First Eagle Investment Management Portfolio Q2'2025: Top Holdings & Recent Changes
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First Eagle Investment Management, founded by legendary value investor Jean-Marie Eveillard, continues to exemplify disciplined global value investing with a focus on capital preservation. Their Q2 2025 portfolio reveals a thoughtful rebalancing across 392 positions, with $50.9 billion deployed globally. The firm's recent moves demonstrate their commitment to finding value across multiple sectors while maintaining the diversification that has defined their investment approach for decades.
Portfolio Overview: Disciplined Diversification Meets Selective Trimming
Portfolio Highlights (Q2 2025): - Market Value: $50.9B - Top 10 Holdings: 32.9% - Portfolio Size: 392 -20 - Average Holding Period: 13 quarters - Turnover: 15.3%
First Eagle's portfolio stands out for its exceptional diversification, with 392 positions reflecting the firm's global mandate and commitment to risk management. Unlike many concentrated investors, First Eagle's top 10 holdings represent just 32.9% of the portfolio, demonstrating their belief in spreading risk across multiple geographies, sectors, and business models. The reduction of 20 positions during Q2 2025 suggests active portfolio management, with the firm eliminating smaller positions while maintaining its core holdings.
The 15.3% quarterly turnover indicates a measured approach to portfolio adjustments rather than wholesale changes. With an average holding period of 13 quarters (over three years), First Eagle demonstrates patience in allowing their investment theses to play out. This long-term orientation aligns with the firm's value investing philosophy, where intrinsic value realization often takes time.
The firm's global approach is evident in its holdings, which span American technology giants, Canadian energy producers, precious metals streaming companies, and Asian semiconductor manufacturers. This geographic and sectoral diversification reflects First Eagle's mandate to find value wherever it exists in global markets, while maintaining exposure to secular growth trends in technology and healthcare.
Holdings Overview: Strategic Shifts Across Technology, Healthcare, and Resources
First Eagle's Q2 2025 portfolio reveals a nuanced rebalancing strategy across its major holdings. Meta Platforms remains a significant 4.8% position despite a 5.98% reduction, suggesting the firm is taking some profits after the stock's strong performance while maintaining conviction in the social media giant's AI-driven transformation. Similarly, Oracle at 4.8% saw a 9.24% trim, indicating position sizing discipline as valuations expanded following the company's cloud infrastructure success.
The firm's Canadian energy exposure through Imperial Oil at 3.2% experienced a modest 2.83% reduction, while precious metals exposure via Wheaton Precious Metals at 3.2% was trimmed by 2.61%. These adjustments suggest portfolio rebalancing rather than a fundamental shift in thesis, as both positions remain substantial. HCA Healthcare, representing 3.2% of the portfolio, was reduced by 6.90%, potentially reflecting concerns about healthcare utilization trends or valuation considerations.
In contrast, First Eagle significantly increased its conviction in several positions. Taiwan Semiconductor Manufacturing received an 18.56% addition, bringing it to 3.0% of the portfolio, reflecting confidence in the semiconductor foundry leader's position in the AI chip revolution. Even more striking was the 59.24% increase in Becton Dickinson, now at 3.0%, suggesting First Eagle sees compelling value in the medical technology company following industry headwinds.
Alphabet at 2.6% received a 4.67% addition, indicating renewed confidence in Google's search dominance and cloud computing growth despite AI-related competitive concerns. Willis Towers Watson at 2.6% saw a modest 3.11% reduction, while Philip Morris International at 2.6% experienced a more substantial 20.62% trim, potentially reflecting either valuation concerns or shifting views on the tobacco company's transformation strategy.
What the Portfolio Reveals About First Eagle's Investment Approach
First Eagle's Q2 2025 positioning demonstrates several key strategic priorities that define their investment philosophy:
Global Value with Quality Bias: The portfolio spans multiple geographies and sectors, but consistently focuses on established businesses with durable competitive advantages. Whether it's Taiwan Semiconductor's manufacturing moat, Meta's network effects, or Oracle's enterprise software relationships, First Eagle prioritizes companies with sustainable competitive positions.
Defensive Positioning Through Diversification: With 392 positions and top 10 holdings representing just 32.9% of assets, First Eagle maintains exceptional diversification. This approach reflects their capital preservation mandate and reduces single-stock risk, allowing them to weather market volatility while participating in global growth opportunities.
Strategic Sector Allocation: The portfolio balances exposure to technology growth (Meta, Oracle, Taiwan Semiconductor, Alphabet) with defensive sectors like healthcare (HCA, Becton Dickinson), energy (Imperial Oil), precious metals (Wheaton), and financial services (Willis Towers Watson). This mix provides growth potential while maintaining downside protection.
Active Position Sizing: The varying degrees of additions and reductions demonstrate disciplined portfolio management. Large increases in positions like Becton Dickinson (up 59.24%) suggest opportunistic buying when valuations become attractive, while modest trims across multiple holdings indicate profit-taking and rebalancing discipline.
Long-Term Holding Mentality: The 13-quarter average holding period reflects patience in allowing investment theses to mature. First Eagle doesn't chase short-term momentum but instead focuses on long-term value realization, accepting that intrinsic value recognition can take years.
Portfolio Concentration Analysis
| Position | Value | % of Portfolio | Recent Change |
|---|---|---|---|
| Meta Platforms | $2,460.0M | 4.8% | Reduce 5.98% |
| Oracle Corp | $2,437.4M | 4.8% | Reduce 9.24% |
| Imperial Oil Ltd | $1,630.2M | 3.2% | Reduce 2.83% |
| Wheaton Precious Metals | $1,625.0M | 3.2% | Reduce 2.61% |
| HCA Healthcare | $1,612.8M | 3.2% | Reduce 6.90% |
| Taiwan Semiconductor | $1,515.9M | 3.0% | Add 18.56% |
| Becton Dickinson | $1,513.4M | 3.0% | Add 59.24% |
| Alphabet Inc | $1,332.5M | 2.6% | Add 4.67% |
| Willis Towers Watson | $1,316.0M | 2.6% | Reduce 3.11% |
| Philip Morris International | $1,299.0M | 2.6% | Reduce 20.62% |
First Eagle's top 10 holdings total approximately $16.7 billion, representing 32.9% of the $50.9 billion portfolio. This concentration level is remarkably low compared to many institutional investors, reflecting the firm's commitment to diversification as a risk management tool. The largest positions in Meta and Oracle each represent less than 5% of total assets, ensuring that no single position can significantly impair the portfolio.
The pattern of reductions across six of the top ten holdings (Meta, Oracle, Imperial Oil, Wheaton, HCA, and Philip Morris) suggests systematic profit-taking and rebalancing discipline. Meanwhile, the additions to Taiwan Semiconductor, Becton Dickinson, and Alphabet indicate opportunistic deployment of capital into positions where First Eagle sees attractive risk-reward profiles. The dramatic 59.24% increase in Becton Dickinson stands out as a clear statement of conviction, likely reflecting the firm's analysis that the medical device company is trading well below intrinsic value.
Investment Lessons from First Eagle's Global Value Strategy
First Eagle's approach offers valuable lessons for investors seeking to build resilient, diversified portfolios:
Diversification as a Core Principle: With 392 positions and top 10 holdings at just 32.9%, First Eagle demonstrates that true diversification goes beyond token gestures. This approach reduces idiosyncratic risk while allowing participation in multiple growth opportunities across global markets.
Geographic Flexibility Creates Opportunity: By investing globally rather than focusing solely on U.S. markets, First Eagle accesses value wherever it exists. Holdings like Taiwan Semiconductor, Imperial Oil, and Wheaton Precious Metals showcase the benefits of a truly global investment mandate.
Quality and Value Can Coexist: The portfolio proves that value investing doesn't mean buying troubled businesses. Companies like Meta, Oracle, and Taiwan Semiconductor represent both quality franchises and reasonable valuations, demonstrating that the best investments often combine both attributes.
Patience Through Long Holding Periods: A 13-quarter average holding period shows that First Eagle allows time for intrinsic value to be recognized. This contrasts sharply with high-turnover strategies and reflects confidence in fundamental analysis over market timing.
Disciplined Rebalancing Matters: The pattern of modest trims across multiple holdings while making selective additions demonstrates ongoing portfolio management. This discipline prevents positions from becoming oversized and creates capital for deploying into more attractive opportunities.
Contrarian Positioning When Valuations Support It: The massive 59.24% increase in Becton Dickinson suggests First Eagle isn't afraid to add aggressively to positions when their analysis indicates significant undervaluation, even in companies facing near-term headwinds.
Looking Ahead: Positioning for Multiple Scenarios
First Eagle's current positioning suggests preparation for multiple market scenarios. The significant technology exposure through Meta, Oracle, Taiwan Semiconductor, and Alphabet provides participation in structural growth trends like artificial intelligence, cloud computing, and digital transformation. However, the diversification across healthcare, energy, precious metals, and other sectors offers ballast if technology valuations compress.
The 15.3% quarterly turnover rate indicates First Eagle maintains flexibility to adjust positioning as market conditions evolve. With 392 positions, the firm has ample opportunity to harvest tax losses, eliminate underperformers, and redeploy capital into more attractive opportunities without dramatically altering the portfolio's character.
The reduction of 20 positions during Q2 2025 suggests ongoing portfolio simplification, potentially focusing capital on the firm's highest-conviction ideas while maintaining overall diversification. This balance between concentration and diversification represents First Eagle's distinctive approach—more focused than an index but more diversified than concentrated value funds.
Given current market conditions, First Eagle's global mandate becomes increasingly valuable. If U.S. markets face headwinds, international holdings like Taiwan Semiconductor and Imperial Oil provide geographic diversification. If growth stocks correct, the portfolio's quality orientation should provide relative stability. And if inflation resurfaces, positions in energy and precious metals streaming companies offer potential inflation hedges.
FAQ about First Eagle Investment Management Portfolio
Q: What distinguishes First Eagle's investment approach from other value investors?
First Eagle combines value investing principles with exceptional diversification and a global mandate. Unlike concentrated value investors who hold 15-30 positions, First Eagle maintains nearly 400 holdings while still generating alpha through careful security selection. Their approach emphasizes capital preservation through diversification while seeking value across global markets, making them particularly appealing to risk-conscious investors seeking value exposure without extreme concentration risk.
Q: Why did First Eagle significantly increase their Becton Dickinson position by 59.24%?
The dramatic increase in Becton Dickinson suggests First Eagle's analysis indicates the medical device company is trading well below intrinsic value. Becton Dickinson has faced integration challenges and some operational headwinds, which may have created a disconnect between price and value. First Eagle's value investing approach seeks exactly these situations—quality businesses temporarily out of favor where patient capital can be rewarded as fundamentals improve.
Q: How can retail investors follow First Eagle's portfolio changes?
Retail investors can track First Eagle's holdings through quarterly 13F filings, which are publicly disclosed within 45 days of quarter-end. However, it's important to note that 13F filings only capture U.S.-listed equity holdings and don't reflect non-U.S. positions, derivatives, or fixed income investments. ValueSense's superinvestor tracker provides organized, easy-to-analyze views of these filings, allowing investors to monitor changes in real-time as filings are released.
Q: Why is First Eagle trimming positions in Meta and Oracle despite strong performance?
The reductions in Meta (down 5.98%) and Oracle (down 9.24%) likely reflect disciplined profit-taking and position sizing rather than loss of confidence. Value investors typically establish price targets based on intrinsic value calculations. As stocks appreciate toward or beyond these targets, prudent portfolio management dictates trimming positions to maintain appropriate risk levels and redeploy capital into more attractively valued opportunities. Both positions remain significant holdings, suggesting First Eagle maintains conviction while practicing disciplined rebalancing.
Q: What does First Eagle's 13-quarter average holding period tell us about their strategy?
The 13-quarter (3.25 year) average holding period demonstrates First Eagle's patient, long-term approach to value investing. This extended timeframe allows their investment theses to play out as markets gradually recognize intrinsic value. It also reduces transaction costs and tax inefficiency while allowing compounding to work. This patience contrasts sharply with short-term trading strategies and reflects confidence that fundamental analysis, rather than market timing, drives long-term returns.
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