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.

Index-Style Investor

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

View full sector allocation

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.

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