First Eagle Global Value Team Quarterly Commentary

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.

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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.

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