%
Health Care: 3.83%
Other: 7.20%
Source: FactSet; data as of Mar 31, 2022.
Consumer Staples 18.22%
Consumer Staples 17.84%
Gold Related Investments 16.28%
Gold Related Investments 14.61%
Industrials 12.69%
Industrials 12.27%
Financials 10.30%
Financials 9.67%
Consumer Discretionary 8.58%
Consumer Discretionary 8.50%
Cash & Cash Equivalents 7.13%
Holding Companies 6.45%
Holding Companies 6.11%
Energy 4.74%
Technology 4.66%
Real Estate 4.23%
Technology 4.03%
Health Care 4.00%
Materials 3.99%
Real Estate 3.91%
Short-Term, Cash & Cash Equivalents 3.87%
Health Care 3.83%
Materials 3.72%
Energy 3.44%
Government Bonds 2.45%
Government Bonds 2.39%
Communication Services 0.89%
Communication Services 0.86%
Transportation 0.17%
Transportation 0.15%

Allocation By Asset Class (%)

International Stocks: 77.40%
Gold Related Investments: 16.28%
Short-Term, Cash & Cash Equivalents: 3.87%
International Currency Bonds: 2.45%
Source: FactSet; data as of Mar 31, 2022.
International Stocks 77.40%
International Stocks 75.87%
Gold Related Investments 16.28%
Gold Related Investments 14.61%
Cash & Cash Equivalents 7.13%
Short-Term, Cash & Cash Equivalents 3.87%
International Currency Bonds 2.45%
International Currency Bonds 2.39%

Allocation By Region (%)

Europe: 35.28%
Japan: 16.85%
Gold Related Investments: 16.28%
Asia ex-Japan: 14.16%
Other: 8.76%
Latin America: 4.78%
Short-Term, Cash & Cash Equivalents: 3.87%
Source: FactSet; data as of Mar 31, 2022.
Europe 35.30%
Europe 35.28%
Japan 17.56%
Japan 16.85%
Gold Related Investments 16.28%
Gold Related Investments 14.61%
Asia ex-Japan 14.16%
Asia ex-Japan 13.63%
Other 8.76%
Other 7.77%
Cash & Cash Equivalents 7.13%
Latin America 4.78%
Latin America 4.00%
Short-Term, Cash & Cash Equivalents 3.87%
  1. Short-Term, Cash & Cash Equivalents include short-term investments; e.g., short-term commercial paper (0.3% of net assets) that settles in 90 days or less, longer-term commercial paper (3.2% 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. One cannot invest directly in an index. Indices do not incur management fees or other operating expenses.

  3. 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.

  4. The MSCI EAFE Index is an unmanaged total return index, reported in U.S. dollars, based on share prices and reinvested net dividends of companies from 21 countries and is not available for purchase.

  5. 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.

  6. 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.

  7. 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.

  8. 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.

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

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

Fund Management

  • Alan Barr

    Portfolio Manager and Senior Research Analyst

    Industry start:  
    1990
    Year joined:  
    2001
  • Christian Heck

    Portfolio Manager, Associate Director of Research and Senior Research Analyst

    Industry start:  
    2011
    Year joined:  
    2013

Investment 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.
  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.

The Overseas 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. Definitions

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

  3. 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.

  4. The MSCI EAFE Index is an unmanaged total return index, reported in U.S. dollars, based on share prices and reinvested net dividends of companies from 21 countries and is not available for purchase.

  5. 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.

  6. 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.

  7. 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.

  8. 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.

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

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

  1. Additional Disclosures

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

  3. 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.

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

  5. 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.

Share Class A (SGOVX)

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
Total1.16
  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. 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.

  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 C (FESOX)

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 Expenses10.14
Total1.89
  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. 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 (SGOIX)

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
Other Expenses10.13
Total0.88
  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. Class I Shares require $1MM minimum investment and are offered without sales charge. There is no minimum subsequent investment amount for Class I Shares.

  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 R3 (EAROX)

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 Expenses10.24
Total1.34
  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. 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 (FIORX)

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 Expenses10.21
Total1.06
  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. 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 (FEROX)

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 Expenses10.45
Total1.20
  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. 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 (FEORX)

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 Expenses10.04
Total0.79
  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. 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.

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 $0.873 $0.045 $0.539 $0.000 $1.457
11/30/2020 12/01/2020 12/02/2020 $0.053 $0.000 $0.000 $0.000 $0.053
12/17/2019 12/18/2019 12/19/2019 $0.500 $0.002 $0.825 $0.000 $1.327
12/11/2018 12/12/2018 12/13/2018 $0.270 $0.037 $0.349 $0.000 $0.656
12/12/2017 12/13/2017 12/14/2017 $0.401 $0.042 $0.396 $0.000 $0.839
12/13/2016 12/14/2016 12/15/2016 $0.259 $0.010 $0.535 $0.000 $0.804
12/16/2015 12/17/2015 12/18/2015 $0.044 $0.064 $0.183 $0.000 $0.291
12/15/2014 12/16/2014 12/17/2014 $0.234 $0.120 $0.637 $0.107 $1.098
12/16/2013 12/17/2013 12/18/2013 $0.464 $0.210 $0.636 $0.111 $1.421
12/12/2012 12/13/2012 12/14/2012 $0.263 $0.104 $0.682 $0.118 $1.167
12/12/2011 12/13/2011 12/14/2011 $0.386 $0.001 $0.543 $0.096 $1.026
12/15/2010 12/16/2010 12/17/2010 $0.320 $0.000 $0.210 $0.000 $0.530
12/15/2009 12/16/2009 12/17/2009 $0.598 $0.000 $0.000 $0.000 $0.598
12/16/2008 12/17/2008 12/18/2008 $0.021 $0.000 $1.615 $0.049 $1.685
11/30/2021 12/01/2021 12/02/2021 $0.619 $0.045 $0.539 $0.000 $1.203
11/30/2020 12/01/2020 12/02/2020 $0.000 $0.000 $0.000 $0.000 $0.000
12/17/2019 12/18/2019 12/19/2019 $0.250 $0.002 $0.825 $0.000 $1.077
12/11/2018 12/12/2018 12/13/2018 $0.090 $0.037 $0.349 $0.000 $0.476
12/12/2017 12/13/2017 12/14/2017 $0.253 $0.042 $0.396 $0.000 $0.691
12/13/2016 12/14/2016 12/15/2016 $0.088 $0.010 $0.535 $0.000 $0.633
12/16/2015 12/17/2015 12/18/2015 $0.000 $0.064 $0.183 $0.000 $0.247
12/15/2014 12/16/2014 12/17/2014 $0.077 $0.120 $0.637 $0.107 $0.941
12/16/2013 12/17/2013 12/18/2013 $0.301 $0.210 $0.636 $0.111 $1.258
12/12/2012 12/13/2012 12/14/2012 $0.125 $0.104 $0.682 $0.118 $1.029
12/12/2011 12/13/2011 12/14/2011 $0.198 $0.001 $0.543 $0.096 $0.838
12/15/2010 12/16/2010 12/17/2010 $0.180 $0.000 $0.210 $0.000 $0.390
12/15/2009 12/16/2009 12/17/2009 $0.488 $0.000 $0.000 $0.000 $0.488
12/16/2008 12/17/2008 12/18/2008 $0.000 $0.000 $1.615 $0.049 $1.664
11/30/2021 12/01/2021 12/02/2021 $0.950 $0.045 $0.539 $0.000 $1.534
11/30/2020 12/01/2020 12/02/2020 $0.122 $0.000 $0.000 $0.000 $0.122
12/17/2019 12/18/2019 12/19/2019 $0.569 $0.002 $0.825 $0.000 $1.396
12/11/2018 12/12/2018 12/13/2018 $0.352 $0.037 $0.349 $0.000 $0.738
12/12/2017 12/13/2017 12/14/2017 $0.467 $0.042 $0.396 $0.000 $0.905
12/13/2016 12/14/2016 12/15/2016 $0.323 $0.010 $0.535 $0.000 $0.868
12/16/2015 12/17/2015 12/18/2015 $0.106 $0.064 $0.183 $0.000 $0.353
12/15/2014 12/16/2014 12/17/2014 $0.251 $0.120 $0.637 $0.107 $1.115
12/16/2013 12/17/2013 12/18/2013 $0.521 $0.210 $0.636 $0.111 $1.478
12/12/2012 12/13/2012 12/14/2012 $0.309 $0.104 $0.682 $0.118 $1.213
12/12/2011 12/13/2011 12/14/2011 $0.452 $0.001 $0.543 $0.096 $1.092
12/15/2010 12/16/2010 12/17/2010 $0.370 $0.000 $0.210 $0.000 $0.580
12/15/2009 12/16/2009 12/17/2009 $0.633 $0.000 $0.000 $0.000 $0.633
12/16/2008 12/17/2008 12/18/2008 $0.028 $0.000 $1.615 $0.049 $1.692
11/30/2021 12/01/2021 12/02/2021 $0.832 $0.045 $0.539 $0.000 $1.416
11/30/2020 12/01/2020 12/02/2020 $0.049 $0.000 $0.000 $0.000 $0.049
12/17/2019 12/18/2019 12/19/2019 $0.423 $0.002 $0.825 $0.000 $1.250
12/11/2018 12/12/2018 12/13/2018 $0.304 $0.037 $0.349 $0.000 $0.690
11/30/2021 12/01/2021 12/02/2021 $0.908 $0.045 $0.539 $0.000 $1.492
11/30/2020 12/01/2020 12/02/2020 $0.133 $0.000 $0.000 $0.000 $0.133
12/17/2019 12/18/2019 12/19/2019 $0.528 $0.002 $0.825 $0.000 $1.355
12/11/2018 12/12/2018 12/13/2018 $0.317 $0.037 $0.349 $0.000 $0.703
11/30/2021 12/01/2021 12/02/2021 $0.884 $0.045 $0.539 $0.000 $1.468
11/30/2020 12/01/2020 12/02/2020 $0.031 $0.000 $0.000 $0.000 $0.031
12/17/2019 12/18/2019 12/19/2019 $0.530 $0.002 $0.825 $0.000 $1.357
11/30/2021 12/01/2021 12/02/2021 $0.974 $0.045 $0.539 $0.000 $1.558
11/30/2020 12/01/2020 12/02/2020 $0.140 $0.000 $0.000 $0.000 $0.140
12/17/2019 12/18/2019 12/19/2019 $0.585 $0.002 $0.825 $0.000 $1.412
12/11/2018 12/12/2018 12/13/2018 $0.370 $0.037 $0.349 $0.000 $0.756
12/12/2017 12/13/2017 12/14/2017 $0.482 $0.042 $0.396 $0.000 $0.920
  1. Ordinary income distributions are distributed at the class level and will vary by class.

  2. 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.

  3. "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
Holdings
Fact Sheet
Semi Annual Report
Annual Report
Investor Guide

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. 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.

  1. Risk Disclosures

  2. All investments involve the risk of loss of principal.

  3. There are risks associated with investing in securities of foreign countries, such as erratic market conditions, economic and political instability and fluctuations in currency exchange rates.

  4. The 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.

  5. 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.

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Corporate Headquarters

1345 Avenue of the Americas

New York, NY 10105

212-698-3300

  1. 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.

  2. 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.

  3. The First Eagle Funds are offered by FEF Distributors, LLC, a subsidiary of First Eagle Investment Management, LLC, which provides advisory services.

  4. Check the background of FEF Distributors, LLC (Member SIPC) on FINRA's BrokerCheck.