IPGP - First Eagle Global Value Team Quarterly Commentary Q3 2021

• First Eagle Global Value Team uses a bottom-up, fundamental investment approach and seeks long-term growth of capital by investing in a range of asset classes from markets in the US and around the world.
• Global Fund A Shares posted a return of -1.93% in third quarter 2021. Japan was the sole contributor from a regional standpoint, while Developed Europe and emerging markets were notably weak.
• Leading contributors in the First Eagle Global Fund this quarter included Oracle Corporation, Shimano Inc., Teradata Corporation, Sompo Holdings, Inc. and HCA Healthcare Inc.
• The leading detractors in the quarter were Compagnie Financière Richemont SA, Alibaba Group Holding Ltd. Sponsored ADR, Jardine Matheson Holdings Limited, Ambev SA Sponsored ADR and Newmont Corporation.

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