Insights from First Eagle Investment (Trades, Portfolio)'s Latest 13F Filing for Q4 2023
First Eagle Investment (Trades, Portfolio), a firm with a storied history dating back to 1864, is renowned for its value-oriented investment philosophy. The firm prides itself on a strategy that prioritizes absolute long-term performance to preserve capital, steering clear of the short-term fluctuations of major indices. First Eagle's investment approach is grounded in meticulous bottom-up fundamental analysis, aiming to mitigate risk and identify securities with intrinsic value that surpasses market risk. Their hands-on research methodology includes on-site company visits and direct discussions with management to thoroughly assess investment opportunities.
Summary of New Buys
First Eagle Investment (Trades, Portfolio) expanded its portfolio with 35 new stock additions in the fourth quarter of 2023. Noteworthy new positions include:
- The most significant addition was S&P 500 ETF TRUST ETF (SPY, Financial), with 27,500 shares, accounting for 0.03% of the portfolio and a total value of $13.07 million.
- The second largest addition was Lincoln National Corp (LNC, Financial), with 291,600 shares, representing approximately 0.02% of the portfolio, valued at $7.86 million.
- The third largest addition was Vital Energy (VTLE, Financial), with 160,605 shares, accounting for 0.02% of the portfolio and a total value of $7.31 million.
Key Position Increases
First Eagle Investment (Trades, Portfolio) also bolstered its stakes in 246 stocks. Significant increases include:
- A notable increase in Medtronic PLC (MDT, Financial), with an additional 3,320,800 shares, bringing the total to 9,409,680 shares. This represents a 54.54% increase in share count, a 0.65% impact on the current portfolio, and a total value of $775.17 million.
- The second largest increase was in Newmont Corp (NEM, Financial), with an additional 5,475,155 shares, bringing the total to 23,756,158 shares. This adjustment signifies a 29.95% increase in share count, with a total value of $983.27 million.
Summary of Sold Out Positions
First Eagle Investment (Trades, Portfolio) exited 28 holdings in the fourth quarter of 2023, including:
- Earthstone Energy Inc (ESTE, Financial): The firm sold all 348,587 shares, resulting in a -0.02% impact on the portfolio.
- NextGen Healthcare Inc (NXGN, Financial): The complete liquidation of 268,923 shares caused a -0.02% impact on the portfolio.
Key Position Reductions
First Eagle Investment (Trades, Portfolio) reduced its position in 101 stocks. The most significant reductions were:
- A reduction in Microsoft Corp (MSFT, Financial) by 881,776 shares, resulting in a -57.12% decrease in shares and a -0.72% impact on the portfolio. The stock traded at an average price of $355.93 during the quarter and has returned 14.03% over the past three months and 9.91% year-to-date.
- A reduction in Ross Stores Inc (ROST, Financial) by 1,853,013 shares, leading to a -50.51% reduction in shares and a -0.54% impact on the portfolio. The stock's average trading price was $124.54 during the quarter, with returns of 18.40% over the past three months and 4.79% year-to-date.
Portfolio Overview
As of the fourth quarter of 2023, First Eagle Investment (Trades, Portfolio)'s portfolio comprised 412 stocks. The top holdings included 4.73% in Meta Platforms Inc (META, Financial), 4.65% in Oracle Corp (ORCL, Financial), 3.33% in Comcast Corp (CMCSA, Financial), 3.33% in Schlumberger Ltd (SLB, Financial), and 3.2% in Willis Towers Watson PLC (WTW, Financial). The firm's investments are primarily concentrated across 11 industries, including Technology, Basic Materials, Energy, Communication Services, Consumer Defensive, Financial Services, Healthcare, Industrials, Real Estate, Consumer Cyclical, and Utilities.
This article, generated by GuruFocus, is designed to provide general insights and is not tailored financial advice. Our commentary is rooted in historical data and analyst projections, utilizing an impartial methodology, and is not intended to serve as specific investment guidance. It does not formulate a recommendation to purchase or divest any stock and does not consider individual investment objectives or financial circumstances. Our objective is to deliver long-term, fundamental data-driven analysis. Be aware that our analysis might not incorporate the most recent, price-sensitive company announcements or qualitative information. GuruFocus holds no position in the stocks mentioned herein.
