CIK: 0001325447
Total reported value
$59.0B
Reporting period: 2026-03-31 · Number of holdings: 602
First Eagle Investment Management, LLC disclosed 602 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $59.0B and a quarterly turnover rate of 22.4%.
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First Eagle Investment Management, LLC's disclosed holdings carry a Herfindahl concentration index of 0.017 — mathematically equivalent to about 58 equally-sized positions, well below its 602 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 2.52), with a handful of outsized bets alongside many smaller positions.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Trim B
-35.9% -$559.5M
Trim ADI
-100.0% -$549.4M
Trim CHRW
-36.9% -$507.2M
Trim TSM
-34.3% -$485.9M
Trim BDX
+2.4% -$384.7M
Trim ORCL
+1.7% -$375.0M
First Eagle is harvesting profits from semiconductor momentum (TSM, ADI) and redeploying into high-quality compounders (ADP, BRO, FISV) with durable earnings and pricing power. This is a deliberate capital rotation from cyclical growth to defensive stability, reflecting an active aversion to the consensus AI trade.
The portfolio's trimming in transports (CHRW) and select industrials (B) alongside new bets in payroll processing, insurtech, and laboratory equipment signals a bet on a macro regime where real economy demand softens but services inflation remains sticky. The opposing thesis: if the economy reaccelerates or if AI capex drives a fresh leg higher in semis, First Eagle's contrarian positioning will suffer from multiple compression in its quality holdings against a risk-on scramble.
First Eagle carries a 31% combined weight in materials and energy, a classic value-rate-producer bet that has become increasingly consensus as investors seek inflation hedges. If a deflationary shock hits or if energy prices roll over, this concentrated short-cycle exposure will create a liquidity mismatch against the long-duration defensives they just added — a slow-motion asset grab inside an overtly diverse portfolio.
Compiled by AI from public 13F filings; reflects historical positioning only and carries no investment recommendation.
Showing top 200 holdings (of 602 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 3.60% | -0.47% | +0.48% | |
| 2 | BDX | Becton Dickinson And Co | Stock-Healthcare | 3.18% | -0.80% | +2.42% | |
| 3 | WPM | Wheaton Precious Metals CORP | Stock-Materials | 3.14% | — | -8.02% | |
| 4 | IMO | Imperial Oil LTD | Stock-Energy | 3.10% | +0.27% | -24.90% | |
| 5 | META | Meta Platforms Inc-class A | Stock-Comm Services | 3.10% | -0.56% | +1.37% | |
| 6 | HCA | Hca Healthcare INC | Stock-Healthcare | 2.61% | -0.39% | -10.74% | |
| 7 | SLB | Slb LTD | Stock-Energy | 2.47% | +0.60% | +2.37% | |
| 8 | FMX | Fomento Economico Mex-sp Adr | Stock-Other | 2.43% | +0.21% | +3.16% | |
| 9 | TSM | Taiwan Semiconductor-sp Adr | Stock-Tech | 2.24% | -0.94% | -34.29% | |
| 10 | FNV | Franco-nevada CORP | Stock-Materials | 2.21% | +0.34% | +2.95% | |
| 11 | NEM | Newmont CORP | Stock-Materials | 2.21% | -0.20% | -12.36% | |
| 12 | WTW | Willis Towers Watson Public Limited Company | Stock-Financials | 2.14% | -0.32% | +2.08% | |
| 13 | ORCL | Oracle CORP | Stock-Tech | 2.10% | -0.74% | +1.75% | |
| 14 | ELV | Elevance Health INC | Stock-Healthcare | 2.05% | -0.43% | +2.72% | |
| 15 | BNY | Bank Of New York Mellon CORP | Stock-Financials | 1.98% | — | +1.26% | |
| 16 | CRM | Salesforce INC | Stock-Tech | 1.94% | — | +41.98% | |
| 17 | WY | Weyerhaeuser Co | Stock-Real Estate | 1.92% | +0.35% | +23.05% | |
| 18 | CMCSA | Comcast Corp-class A | Stock-Comm Services | 1.84% | — | +4.45% | |
| 19 | XOM | Exxon Mobil CORP | Stock-Energy | 1.79% | +0.15% | -19.55% | |
| 20 | GLD | Spdr Gold Shares | ETF-Commodities | 1.79% | +0.06% | -0.77% | |
| 21 | OKE | Oneok INC | Stock-Energy | 1.79% | +0.32% | +2.76% | |
| 22 | AEM | Agnico Eagle Mines LTD | Stock-Materials | 1.79% | +0.24% | +0.01% | |
| 23 | ABEV | Ambev Sa-adr | Stock-Consumer Staples | 1.72% | +0.26% | +3.25% | |
| 24 | WDAY | Workday Inc-class A | Stock-Tech | 1.68% | — | +75.37% | |
| 25 | PM | Philip Morris International | Stock-Consumer Staples | 1.65% | — | +1.45% | |
| 26 | CHRW | C.h. Robinson Worldwide INC | Stock-Industrials | 1.61% | -0.96% | -36.85% | |
| 27 | MDT | Medtronic plc | Stock-Healthcare | 1.48% | -0.17% | +2.76% | |
| 28 | EXPD | Expeditors Intl Wash INC | Stock-Industrials | 1.44% | -0.22% | -5.82% | |
| 29 | B | Barrick Mining CORP | Stock-Materials | 1.42% | -1.04% | -35.94% | |
| 30 | UHS | Universal Health Services-b | Stock-Healthcare | 1.34% | -0.32% | +2.57% | |
| 31 | CHTR | Charter Communications Inc-a | Stock-Comm Services | 1.31% | +0.22% | +20.56% | |
| 32 | NTR | Nutrien LTD | Stock-Materials | 1.28% | -0.17% | -24.94% | |
| 33 | BIO | Bio-rad Laboratories-a | Stock-Healthcare | 1.23% | — | +1.26% | |
| 34 | TXN | Texas Instruments INC | Stock-Tech | 1.21% | +0.10% | +0.68% | |
| 35 | CL | Colgate-palmolive Co | Stock-Consumer Staples | 1.17% | +0.07% | +2.50% | |
| 36 | PPG | Ppg Industries INC | Stock-Materials | 1.17% | — | +2.30% | |
| 37 | NOV | Nov INC | Stock-Energy | 1.16% | +0.13% | -3.16% | |
| 38 | IFF | Intl Flavors & Fragrances | Stock-Materials | 1.15% | +0.10% | +5.47% | |
| 39 | NE | Noble Corporation plc | Stock-Energy | 1.13% | +0.52% | +11.20% | |
| 40 | ADP | Automatic Data Processing | Stock-Tech | 0.98% | +0.98% | NEW | |
| 41 | BRO | Brown & Brown INC | Stock-Financials | 0.98% | +0.98% | NEW | |
| 42 | EQR | Equity Residential | Stock-Real Estate | 0.95% | — | +2.46% | |
| 43 | OMC | Omnicom Group | Stock-Comm Services | 0.93% | — | +14.97% | |
| 44 | DG | Dollar General CORP | Stock-Consumer Staples | 0.90% | — | +0.85% | |
| 45 | IPGP | Ipg Photonics CORP | Stock-Tech | 0.89% | +0.32% | +2.37% | |
| 46 | DIS | Walt Disney Co/the | Stock-Comm Services | 0.86% | +0.17% | +52.58% | |
| 47 | EXR | Extra Space Storage INC | Stock-Real Estate | 0.85% | +0.27% | +50.42% | |
| 48 | AXP | American Express Co | Stock-Financials | 0.85% | -0.22% | +1.39% | |
| 49 | MSFT | Microsoft CORP | Stock-Tech | 0.83% | +0.36% | +137.64% | |
| 50 | BXP | Bxp INC | Stock-Real Estate | 0.82% | +0.41% | +173.96% |
Performance for Q3 2026
-2%
Performance Last 4 Quarters
+22%
Based on 81% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 602 | $59.0B | 22 | |
| 2025-12-31 | 597 | $56.8B | 15 | |
| 2025-09-30 | 546 | $54.9B | 32 | |
| 2025-06-30 | 527 | $50.9B | 0 | |
| 2025-03-31 | 552 | $47.9B | 100 | |
| 2024-12-31 | 559 | $44.8B | 0 | |
| 2024-09-30 | 524 | $48.6B | 0 | |
| 2024-06-30 | 527 | $44.7B | 0 | |
| 2024-03-31 | 532 | $44.0B | 0 | |
| 2023-12-31 | 533 | $42.0B | 0 | |
| 2023-09-30 | 524 | $38.7B | 0 | |
| 2023-06-30 | 502 | $39.1B | 0 | |
| 2023-03-31 | 509 | $37.8B | 0 | |
| 2022-12-31 | 513 | $36.3B | 0 | |
| 2022-09-30 | 396 | $33.3B | 0 | |
| 2022-06-30 | 390 | $35.4B | 0 | |
| 2022-03-31 | 381 | $40.8B | 0 | |
| 2021-12-31 | 361 | $39.9B | 0 | |
| 2021-09-30 | 311 | $39.0B | 0 | |
| 2021-06-30 | 295 | $40.0B | 97 | |
| 2021-03-31 | 98 | $37.6B | 15 | |
| 2020-12-31 | 96 | $35.5B | 17 | |
| 2020-09-30 | 101 | $33.3B | 17 | |
| 2020-06-30 | 99 | $31.8B | 21 | |
| 2020-03-31 | 111 | $27.6B | 35 | |
| 2019-12-31 | 106 | $36.5B | 13 | |
| 2019-09-30 | 113 | $35.2B | 13 | |
| 2019-06-30 | 155 | $37.1B | 12 | |
| 2019-03-31 | 160 | $37.0B | 16 | |
| 2018-12-31 | 174 | $34.6B | 26 | |
| 2018-09-30 | 177 | $39.8B | 14 | |
| 2018-06-30 | 177 | $40.7B | 16 | |
| 2018-03-31 | 176 | $40.1B | 20 | |
| 2017-12-31 | 338 | $42.5B | 18 | |
| 2017-09-30 | 357 | $44.7B | 19 | |
| 2017-06-30 | 337 | $41.7B | 20 | |
| 2017-03-31 | 330 | $40.5B | 23 | |
| 2016-12-31 | 341 | $39.4B | 24 | |
| 2016-09-30 | 357 | $39.6B | 19 | |
| 2016-06-30 | 363 | $39.3B | 22 | |
| 2016-03-31 | 354 | $39.3B | 31 | |
| 2015-12-31 | 351 | $40.0B | 100 | |
| 2015-09-30 | 341 | $39.1B | 0 | |
| 2015-06-30 | 334 | $42.0B | 17 | |
| 2015-03-31 | 354 | $42.0B | 22 | |
| 2014-12-31 | 359 | $41.2B | 26 | |
| 2014-09-30 | 357 | $40.3B | 23 | |
| 2014-06-30 | 348 | $41.3B | 24 | |
| 2014-03-31 | 409 | $37.7B | 19 | |
| 2013-12-31 | 395 | $36.7B | 22 | |
| 2013-09-30 | 371 | $34.4B | 23 | |
| 2013-06-30 | 369 | $32.9B | 0 |
First Eagle Investment Management, LLC's most significant position changes for 2026-03-31: New buy: Automatic Data Processing (ADP); New buy: Brown & Brown INC (BRO); New buy: Waters CORP (WAT); New buy: Fiserv INC (FISV); New buy: Cullen/frost Bankers INC (CFR).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | SLB | Slb LTD | +0.6% | +2.37% | Add |
| 2 | NE | Noble Corporation plc | +0.5% | +11.20% | Add |
| 3 | BXP | Bxp INC | +0.4% | +173.96% | Add |
| 4 | MSFT | Microsoft CORP | +0.4% | +137.64% | Add |
| 5 | WY | Weyerhaeuser Co | +0.4% | +23.05% | Add |
| 6 | FNV | Franco-nevada CORP | +0.3% | +2.95% | Add |
| 7 | OKE | Oneok INC | +0.3% | +2.76% | Add |
| 8 | IPGP | Ipg Photonics CORP | +0.3% | +2.37% | Add |
| 9 | IMO | Imperial Oil LTD | +0.3% | -24.90% | Trim |
| 10 | EXR | Extra Space Storage INC | +0.3% | +50.42% | Add |
| 11 | ABEV | Ambev Sa-adr | +0.3% | +3.25% | Add |
| 12 | AEM | Agnico Eagle Mines LTD | +0.2% | +0.01% | Add |
| 13 | CHTR | Charter Communications Inc-a | +0.2% | +20.56% | Add |
| 14 | FMX | Fomento Economico Mex-sp Adr | +0.2% | +3.16% | Add |
| 15 | DIS | Walt Disney Co/the | +0.2% | +52.58% | Add |
| 16 | XOM | Exxon Mobil CORP | +0.2% | -19.55% | Trim |
| 17 | NOV | Nov INC | +0.1% | -3.16% | Trim |
| 18 | FNF | Fidelity National Financial | +0.1% | +45.52% | Add |
| 19 | MICC | The Magnum Ice Cream Company N. | +0.1% | +39.21% | Add |
| 20 | IFF | Intl Flavors & Fragrances | +0.1% | +5.47% | Add |
| 21 | TXN | Texas Instruments INC | +0.1% | +0.68% | Add |
| 22 | BIL | Ss Spdr Bb 1-3m T-bill ETF | +0.1% | +91.41% | Add |
| 23 | CSL | Carlisle Cos INC | +0.1% | +22.75% | Add |
| 24 | CL | Colgate-palmolive Co | +0.1% | +2.50% | Add |
| 25 | GLD | Spdr Gold Shares | +0.1% | -0.77% | Trim |
| 26 | MDT | Medtronic plc | -0.2% | +2.76% | Add |
| 27 | NTR | Nutrien LTD | -0.2% | -24.94% | Trim |
| 28 | NEM | Newmont CORP | -0.2% | -12.36% | Trim |
| 29 | AXP | American Express Co | -0.2% | +1.39% | Add |
| 30 | EXPD | Expeditors Intl Wash INC | -0.2% | -5.82% | Trim |
| 31 | UHS | Universal Health Services-b | -0.3% | +2.57% | Add |
| 32 | WTW | Willis Towers Watson Public Limited Company | -0.3% | +2.08% | Add |
| 33 | GOOGL | Alphabet Inc-cl A | -0.4% | -30.66% | Trim |
| 34 | HCA | Hca Healthcare INC | -0.4% | -10.74% | Trim |
| 35 | ELV | Elevance Health INC | -0.4% | +2.72% | Add |
| 36 | ROST | Ross Stores INC | -0.5% | -98.89% | Trim |
| 37 | GOOG | Alphabet Inc-cl C | -0.5% | +0.48% | Add |
| 38 | META | Meta Platforms Inc-class A | -0.6% | +1.37% | Add |
| 39 | ORCL | Oracle CORP | -0.7% | +1.75% | Add |
| 40 | BDX | Becton Dickinson And Co | -0.8% | +2.42% | Add |
| 41 | TSM | Taiwan Semiconductor-sp Adr | -0.9% | -34.29% | Trim |
| 42 | CHRW | C.h. Robinson Worldwide INC | -1% | -36.85% | Trim |
| 43 | ADI | Analog Devices INC | -1% | -100.00% | Trim |
| 44 | B | Barrick Mining CORP | -1% | -35.94% | Trim |
| 45 | ADP | Automatic Data Processing | — | NEW | New buy |
| 46 | BRO | Brown & Brown INC | — | NEW | New buy |
| 47 | WAT | Waters CORP | — | NEW | New buy |
| 48 | FISV | Fiserv INC | — | NEW | New buy |
| 49 | CFR | Cullen/frost Bankers INC | — | NEW | New buy |
| 50 | VSNT | Versant Media Group INC | — | NEW | New buy |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-14 | Amendment | View on EDGAR |
| 2026-03-31 | 2026-05-12 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-04 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-12 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-06 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-12 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-10 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-12 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-12 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-09 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-08 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-11-08 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-08-09 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-05-11 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-09 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-11-10 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-08-10 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-05-11 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-02-10 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-11-10 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-08-11 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-05-13 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-02-10 | 13F-HR | View on EDGAR |
| 2020-09-30 | 2020-11-10 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2020-08-10 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2020-05-12 | 13F-HR | View on EDGAR |
| 2019-12-31 | 2020-02-10 | 13F-HR | View on EDGAR |
| 2019-09-30 | 2019-11-12 | 13F-HR | View on EDGAR |
| 2019-06-30 | 2019-08-13 | Amendment | View on EDGAR |
| 2019-06-30 | 2019-08-12 | 13F-HR | View on EDGAR |
| 2019-03-31 | 2019-05-13 | 13F-HR | View on EDGAR |
| 2018-12-31 | 2019-02-11 | 13F-HR | View on EDGAR |
| 2018-09-30 | 2018-11-13 | 13F-HR | View on EDGAR |
| 2018-06-30 | 2018-08-13 | 13F-HR | View on EDGAR |
| 2018-03-31 | 2018-05-04 | 13F-HR | View on EDGAR |
| 2017-12-31 | 2018-02-05 | 13F-HR | View on EDGAR |
| 2017-09-30 | 2017-11-06 | 13F-HR | View on EDGAR |
| 2017-06-30 | 2017-08-04 | 13F-HR | View on EDGAR |
| 2017-03-31 | 2017-05-05 | 13F-HR | View on EDGAR |
| 2016-12-31 | 2017-02-06 | 13F-HR | View on EDGAR |
| 2016-09-30 | 2016-11-07 | 13F-HR | View on EDGAR |
| 2016-06-30 | 2016-08-09 | 13F-HR | View on EDGAR |
| 2016-03-31 | 2016-05-05 | 13F-HR | View on EDGAR |
| 2015-12-31 | 2016-02-12 | 13F-HR | View on EDGAR |
| 2015-09-30 | 2015-11-23 | Amendment | View on EDGAR |
| 2015-09-30 | 2015-11-09 | 13F-HR | View on EDGAR |
| 2015-06-30 | 2015-08-12 | 13F-HR | View on EDGAR |
| 2015-03-31 | 2015-05-07 | 13F-HR | View on EDGAR |
| 2014-12-31 | 2015-02-09 | 13F-HR | View on EDGAR |
| 2014-09-30 | 2014-11-13 | 13F-HR | View on EDGAR |
| 2014-06-30 | 2014-08-13 | Amendment | View on EDGAR |
| 2014-06-30 | 2014-08-08 | 13F-HR | View on EDGAR |
| 2014-03-31 | 2014-05-13 | 13F-HR | View on EDGAR |
| 2013-12-31 | 2014-02-14 | 13F-HR | View on EDGAR |
| 2013-09-30 | 2013-11-13 | 13F-HR | View on EDGAR |
| 2013-06-30 | 2013-08-12 | 13F-HR | View on EDGAR |
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