Insights

Jul 30, 2020

Watch Matt McLennan on Consuelo Mack’s WealthTrack to hear his view on how this pandemic has exposed a number of vulnerabilities in the world and financial markets and how he’s managing through the

Jul 21, 2020

“Don’t fight the Fed.” This old adage has been proven right over many short time periods, second quarter 2020 the most recent among them.

Jul 21, 2020

Gold’s unique risk-return characteristics have given it the rare ability to maintain its real value in both inflationary and deflationary environments, while also serving as a potential hedge against extreme equity market drawdowns and thus a source of resilience for stock portfolios.

Jul 13, 2020

On June 10, 2020, we spoke with Max Belmont about recent market developments and gold’s strategic relevance in today’s market.

Jun 10, 2020

Broadly syndicated loans are a sizable component of the US credit market, but, surprisingly, they are not widely followed or well understood.

Apr 20, 2020

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.

Apr 15, 2020

Investors initially downplayed news of the novel coronavirus outbreak 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-

Apr 14, 2020

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

Mar 31, 2020

Though equity indexes have bounced off their worst levels of 2020, Matt McLennan, head of First Eagle’s Global Value team, appeared on Bloomberg TV to caution that the full impact of the pandemic’s “gut punch” to the world economy may yet to be fully appreciated by markets.

Mar 30, 2020

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.

Feb 26, 2020

The coronavirus outbreak represents a significant shock to both supply and demand in China and is likely to have repercussions for both Chinese and global economic growth.

Jan 07, 2020

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.

Nov 20, 2019

"If you're a long-term investor, it matters less what's happening to the markets as a whole, and matters more what you can find bottom up. At the end of the day, we're not betting on being all into markets. We're selectively buying into markets around the world and I think that's the key distinction."

Nov 04, 2019

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

Sep 13, 2019

The use of gold as a potential hedge against extreme market outcomes has long been a key tenet of First Eagle’s investment philosophy.

Aug 30, 2019

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.

Jul 24, 2019

“One of the things that's important that we do a little bit differently at First Eagle, is we don't define value just in purely statistical terms."  

Jul 23, 2019

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.

May 22, 2019

Conventional wisdom dictates that everyone should save as much as they can, as early as they can, for as long as they can in order to live a dignified life in retirement.

May 15, 2019

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

May 03, 2019

Nurtured by ever-cheaper computing power and the datafication of modern life, the rate of advancement in technologies based on artificial intelligence (AI) and offshoots like machine learning has a

Apr 26, 2019

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.

Apr 04, 2019

The timing and conditions of Brexit remain unclear, but most estimates suggest that both the UK and EU economies will suffer as frictions are introduced into their economic connection.

Mar 01, 2019

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.

Dec 18, 2018

In the latest video insight from The UK Investment Association, First Eagle's Matt McLennan and Kimball Brooker discuss why their focus on downside protection may help create sustainable, long-term value for investors. 

Dec 07, 2018

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.

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.

Jul 26, 2018

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.

Jun 20, 2018

The private debt market has expanded over the past decade, as institutional and high-net-worth investors, disappointed by falling bond yields, have sought corners of the fixed income market where robust returns may still be available.

Nov 18, 2016

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.

Nov 09, 2016

This morning’s election results once again drove home the futility of human efforts to predict the future.

Jun 24, 2016

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.

Jul 22, 2015

In the past few years, gold and gold-mining stocks have been among the weakest performers in our Global Value and International Value strategies. Given the dramatic decline in some of these holdings, clients have questioned their presence in our portfolios. We believe that gold and gold-mining stocks continue to have a fundamental place in our Global Value and International Value strategies. We’ve organized this paper around the three major reasons for this conviction.

May 01, 2012

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

Jan 31, 2012

First Eagle's High Yield PMs discuss their approach to investing in a volatile market environment.

Contact Us

Head of Institutional

Doug Meyer, CFA
doug.meyer@feim.com
212.698.3013

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