Global Equity Strategy

Seeks to deliver attractive real returns while avoiding the permanent impairment of capital over time by using a value approach to investing in global equity markets.

Investment Philosophy

  • We believe that the market episodically fails to recognize, in our view, a company’s “intrinsic value;” we selectively invest when price presents what we believe to be an appropriate “margin of safety.”
  • We seek persistent businesses that embody asset scarcity, strong capital structures and corporate resilience.
  • Our fundamental, bottom-up approach requires a temperament focused on: patience, humility and flexibility.


Strategy Highlights

  • Down side mitigation icon

    Absolute Return Mindset

    Dedication to mitigate downside risk

  • 08 flexible

    Flexible, Benchmark-Agnostic Approach

    Ability to invest across sector, regions, and market cap without constraints of a benchmark

  • Affiliation icon

    Demonstrated Stock Picking Ability of Team

    The strategy will leverage the Global Value teams experience with picking stocks

Our Process

We identify companies for consideration when they exhibit specific characteristics such as: Scarcity. Durability. Persistence.

Investment Culture

Our highly selective approach is focused on finding quality companies and then patiently waiting for that company to trade at what we view as an attractive price.

  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. 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.

  5. Disclosures

  6. These are not investment guidelines or restrictions and will be subject to change. Actual portfolio will differ.

  7. 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.

  8. Definitions

  9. “Intrinsic value” is based on our judgment of what a prudent and rational business buyer would pay in cash for all of the company in normal markets.

  10. 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.

  11. Benchmark Definitions

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

  13. MSCI World: 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.

  14. MSCI World Value: The MSCI World Value Index captures large and mid-cap securities exhibiting overall value style characteristics across 23 Developed Markets (DM) countries. The index provides total returns in US dollars with net dividends reinvested.

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  • Julien Albertini

    Portfolio Manager and Senior Research Analyst

    Industry start:  
    Year joined:  
  • Kimball Brooker Jr.

    Co-Head of Global Value Team and Portfolio Manager

    Industry start:  
    Year joined:  
  • Manish Gupta

    Portfolio Manager and Senior Research Analyst

    Industry start:  
    Year joined:  
  • Matthew McLennan

    Co-Head of Global Value Team and Portfolio Manager

    Industry start:  
    Year joined: