First Eagle Investment Management Portfolio in 2026: Top Holdings & Recent Changes
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Jean-Marie Eveillard, the legendary value investor behind First Eagle Investment Management, continues to demonstrate why disciplined, diversified value investing remains a formidable approach in volatile markets. His Q4 2025 portfolio reveals a masterclass in patient capital deployment, with $56.8 billion strategically positioned across 422 holdings that reflect decades of conviction in fundamental analysis. The latest quarterly moves signal a calculated rebalancing—adding selectively to high-conviction positions while trimming exposure to names where valuations have compressed, a hallmark of disciplined portfolio management.
Portfolio Overview: Diversified Value Excellence
Portfolio Highlights (Q4 2025): - Market Value: $56.8B - Top 10 Holdings: 31.8% - Portfolio Size: 422 +14 - Average Holding Period: 13 quarters - Turnover: 20.4%
First Eagle's portfolio structure reflects a philosophy fundamentally different from concentrated mega-cap strategies dominating Wall Street. With 422 positions and top 10 holdings representing just 31.8% of assets, Eveillard's portfolio prioritizes diversification as a risk management tool rather than a constraint. This approach has weathered multiple market cycles, and the Q4 2025 positioning suggests the firm remains committed to its core thesis: that patient, research-driven value investing across a broad opportunity set outperforms concentrated bets over extended periods.
The 20.4% turnover rate indicates measured rebalancing rather than reactive trading. The addition of 14 new positions during the quarter, combined with selective trimming across the top holdings, suggests Eveillard's team identified fresh opportunities while maintaining discipline around existing convictions. This balanced approach—neither hyperactive nor static—characterizes a mature investment process that has generated consistent returns through multiple market regimes.
Top Holdings Analysis: Selective Strength Across Sectors
First Eagle's top 10 holdings paint a picture of calculated diversification across technology, healthcare, industrials, and precious metals. Alphabet Inc. 4.1% anchors the portfolio as the largest position, though the firm reduced exposure by 2.10%, suggesting a modest revaluation of the tech giant's risk-reward profile. Becton, Dickinson and Company 4.0% received a notable 16.53% addition, signaling renewed conviction in the healthcare equipment and diagnostics leader—a move that reflects confidence in the company's long-term positioning despite near-term headwinds.
Meta Platforms, Inc. 3.7% saw a 5.46% reduction, indicating Eveillard's team is taking profits as the social media giant's valuation has expanded. Wheaton Precious Metals Corp. 3.2% experienced a 10.31% trim, reflecting the firm's tactical view on commodity exposure amid shifting macroeconomic expectations. Taiwan Semiconductor Manufacturing Company Limited 3.2% was reduced by 11.37%, a significant move that suggests caution around semiconductor valuations despite the sector's structural growth drivers.
HCA Healthcare, Inc. 3.0% received a 6.97% reduction, while Oracle Corporation 2.8% was trimmed by 6.21%, both suggesting selective profit-taking in positions that have appreciated. C.H. Robinson Worldwide, Inc. 2.6% saw a more aggressive 14.11% reduction, indicating the logistics provider's valuation may have moved beyond First Eagle's comfort zone. Finally, Elevance Health Inc. 2.5% received a modest 0.61% addition, suggesting the healthcare benefits manager remains attractively valued.
Imperial Oil Ltd. 2.8% rounds out the top 10 with a 7.64% reduction, reflecting a measured approach to energy exposure as the firm navigates evolving energy transition dynamics.
What the Portfolio Reveals About Current Strategy
First Eagle's Q4 2025 positioning reveals several strategic themes that define Eveillard's investment philosophy:
Valuation discipline trumps growth narratives. The selective trimming across technology and semiconductor positions—despite their structural growth potential—demonstrates that First Eagle prioritizes margin of safety over momentum. When valuations compress, the firm takes profits rather than doubling down on popular narratives.
Healthcare remains a core conviction. The significant 16.53% addition to Becton, Dickinson, combined with modest exposure to Elevance Health, suggests the firm sees compelling value in healthcare infrastructure and benefits management. This reflects confidence in demographic tailwinds and pricing power within the sector.
Precious metals as a hedge, not a bet. The 10.31% reduction in Wheaton Precious Metals indicates First Eagle views commodity exposure as a portfolio diversifier rather than a directional conviction. The trim suggests the firm is rebalancing rather than abandoning the position.
Broad diversification as risk management. With 422 holdings and top 10 positions representing less than one-third of assets, First Eagle's strategy explicitly rejects the "best ideas only" approach. This breadth allows the firm to capture value across market cycles without exposing the portfolio to single-name concentration risk.
Measured rebalancing discipline. The 20.4% turnover and addition of 14 new positions suggest the firm is continuously scanning the market for fresh opportunities while maintaining core convictions. This disciplined approach prevents both stagnation and overtrading.
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Portfolio Concentration Analysis
| Position | Value | % of Portfolio | Recent Change |
|---|---|---|---|
| Alphabet Inc. (GOOG) | $2,312.4M | 4.1% | Reduce 2.10% |
| Becton, Dickinson and Company (BDX) | $2,260.1M | 4.0% | Add 16.53% |
| Meta Platforms, Inc. (META) | $2,079.2M | 3.7% | Reduce 5.46% |
| Wheaton Precious Metals Corp. (WPM) | $1,808.6M | 3.2% | Reduce 10.31% |
| Taiwan Semiconductor Manufacturing Company Limited (TSM) | $1,804.6M | 3.2% | Reduce 11.37% |
| HCA Healthcare, Inc. (HCA) | $1,702.2M | 3.0% | Reduce 6.97% |
| Oracle Corporation (ORCL) | $1,615.9M | 2.8% | Reduce 6.21% |
| Imperial Oil Ltd. | $1,607.3M | 2.8% | Reduce 7.64% |
| C.H. Robinson Worldwide, Inc. (CHRW) | $1,458.7M | 2.6% | Reduce 14.11% |
| Elevance Health Inc. (ELV) | $1,410.2M | 2.5% | Add 0.61% |
The concentration metrics reveal a portfolio designed for stability rather than outsized returns from individual positions. The top 10 holdings represent 31.8% of assets, meaning the remaining 412 positions account for 68.2% of the portfolio. This structure provides several advantages: it limits downside risk from any single position, allows the firm to maintain exposure to emerging opportunities, and reflects a belief that consistent, diversified returns outperform concentrated bets over time.
The pattern of reductions across the top 10—with only two additions (Becton, Dickinson and Elevance Health)—suggests the firm is taking profits from positions that have appreciated while selectively adding to names where valuations remain attractive. This disciplined approach prevents the portfolio from becoming overweight to expensive positions while maintaining exposure to quality businesses.
Investment Lessons from First Eagle's Value Approach
First Eagle's Q4 2025 positioning offers several timeless investment principles:
Diversification is not a four-letter word. In an era of concentrated mega-cap portfolios, First Eagle demonstrates that broad diversification—when applied systematically—can deliver superior risk-adjusted returns. The firm's 422-position portfolio allows it to capture value across the entire market without exposing capital to single-name concentration risk.
Valuation discipline creates long-term wealth. The selective trimming across appreciated positions (Meta, TSM, HCA) demonstrates that First Eagle prioritizes margin of safety over momentum. This discipline prevents the portfolio from becoming overweight to expensive names and preserves capital for future opportunities.
Patience compounds returns. With a 13-quarter average holding period, First Eagle's investors benefit from the power of compounding. The firm holds positions long enough for fundamental theses to play out while remaining flexible enough to exit when valuations no longer support conviction.
Selective conviction beats scattered exposure. The 16.53% addition to Becton, Dickinson demonstrates that First Eagle doesn't treat all positions equally. When the firm identifies a compelling opportunity, it sizes the position meaningfully—but within the context of a diversified portfolio.
Rebalancing discipline prevents style drift. The 20.4% turnover and measured approach to new positions ensure the portfolio remains true to First Eagle's value philosophy. The firm neither chases growth narratives nor abandons positions prematurely.
Looking Ahead: What Comes Next?
First Eagle's Q4 2025 positioning sets up well for 2026, though several factors will shape the portfolio's evolution. The firm's selective profit-taking in technology and semiconductors suggests caution around valuations in these sectors, positioning the portfolio to benefit if growth expectations moderate. The addition to Becton, Dickinson signals confidence in healthcare's structural tailwinds, particularly around aging demographics and healthcare spending growth.
The addition of 14 new positions indicates the firm identified fresh opportunities in Q4, likely in sectors or individual names where valuations have compressed. With 422 holdings, First Eagle has significant dry powder to deploy if market dislocations create attractive entry points. The firm's patient approach suggests it will wait for genuine value opportunities rather than deploying capital reactively.
The 20.4% turnover rate provides flexibility for the firm to respond to changing market conditions. If valuations compress further, First Eagle's disciplined process should identify compelling opportunities across the portfolio. Conversely, if valuations expand, the firm's selective approach will likely result in additional profit-taking to maintain portfolio discipline.
FAQ about First Eagle Investment Management Portfolio
Q: What were the key changes in First Eagle's Q4 2025 13F filing?
A: The most significant move was a 16.53% addition to Becton, Dickinson and Company, signaling renewed conviction in healthcare. The firm also trimmed positions across technology and semiconductors—including a 11.37% reduction in Taiwan Semiconductor Manufacturing and a 5.46% cut in Meta—suggesting profit-taking as valuations have expanded. The portfolio grew by 14 positions to 422 total holdings.
Q: Why does First Eagle maintain such a diversified portfolio with 422 holdings?
A: Diversification serves as a risk management tool in First Eagle's philosophy. With top 10 holdings representing just 31.8% of assets, the portfolio limits downside risk from any single position while maintaining exposure to emerging opportunities. This structure reflects a belief that consistent, diversified returns outperform concentrated bets over extended periods.
Q: What does the 20.4% turnover rate tell us about First Eagle's strategy?
A: The turnover rate indicates measured rebalancing rather than reactive trading. First Eagle continuously scans the market for fresh opportunities while maintaining core convictions. The addition of 14 new positions combined with selective trimming across appreciated holdings demonstrates disciplined portfolio management that prevents both stagnation and overtrading.
Q: How should individual investors use First Eagle's 13F filings to inform their own investing?
A: First Eagle's portfolio can serve as a screen for value ideas, particularly in healthcare and industrials where the firm maintains meaningful exposure. However, remember that 13F filings carry a 45-day reporting lag, so positions may have evolved since the filing date. Use ValueSense's First Eagle tracker to monitor quarterly changes and identify recurring themes in the firm's buying and selling patterns.
Q: How can I track First Eagle's latest 13F filings and portfolio moves?
A: You can follow First Eagle's holdings and quarterly 13F updates on ValueSense's First Eagle Investment Management page, which provides timely analysis and visualization of all portfolio changes. The platform allows you to monitor position sizing, track new additions, and identify sectors where the firm is increasing or decreasing exposure—all essential for understanding how Eveillard's team is positioning for future market conditions.
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