First Eagle Global Fund

Investor Summary

First Eagle Global Fund is managed by an experienced team led by Matthew McLennan (CFA), Julien Albertini, and Manish Gupta, with an average management tenure of 8.9 years. The fund was established in 1970 and has demonstrated consistent value-oriented investment discipline over multiple market cycles. Recent management changes include Kimball Brooker's transition from co-head to senior research advisor in October 2025. The management team focuses on fundamental research and maintains a disciplined approach to capital allocation, seeking businesses with durable competitive advantages trading at attractive valuations.

Fund Strategy

First Eagle Global Fund employs a value-oriented, bottom-up fundamental analysis approach focusing on companies with sustainable profitability trading at discounts to intrinsic value. The fund seeks long-term growth of capital through global equity investments in U.S. and foreign companies without regard to company size. The strategy emphasizes identifying businesses with sustainable competitive advantages, strong balance sheets, experienced management teams, and significant discounts to intrinsic value. A distinctive aspect is the allocation to gold-related investments as a hedge against currency debasement and portfolio diversification. The fund maintains a long-term investment horizon with low portfolio turnover, reflecting conviction in selected investments.

ANNUALIZED SINCE INCEPTION	QUARTERLY	YTD
12.6%	2.86%	4.64%

Executive Summary

First Eagle Global Fund returned 2.86% in Q2 2026, underperforming the MSCI World Index's 13.76% return as growth stocks surged following easing Middle East tensions. The manager repositioned the portfolio during market volatility, finding value opportunities beneath record-high index levels. Top contributors included Samsung Electronics and Alphabet, benefiting from strong semiconductor pricing and AI infrastructure demand, while gold bullion was the primary detractor, declining 14% as new Fed Chair Kevin Warsh's hawkish stance pushed rates higher. The manager expresses concern about extreme risk appetite, with US household equity allocations at post-WWII highs approaching levels seen only at late-1960s and late-1990s market peaks. Despite these concerns, the manager identifies opportunities in value stocks, with the gap between equal-weighted and market-cap weighted S&P 500 at its widest in 15 years. The fund maintains strategic gold exposure as a hedge and continues to find international stocks cheap relative to US equities. The manager believes a diverse collection of scarce, durable assets at sensible valuations could benefit investors long-term despite elevated market levels and unsustainable AI spending growth.

Core Thesis

First Eagle Global Fund seeks to identify scarce, durable assets trading at attractive valuations relative to long-term prospects, maintaining strategic gold exposure as a hedge while finding value opportunities in equal-weighted stocks and international markets that have been overshadowed by mega-cap growth dominance.

Forward Outlook

The manager expresses cautious optimism about finding value opportunities beneath the surface of elevated market levels, particularly in equal-weighted stocks and international markets. While acknowledging concerns about extreme risk appetite, unsustainable AI spending growth, and constrained monetary policy flexibility, the manager believes a diverse collection of scarce, durable assets at sensible valuations could benefit investors in the long run. The tone is measured and selective rather than broadly bullish or defensive.

Date	Letter	Tickers	Keywords	Pitches	Quick Takes
Aug 4 2026	2026 Q2	005930 KS, 032830.KS, CHTR, CRM, ELV, GOOGL, HCA, MRK.DE, XOM	AI, Geopolitical Risk, global, gold, rates, Risk Appetite, semiconductors, value	-	First Eagle Global Fund underperformed in Q2 2026 as growth stocks surged, but the manager used volatility to reposition into value opportunities. The fund maintains strategic gold exposure despite a 14% quarterly decline and sees compelling valuations in equal-weighted stocks and international markets. While concerned about extreme risk appetite and unsustainable AI spending, the manager believes scarce, durable assets at sensible prices will deliver long-term value.
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.

Date

Letter

Tickers

Keywords

Pitches

Quick Takes

Aug 4 2026

2026 Q2

005930 KS, 032830.KS, CHTR, CRM, ELV, GOOGL, HCA, MRK.DE, XOM

AI, Geopolitical Risk, global, gold, rates, Risk Appetite, semiconductors, value

First Eagle Global Fund underperformed in Q2 2026 as growth stocks surged, but the manager used volatility to reposition into value opportunities. The fund maintains strategic gold exposure despite a 14% quarterly decline and sees compelling valuations in equal-weighted stocks and international markets. While concerned about extreme risk appetite and unsustainable AI spending, the manager believes scarce, durable assets at sensible prices will deliver long-term value.

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 Q2	Gold Gold declined 14% during the quarter as expectations of less accommodative monetary policy weighed on prices. Despite the correction, central banks continue to be net buyers, with gold now exceeding US Treasuries as a percentage of total international reserves. The manager maintains confidence in gold as a strategic long-term hedge in diversified portfolios despite near-term headwinds from higher nominal interest rates.	Gold Central Banks Monetary Policy Reserves Hedge
	AI AI infrastructure spending by hyperscalers has been a major driver of market sentiment and earnings expectations. Capital expenditures on data centers and information processing equipment now exceed dot-com peak levels relative to GDP. However, the manager expresses concern that the current rate of growth appears difficult to sustain, and this spending has created inflationary pressures on inputs like copper and DRAM chips.	AI Data Centers Hyperscalers Infrastructure Capex
	Semiconductors Strong pricing for DRAM and NAND memory chips underpinned earnings growth for semiconductor holdings like Samsung Electronics. Persistent demand from hyperscalers and long-term supply agreements support expectations for sustained robust profitability in the memory semiconductor segment. The manager views this as a positive driver for portfolio holdings.	Semiconductors Memory DRAM NAND Pricing
	Value The manager observes that value stocks remain cheap relative to growth despite occasional blips of outperformance. The gap between equal-weighted and market-cap weighted S&P 500 is the widest in 15 years, suggesting potential opportunity outside mega cap stocks. International stocks also remain cheap relative to US stocks by historical standards, creating repositioning opportunities.	Value Growth Valuation Equal Weight International
	Rates The appointment of Kevin Warsh as Fed chair has shifted US interest rate expectations higher, with his consistently hawkish tone pushing two-year Treasury yields and the dollar higher. However, the manager notes that policy flexibility is constrained by the government's need to continually roll over debt and finance large primary deficits at higher interest rates.	Rates Federal Reserve Treasury Yields Monetary Policy Debt
	Risk Appetite Financial conditions in the US are the easiest they've been in decades outside the Covid period, with tight credit spreads and high equity valuations. The percentage of US household wealth invested in equities versus real estate is at post-WWII highs, approaching levels only seen at market peaks in the late 1960s and late 1990s. This exuberance is cause for concern despite strong earnings support.	Risk Appetite Valuations Credit Spreads Household Wealth Exuberance
	Oil Easing oil prices following a fragile peace between the US and Iran helped support earnings during the quarter. Brent crude fell from $140/bbl in early April to around $70/bbl by quarter end. However, the fragility of the peace deal and operational constraints suggest traffic in the Strait of Hormuz will remain well below normal levels for some time.	Oil Brent Crude Geopolitical Risk Energy Prices Iran
	Managed Care Health insurers like Elevance Health saw margins expand during the quarter after a protracted decline, driven by declining medical costs, stronger pricing, and increased utilization with higher premiums. This represented a positive inflection for the managed care sector after a challenging period.	Managed Care Health Insurance Margins Medical Costs Pricing
2026 Q1	Oil Energy 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
	Gold Gold 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
	AI Hyperscalers 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
	Semiconductors Samsung 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
	Luxury The 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 Finance Manager 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
	Value Mature (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
	Growth Emerging (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	AI AI 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
	Gold Gold 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
	Logistics C.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	AI AI 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
	Gold Gold 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
	Valuations US 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
	Logistics C.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

QUARTER

THEMES

Gold

Gold declined 14% during the quarter as expectations of less accommodative monetary policy weighed on prices. Despite the correction, central banks continue to be net buyers, with gold now exceeding US Treasuries as a percentage of total international reserves. The manager maintains confidence in gold as a strategic long-term hedge in diversified portfolios despite near-term headwinds from higher nominal interest rates.

Gold Central Banks Monetary Policy Reserves Hedge

AI

AI infrastructure spending by hyperscalers has been a major driver of market sentiment and earnings expectations. Capital expenditures on data centers and information processing equipment now exceed dot-com peak levels relative to GDP. However, the manager expresses concern that the current rate of growth appears difficult to sustain, and this spending has created inflationary pressures on inputs like copper and DRAM chips.

AI Data Centers Hyperscalers Infrastructure Capex

Semiconductors

Strong pricing for DRAM and NAND memory chips underpinned earnings growth for semiconductor holdings like Samsung Electronics. Persistent demand from hyperscalers and long-term supply agreements support expectations for sustained robust profitability in the memory semiconductor segment. The manager views this as a positive driver for portfolio holdings.

Semiconductors Memory DRAM NAND Pricing

Value

The manager observes that value stocks remain cheap relative to growth despite occasional blips of outperformance. The gap between equal-weighted and market-cap weighted S&P 500 is the widest in 15 years, suggesting potential opportunity outside mega cap stocks. International stocks also remain cheap relative to US stocks by historical standards, creating repositioning opportunities.

Value Growth Valuation Equal Weight International

Rates

The appointment of Kevin Warsh as Fed chair has shifted US interest rate expectations higher, with his consistently hawkish tone pushing two-year Treasury yields and the dollar higher. However, the manager notes that policy flexibility is constrained by the government's need to continually roll over debt and finance large primary deficits at higher interest rates.

Rates Federal Reserve Treasury Yields Monetary Policy Debt

Risk Appetite

Financial conditions in the US are the easiest they've been in decades outside the Covid period, with tight credit spreads and high equity valuations. The percentage of US household wealth invested in equities versus real estate is at post-WWII highs, approaching levels only seen at market peaks in the late 1960s and late 1990s. This exuberance is cause for concern despite strong earnings support.

Risk Appetite Valuations Credit Spreads Household Wealth Exuberance

Oil

Easing oil prices following a fragile peace between the US and Iran helped support earnings during the quarter. Brent crude fell from $140/bbl in early April to around $70/bbl by quarter end. However, the fragility of the peace deal and operational constraints suggest traffic in the Strait of Hormuz will remain well below normal levels for some time.

Oil Brent Crude Geopolitical Risk Energy Prices Iran

Managed Care

Health insurers like Elevance Health saw margins expand during the quarter after a protracted decline, driven by declining medical costs, stronger pricing, and increased utilization with higher premiums. This represented a positive inflection for the managed care sector after a challenging period.

Managed Care Health Insurance Margins Medical Costs Pricing

2026 Q1

Oil

Energy 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

Gold

Gold 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

AI

Hyperscalers 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

Semiconductors

Samsung 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

Luxury

The 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 Finance

Manager 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

Value

Mature (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

Growth

Emerging (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

AI

AI 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

Gold

Gold 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

Logistics

C.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

AI

AI 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

Gold

Gold 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

Valuations

US 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

Logistics

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	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
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
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
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
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	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	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
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	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	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
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
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	GOOGL	Alphabet Inc. Class C	Communication Services	Interactive Media & Services	Bull	NASDAQ	AI Research, cloud infrastructure, digital advertising, Regulatory Relief, search engine, technology	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	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	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	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	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	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	CRM	Salesforce.com, Inc.	Information Technology	Application Software	Bull	NYSE	AI platform, business transformation, CRM Software, Enterprise software, market dominance, SaaS	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

Date

Pitch Type

Author

Ticker

Company

Industry

Sub Industry

Bull / Bear

Exchange

Keywords

Action

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

May 17, 2026

Fund Letters

First Eagle Global Fund

SLB

SLB Limited

Oil & Gas Equipment & Services

Bull

New York Stock Exchange

Deepwater Drilling, Equity, International Energy, Offshore Markets, oilfield services, Supply Disruption, Technical Expertise

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

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

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

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

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

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

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

Jan 26, 2026

Fund Letters

Julien Albertini

GOOG

Alphabet Inc.

Communication Services

Interactive Media & Services

Bull

NASDAQ

AI, buybacks, cashflow, cloud, Platforms

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

Jan 26, 2026

Fund Letters

Julien Albertini

CHRW

C.H. Robinson Worldwide, Inc.

Industrials

Air Freight & Logistics

Bull

NASDAQ

Automation, Cyclicality, Logistics, Margins, Regulation

Jan 26, 2026

Fund Letters

Julien Albertini

ORCL

Oracle Corporation

Information Technology

Application Software

Bear

New York Stock Exchange

AI, CapEx, cloud, leverage, Software

Jan 26, 2026

Fund Letters

Julien Albertini

TICKER	COMMENTARY
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 strong pricing for both dynamic random-access memory (DRAM) and NAND memory chips underpinned earnings growth. Persistent demand from hyperscalers and long-term supply agreements underpin market expectations for sustained robust profitability.
GOOGL	Shares of Alphabet—the parent company of Google and YouTube—rose during the quarter as contracted future revenues from cloud operations continued to be strong, amplified by explosive demand for AI infrastructure, strong AI-focused memory chip production and resilient digital-ad sales. Google's full-stack AI solution underpins prospective long-term momentum for the company, with an anticipated near-term boost from hosting OpenAI's latest generative AI model.
032830.KS	Samsung Life Insurance is a South Korean financial services provider of life, health and pension insurance, as well as retirement products, trust services and loans. Shares were strong during the quarter on surging valuation for Samsung Life's substantial position in Samsung Electronics, robust demand for health insurance products, margin expansion and accounting changes that increased visibility into the company's insurance operations.
ELV	Shares of Elevance Health, the health insurer and healthcare-services provider formerly known as Anthem, rallied during the quarter as margins expanded—after a protracted decline—due to declining medical costs, stronger pricing and increased utilization with higher premiums.
MRK.DE	Merck KGaA is a global life science, healthcare and electronics company based in Germany. Sales for the cancer drug Keytruda were strong during the quarter. Additionally, as the company announced its definitive agreement to acquire US life science tool company Bio-Techne, investors welcomed Merck's shift away from midsize European pharma to instead focus on higher-quality, faster-growing, longer-duration franchises.
CHTR	Charter Communications is the second-largest broadband communications service company in the US, providing cable broadcasting, internet, voice and mass-media services. Cable providers in general remain under competitive pressure from mobile operators, which are scaling up entry-level fixed wireless service. We continue to view Charter as a high-quality business with difficult-to-replicate assets that generate steady cash flows and returns cash to shareholders.
HCA	HCA Healthcare is the largest for-profit hospital operator in the US, with a difficult-to-replicate network of large urban hospitals. Although the company reported sales and profit growth for its most recent growth, HCA reported that patient volumes grew at the low end of guidance, driven partially by declines in respiratory-related emergency room visits, inpatient surgeries and outpatient surgeries. A decrease in enrollment in both Medicaid and Affordable Care Act exchanges was also a headwind. We continue to view HCA's management as an effective steward of both operations and the balance sheet as it continues to return capital to shareholders through share buybacks.
XOM	Shares of integrated oil and gas giant Exxon Mobil traded down alongside easing crude oil prices. Although the company experienced disruptions in its Middle East operations, it reported better-than-expected results for its most recent quarter because of improved production from assets in Guyana and the Permian Basin. We continue to view Exxon as a high-quality operator with strong capital discipline, an attractive portfolio of durable assets and a commitment to returning cash to shareholders.
CRM	Despite reporting better-than-expected results for its most recent quarter, shares of enterprise software developer Salesforce were weak during the quarter because of ongoing industrywide concerns that generative AI will trigger an exodus from software applications. We believe that Salesforce's technology serves as an economic moat to the potential disruption of AI because its products are embedded as the foundational system of record for its customers. In addition, we continue to believe that the company is well positioned to grow and scale its Agentforce platform over time.

Investment Summary

Investor Summary

Fund Strategy

FUND PERFORMANCE AS OF 30th June 2026

Investor Letters

Latest Executive Summary:

Executive Summary

Core Thesis

Forward Outlook

Investment Themes

Gold

AI

Semiconductors

Value

Rates

Risk Appetite

Oil

Managed Care

Oil

Gold

AI

Semiconductors

Luxury

Behavioral Finance

Value

Growth

AI

Gold

Logistics

AI

Gold

Valuations

Logistics

Investor Pitches

Current Portfolio as of ( 30th June 2026 )

Key Risks identified by Manager:

Key catalysts include:

Portfolio Implications

Ticker Commentary

Julien Albertini Top Holdings

Recent Buys (13F)

Recent Sells (13F)

13F Sector Summary

Portfolio Distribution

Latest 13D & 13G Filings

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