Insights

Oct 24, 2018

The strength of the US dollar was a key factor affecting the performance of the Global Fund in the third quarter and, indeed, over much of the last year. The dollar’s strength reflected the implementation of two unorthodox public policies in the United States: late-cycle fiscal stimulus in the form of a corporate tax cut, and tariffs levied on our largest trading partner, China.

Oct 24, 2018

Looking beyond the United States, we confront a very large question in China: Can it sustain its rapid pace of growth? In an effort to rein in the shadow-banking sector, Chinese authorities have slowed money-supply growth. Arguably, China’s banking sector is too big relative to world money supply to simply return to its historical rates of asset growth.

Oct 24, 2018

Looking forward, there are, as always, plenty of risks about which to be concerned. Many of the Fund’s stocks have suffered from a view that margins have reached a secular peak and that earnings will fall. The combination of this “as good as it gets” perception with fears about global GDP growth, the impact of trade disputes, rising US interest rates, and a strong dollar has resulted in reduced multiples across the Fund.

Oct 24, 2018

In the third quarter of 2018, the fixed income market improved to some extent from investment-grade bonds down through leveraged loans, but duration-sensitive names and sectors generally continued to be punished—damage that may accelerate with further potential increases in Treasury yields.

Sep 17, 2018

Matt McLennan reflects on his first decade managing First Eagle's Global Value team, and the challenges and potential rewards of value investing. See what excites him about the next 10 years.

Jun 19, 2018

We live in interesting times. Over the past decade, we have witnessed the global financial system on the precipice of collapse, monetary interventions that are unprecedented in modern times, the European community on the brink of disintegration, and populist uprisings that would have been unimaginable as recently as five years ago.

May 22, 2018

The portfolio managers of the Global Income Builder Fund discuss investing with a focus on downside protection and positioning for late-cycle risks.

May 21, 2018

Matt McLennan and Kimball Brooker, managers of First Eagle Global Fund (SGENX), recently spoke with Advisor Perspectives to discuss the Fund’s go-anywhere approach.

Apr 18, 2018

First Eagle’s Global Value team has adopted the value investment philosophy first developed by Benjamin Graham and later refined by Warren Buffett.

Apr 10, 2018

Valuation drives everything, according to Sean Slein and Kimball Brooker, portfolio managers of the First Eagle Global Income Builder Fund. Investing with a perceived “margin of safety” in equities and fixed income, the fund aims to provide both current and future income.

Apr 09, 2018

First Eagle High Yield Fund named one of the top bond funds in IBD’s 2018 Best Mutual Fund Awards. Read the full article to learn more.

Apr 05, 2018

In this paper, we explain gold’s power as a potential hedge, examine its history, consider the advantages and disadvantages of bullion, gold stocks and ETFs, and explore the differences between hed

Feb 07, 2018

On February 2nd the Dow Jones Industrial Average dropped −2.54%—its largest percentage decline since the Brexit referendum in 2016— while the S&P 500 Index dropped −2.11% and the MSCI World Ind

Jan 25, 2018

Over the last several years, the retirement landscape has markedly changed. Americans are living longer and need to plan accordingly. At the same time, with defined contribution plans replacing defined benefit plans both at corporations and, more recently, at public entities, individuals also need to shoulder greater responsibility for their own retirement saving.

Jan 25, 2018

We believe that First Eagle Funds are a natural fit for defined contribution plans because we believe in the key tenets of successful retirement plan investing. Our funds have distinctive risk/reward characteristics, and they have performed well in some periods when other investments were struggling.

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