Jean-Marie Eveillard's Value Fund: Strategic Holdings Shift in March 2026
Jean-Marie Eveillard's First Eagle U.S. Value fund, as of March 31, 2026, shows significant allocations to specific sectors and holdings.
Introduction
The portfolio managed by Jean-Marie Eveillard, known for its value-oriented approach, held a substantial value as of March 31, 2026. This analysis focuses on the fund's top holdings, sector allocations, and notable changes in its composition during the reporting period.
Top Holdings Analysis
The fund's largest individual positions, representing significant portions of its holdings, are dominated by technology and healthcare companies, alongside exposure to precious metals and energy. Alphabet Inc. (GOOG) and Meta Platforms Inc. (META), both in the Communication Services sector, are among the top five holdings by value. Becton Dickinson & Co. (BDX) stands out with a strong increase in its share count during the period.
- Alphabet Inc. (GOOG): Communication Services, $21.24B, 2.81% allocation. Shares decreased slightly (-1.62%).
- Becton Dickinson & Co. (BDX): Healthcare, $1.88B, 2.48% allocation. Showed a significant increase in shares (+19.35%).
- Wheaton Precious Metals Corp. (WPM): Basic Materials, $1.85B, 2.45% allocation. Experienced a notable decrease in shares (-17.5%).
- Imperial Oil Ltd. (IMO): Energy, $1.83B, 2.42% allocation. Suffered a substantial reduction in shares (-30.64%).
- META Platforms Inc. (META): Communication Services, $1.83B, 2.42% allocation. Holdings decreased slightly (-4.17%).
Sector Concentration
The fund demonstrates a clear concentration towards specific sectors, particularly favoring companies that align with its value investing thesis. Communication Services and Healthcare sectors together account for a significant portion of the portfolio's allocation, driven primarily by the large positions in Alphabet and Meta, and Becton Dickinson respectively. Energy and Basic Materials also feature prominently, reflecting a diversification into cyclical industries and tangible assets.
Notable Changes in Holdings
The period ending March 31, 2026, saw active management reflected in the changes to specific holdings. Becton Dickinson stands out with a substantial increase in its share count (+19.35%), suggesting renewed confidence in its value proposition or a strategic addition. Conversely, Wheaton Precious Metals experienced a significant reduction (-17.5%) and Imperial Oil a sharp decline (-30.64%), indicating a shift away from these sectors or specific company risks perceived by the fund manager. The reduction in Alphabet and Meta shares (-1.62% and -4.17%) also points to a measured approach or potential valuation reassessments.
Investment Strategy Focus
Eveillard's strategy, as evidenced by this portfolio snapshot, appears to favor large-cap technology and healthcare companies identified as undervalued, alongside exposure to commodity-related assets. The fund's allocation to sectors like Communication Services (via tech giants) and Healthcare suggests a blend of growth characteristics within value-oriented picks. The inclusion of Basic Materials and Energy indicates a diversification into sectors potentially offering cyclical returns or acting as inflation hedges, aligning with a traditional value investor's search for overlooked opportunities across the market spectrum.