- First Eagle Global Value Team uses a 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. The firm manages ~$101B in assets for institutional and individual clients.
- It would be easy to look at some data from the third quarter and mistake it for a period of blithe recovery. Covid-19 fatalities moderated in the US, while business confidence returned.
- Despite these many risks, the S&P 500 Index hit a new high in September before pulling back and now trades at roughly 22 times trailing peak earnings.
- Gold bullion and gold-mining stocks remain the key source of our potential ballast and longer-term deferred purchasing power.
For further details see:
First Eagle Global Value Team Quarterly Commentary Q3 2020