Insights

On April 7, 2020, we spoke with Idanna Appio about recent market developments and the potential short- and long-term macroeconomic impacts of the coronavirus pandemic.

First Eagle was built on the notion that a bottom-up, fundamental approach to equity investment could help uncover attractive opportunities in markets worldwide, to the potential benefit of investo

The co-managers say times like these make the case to own gold strategically as a potential hedge and not as a bet for higher prices.

Watch Matt McLennan alongside Evercore ISI's Ed Hyman as they discuss what has changed in financial markets over the last year and what that means for the US and Global economies.

Private Debt Investor talks to First Eagle's Tim Conway about managing through credit cycles. Use the arrows below to navigate through the presentation.

At First Eagle, we’ve long held that the United States does not have a monopoly on good companies. While we think most market participants would agree with this sentiment, asset allocation data suggest US investors in general continue to be significantly underexposed to international equities relative to their share of the global opportunity set.

Though the current business cycle—the longest in US history—is showing signs of age, the potential timing of and impetus for its end remain uncertain.

The long-simmering trade dispute between the US and China has intensified in recent days.

It’s by design that companies in Matthew McLennan’s portfolios aren’t exactly those that set investors’ hearts racing with excitement. “We’re happy to own businesses with what we consider a gradual positive drift to them,” he says. In this article, Matthew McLennan and Kimball Brooker describe how they assess “fade risk” in a number of industries, what makes them uneasy about the state of the world today, why their exposure to gold is higher than normal, and why they see mispriced value in Fanuc, Orkla, Schlumberger, Jardine Matheson and Weyerhaeuser.

Investors and consultants frequently ask for the Global Value team’s views on sustainable investing. While we do not offer strategies that focus in this area, we do pay close attention to issues of sustainability because they may be a key to a company’s resilience over the long term. Some investors see the energy sector as the antithesis of sustainability, but we see things differently. In this interview, Benj Bahr, energy-sector analyst on the Global Value team, explains why.

First Eagle sources over 90% of its deal volume from private-equity sponsors, and creating and growing its relationships with these firms are high priorities. In this PM’s Perspective, Pat McAuliffe, who heads direct origination, explains the value that First Eagle may add in its sponsor relationships.

At First Eagle, we have received many questions about sustainable investing from investors and investment professionals. To help answer these questions, we asked Thomas Kertsos, co-portfolio manager of the Gold Fund, and Max Belmont, research analyst for the Gold Fund, to discuss their thinking in this area.

While we don’t have a crystal ball at First Eagle, we do have a sense of current valuations and of the underlying vulnerabilities in the system. If the broader markets themselves are priced for low returns, investors who choose passive vehicles face the prospect of singularly disappointing returns over the long term.

The United Kingdom’s vote to leave the European Union has already led to signficant turbulence in global currency and securities markets. Beyond this immediate reaction, we believe that political and economic uncertainty could continue for several years as the UK negotiates its new relationship with the EU.

Kimball Brooker talks in depth about what First Eagle's Global Value team looks for when considering investments in holdings companies.