First Eagle Investment Management Q4 2025 13F Holdings and Activity Report

I. Institutional Overview

A deep dive into the number of stocks (418) reveals a "barbell" strategy in terms of concentration. While the total number of holdings suggests broad diversification, a closer look at the weightings shows that the top 10 holdings account for a significant portion of the total AUM. This indicates that while First Eagle maintains a wide "watch list" of smaller positions (likely for risk smoothing or exploratory purposes), its true conviction is concentrated in a select group of "ballast" stocks. This is the hallmark of an institution that prioritizes the "margin of safety"—a core tenet of value investing. They are not merely buying the market; they are making high-conviction bets on specific business models that they believe can weather economic cycles.

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II. Sector Allocation Analysis

Technology (13.68%) and Communication Services (13.59%) remain core pillars, but the recent activity shows a clear "harvesting" phase. By reducing positions in Alphabet (GOOG/GOOGL) and Meta Platforms (META), First Eagle is not necessarily signaling a bearish view on AI or the digital economy. Instead, it is practicing disciplined rebalancing. After a multi-year run-up in these "Magnificent Seven" style stocks, the institution is taking chips off the table to fund new opportunities in undervalued sectors. This is a classic value-investing move: selling when the "story" is well-understood and valuations are full, and buying where there is "blood in the streets" or overlooked value.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

III. Top 10 Holdings Deep Dive

Alphabet remains the cornerstone of First Eagle’s portfolio, despite a slight 2.10% reduction in shares this quarter. This is a "Conviction Holding" in its purest form, having been in the portfolio for a decade. The reduction is likely a tactical rebalancing rather than a change in thesis. Alphabet’s dominance in search (Google), video (YouTube), and its growing Cloud business provide a "digital utility" status that fits perfectly with First Eagle’s value philosophy.

The presence of Elevance Health (ELV) and HCA Healthcare (HCA) reinforces the "Healthcare as Ballast" theme. These companies provide the steady cash flows that allow First Eagle to take more adventurous bets elsewhere. Overall, the Top 10 is a balanced ecosystem of "Digital Monopolies" (GOOG, META, ORCL), "Defensive Healthcare" (BDX, HCA, ELV), and "Hard Assets/Infrastructure" (WPM, TSM, IMO).

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IV. Major Buys/Additions

Where did the money come from? The estimated $2.4B+ deployed into these top additions was likely funded by the $2.5B+ recouped from the reductions in Alphabet, Meta, TSM, and the complete exits from the energy sector (Section V). This is a "Strategic Pivot." First Eagle is rotating capital out of "high-valuation growth" and "volatile commodities" and into "undervalued infrastructure" and "defensive enterprise growth."

This move increases the portfolio's resilience but potentially lowers its short-term "beta." First Eagle is willing to sacrifice some upside in a tech-driven melt-up to ensure they are protected in a market downturn. They are buying "duration" and "certainty."

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

V. Major Sells and Exits

Conversely, the exit from Dollar General (DG) and C.H. Robinson (CHRW) suggests a move away from sectors facing structural headwinds. Dollar General has struggled with "shrinkage" (theft) and a squeezed lower-income consumer. C.H. Robinson has faced a brutal "freight recession." By reducing these, First Eagle is "cleaning up the tail" and removing exposure to businesses with deteriorating fundamentals.

The major risk signal here is the retreat from "High Beta" and "Commodity Sensitivity." By selling Alphabet, TSM, and E&P energy stocks, First Eagle is telling the market that it is time to be cautious. They are moving away from the "excitement" of AI and oil booms and toward the "boredom" of timberlands (WY) and medical devices (BDX). This is a classic "defensive crouch" by a value manager who sees storm clouds on the horizon.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

VI. Investment Insights and Risk Warnings

The institution’s logic chain this quarter is remarkably clear: 1. Harvest the Digital Boom : Sell the "Magnificent Seven" and high-flying semiconductor winners (Alphabet, Meta, TSM) while valuations are rich. 2. Exit Upstream Volatility : Abandon the unpredictable "drillers" (PBF, MTDR) in favor of "toll-collecting" infrastructure (OKE). 3. Build the Defensive Moat : Aggressively expand into "recession-proof" healthcare (BDX) and "essential utility" broadband (CHTR). 4. Anchor in Tangible Assets : Make a massive bet on timberlands and real estate (WY) as a long-term inflation hedge and value play.

For the individual investor, the reference value here is the discipline of rebalancing. First Eagle is not "falling in love" with its winners. They are willing to sell 47% of a core Alphabet position or 46% of a Cummins position simply because the price has reached a level where the "margin of safety" has diminished. Their move into Weyerhaeuser (WY) is a particularly strong signal that they see value in "old economy" assets that the market has overlooked.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

Sources and limitations

This report uses public U.S. Securities and Exchange Commission Form 13F disclosures and structured data maintained by 13F Hub. A 13F filing is a quarter-end snapshot of reportable long positions, is normally published with a delay, and does not disclose every short position, cash balance, bond, derivative, or non-U.S. asset.

Narrative content is prepared from the same-period SEC disclosure and 13F Hub structured data, then checked before publication. This material is for research and education, not personalized investment advice.