Investor Summary
Fund Strategy
FUND PERFORMANCE AS OF 31st December 2025
| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 12.6% | 5.4% | 31.6% |
| 2025 |
|---|
| 31.6% |
| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 12.6% | 5.4% | 31.6% |
| 2025 |
|---|
| 31.6% |
First Eagle Global Fund delivered strong performance in Q4 2025, returning 5.35% and outperforming the MSCI World Index. The fund's core thesis centers on building portfolio resilience through carefully selected equities with low correlation to broader markets, complemented by strategic gold exposure. Key return drivers included gold bullion, which surged 65% during 2025 as investors recognized the fiscal double-bind facing US policymakers, and technology holdings like Alphabet and Samsung Electronics that benefited from AI infrastructure demand. The fund's bottom-up approach targets companies with strong balance sheets, high margins, diverse product lineups, and contractually obligated revenues. Major risks include unsustainable AI spending growth rates, persistent US twin deficits creating policy constraints, and escalating geopolitical tensions exemplified by US military action in Venezuela. The managers maintain their focus on low-beta positioning and gold's hedge value, believing this approach will serve clients well in potentially less accommodating markets ahead while capitalizing on selective opportunities in technology and defense sectors.
First Eagle Global Fund focuses on building portfolio resilience through low-beta equities with strong fundamentals while maintaining strategic gold exposure as a hedge against fiscal and geopolitical risks in an environment of elevated market valuations and systemic uncertainties.
The fund believes the low-beta profile of their portfolios will serve clients well in markets that may be less accommodating going forward, while continuing to value gold's strategic hedge potential given current fiscal and geopolitical dynamics.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jan 26 2026 | 2025 Q4 | 005930.KS, BA.L, BABA, CHRW, GOOG, GOOGL, META, ORCL, PRX.AS | AI, defense, Geopolitical, global, gold, Resilience, technology |
GOOG 005930 KS CHRW ORCL META BABA BA LN |
Gold surged 65% during 2025, its largest annual gain since 1979, reflecting acknowledgment of the double-bind facing US policymakers. The price rally has aligned gold with its 50-year geometric average relative to US public debt and brought it closer to its geometric average versus the S&P 500. The fund continues to highly value gold's strategic hedge potential given current fiscal and geopolitical dynamics. Massive spending on AI infrastructure buildout has been a chief tailwind supporting economic and equity market growth. Spending on semiconductor fabrication and data centers has accounted for 0.4% of GDP growth annually since 2022. However, hyperscaler capex as a percentage of cash flow has grown from 20% in 2015 to 70% today, making the current rate of growth unsustainable absent other financing sources. Geopolitical tensions ratcheted up with US military action in Venezuela to remove President Maduro, reflecting broader disequilibrium in the global order. The emergence of the Eurasian heartland with authoritarian powers growing increasingly aligned has increased the possibility of destabilizing left-tail events across the Americas, Europe, and Asia. The fund focuses on building portfolio resilience through equities offering ballast through their lower risk character. This is achieved by evaluating stocks from the bottom up for attributes contributing to low correlations with the broader market, including strong balance sheets, high margins, diverse product lineups, long-lived assets, and contractually obligated revenues. |
| Oct 22 2025 | 2025 Q3 | 7309 JP, CHRW, CMCSA, CRM, ELV, GOOG, ORCL, PM | AI, Cloud, Fiscal Deficit, geopolitics, gold |
ORCL GOOG BABA CHRW 7309 JP ELV PM CMCSA CRM ORCL GOOG BABA CHRW 7309 JP ELV PM CMCSA CRM |
The Global Fund outperformed its benchmark with gains in gold, AI-driven technology, and Asian equities. Holdings in Oracle, Alphabet, and Alibaba benefited from AI and cloud expansion, while gold exposure provided a hedge against fiscal deficits and currency debasement. Managers stress disciplined capital recycling and valuation awareness amid rising geopolitical and debt risks. |
| Aug 27 2025 | 2025 Q2 | BA/ LN, BABA, BDX, META, ORCL, SLB, TSM, WTW | Fiscal, inflation, Labor, Resilience, wages |
ORCL META TSM BDX SLB WTW BABA |
The commentary centers on the underappreciated risk of renewed inflation driven by labor market tightness, fiscal expansion, and demographic constraints. While markets appear to be pricing equilibrium, the manager argues that shrinking labor supply and sustained fiscal largesse could reignite wage pressures and destabilize monetary policy. The fund emphasizes resilience through diversified global assets positioned to withstand inflationary and policy shocks. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q4 |
AIAI has been integrated into RGA's research process through tools like NotebookLM, Gems in Gemini, and Claude Code. The firm views AI as a force multiplier for human judgment rather than a replacement, emphasizing the Kasparov Law principle. They believe the market narrative around AI displacement is swinging to unhelpful extremes, creating investment opportunities. |
Machine Learning Automation Software Productivity Innovation |
GeopoliticalThe capture of Nicolás Maduro represents a dramatic change in U.S. foreign policies under the Monroe-Trump Doctrine. This signals a more assertive approach to countering hostile regimes in the Western Hemisphere, with implications for Cuba, Iran, and China's strategic positioning in Latin America. |
Venezuela Cuba Iran China Policy | |
GoldGold returned +65% in dollars in 2025, driven by broadening demand from central banks, professional and retail investors. Central banks now hold 24% of reserves in gold versus 23% in US Treasuries for the first time. Maintained 12% portfolio allocation throughout the year. |
Central Banks Reserves Diversification Demand | |
Resilience2025 tested the fund's thesis severely with a bankruptcy, major customer losses, and cyber-attacks, yet delivered 17.45% net returns. The manager emphasizes that edge comes from exploiting inefficiency rather than avoiding adversity, demonstrating portfolio resilience through active management. |
Adversity Active Management Drawdowns Volatility | |
| 2025 Q3 |
AIAI has been integrated into RGA's research process through tools like NotebookLM, Gems in Gemini, and Claude Code. The firm views AI as a force multiplier for human judgment rather than a replacement, emphasizing the Kasparov Law principle. They believe the market narrative around AI displacement is swinging to unhelpful extremes, creating investment opportunities. |
Machine Learning Automation Software Productivity Innovation |
GoldGold returned +65% in dollars in 2025, driven by broadening demand from central banks, professional and retail investors. Central banks now hold 24% of reserves in gold versus 23% in US Treasuries for the first time. Maintained 12% portfolio allocation throughout the year. |
Central Banks Reserves Diversification Demand | |
| 2025 Q2 |
InflationInflation has continued to be a persistent feature in Japan and has prompted changes in both corporate and consumer behavior. Importantly, inflation has fed through to corporate earnings and equity performance. Companies that have successfully passed on higher costs to consumers have benefited from improved operating margins. |
Inflation Corporate Earnings Operating Margins Consumer Behavior Cost Pass-through |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Oct 22, 2025 | Fund Letters | Julien Albertini | CMCSA | Comcast Corporation Class A | Communication Services | Cable & Satellite | Bull | NASDAQ | broadband, buybacks, cash flow, Content, Convergence, Parks, scale | Login |
| Aug 27, 2025 | Fund Letters | Julien Albertini | WTW | Willis Towers Watson Public Limited Company | Financials | Insurance Brokers | Bull | NASDAQ | Brokerage, Consulting, Margins, Retention, turnaround | Login |
| Oct 22, 2025 | Fund Letters | Julien Albertini | CRM | Salesforce, Inc. | Information Technology | Application Software | Bull | NYSE | AI, Cross-sell, Free Cash Flow, guidance, Margins, Retention, SaaS | Login |
| Aug 27, 2025 | Fund Letters | Julien Albertini | BABA | Alibaba Group Holding Limited | Consumer Discretionary | Internet Retail | Bull | NYSE | AI, buybacks, China, cloud, ecommerce | Login |
| Oct 22, 2025 | Fund Letters | Julien Albertini | ORCL | Oracle Corporation | Information Technology | System Software | Bull | NYSE | AI, backlog, buybacks, cloud, Margins, operating leverage | Login |
| Jan 26, 2026 | Fund Letters | Julien Albertini | GOOG | Alphabet Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | AI, buybacks, cashflow, cloud, Platforms | Login |
| Oct 22, 2025 | Fund Letters | Julien Albertini | GOOG | Alphabet Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | advertising, AI, buybacks, cloud, Legal, Margins, monetization | Login |
| Jan 26, 2026 | Fund Letters | Julien Albertini | 005930 KS | Samsung Electronics Co., Ltd. | Information Technology | Semiconductors | Bull | New York Stock Exchange | AI, earnings, Memory, Pricing power, Semi Conductors | Login |
| Oct 22, 2025 | Fund Letters | Julien Albertini | BABA | Alibaba Group Holding Limited | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NYSE | AI, buybacks, cloud, dividends, e-commerce, Partnerships, rerating | Login |
| Jan 26, 2026 | Fund Letters | Julien Albertini | CHRW | C.H. Robinson Worldwide, Inc. | Industrials | Air Freight & Logistics | Bull | NASDAQ | Automation, Cyclicality, Logistics, Margins, Regulation | Login |
| Oct 22, 2025 | Fund Letters | Julien Albertini | CHRW | C.H. Robinson Worldwide | Industrials | Air Freight & Logistics | Bull | NASDAQ | Automation, buybacks, Capacity, Cycle, Logistics, Margins, Pricing | Login |
| Jan 26, 2026 | Fund Letters | Julien Albertini | ORCL | Oracle Corporation | Information Technology | Application Software | Bear | New York Stock Exchange | AI, CapEx, cloud, leverage, Software | Login |
| Oct 22, 2025 | Fund Letters | Julien Albertini | 7309 JP | Shimano Inc. | Consumer Discretionary | Leisure Products | Bull | NYSE | Bicycles, dividends, Inventory, market share, Normalization, recovery | Login |
| Jan 26, 2026 | Fund Letters | Julien Albertini | META | Meta Platforms, Inc. | Communication Services | Interactive Media & Services | Bear | NASDAQ | advertising, AI, CapEx, Margins, Platforms | Login |
| Oct 22, 2025 | Fund Letters | Julien Albertini | ELV | Elevance Health | Health Care | Managed Health Care | Bull | NYSE | buybacks, guidance, managed care, Margins, Medicaid, Pricing, Utilization | Login |
| Jan 26, 2026 | Fund Letters | Julien Albertini | BABA | Alibaba Group Holding Limited | Consumer Discretionary | Internet Retail | Bear | New York Stock Exchange | AI, capital returns, China, cloud, ecommerce | Login |
| Oct 22, 2025 | Fund Letters | Julien Albertini | PM | Philip Morris International | Consumer Staples | Tobacco | Bull | NYSE | buybacks, cash flow, dividends, Pricing power, Regulation, Rrps, tobacco | Login |
| Jan 26, 2026 | Fund Letters | Julien Albertini | BA LN | BAE Systems plc | Industrials | Aerospace & Defense | Bear | New York Stock Exchange | backlog, Cyclicality, Defense, Geopolitics, Government | Login |
| Oct 22, 2025 | Fund Letters | Julien Albertini | ORCL | Oracle Corporation | Information Technology | System Software | Bull | NYSE | AI, backlog, buybacks, cloud, Margins, operating leverage | Login |
| Oct 22, 2025 | Fund Letters | Julien Albertini | CMCSA | Comcast Corporation Class A | Communication Services | Cable & Satellite | Bull | NASDAQ | broadband, buybacks, cash flow, Content, Convergence, Parks, scale | Login |
| Oct 22, 2025 | Fund Letters | Julien Albertini | GOOG | Alphabet Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | advertising, AI, buybacks, cloud, Legal, Margins, monetization | Login |
| Oct 22, 2025 | Fund Letters | Julien Albertini | CRM | Salesforce, Inc. | Information Technology | Application Software | Bull | NYSE | AI, Cross-sell, Free Cash Flow, guidance, Margins, Retention, SaaS | Login |
| Oct 22, 2025 | Fund Letters | Julien Albertini | BABA | Alibaba Group Holding Limited | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NYSE | AI, buybacks, cloud, dividends, e-commerce, Partnerships, rerating | Login |
| Aug 27, 2025 | Fund Letters | Julien Albertini | ORCL | Oracle Corporation | Information Technology | Software - Infrastructure | Bull | NYSE | AI, cloud, enterprise, Recurring, Software | Login |
| Oct 22, 2025 | Fund Letters | Julien Albertini | CHRW | C.H. Robinson Worldwide | Industrials | Air Freight & Logistics | Bull | NASDAQ | Automation, buybacks, Capacity, Cycle, Logistics, Margins, Pricing | Login |
| Aug 27, 2025 | Fund Letters | Julien Albertini | META | Meta Platforms, Inc. | Communication Services | Internet Content & Information | Bull | NASDAQ | advertising, AI, buybacks, Margins, Social | Login |
| Oct 22, 2025 | Fund Letters | Julien Albertini | 7309 JP | Shimano Inc. | Consumer Discretionary | Leisure Products | Bull | NYSE | Bicycles, dividends, Inventory, market share, Normalization, recovery | Login |
| Aug 27, 2025 | Fund Letters | Julien Albertini | TSM | Taiwan Semiconductor Manufacturing Company Limited | Information Technology | Semiconductors | Bull | NYSE | AI, CapEx, Foundry, Margins, semiconductors | Login |
| Oct 22, 2025 | Fund Letters | Julien Albertini | ELV | Elevance Health | Health Care | Managed Health Care | Bull | NYSE | buybacks, guidance, managed care, Margins, Medicaid, Pricing, Utilization | Login |
| Aug 27, 2025 | Fund Letters | Julien Albertini | BDX | Becton, Dickinson and Company | Health Care | Medical Instruments & Supplies | Bull | NYSE | buybacks, Devices, diagnostics, dividends, Medtech | Login |
| Oct 22, 2025 | Fund Letters | Julien Albertini | PM | Philip Morris International | Consumer Staples | Tobacco | Bull | NYSE | buybacks, cash flow, dividends, Pricing power, Regulation, Rrps, tobacco | Login |
| Aug 27, 2025 | Fund Letters | Julien Albertini | SLB | SLB N.V. | Energy | Oil & Gas Equipment & Services | Bull | NYSE | cashflow, energy, International, Offshore, services | Login |
| TICKER | COMMENTARY |
|---|---|
| 005930.KS | Top gainers included Samsung (+38% in U.S. dollar terms) |
| BA.L | The top three contributors to this underperformance came from BAE Systems (British Defense) |
| BABA | Alibaba was a detractor during the quarter after the company reported mixed fiscal Q2 results. While cloud revenue growth accelerated and margins remained stable, the core commerce business struggled with slowing growth and significant profit pressure, particularly in the quick commerce segment where heavy investment and intense competition led to a sharp decline in profitability. |
| CHRW | C.H. Robinson is the largest freight broker in North America, linking transportation providers to businesses across industries. Shares rallied in anticipation of improved fundamentals. Stricter licensing requirements from the US Department of Transportation could support stronger pricing and ease insurance costs. Overall cost containment—including through AI-assisted automated processes—support higher structural margins coming into the next upcycle for the industry. |
| GOOG | From the moment OpenAI hit the scene with ChatGPT 3.5 in the Fall of 2022, Google was a perceived loser and thousands of pontificators warned about the end of search. Fast forward three years and this was Google Search's fastest quarter of revenue growth since Q1 2022, when the reopening and pandemic were still considerable drivers of results. In parallel with the Search re-acceleration, Google has also emerged as a leader in AI itself. This combination has been potent for Google's stock and could not have opened on Search alone, given the terminal value fears. |
| GOOGL | In the third quarter, Google, Kairos Power, and the Tennessee Valley Authority announced a major collaboration centered on a novel power purchase agreement. Google followed this announcement with another significant step forward. On October 27, Google and NextEra Energy announced plans to restart the Duane Arnold Energy Center. |
| META | On January 9, Meta Platforms unveiled a new agreement with Vistra—the largest generator of competitive electricity in the United States—as well as with TerraPower and Oklo. The announcement builds on Meta's agreement last year with Constellation Energy and positions the company to become one of the largest corporate purchasers of nuclear-generated electricity in the United States. |
| ORCL | Investor enthusiasm for Oracle's stock in calendar year 2025 was initially driven by several multi-billion-dollar contracts it signed with leading AI companies, including OpenAI and Meta. However, in Q4 sentiment for ORCL's growth prospects shifted to skepticism, as investors began to scrutinize the return profile of the substantial capital investments required to support the approximately $500 billion of contracts signed by Oracle. Given the widening range of potential outcomes associated with Oracle's elevated capital needs, we reduced our position in ORCL during Q4. |
| PRX.AS | Prosus is a core, long-term holding primarily valued for its substantial stake in Tencent, a company we believe has significant growth potential and a strong global competitive advantage. A key element of our thesis is that Prosus's current market capitalization is less than the value of its Tencent holding alone. In addition to the Tencent stake, Prosus holds an estimated $35 billion in other listed and unlisted assets. |
| Ticker | Put/Call | Amount Bought | Shares Bought | % Change | Weight % |
|---|---|---|---|---|---|
| No Recent Buys Data | |||||
| Ticker | Put/Call | Amount Sold | Shares Sold | % Change | Weight % | Status |
|---|---|---|---|---|---|---|
| No Recent Sells Data | ||||||
| Industry | Prev Quarter % | Current Quarter % | Change |
|---|---|---|---|
| No industry data available | |||