Presentations (2872)
First Eagle High Yield Fund Energy Update Commentary As of December 31, 2015 Class A FEHAX Class C FEHCX Class I FEHIX First Eagle High Yield Fund is maintaining its position in energy—as opposed to many of our peers—even though it’s been a driver of recent underperformance. Investors might wonder about this exposure amid falling oil prices, a seemingly...
First Eagle Fund of America Quarterly Fact Sheet December 31, 2015 Investment Objective A non-diversified fund that seeks capital appreciation by investing primarily in U.S. stocks and, to a lesser extent, in debt and international equities. Class C FEAMX Class A (FEFAX) Class C (FEAMX) Class I (FEAIX) Class Y (FEAFX)° S&P 500 Index 11/20/98 (Inception) 03/02/98...
First Eagle Fund of America Commentary As of December 31, 2015 The First Eagle Fund of America class A shares (w/out sales charge) returned 5.35%1 for the quarter ending December 31, 2015 versus 7.04% for the S&P 500 Index. We lagged the index as large/mega cap stocks outperformed mid/small cap stocks as discussed in further detail below. 2015 was a challenging year in global stock...
First Eagle High Yield Fund Commentary As of December 31, 2015 Market Overview The high-yield asset class was a tale of two halves in 2015, with commodity prices as the one common driving factor. Energy and other commodities like iron ore and copper generally recovered in price in the first six months, driving spreads tighter and yields lower. Then, following a late-summer decline in Chinese...
Year-End 2015 First Eagle Global Value Team Annual Letter Shaky Start to 2016 As we reflect on 2015, we want to begin by acknowledging the market events that unfolded in the opening weeks of 2016. Markets started 2016 on a weak note, with the MSCI World Index down 6% in the first week of January, led by more pronounced weakness in Chinese equities and a sudden devaluation of the yuan. At First...
First Eagle Global Value Team Commentary As of December 31, 2015 Market Overview In the fourth quarter of 2015, the MSCI World Index rose 5.50% while in the United States the S&P 500 Index increased 7.04%. In Europe, the German DAX was up 8.22% and the French CAC 40 index increased 1.29%. In Japan, the Nikkei 225 index gained 8.98% over the period. Crude oil fell 17.85% to $37.04 a...
First Eagle Global Income Builder Fund Commentary As of December 31, 2015 Market Overview In the fourth quarter of 2015, the MSCI World Index rose 5.50% while in the United States, the S&P 500 Index increased 7.04%. The Barclays U.S. Aggregate Bond Index and the Barclays U.S. Corporate High Yield Index returned −0.57% and −2.07%, respectively. In Europe, the German...
The First Eagle Portfolio Management Team on the Trends Driving Global Opportunities First Eagle’s Global Fund (SGENX) is its flagship fund, with over $45 billion in assets. Its mission is to seek longterm growth of capital by investing in a range of asset classes from markets in the United States and around the world. Since inception (1/1/79)1 , it has returned 13.35% annually, versus...
Current Views on Gold Commentary As of March 9, 2016 Gold has rallied as stock prices have fallen. In this brief commentary, Portfolio Manager Thomas Kertsos and Research Analyst Max Belmont reflect on gold’s recent performance and offer their insights into current trends. What recent changes have you seen in the gold market? In the first weeks of 2016, concerns about a steeper...
INSIGHTS & PERSPECTIVES Global Fixed Income Market Commentary: First Quarter 20151 Overview Risk appetites improved over the quarter after a rough start in January and a partial reversal in March. Markets continued to focus on the direction of oil prices as West Texas Intermediate slipped to $47.60 by the end of the quarter. While the geopolitical situation was without any...
INSIGHTS & PERSPECTIVES from Convertibles Market Commentary: First Quarter 20151 Overview The U.S. convertible market, as measured by the BofA Merrill Lynch All Convertible Index, rose 3.02% during the first quarter of 2015, while underlying equities climbed 2.98%. During the period, investment-grade convertibles, as measured by the BofA Merrill Lynch Investment Grade...
INSIGHTS & PERSPECTIVES Global Fixed Income MAY 2015 Unconstrained Fixed Income: Why Now? Investors today find themselves in an unusual quandary. Historically, they have thought of fixed income investments as a relative safe haven to offset more volatile and risky investments in other parts of their portfolios, including equities. The risk of capital loss in bond portfolios was...
INSIGHTS & PERSPECTIVES from MacKay Municipal Managers™ JULY 2015 Market Insights for 2015: The Year of Transition to Active Management MacKay Municipal Managers Views and Insights on the Municipal Market for 2015 1. Demand for Municipals Remains High—Institutions Increase Investments and Proprietary Trading Desks Resurface. 2. Yield Curve Flattening—High...
Manager View First published in Asset View September 2015, issue 13 What is your definition of Multi-Sector Fixed Income? To us, multi-sector fixed income is defined by having the flexibility to avail ourselves of the widest possible range of opportunities, including sectors, credit ratings, term structure and geography, to name a few. What are the current effects of geopolitical issues on...
INSIGHTS & PERSPECTIVES from MacKay Municipal Managers™ JANUARY 2016 Market Insights for 2016 — LIQUIDITY WARS1 Liquidity in the municipal market has changed, and we believe a key to managing municipal portfolios in 2016 is to understand the factors that influence municipal liquidity and to position portfolios accordingly. In 2016, suppressed broker/dealer capital...
