First Eagle Fund of America's new managers are still settling in. All share classes warrant a Morningstar Analyst Rating of Neutral.
An August overhaul will change the strategy's categorization soon. Prior to that time, a former subadvisor’s all-cap, event-driven approach put the strategy in the mid-blend Morningstar Category. Now, an in-house team focuses on large-cap dividend payers, so the strategy will join the large-blend category in late June
The new approach is fine in principle but unusual for First Eagle. Like other strategies at the firm, this one targets competitive, well-managed firms whose stocks trade cheaply. Yet its siblings often have stashes of cash and gold bullion; here, however, the managers try to be fully invested, mostly in dividend-paying U.S. equities. They've had mixed results so far. All 28 equity holdings in March had wide or narrow Morningstar Economic Moat Ratings, but the portfolio's % average yield was below the S&P prospectus benchmark's %.
The managers are relatively inexperienced and taking on many duties. Managers Julien Albertini, Manish Gupta, and Christian Heck each had a short stint as an associate portfolio manager on other strategies, and in May , they joined First Eagle's flagship products as comanagers: Albertini and Gupta on First Eagle Global SGIIX and Heck on First Eagle Overseas SGOIX. Their promotions give them more opportunity to work with senior leaders Matt McLennan and Kimball Brooker. They'll continue to serve as analysts on First Eagle’s global value team, where they've spent the past eight to 12 years.
The strategy's performance has been decent so far, but for peculiar reasons. The A shares' % gain from August through May outpaced the % of the Nasdaq U.S. Dividend Achievers Select Index, but that owed much to strength in non-dividend-payers Alphabet GOOGL and Facebook FB and non-U.S. firm Taiwan Semiconductor TSM. Given the short time period and unexpected performance drivers, it will take longer to see how the managers' approach is working out.
First Eagle Fund of America Class Y
First Eagle Fund
Avenue of the Americas
New York, NY
Manish Gupta,Lead Manager since August 13,
Manish Gupta is a co-portfolio manager on the International Small Cap Value strategy. He joined First Eagle's Global Value team in October While serving as a small cap generalist, Manish is also a senior research analyst covering technology (hardware, equipment, software & services), chemicals, electrical equipment and instrumentation. Prior to joining the Firm, Manish was an equity research analyst at Cantillon Capital Management, covering technology, professional and commercial services, transportation and select industrials. Prior to this, he interned as a financial services sector analyst at Fidelity Management and Research. Manish worked in the technology sector before entering financial services. He began his career as an intern at Microsoft Corporation, and spent the following six years as a software engineer at Cisco Systems. Manish has a Bachelors of Technology from the Institute of Technology BHU in Vernasi, India, Master of Science in Computer Science from UT Austin, and an MBA from Columbia Business School.
Morningstar Style Box
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While the investment objective stated in a fund's prospectus may or may not reflect how the fund actually invests, the Morningstar category is assigned based on the underlying securities in each portfolio. Morningstar categories help investors and investment professionals make meaningful comparisons between funds. The categories make it easier to build well-diversified portfolios, assess potential risk, and identify top-performing funds. We place funds in a given category based on their portfolio statistics and compositions over the past three years. If the fund is new and has no portfolio history, we estimate where it will fall before giving it a more permanent category assignment. When necessary, we may change a category assignment based on recent changes to the portfolio.
Fund FamilyFirst Eagle
Inception DateApr 9,
Last Cap Gain
Average for CategoryN/A
Fees & Expenses
Annual Report Expense Ratio (net)%%
Prospectus Net Expense Ratio%N/A
Prospectus Gross Expense Ratio%N/A
Max 12b1 Fee%N/A
Max Front End Sales LoadN/A%
Max Deferred Sales LoadN/A%
3 Yr Expense ProjectionN/A
5 Yr Expense ProjectionN/A
10 Yr Expense Projection1,N/A
The performance data shown in tables and graphs on this page is calculated in USD of the fund/index/average (as applicable), on a Bid To Bid / Nav to Nav basis, with gross dividends re-invested on ex-dividend date. Past performance is not necessarily a guide to future performance; unit prices may fall as well as rise.
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|Portfolio Style||Capital Apprec|
|Fund Inception||November 19,|
The Fund seeks capital appreciation. The Adviser uses a bottom up, event driven approach to choose stocks that it believes are undervalued relative to their overall financial and managerial strength. By careful selection, the Adviser believes the fund will have less exposure to loss.
|Max. redemption fee||0%|
|Total expense ratio||%|
|Fund Return||Category1||Index (S&P )||% rank in category||Quintile rank|
- 1Multi-Cap Core Funds
- 23, 5 and 10 Year Returns are Annualized
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Of fund america eagle first
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