Eveillard's Portfolio: High Concentration in Top Sectors
Jean-Marie Eveillard's First Eagle U.S. Value fund, as of March 31, 2026, shows a strategic focus on specific sectors and holdings.
Top Holdings Analysis
The portfolio's largest individual positions by value include Alphabet Inc. (GOOG) with approximately $2.12 billion, Becton Dickinson & Co. (BDX) valued at $1.88 billion, and Wheaton Precious Metals Corp. (WPM) at $1.85 billion. These three holdings together represent about 8.7% of the total portfolio value, highlighting the fund's concentrated approach to specific opportunities.
High Sector Concentration
The fund demonstrates significant concentration in certain sectors. The largest sector allocation is Communication Services, holding companies like Alphabet (GOOG) and Meta Platforms (META) totaling approximately $3.95 billion, representing about 4.23% of the portfolio. Healthcare is the second most concentrated sector with BDX and HCA Healthcare (HCA) valued at $3.39 billion, accounting for roughly 4.52% of assets. Energy follows closely with major holdings like Imperial Oil (IMO) and SLB Limited (SLB) totaling $3.29 billion, making up about 4.84% of the portfolio.
Notable Changes in Holdings
The fund manager has made significant adjustments to certain holdings. Becton Dickinson & Co. (BDX) saw a substantial increase in its position, with a 19.35% rise in shares during the period. Conversely, Wheaton Precious Metals Corp. (WPM) experienced a significant reduction, with a 17.5% decrease in shares. Other notable changes include a 30.64% reduction in shares for Imperial Oil Ltd. (IMO) and a 41.76% reduction for Taiwan Semiconductor Manufacturing Co. (TSM). On the positive side, Franco Nev Corp. (FNV) saw a 30.26% increase in its position.
Investment Strategy Focus
Jean-Marie Eveillard's investment strategy, as reflected in this portfolio, appears to favor deep value investing in select sectors. The fund's heavy weighting in sectors like Communication Services, Healthcare, and Energy suggests a belief in the long-term prospects of these industries, particularly when companies are trading at attractive valuations. The concentration in specific large-cap and mid-cap companies indicates a preference for fundamental strength and undervaluation rather than broad market exposure. The inclusion of companies from various parts of the world, such as the Canadian-listed Imperial Oil, points to a global perspective within these focused sectors.
The fund's holdings also reveal a degree of diversification within the concentrated sectors. While the top three holdings by value are all in the U.S., the fund invests in companies from Canada, Taiwan, and Mexico. Furthermore, the portfolio includes exposure to both cyclical sectors like Energy and more stable sectors like Consumer Defensive (Fomento Economico Mexicano - FMX), suggesting a balance between growth potential and stability.