First Eagle Overseas Equity ETF

First Eagle Overseas Equity ETF (FEOE) is an actively managed fund. Its manager, First Eagle Investment Management, picks stocks of companies outside the US using a value approach. It differs from index-based international funds in two ways. Its holdings overlap only about 9% to 11% with funds like SCHF and VEA. Its 0.50% expense ratio, after a fee waiver, is about five times the 0.10% average of those funds.

• The deepest fall in its price history was 6.4% (Aug 25, 2026 to Oct 1, 2026), not yet recovered.

No distribution history is available for this fund.

As of Aug 31, 2026, the fund held 76 securities; the ten largest made up 28.23% of assets.

• Over the three months to Aug 31, 2026, investors added a net $511.3M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: -1.66%, +4.57%, +1.00%.

FEOE does not track an index. Its adviser, First Eagle Investment Management, LLC, chooses the stocks. Under normal conditions, at least 80% of net assets go into stocks and related securities of non-US companies. These include depositary receipts, which are certificates that let a foreign company's shares trade on another exchange. The adviser decides which country a company counts as using its own country-of-risk test. That test weighs factors such as where the company is based and where its shares trade. Most of the money is expected to go to mature markets such as Canada, Japan, Germany and France. The fund can also buy emerging-market stocks and companies of any size.

The approach is value investing built around a "margin of safety": the gap between a stock's price and the adviser's estimate of its intrinsic value. Intrinsic value means what a prudent buyer would pay in cash for the whole company. The goal is to avoid permanent loss of capital, not to dodge every short-term dip. The fund wants a discount even for strong businesses. It demands a deeper one for companies under strain from debt, management, regulation or geopolitics.

The prospectus describes no weighting formula or rebalancing schedule, so position sizes reflect the managers' judgment. Trading is light: the prospectus lists portfolio turnover of 10%. As of May 31, 2026, the fund held 75 stocks, with 30% in the top 10, 0.9% in cash and no derivatives.

• FEOE 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).

Its value-picked mix of non-US stocks shares only about 9% to 11% of its holdings with broad international index funds, so it can sit beside them rather than replace them.

FEOE could add non-US stocks chosen with a value lens, such as Samsung Electronics, Shell and British American Tobacco. Its record is short, though. The fund launched on December 19, 2024. It missed the 2008, 2020 and 2022 downturns and has no full calendar year of returns. Price history is available only from June 9, 2026. In that window, its deepest drop was 6.4%, from August 25 to October 1, 2026, and it had not recovered as of October 27, 2026. Anyone who may need to sell shares in a bad year has little evidence of how it holds up in a real bear market. It is not an income fund: the trailing 12-month yield was 0% as of October 27, 2026, and payouts are annual. The SEC's standard example puts costs at $51 in the first year on $10,000. Past results don't predict future ones, and a plan should look at the whole portfolio, not one fund.

Matched by closest holdings overlap from the latest N-PORT reports (no similar fund shares 20% or more of its holdings).