Jean-Marie Eveillard - First Eagle U.S. Value Investment Strategy & Portfolio Analysis
How First Eagle U.S. Value allocates capital, manages risk, and constructs its portfolio — based on SEC 13F filings.
As of Mar 31, 2026, Jean-Marie Eveillard's First Eagle U.S. Value portfolio reflects a index-style investor approach across 402 reported 13F positions. Portfolio returns are distributed across holdings, with the top five positions representing approximately 16% of total exposure. Across 402 reported holdings, economic exposure is broadly distributed across basic materials, technology, and communication services without dominant single-name concentration. Exposure to high-growth and technology-oriented segments is moderate relative to peers, with performance instead anchored in durable, cash-generating businesses across basic materials, communication services, and healthcare. The portfolio exhibits extremely low turnover, reinforcing a patient, conviction-led investment approach. Distinctive traits include Long-Term Holder, Broadly Diversified, Economically Diversified.
Investment Style
Value, growth, quality, and behavioral classification from latest 13F holdings.
Primary type: Index-Style Investor
Traits: Long-Term Holder, Broadly Diversified, Economically Diversified, Structurally Diversified
Turnover profile
Moderate
Holding horizon
Long-Term
Portfolio Construction
Concentration and position sizing in the latest filing.
Portfolio construction is lowly concentrated: top three names represent 10.0% of assets, top five 16.3%, and the largest single position is 3.6%.
Top 3 weight
10.0%
Top 5 weight
16.3%
Top 10 weight
28.3%
Largest position
3.6%
Top holdings: Alphabet Inc., Becton, Dickinson and Company, Wheaton Precious Metals Corp, Imperial Oil Limited, Meta Platforms, Inc. — view full holdings
Sector Preferences
Where capital is allocated by sector.
Capital is tilted toward Basic Materials and Technology, with 13 sectors represented in the latest filing.
Leading sectors: Basic Materials, Technology, Communication Services
Risk Framework
Concentration, diversification, and turnover tolerance.
This investor accepts low single-name risk (largest position 3.6%, top ten 28.3%) and high economic diversification (HHI 0.02). Turnover tolerance maps to a moderate profile.
Largest position
3.6%
Top 10 weight
28.3%
Max sector
15.5%
Diversification
High
Strategy Evolution
How the strategy changed between the two most recent filing periods.
Dec 31, 2025 → Mar 31, 2026
- Position count decreased from 409 to 402 (-7 names).
- Top-five concentration fell from 18.2% to 16.3%.
- Dominant sector mix shifted from Basic Materials, Communication Services to Basic Materials, Technology.
- Quarter-over-quarter portfolio weight turnover: 11.2%.
For trade-level changes, see the Activity page. View activity.
Similar Investors
Peer group with comparable portfolio behavior.
Similar-investor comparisons are coming soon.