First Eagle Global Value Team Quarterly Commentary

It would be easy to look at some data from the third quarter and mistake it for a period of blithe recovery. Covid-19 fatalities moderated in the US, while business confidence returned. Longdated inflation expectations approached the Federal Reserve’s benchmark near 2%. The MSCI World Index gained close to 8%, while high yield bond spreads tightened by approximately 100 basis points. Under the surface, however, the situation was more complex.

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The commentary represents the opinion of the Global Value Team as the date noted and is subject to change based on market and other conditions.

The opinions expressed are not necessarily those of the firm. These materials are provided for informational purpose only. These opinions are not intended to be a forecast of future events, a guarantee of future results, or investment advice. Any statistic contained herein have been obtained from sources believed to be reliable, but the accuracy of this information cannot be guaranteed. The views expressed herein may change at any time subsequent to the date of issue hereof. The information provided is not to be construed as a recommendation or an offer to buy or sell or the solicitation of an offer to buy or sell any fund or security.

There are risks associated with investing in securities of foreign countries, such as erratic market conditions, economic and political instability and fluctuations in currency exchange rates. These risks may be more pronounced with respect to investments in emerging markets.

The principal risk of investing in value stocks is that the price of the security may not approach its anticipated value or may decline in value.

Investment in gold and gold related investments present certain risks, and returns on gold related investments have traditionally been more volatile than investments in broader equity or debt markets.

All investments involve the risk of loss of principal.

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