The curated database of hedge funds that publish investor letters. Research by geography, strategy, and schools of thought.
| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Oct 14, 2026
First Eagle Global Fund Class A shares (without sales charge) returned 2.10% net of fees in the third quarter of 2026, outperforming the MSCI World Index's 1.88% gain and bringing calendar year-to-date net performance to 6.83%. Regional performance was driven by positive contributions from North America and Japan, which counterbalanced detractors across developed Europe and emerging markets. From a sector standpoint, information technology, materials, and healthcare provided positive alpha, whereas consumer discretionary, consumer staples, and real estate detracted from performance. The portfolio retained an anchor in gold bullion at a 9.36% allocation, serving as a monetary hedge. The investment team highlights an increasingly fragile macroeconomic environment characterized by fiscal excess and aggressive AI-related capital expenditure. While corporate operating margins have expanded above 20% on the back of public deficit spending and depressed household savings, sovereign bond markets face severe indigestion. The 10-year US Treasury yield surged toward 5.3% amid expanding issuance and a shift toward price-sensitive private buyers, while European sovereign spreads widened, led by France's fiscal and political impasses. Concurrently, data center supply bottlenecks, power constraints, and rebounding wage inflation threaten top-down market assumptions. From a bottom-up perspective, the managers note that extreme index concentration mirrors the late 1990s tech bubble, prompting them to target durable, cash-generative businesses derated by elevated capital costs. Key contributors included Workday (1.56%), Meta Platforms (1.56%), Salesforce (1.53%), and Becton Dickinson (2.20%), alongside physical gold bullion. Conversely, detractor positions were held for fundamental recovery, including luxury leader LVMH (1.26%), South Korean financial Samsung Life Insurance (0.80%), timberland REIT Weyerhaeuser (0.92%), British American Tobacco (1.49%), and laser developer IPG Photonics (0.25%).
We maintain our belief that a diverse collection of scarce, durable assets acquired at sensible valuations may benefit our investors in the long run.
First Eagle expects market performance to be heavily influenced by the AI capex cycle, sovereign refinancing pressures, and potential resurgence in wage inflation. The team cautions that transformative technology waves historically result in boom-bust cycles and emphasizes that sustainable returns will require disciplined bottom-up exposure to scarce, durable assets trading at sensible valuations.
Neutral / Balanced
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