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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q3 | Oct 22, 2025 | First Eagle Global Fund | 8.9% | 24.9% | 7309 JP, CHRW, CMCSA, CRM, ELV, GOOG, ORCL, PM | AI, Cloud, Fiscal Deficit, geopolitics, gold | The Global Fund outperformed its benchmark with gains in gold, AI-driven technology, and Asian equities. Holdings in Oracle, Alphabet, and Alibaba benefited from AI and cloud expansion, while gold exposure provided a hedge against fiscal deficits and currency debasement. Managers stress disciplined capital recycling and valuation awareness amid rising geopolitical and debt risks. | CRM CMCSA PM ELV 7309 JP CHRW BABA GOOG ORCL CRM CMCSA PM ELV 7309 JP CHRW BABA GOOG ORCL |
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| 2025 Q4 | Jan 26, 2026 | First Eagle Global Fund | 5.4% | 31.6% | 005930.KS, BA.L, BABA, CHRW, GOOG, GOOGL, META, ORCL, PRX.AS | AI, defense, Geopolitical, global, gold, Resilience, technology | Gold surged 65% during 2025, its largest annual gain since 1979, reflecting acknowledgment of the double-bind facing US policymakers. The price rally has aligned gold with its 50-year geometric average relative to US public debt and brought it closer to its geometric average versus the S&P 500. The fund continues to highly value gold's strategic hedge potential given current fiscal and geopolitical dynamics. Massive spending on AI infrastructure buildout has been a chief tailwind supporting economic and equity market growth. Spending on semiconductor fabrication and data centers has accounted for 0.4% of GDP growth annually since 2022. However, hyperscaler capex as a percentage of cash flow has grown from 20% in 2015 to 70% today, making the current rate of growth unsustainable absent other financing sources. Geopolitical tensions ratcheted up with US military action in Venezuela to remove President Maduro, reflecting broader disequilibrium in the global order. The emergence of the Eurasian heartland with authoritarian powers growing increasingly aligned has increased the possibility of destabilizing left-tail events across the Americas, Europe, and Asia. The fund focuses on building portfolio resilience through equities offering ballast through their lower risk character. This is achieved by evaluating stocks from the bottom up for attributes contributing to low correlations with the broader market, including strong balance sheets, high margins, diverse product lineups, long-lived assets, and contractually obligated revenues. | BA LN BABA META ORCL CHRW 005930 KS GOOG |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Jan 28, 2026 | Fund Letters | Julien Albertini | C.H. Robinson Worldwide, Inc. | Industrials | Air Freight & Logistics | Bull | NASDAQ | Automation, Cyclicality, Logistics, Margins, Regulation | View Pitch |
| Nov 29, 2025 | Fund Letters | Julien Albertini | C.H. Robinson Worldwide | Industrials | Air Freight & Logistics | Bull | NASDAQ | Automation, buybacks, Capacity, Cycle, Logistics, Margins, Pricing | View Pitch |
| Nov 28, 2025 | Fund Letters | Julien Albertini | C.H. Robinson Worldwide | Industrials | Air Freight & Logistics | Bull | NASDAQ | Automation, buybacks, Capacity, Cycle, Logistics, Margins, Pricing | View Pitch |
| Nov 10, 2025 | Seeking Alpha | Seeking Alpha | C.H. Robinson Worldwide, Inc. | Integrated Freight & Logistics | Bull | AI, Automation, C.H. Robinson, Cost Reduction, freight broker, growth, Logistics, Margins, Pricing, US Department of Transportation | View Pitch | ||
| Nov 10, 2025 | Seeking Alpha | Seeking Alpha | C.H. Robinson Worldwide, Inc. | Integrated Freight & Logistics | Bull | AI processes, C.H. Robinson, Cost Reduction, freight broker, Logistics, margin expansion, market leverage, operational efficiency, pricing improvements, regulatory changes | View Pitch |
| Manager Name | Fund Name | Fund AUM | Invested Value | Portfolio Weight | Shares Owned | Shares Bought / Sold During Quarter | % Bought / Sold During Quarter | % of Shares Outstanding Owned |
|---|---|---|---|---|---|---|---|---|
| No investor data available. | ||||||||