First Eagle Global Value Team Quarterly Commentary

Investors initially downplayed news of the novel coronavirus outbreak (Covid-19) in China, and equity indexes continued to press higher for the first weeks of 2020 as they did for much of 2019, led by growth-oriented stocks in general and the popular “new economy” names in particular. Sentiment shifted violently midway through the first quarter, however, as it became evident that the virus initially written off as a regional concern represented an emerging global health crisis, one that ultimately would bring an end to the longest bull market in US history and more than likely propel the global economy into recession.

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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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