Investor Summary
Fund Strategy
FUND PERFORMANCE AS OF 31st December 2025
| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 12.64% | 5.35% | 31.57% |
| 2025 |
|---|
| 31.6% |
| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 12.64% | 5.35% | 31.57% |
| 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 |
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 |
|---|---|---|
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 |
|---|---|
| 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 | |||