Jean-Marie Eveillard's First Eagle US Value Fund Q2 2026: Major Shifts in Holdings

As reported on InsiderSet, Jean-Marie Eveillard's First Eagle US Value Fund saw substantial changes during the second quarter of 2026. The fund, known for its value investing approach and focus on deep value opportunities, held a total portfolio value of $59.3 billion as of June 30th.

Major Reductions in Portfolio Weight

The most significant change observed was the reduction in holdings across several sectors:

• GOOGL, representing Alphabet Inc., experienced a massive 94.37% decrease in its position within the fund, amounting to nearly 8.8 million shares less held compared to the previous quarter.
• XRAY, Dentsply Sirona Inc., saw a staggering reduction of over 94% in its position, effectively exiting almost all shares from this healthcare stock.
• TSM (Taiwan Semiconductor Manufacturing), despite being a core holding for the fund's Technology sector allocation of 14.96%, showed a slight decrease in its portfolio percentage allocation.
• META, META Platforms Inc. (formerly Facebook), also experienced a reduction, albeit less dramatic at -1.19% change from the prior period.

Selective Sells and Minor Adjustments

The fund continued its value-oriented strategy by selectively reducing positions in other sectors:

• TXN, Texas Instruments Inc., faced a near 98.57% reduction, indicating a significant sell-off by the fund despite its Technology sector allocation.
• TDC (Teradata Corp), another Technology stock with minimal weight in the portfolio, saw an almost 97.8% reduction from previous quarters.
• In Healthcare, MDT, Medtronic PLC, experienced a substantial increase of over 37% in its position during the quarter.

Substantial Increases and New Positions

The fund demonstrated considerable buying activity, particularly increasing positions in:

• BDX, Becton Dickinson & Co.. This healthcare stock saw a significant increase of 15.82% during the quarter, adding nearly half a million shares to its portfolio allocation.
• WPM, Wheaton Precious Metals Corp.. The fund increased its stake in this Basic Materials company by 0.41%, adding over half a million shares to the position.
• ELV, Elevance Health Inc. (formerly Mallinckrodt). The fund added 0.35% more shares, increasing its stake by over half a million units in this Healthcare stock.
• BK, Bank of NY Mellon Corp.. Despite the fund's focus on value investing, it held onto its position in this Financial Services company without reduction during the quarter.

Moderate Purchases and Other Activity

The fund also engaged in moderate buying activity including:

• FI, Fiserv Inc.. The Technology sector allocation saw a small increase of 0.89% for this stock, indicating the fund added shares to its position.
• EXPD, Expeditors Intl Inc.. This Industrials stock was sold significantly by the fund (-66.01%), effectively exiting this position entirely.
• BKNG, Booking Holdings Inc.. The fund increased its stake in this Consumer Cyclical stock by a massive 2083.37%, adding nearly five million shares to the position.
• CSL, Centershift Inc.. The fund increased its stake in this stock by 95.0% during the quarter, adding over three million shares to a previously small position.
• HCC, Warrior Met Coal Inc.. This Basic Materials stock saw an increase of 100.0% in its position during the quarter, adding over three million shares to a previously small stake.
• CHRW, C H Robinson Worldwide Inc.. The fund sold this Industrials stock by 36.43% during the quarter, reducing its position significantly.

Overall, Jean-Marie Eveillard's First Eagle US Value Fund displayed a dynamic investment pattern in Q2 2026, characterized by substantial reductions in core holdings like GOOGL, significant exits from positions such as XRAY and TXN, and notable increases in stakes like those for BDX, WPM, and especially BKNG. The fund also added shares to other previously small positions like CSL.