First Eagle Investment Management, LLC
"13F equity value" = market value of this filer's US-listed long equity positions only. It excludes cash, bonds, non-US and short positions, so it understates a fund's true assets under management — often by a lot.
13F holdings are disclosed ~45 days after quarter-end, and they never reveal when within the quarter a fund actually bought. So any 13F-based summary is structurally late and blurred — this applies to every fund, including this one.
We backtested copying it anyway. Buying this fund's new positions the day each filing went public, over 50 quarters, returned +1.5% per quarter — versus +2.0% per quarter from simply owning every 13F stock. It beat that baseline in only 38.0% of quarters (excess t = -0.65, not statistically significant). Its filings tell you what it bought — not what you should buy.
Quarterly compounding, invested quarters only · entry after the actual SEC deadline plus a 2-day buffer
Top 20 holdings of 424 · 2026 Q2
| Ticker | Value | Weight | QoQ |
|---|---|---|---|
| GOOG | $2.6B | | HOLD |
| BDX | $2.1B | | ADD +16% |
| META | $1.8B | | HOLD |
| TSM | $1.8B | | TRIM −4% |
| FMX | $1.7B | | HOLD |
| ELV | $1.6B | | HOLD |
| WPM | $1.6B | | HOLD |
| IMO | $1.5B | | TRIM −3% |
| SLB | $1.3B | | HOLD |
| BNY | $1.3B | | TRIM −6% |
| HCA | $1.3B | | HOLD |
| ORCL | $1.2B | | HOLD |
| WY | $1.2B | | ADD +11% |
| WTW | $1.2B | | ADD +3% |
| ADP | $1.2B | | ADD +82% |
| CRM | $1.1B | | ADD +19% |
| FNV | $1.1B | | HOLD |
| ABEV | $1.1B | | HOLD |
| NEM | $1.1B | | TRIM −4% |
| WDAY | $1.1B | | ADD +16% |
QoQ vs previous quarter's share count · NEW = new position · ADD/TRIM = ±2% shares · HOLD = unchanged.
New positions in 2026 Q2
Method & Limitations
Method: a "new position" = held this quarter, absent last quarter (options excluded; stocks with <50 prior holders excluded to filter spin-off artifacts). Entry is the first trading session after the actual SEC filing deadline plus a 2-day buffer. Benchmark = equal-weighted universe of all 13F-held stocks. Limitations: quarterly snapshots can't see intra-quarter trades; survivorship bias — funds that shut down are absent, which flatters the sample. Statistics, not advice.