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 +1.7% per quarter — versus +2.1% per quarter from simply owning every 13F stock. It beat that baseline in only 38.0% of quarters (excess t = -0.80, 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 425 · 2026 Q2
| Ticker | Value | Weight | QoQ |
|---|---|---|---|
| GOOG | $5.2B | | ADD +98% |
| BDX | $4.2B | | ADD ×2.3 |
| META | $3.6B | | ADD ×2.0 |
| TSM | $3.6B | | ADD +92% |
| FMX | $3.3B | | ADD ×2.0 |
| ELV | $3.2B | | ADD ×2.0 |
| WPM | $3.2B | | ADD ×2.0 |
| IMO | $3.0B | | ADD +95% |
| SLB | $2.7B | | ADD ×2.0 |
| BNY | $2.7B | | ADD +88% |
| HCA | $2.6B | | ADD ×2.0 |
| ORCL | $2.5B | | ADD ×2.0 |
| WY | $2.5B | | ADD ×2.2 |
| WTW | $2.3B | | ADD ×2.1 |
| ADP | $2.3B | | ADD ×3.6 |
| CRM | $2.3B | | ADD ×2.4 |
| FNV | $2.2B | | ADD ×2.0 |
| ABEV | $2.2B | | ADD ×2.0 |
| NEM | $2.2B | | ADD +93% |
| WDAY | $2.2B | | ADD ×2.3 |
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.