XOM - First Eagle Global Value Team Quarterly Commentary Q1 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 3.71% in first quarter 2021. North America was the biggest contributor from a geographic standpoint, though performance was positive in all regions except Japan. The Global Fund underperformed the MSCI World Index in the period.
• Leading contributors in the First Eagle Global Fund this quarter included Exxon Mobil Corporation, c & Company, Teradata Corporation, Oracle Corporation and Schlumberger NV. The leading detractors in the quarter were gold bullion, Keyence Corporation, Colgate-Palmolive Company, Secom Co., Ltd. and Fresnillo plc.
• We believe the US economy is headed for a high rate of growth in 2021, and the faster-than-expected rebound from the recession makes it likely the country will avoid the permanent loss of output that had been widely feared.

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