At a glance
FEGE charges 0.5% a year, above the 0.1% average of the 6 funds most like it (the most expensive of 7). It has $2.51B in assets, the 7th largest of that group. Its ten largest positions make up 21.3% of the fund, out of 96 in all.
The short version
First Eagle Global Equity ETF (FEGE) is an actively managed fund that picks stocks around the world. As of May 31, 2026, 45.7% of its assets were in US companies, with most of the rest in markets such as the UK, Canada and Japan. Its managers take a value approach and look for a "margin of safety" below what each company is worth. That judgment costs 0.50% a year, far above the 0.10% average for similar index funds.
Price history
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FEGE — over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| FEGE price data to Oct 27, 2026 | +4.9% | — | — | — | — | — |
- The deepest fall in its price history was 6.5% (Aug 24, 2026 to Oct 1, 2026), not yet recovered.
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
No distribution history is available for this fund.
Distributions through Oct 27, 2026.What's inside
As of Aug 31, 2026, the fund held 96 securities; the ten largest made up 21.25% of assets.
| Holding | Weight | |
|---|---|---|
| Samsung Electronics Co Ltd | 2.84% | |
| Becton Dickinson & Co | 2.77% | |
| Alphabet Inc | 2.42% | |
| British American Tobacco PLC | 2.29% | |
| Salesforce Inc | 2.04% | |
| Workday Inc | 1.92% | |
| Elevance Health Inc | 1.80% | |
| SLB Ltd | 1.79% | |
| Automatic Data Processing Inc | 1.71% | |
| Meta Platforms Inc | 1.68% | |
| Cie Financiere Richemont SA | 1.60% | |
| Dassault Systemes SE | 1.57% | |
| Merck KGaA | 1.55% | |
| LVMH Moet Hennessy Louis Vuitt | 1.52% | |
| HCA Healthcare Inc | 1.51% |
By country
United States 46.48%United Kingdom 11.05%Canada 8.03%Japan 7.05%Switzerland 4.18%By asset type
Stocks 98.29%Preferred stock 1.12%What changed recently
- Over the three months to Aug 31, 2026, investors added a net $442.9M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -2.34%, +4.35%, +3.96%.
How it works
FEGE does not track an index. Its adviser, First Eagle Investment Management, chooses the holdings. Under normal conditions the fund keeps at least 80% of net assets in stocks and stock-like securities. It also keeps at least 40% outside the United States, or 30% if the adviser judges conditions unfavorable. It must hold companies in at least three countries besides the US. It can own companies of any size, including some in emerging markets.
The method is value investing built on a "margin of safety." That is the gap between a company's share price and the adviser's estimate of its intrinsic value: what a prudent buyer would pay in cash for the whole business. The fund wants a discount even for high-quality companies. It demands a deeper one for firms strained by debt, management, regulation or geopolitics. The stated goal is to avoid permanent loss of capital, not to dodge every temporary price drop.
The prospectus sets no index weights, so the adviser decides how much to hold of each stock. Portfolio turnover was 12%, which means holdings change slowly. As of May 31, 2026, the fund held 94 companies, and the 10 largest made up 23.3% of assets. The top three were Samsung Electronics (4.1%), Alphabet (3.0%) and British American Tobacco (2.7%). Cash was 0.19%, and the fund held no derivatives.
What it really costs
- FEGE charges 0.5% a year, versus an average of 0.1% for the similar funds below (7th of 7, cheapest first).
- Of that, 0.79% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.29% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $51 in the first year and $951 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| FEGE | $51 | $223 | $410 | $951 |
In a retirement portfolio
FEGE adds actively chosen, value-priced global stocks that overlap little with the broad index funds many retirement portfolios already hold.
FEGE could add a value-minded global stock sleeve to a portfolio built mostly on US index funds. More than half its assets were outside the US as of May 31, 2026. Its record is short. The price history used here starts June 9, 2026, so the fund was not tested in the 2008, 2020 or 2022 downturns and has no full calendar year. Its deepest drop in that window was 6.5%, from August 24 to October 1, 2026. It had not recovered by October 27. That leaves little evidence for someone who may need to sell in a bad year. It paid no income in the 12 months to October 27, 2026, and its distributions are scheduled once a year. Under the SEC's standard $10,000 example, costs come to $51 after one year and $951 after 10. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting one actively managed global stock fund with a value tilt: about 46% US, the rest across the UK, Canada, Japan and others.
- Those comfortable with a patient approach: 12% turnover, 94 companies, and a required discount to estimated value before each purchase.
- Index-heavy portfolios seeking different holdings, since no similar fund shares 20% or more of FEGE's holdings and the closest, SCHF, overlaps 11%.
Look elsewhere if
- Cost-focused investors: FEGE's 0.50% expense ratio is the highest of seven similar funds, which average 0.10%. Vanguard Total World Stock ETF charges 0.06%.
- Anyone needing regular income: the fund paid nothing in the 12 months to October 27, 2026, and its distributions come once a year.
- Investors who want a long track record: the fund launched December 19, 2024, and has not been tested in a major bear market.
Close alternatives
Matched by closest holdings overlap from the latest N-PORT reports (no similar fund shares 20% or more of its holdings).
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| FEGE this fund | — | 0.5% | $2.51B | — | — |
| SCHF Schwab International Equity ETF | 11% | 0.06% | $69.68B | +17.7% | +20.4% |
| EFA iShares MSCI EAFE ETF | 10% | 0.32% | $77.98B | +13.5% | +18.2% |
| VT Vanguard Total World Stock ETF | 9% | 0.06% | $97.88B | +12.5% | +22.2% |
| VEA Vanguard FTSE Developed Markets ETF | 9% | 0.03% | $316.42B | +16.8% | +21.7% |
| VEU Vanguard FTSE All-World ex-US Index Fund | 9% | 0.04% | $95.84B | +13.4% | +20.6% |
| IEFA iShares Core MSCI EAFE ETF | 8% | 0.07% | $190.11B | +13.7% | +18.5% |
Questions investors ask
Is FEGE an actively managed ETF?
Yes. FEGE does not follow an index. First Eagle Investment Management picks the stocks using a value approach. It looks for a "margin of safety," meaning a share price well below its estimate of what the whole company is worth. Under normal conditions the fund keeps at least 80% of net assets in stocks and at least 40% outside the US. As of May 31, 2026, it held 94 companies, led by Samsung Electronics and Alphabet.
What is the FEGE expense ratio?
FEGE's net expense ratio is 0.50%, according to its prospectus filed December 19, 2025. That is a 0.79% management fee reduced by a 0.29% fee waiver. The SEC's standard example assumes $10,000 invested and a 5% annual return. On that basis, costs come to about $51 after one year, $223 after three, $410 after five and $951 after 10. The average for similar index funds is 0.10%.
FEGE vs VT: what's the difference?
Both own stocks worldwide, but they are built differently. Vanguard Total World Stock ETF (VT) tracks a broad world index and charges 0.06%. FEGE charges 0.50%, and its managers pick 94 value-priced companies. Only 8% of their holdings overlap. VT had $97.9 billion in net assets as of July 31, 2026. FEGE had $1.93 billion as of May 31, 2026. FEGE is too new for a one-year return comparison.
Does FEGE pay dividends?
FEGE paid no distributions in the 12 months to October 27, 2026, so its trailing yield was 0%. Its distribution schedule is annual, so any payouts would come once a year, not monthly or quarterly. The fund's stated objective is long-term growth of capital, not income. Investors who rely on steady cash flow from a fund may want to compare income-focused funds.
How risky is FEGE?
FEGE carries full stock-market risk plus currency risk, since more than half its assets were outside the US as of May 31, 2026. In the three months to that date, one month showed a 9.25% loss. Since June 9, 2026, its deepest drop was 6.5%, from August 24 to October 1, 2026, and it had not recovered by October 27. As a newer fund, it could be liquidated if it doesn't reach an economically viable size.