First Eagle

투자 논지

First Eagle is an independent, privately owned, multi-strategy asset manager whose heritage dates to 1864. It seeks attractive long-term real returns and emphasizes disciplined, bottom-up research, valuation, risk awareness and avoidance of permanent capital impairment, while preserving autonomy among investment teams.

The firm’s public materials describe an investment-led culture built around long-term client outcomes, integrity, quality and philosophical autonomy. Its Global Value strategy is a prominent expression of the firm’s heritage: bottom-up fundamental analysis, flexible global opportunity sets, margin-of-safety valuation and attention to downside risk. First Eagle also operates equity, credit, multi-asset and alternative strategies, whose implementation and objectives vary by team and client mandate. Accordingly, an institution-level position should not be read as a single uniform First Eagle view.

투자 스타일

First Eagle Investment Management, LLC is an adviser within a wider First Eagle Investments platform. Published capabilities include several investment teams and asset classes, and the firm's stated culture allows philosophical autonomy. Global Value materials should therefore be treated as an illustrative strategy, not a complete description of all affiliated managers, client accounts or reported holdings.

리서치 DNA

Active, bottom-up fundamental research with valuation discipline; approach varies across autonomous investment teams and strategies.

초점

• Business durability, competitive position and financial resilience
• Intrinsic value and the price paid relative to assessed value
• Long-term real returns and risk of permanent capital impairment
• Global opportunities across regions, sectors and market capitalizations
• Strategy-specific factors such as gold-market fundamentals, credit quality or issuer-level risks

행동

• Use fundamental research to assess businesses and securities
• Consider valuation and potential permanent impairment alongside expected return
• Preserve flexibility across markets and asset classes where the mandate permits
• Apply strategy-specific research processes through distinct investment teams

A long investment heritage and multi-team platform combine a shared commitment to long-term client outcomes with strategy-level autonomy across public and private markets.

Seek attractive long-term client outcomes through disciplined research, integrity, and an awareness of the risk of permanent capital impairment.

포트폴리오 DNA

• Actively managed portfolios spanning multiple asset classes and strategies
• Fundamental, bottom-up security selection in the Global Value strategy
• Flexible exposure across geographies, sectors and market capitalizations where appropriate
• Strategy-specific use of equity, credit, gold, cash or other assets
• Portfolio construction tailored to client mandates and investment objectives

Public materials emphasize long-term outcomes and attention to downside risk. Responses to market declines depend on each strategy's mandate and the underlying investment analysis.

매도 조건

• The original investment case or expected return no longer meets the strategy's criteria
• Valuation or risk changes alter the prospective risk-return balance
• Client mandate or portfolio construction requirements call for a change
• Strategy-specific fundamentals materially deteriorate

An SEC Form 13F reports certain reportable U.S. securities for a defined reporting period and does not disclose the complete portfolios, short positions, non-reportable assets, client mandates or reasoning behind each position. Adviser-level filings may span managed accounts and investment products.

거버넌스

First Eagle's stated guiding principles emphasize integrity, client interests, accountability, quality and long-term alignment. These are firm-level commitments; assessment of an individual portfolio company's management remains strategy- and issuer-specific.

First Eagle publishes fiduciary proxy-voting materials. Its Global Value team describes management dialogue and proxy voting as stewardship tools and considers financially material ESG factors alongside traditional analysis. Stewardship scope and implementation may differ among teams and products.

관여 방식 · Fiduciary, investment-led engagement; implementation varies by team and mandate.

• Vote proxies on behalf of clients where voting authority is delegated
• Engage company management as part of the Global Value team's stewardship approach
• Consider financially material governance and other ESG factors within the Global Value process

First Eagle's published Proxy Voting page describes voting as a way to provide feedback to boards and management. Its Global Value Responsible Investment Guidelines describe long-term ownership, management discussions and proxy voting; these materials are explicitly team-specific.

연혁

설립 1864 heritage; named in 2009 · Privately owned. The 2025 Genstar Capital majority investment changed the ownership structure; current firm materials describe First Eagle as privately owned and independent.

1. 1864 · Gebr. Arnhold was founded in Dresden.

   Beginning of the firm's historical heritage.

2. 1937 · Business activities moved to New York City.

   Established the firm's long-running U.S. base while retaining an international heritage.

3. 1979 · The Global Value strategy was created by Jean-Marie Eveillard at a predecessor firm.

   The strategy later became a central part of First Eagle's value heritage.

4. 1999 · The firm acquired Société Générale Asset Management Corp.

   The acquisition formed the current Global Value team lineage.

5. 2009 · The organization was renamed First Eagle Investment Management.

   Marked the present investment management identity.

6. 2025 · Private equity funds managed by Genstar Capital made a majority investment.

   Changed ownership while the company stated the investment would preserve its independence and investment-led culture.

7. 2026 · First Eagle acquired Diamond Hill Investment Group.

   Expanded traditional fixed-income and U.S.-focused multi-cap equity capabilities.

반복 패턴

홀더 해석

• When the exact reporting entity and filing period are confirmed
• When a reported position is cross-checked against the relevant fund or strategy disclosures
• When changes are interpreted alongside the firm's varied mandates and client-account context

First Eagle's platform spans multiple strategies and client accounts. A 13F is a limited, lagged disclosure of certain securities and does not identify every underlying client, account-level rationale, full portfolio exposure or current position.

Both organizations manage assets for clients through multiple strategies. First Eagle's published profile emphasizes a long investment heritage and strategy-team autonomy across a multi-asset platform; institution-level filings for either adviser should not be treated as one fund's complete portfolio or a single manager's uniform decision process.

13F 보유 종목

First Eagle Investment Management, LLC · 보고 기준 Mar 31, 2026 · active 종목 · 평가액 상위 40개 (전체 53개)