First Eagle Investment Management, LLC 13F holdings and portfolio analysis
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Baseline
Analysis messagesPre-generated Q&A about this fund. Use as reference context for your own analysis.
Directly following the baseline exposes an investor to a diversified but still noisy 13F replication with modest stock concentration, hidden classification risk, and weak excess returns after filing lag. The ready baseline strategy shows top holdings remain diversified with no single position above 5.5%, and the backtest concentration was 21.99% in the top 5, 37.51% in the top 10, and 60.93% in the top 20. Sector exposure was led by Health Care at 20.26%, Information Technology at 13.82%, Communication Services at 12.65%, and Financials at 10.03%. But despite annualized return of 9.69% and beta of 0.87, alpha was -1.54 and max drawdown was -35.78%, so the main exposure is to a lagged, diversified portfolio that did not add much value versus SPY.
The recent periods that best explain the baseline trade-off are the ones where it either defended slightly in weak markets or lagged hard in rallies. On 2024-12-31, the baseline returned -3.06% versus SPY at -3.63%, a +0.57% excess result, showing some relative resilience in a down quarter. But on 2024-06-30 it returned 7.10% versus SPY at 9.83% (-2.73% excess), and on 2025-03-31 it returned 5.69% versus 9.22% for SPY (-3.53% excess), showing the cost of lower beta and style mismatch in stronger tapes. Even 2025-09-30 only produced +1.19% excess return, so the pattern is modest downside help but inconsistent upside capture.
Before accepting the baseline, a user should inspect three things: implementation friction, technology drag, and the holdings behind recent rotation. Estimated trading cost reached 1.4165, the risk notes flag delayed filing implementation across 39 periods, and turnover spiked to 90.8% in one period. The baseline weaknesses also say Information Technology attribution was deeply negative, while recent changes show Oracle was cut by -0.99, Meta by -0.49, and TSMC by -0.15, even as Salesforce was newly added at 1.14%. Those details matter because the portfolio’s weak alpha may be driven as much by lagged tech timing and turnover as by the underlying stock ideas.