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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"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."
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.
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