Investor Summary
Fund Strategy
FUND PERFORMANCE AS OF 31st March 2026
| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 12.61% | 1.73% | 1.73% |
| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 12.61% | 1.73% | 1.73% |
First Eagle Global Fund returned 1.73% in Q1 2026, outperforming the MSCI World Index's -3.57% decline during a quarter marked by the Iran war and energy supply disruptions. The February 28 attack on Iran by US and Israeli forces led to closure of the Strait of Hormuz, causing oil prices to surge over 50% and creating stagflationary pressures globally. Energy stocks were the primary contributors, with holdings like Imperial Oil, SLB, and Exxon Mobil benefiting from higher commodity prices. Gold, despite a March selloff, delivered solid gains as it had been pricing in geopolitical risk over the preceding two years. Technology holdings faced headwinds as AI disruption concerns weighed on enterprise software companies, though Samsung benefited from record memory chip prices driven by AI infrastructure demand. The fund is deploying capital at a measured pace, focusing on idiosyncratic opportunities to acquire quality companies at temporarily dislocated valuations rather than making directional war bets. Management expects continued uncertainty and volatility ahead.
First Eagle is deploying capital selectively during geopolitical uncertainty, focusing on high-quality companies trading at dislocated valuations rather than making directional bets on war duration.
The manager expects uncertainty to persist, warning against quick declarations of victory and return to normal conditions. They anticipate continued volatility and are positioned to take advantage of market dislocations while maintaining focus on long-term value creation through owning scarce, durable assets at sensible valuations.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| May 17 2026 | 2026 Q1 | 005930 KS, CRM, IMO.TO, MC.PA, ORCL, PRX.AS, SLB, WDAY, XOM | energy, Geopolitical, global, gold, Iran, oil, value |
IMO.TO SLB XOM 005930.KS WDAY ORCL CRM PRX.AS MC.PA |
First Eagle outperformed during Q1 2026's Iran war volatility by owning energy companies that benefited from oil price surges and maintaining strategic gold exposure. While enterprise software holdings faced AI disruption concerns, the fund is selectively deploying capital into quality companies at dislocated valuations, positioning for long-term value creation amid ongoing geopolitical uncertainty. |
| 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 |
First Eagle Global Fund outperformed in Q4 2025 through strategic gold exposure and selective technology holdings, delivering 5.35% returns. The fund builds portfolio resilience via low-beta equities with strong fundamentals while hedging fiscal and geopolitical risks through gold. Key contributors included Alphabet's AI success and Samsung's semiconductor strength, positioning for potentially challenging markets ahead. |
| Oct 22 2025 | 2025 Q3 | 7309.T, BABA, CHRW, CMCSA, CRM, ELV, GOOGL, ORCL, PM | AI, Geopolitical, global, gold, risk management, technology, value |
ORCL GOOG BABA CHRW 7309 JP ELV PM CMCSA CRM ORCL GOOG BABA CHRW 7309 JP ELV PM CMCSA CRM |
First Eagle delivered strong Q3 performance while maintaining caution on expensive US markets. The fund benefited from gold's record rally and AI winners like Oracle and Alphabet, while recycling capital toward undervalued international opportunities. Despite elevated geopolitical and fiscal risks, constructive non-US dynamics and disciplined value investing support long-term return prospects with capital preservation focus. |
| Aug 27 2025 | 2025 Q2 | 7309.T, BABA, CHRW, CMCSA, CRM, ELV, GOOGL, ORCL, PM | AI, Geopolitical, global, gold, monetary policy, technology, Valuations |
ORCL META TSM BDX SLB WTW BABA ORCL GOOGL BABA CHRW 7309.T ELV PM CMCSA CRM |
First Eagle delivered 8.93% in Q3 driven by AI winners and record gold prices. The manager warns US valuations are dangerously rich at 28x earnings with complacent risk perception, favoring international markets trading at more reasonable 17x multiples. Portfolio strategy focuses on disciplined capital recycling from successful positions into undervalued global opportunities while maintaining gold exposure as geopolitical hedge. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q1 |
OilEnergy stocks broadly outperformed due to surging oil prices following the Iran war and Strait of Hormuz closure. Oil prices climbed more than 50% during the quarter. The fund holds integrated oil companies like Exxon Mobil and Imperial Oil that are well positioned to benefit from higher commodity prices. |
Energy Commodities Geopolitical Supply Integrated Oil & Gas |
GoldGold had been steadily pricing in geopolitical risk over the past two years before the Iran conflict materialized. Despite a sharp selloff in March, gold delivered solid first quarter gains. The fund maintains strategic portfolio exposure believing long-term fundamentals remain strong despite near-term downside risks from energy-driven inflation. |
Safe Haven Geopolitical Inflation Commodities Strategic | |
AIHyperscalers continue directing massive capex toward AI infrastructure buildouts, driving demand for memory semiconductors. However, generative AI tools are creating concerns about disruption to traditional software subscription models across enterprise software companies like Workday, Oracle, and Salesforce. |
Infrastructure Memory Software Disruption Enterprise | |
SemiconductorsSamsung Electronics performed well as DRAM and NAND memory chip prices reached new all-time highs during the quarter due to persistent demand from hyperscalers for AI infrastructure amid tight supply conditions. |
Memory Supply Demand Pricing AI Infrastructure | |
LuxuryThe luxury market came under pressure as the Iran war essentially closed important Middle Eastern markets including Dubai. LVMH faced headwinds despite the fund finding valuation compelling versus eventual peak earnings. |
Consumer Geopolitical Markets Valuation Brands | |
| 2025 Q4 |
Behavioral FinanceManager discusses behavioral biases in investing, comparing rational 'Morning Investor' mode to impulsive 'Nighttime Investor' decisions. Emphasizes the importance of overcoming psychological biases like avoiding action that could cause regret, and building habits to make better investment decisions. |
Behavioral Biases Psychology Decision Making |
ValueMature (Value) businesses led performance in Q4 and were the strongest contributors for the full year, reflecting durable execution in companies generating healthy free cash flow and returning capital. The strategy maintains exposure to value-oriented businesses across market caps. |
Free Cash Flow Capital Return Mature Businesses | |
GrowthEmerging (Growth) businesses were weak in Q4, reversing some substantial gains from earlier in 2025, though they delivered strong full-year performance and generated significant alpha relative to the benchmark. The strategy maintains diversified exposure across growth companies. |
Alpha Generation Emerging Businesses | |
| 2025 Q3 |
AIAI spending continues to drive market performance with companies like Alphabet providing full-stack AI solutions and Oracle securing substantial cloud computing contracts with OpenAI. Alibaba's cloud business has accelerated to capitalize on the AI boom in China through partnerships with Nvidia and leading open-source models. |
Cloud Data Centers Enterprise Software Semiconductors Infrastructure |
GoldGold reached new record nominal highs during the quarter, driven by monetary policy uncertainty, attacks on Federal Reserve independence, disruptive trade policy, shifting fiscal policies, heightened geopolitical tensions, and high sovereign debt levels. Central banks and investors have piled into the metal amid elevated risks and potential currency debasement. |
Inflation Currency Risk Appetite Volatility Commodities | |
LogisticsC.H. Robinson, the largest freight broker in North America, has implemented automated AI processes to cut costs and expand margins. Improved pricing may be in prospect as stricter licensing requirements from the US Department of Transportation take hold and capacity tightens. |
Automation Transportation Supply Chain Freight Trucking | |
| 2025 Q2 |
AIAI spending continues to drive market performance with companies like Alphabet providing full stack AI solutions spanning research, infrastructure and end products. Oracle secured a substantial five-year cloud computing contract with OpenAI. Alibaba's cloud business has accelerated to capitalize on the AI boom in China with leading open-source models and a partnership with Nvidia. |
Cloud Data Centers Enterprise Software Semiconductors |
GoldGold continued to set new record nominal highs during the quarter, propelled by monetary policy uncertainty, attacks on Federal Reserve independence, disruptive trade policy, shifting fiscal policies, heightened geopolitical tensions, and high sovereign debt levels. Gold's year-to-date gain of nearly 50% puts it on an annual pace not seen in nearly 50 years. |
Inflation Dollar Volatility Commodities | |
ValuationsUS equity market valuation multiples are rich with the S&P 500 trading at 28x trailing earnings compared to MSCI EAFE at 17x. The price ratio of US equities to non-US stocks stands at more than 2.5 times the average since 1970. Risk perception in US markets appears quite low with high yield spreads tight and implied volatility low. |
Risk Appetite Value Quality | |
LogisticsC.H. Robinson, the largest freight broker in North America, has implemented automated AI processes to cut costs and expand margins. Improved pricing may be in prospect as stricter licensing requirements from the US Department of Transportation take hold and capacity tightens. |
Automation Trucking Industrial Services |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| May 17, 2026 | Fund Letters | First Eagle Global Fund | CRM | Salesforce.com, Inc. | Software - Application | Application Software | Bull | New York Stock Exchange | Agentforce Platform, AI-Powered Enterprise, CRM Software, Equity, market dominance, operational strength, Revenue Growth, SaaS | Login |
| May 17, 2026 | Fund Letters | First Eagle Global Fund | PRX.AS | Prosus N.V. | Internet Retail | Interactive Media & Services | Bull | Euronext Stock Exchange | Cash-Generative Businesses, Chinese Technology, discount to NAV, Equity, Portfolio Transition, private equity, Technology investment, Tencent Holdings | Login |
| May 17, 2026 | Fund Letters | First Eagle Global Fund | MC.PA | LVMH Moet Hennessy Louis Vuitton SE | Luxury Goods | Textiles, Apparel & Luxury Goods | Bull | Euronext Stock Exchange | Aligned Management, brand portfolio, Compelling Valuation, Equity, Luxury goods, Middle Eastern Markets, Peak Earnings, value creation | Login |
| May 17, 2026 | Fund Letters | First Eagle Global Fund | IMO.TO | Imperial Oil Limited | Oil & Gas Integrated | Integrated Oil & Gas | Bull | New York Stock Exchange | Canadian Energy, Durable Cash Flows, Energy Value Chain, Equity, Integrated Oil & Gas, North America, strong balance sheet | Login |
| May 17, 2026 | Fund Letters | First Eagle Global Fund | SLB | SLB Limited | Oil & Gas Equipment & Services | Oil & Gas Equipment & Services | Bull | New York Stock Exchange | Deepwater Drilling, Equity, International Energy, Offshore Markets, oilfield services, Supply Disruption, Technical Expertise | Login |
| May 17, 2026 | Fund Letters | First Eagle Global Fund | XOM | Exxon Mobil Corporation | Oil & Gas Integrated | Integrated Oil & Gas | Bull | New York Stock Exchange | Equity, Geographic Diversification, Global Asset Base, Higher Commodity Prices, Integrated Oil & Gas, Long Duration Assets, Stable Jurisdictions | Login |
| May 17, 2026 | Fund Letters | First Eagle Global Fund | 005930.KS | Samsung Electronics Co., Ltd. | Consumer Electronics | Semiconductors | Bull | New York Stock Exchange | AI infrastructure, DRAM, Equity, hyperscalers, memory chips, Nand, semiconductors, technology | Login |
| May 17, 2026 | Fund Letters | First Eagle Global Fund | WDAY | Workday, Inc. | Software - Application | Application Software | Bull | NASDAQ | AI disruption, cash flow generation, Enterprise software, Equity, financial management, Human capital management, Mission-Critical, SaaS | Login |
| May 17, 2026 | Fund Letters | First Eagle Global Fund | ORCL | Oracle Corporation | Software - Infrastructure | Systems Software | Bull | New York Stock Exchange | AI infrastructure, Cloud computing, contract backlog, Database Software, Enterprise software, Equity, generative AI, Systems Software | 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 |
| 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 |
| 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 |
| Jan 26, 2026 | Fund Letters | Julien Albertini | GOOG | Alphabet Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | AI, buybacks, cashflow, cloud, Platforms | 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 |
| 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 |
| 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 | 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 | 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 | BABA | Alibaba Group Holding Limited | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NYSE | AI, buybacks, cloud, dividends, e-commerce, Partnerships, rerating | 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 | ORCL | Oracle Corporation | Information Technology | System Software | Bull | NYSE | AI, backlog, buybacks, cloud, Margins, operating leverage | 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 | BABA | Alibaba Group Holding Limited | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NYSE | AI, buybacks, cloud, dividends, e-commerce, Partnerships, rerating | 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| Sep 30, 2025 | Fund Letters | First Eagle Global Fund | BABA | Alibaba Group Holding Ltd. | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NYSE | AI Models, China, Cloud computing, Digital transformation, e-commerce, technology | Login |
| Sep 30, 2025 | Fund Letters | First Eagle Global Fund | CMCSA | Comcast Corporation Class A | Communication Services | Cable & Satellite | Bull | NASDAQ | broadband, Cable TV, cash flow generation, Media Conglomerate, Streaming, telecommunications | Login |
| Sep 30, 2025 | Fund Letters | First Eagle Global Fund | PM | Philip Morris International Inc. | Consumer Staples | Tobacco | Bull | NYSE | cash flow generation, dividend, noncombustible products, product innovation, regulatory changes, tobacco | Login |
| Sep 30, 2025 | Fund Letters | First Eagle Global Fund | CHRW | C.H. Robinson Worldwide, Inc. | Industrials | Air Freight & Logistics | Bull | NASDAQ | AI automation, Freight Brokerage, Logistics, North America, regulatory barriers, Transportation | Login |
| Sep 30, 2025 | Fund Letters | First Eagle Global Fund | ORCL | Oracle Corporation | Information Technology | Systems Software | Bull | NASDAQ | AI infrastructure, Cloud computing, Database Software, Enterprise software, SaaS, technology | Login |
| Sep 30, 2025 | Fund Letters | First Eagle Global Fund | ELV | Elevance Health, Inc. | Health Care | Managed Health Care | Bull | NYSE | health insurance, Healthcare services, managed care, Margin recovery, Medicaid, US Healthcare | Login |
| Sep 30, 2025 | Fund Letters | First Eagle Global Fund | CRM | Salesforce.com, Inc. | Information Technology | Application Software | Bull | NYSE | AI platform, business transformation, CRM Software, Enterprise software, market dominance, SaaS | Login |
| Sep 30, 2025 | Fund Letters | First Eagle Global Fund | 7309.T | Shimano Inc. | Consumer Discretionary | Leisure Products | Bull | Tokyo Stock Exchange | Bicycle Components, Consumer Discretionary, Inventory Cycle, Japan, market leadership, Sporting goods | Login |
| Sep 30, 2025 | Fund Letters | First Eagle Global Fund | GOOGL | Alphabet Inc. Class C | Communication Services | Interactive Media & Services | Bull | NASDAQ | AI Research, cloud infrastructure, digital advertising, Regulatory Relief, search engine, technology | Login |
| Aug 27, 2025 | Fund Letters | Julien Albertini | ORCL | Oracle Corporation | Information Technology | Software - Infrastructure | Bull | NYSE | AI, cloud, enterprise, Recurring, Software | 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 |
| Aug 27, 2025 | Fund Letters | Julien Albertini | TSM | Taiwan Semiconductor Manufacturing Company Limited | Information Technology | Semiconductors | Bull | NYSE | AI, CapEx, Foundry, Margins, semiconductors | 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 |
| Aug 27, 2025 | Fund Letters | Julien Albertini | SLB | SLB N.V. | Energy | Oil & Gas Equipment & Services | Bull | NYSE | cashflow, energy, International, Offshore, services | 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 |
| Aug 27, 2025 | Fund Letters | Julien Albertini | BABA | Alibaba Group Holding Limited | Consumer Discretionary | Internet Retail | Bull | NYSE | AI, buybacks, China, cloud, ecommerce | Login |
| TICKER | COMMENTARY |
|---|---|
| IMO.TO | Imperial Oil, which is 70% owned by Exxon Mobil, is a Canadian integrated oil company with a concentration of assets across just a few key sites in North America. We believe Imperial is well integrated across the energy value chain, and we like its strong balance sheet and history of durable cash flows. |
| SLB | SLB is the world's largest oilfield service company and derives approximately 80% of its revenue from international and offshore markets. The supply disruption in the Persian Gulf is driving increased interest in deepwater production as spending on shale drilling remains muted. With expertise in deepwater and offshore drilling, SLB is well positioned to benefit from the shift, in our view. |
| XOM | We believe integrated oil and gas giant Exxon Mobil's long duration, global asset base is well positioned to benefit from higher commodity prices with key production in stable jurisdictions like Texas, Canada, Guyana and Asia Pacific. |
| 005930.KS | Samsung Electronics is a global technology company and major manufacturer of diverse electronic components with a dominant presence in memory semiconductors. Shares performed well as dynamic random access (DRAM) memory and NAND memory chip prices reached new all-time highs during the quarter because of persistent demand from hyperscalers driven by AI infrastructure buildouts amid tight supply. |
| WDAY | Workday provides enterprise cloud-based software for human capital and financial management applications. Shares were weak in the quarter on a disappointing sales forecast and continued fears that generative AI tools will disrupt traditional software subscription models. We expect Workday's business to remain resilient amid growing AI use; in our view, the difficulty migrating mission-critical customer functions provides a wide moat to Workday's applications. Workday's ability to generate cash flow, its strong balance sheet and commitment to buying back stock further bolster resilience. |
| ORCL | Oracle is one of the world's largest independent enterprise software companies. Shares were weak during the quarter on concerns over aggressive AI infrastructure spending and Oracle's ability to ultimately monetize its investment. With a strong backlog of AI infrastructure contracts and continued user interest in generative AI, we believe Oracle is well positioned. |
| CRM | Shares of enterprise software developer Salesforce were weak during the quarter on industrywide concerns that generative AI was triggering an exodus from software applications. This prompted scrutiny of the company's transformation from a software-as-a-service (SaaS) business to an AI-powered enterprise business through its Agentforce platform and an overall slowdown in revenue growth. We believe Salesforce is well positioned to grow and scale Agentforce over time. We continue to like the company's operational strength, market dominance and focus on balancing growth with improving profitability. |
| PRX.AS | Prosus, a global technology company domiciled in Holland, has a portfolio of private equity investments and an approximate 25% ownership stake in China's publicly traded technology company Tencent, which is Prosus's largest holding. Tencent traded down with the broader Chinese tech market early in the quarter, with further pressure on its announced intent to increase investment in agentic AI and curtail buybacks. We continue to value Prosus's ongoing shift from early-stage venture investing toward established, cash-generative businesses and the prospective narrowing of the significant discount between the market price of Prosus and the net asset value of its investment holdings. |
| MC.PA | Headquartered in Paris, LVMH is the largest luxury goods business in the world. It produces and sells wine and cognac, perfumes and cosmetics, fashion and leather goods, and watches and jewelry, and it also operates retail outlets. Its portfolio of brands includes Louis Vuitton, Tiffany, Bulgari, Christian Dior, Sephora, Moët & Chandon and Hennessy. The luxury market came under pressure as the war in Iran essentially closed important Middle Eastern markets including Dubai. We continue to find valuation compelling, even versus eventual peak earnings. CEO Bernard Arnault—who owns just over half of the company—has a strong track record of creating value and interests aligned with shareholders. |
| Ticker | Put/Call | Amount Bought | Shares Bought | % Change | Weight % |
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| Industry | Prev Quarter % | Current Quarter % | Change |
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