First Eagle

Q2 2018 13F · by Kimball Brooker, portfolio manager

As of: Jun 30, 2018
Filed: Aug 13, 2018
US stock: $40.7B · prev $40.1B
Positions: 167 · prev 164
Options notional: $32M
Documents: 1· no amendments

Picture99.9% US stock

Full picture · of what this 13F reports is US stock

US stock listed on a US exchange 99.9%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.1%

Moves136 since the prior filing

+4.6 pp in · −4.6 pp out

New 19 +4.10 pp
Added 21 +0.52 pp
Trimmed 78 −1.49 pp
Exited 16 −3.08 pp

Options: 2 moves on a notional base, in the table below.

The book

Diversified · behaves like 52 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 20% a year, about 5.0 years per position

Low
Moderate
High

Top 5 positions18% of US stock

Positions167 in this filing · 16 exited


ORCLOracle Corp	4.46%	41,168,206	$1.8B	added+1%	−0.20 pp	21 q
XOMExxon Mobil Corp	3.67%	18,057,596	$1.5B	trimmed−0%	+0.30 pp	21 q
NTRNutrien Ltd.	3.63%	27,171,257	$1.5B	trimmed−1%	+0.41 pp	2 q
WYWeyerhaeuser Company	3.40%	37,913,948	$1.4B	trimmed−0%	+0.08 pp	21 q
SLBSLB Limited	3.17%	19,219,131	$1.3B	trimmed−0%	+0.06 pp	21 q
AXPAmerican Express Company	2.94%	12,189,788	$1.2B	trimmed−5%	−0.05 pp	21 q
OMCOmnicom Group Inc.	2.93%	15,633,051	$1.2B	added0%	+0.10 pp	21 q
NOVNOV Inc.	2.88%	26,978,390	$1.2B	trimmed−0%	+0.40 pp	21 q
MSFTMicrosoft Corp	2.79%	11,528,873	$1.1B	trimmed−18%	−0.41 pp	21 q
FTITechnipFMC plc	2.71%	34,687,671	$1.1B	trimmed−1%	+0.15 pp	6 q
CMCSAComcast Corp	2.56%	31,696,499	$1.0B	trimmed−0%	−0.15 pp	21 q
BNYBank of New York Mellon Corporation	2.53%	19,052,184	$1.0B	trimmed−0%	+0.08 pp	21 q
UNPUnion Pacific Corp.	2.18%	6,258,187	$887M	trimmed−1%	+0.07 pp	12 q
BBTTruist Financial Corporation	2.08%	16,759,874	$845M	trimmed−0%	−0.10 pp	21 q
MMM3M Company	2.06%	4,258,818	$838M	trimmed−0%	−0.28 pp	21 q
ELVElevance Health, Inc.	1.78%	3,041,254	$724M	added+3%	+0.16 pp	15 q
CLColgate-Palmolive Company	1.78%	11,172,461	$724M	added+43%	+0.38 pp	21 q
IMOImperial Oil Limited	1.76%	21,457,870	$714M	trimmed−1%	+0.33 pp	12 q
GLDSPDR Gold Trust, SPDR Gold Shares	1.72%	5,895,194	$699M	trimmed−0%	−0.14 pp	21 q
TDCTeradata Corporation	1.67%	16,927,362	$680M	trimmed−0%	−0.01 pp	19 q
DEDeere & Company	1.66%	4,817,998	$674M	trimmed−0%	−0.21 pp	16 q
WTWWillis Towers Watson Public Limited Company	1.50%	4,017,763	$609M	trimmed−1%	−0.03 pp	10 q
XLNXXilinx Inc	1.48%	9,247,948	$604M	trimmed−0%	−0.19 pp	16 q
WPMWheaton Precious Metals Corp.	1.47%	27,121,172	$598M	trimmed−0%	+0.09 pp	5 q
USBU.S. Bancorp	1.44%	11,746,017	$588M	trimmed−0%	−0.04 pp	21 q
COPConocoPhillips	1.43%	8,375,348	$583M	trimmed−26%	−0.25 pp	21 q
AEMAgnico Eagle Mines Ltd.	1.40%	12,386,838	$568M	trimmed−0%	+0.10 pp	21 q
CHRWC.H. Robinson Worldwide, Inc.	1.32%	6,439,897	$539M	trimmed−0%	−0.19 pp	6 q
SYFSynchrony Financial	1.31%	15,963,732	$533M	trimmed−4%	−0.07 pp	12 q
FLSFlowserve Corporation	1.29%	12,941,557	$523M	trimmed−0%	−0.11 pp	14 q
18614USDGoldcorp Inc	1.26%	37,278,896	$511M	trimmed−0%	−0.03 pp	21 q
WRBW.R. Berkley Corporation	1.20%	6,715,120	$486M	trimmed−0%	−0.02 pp	21 q
ABXBarrick Mining Corporation	1.18%	36,642,585	$481M	added+3%	+0.08 pp	21 q
PMPhilip Morris International Inc.	1.12%	5,621,843	$454M	new	+1.12 pp	new
BRK.ABerkshire Hathaway Inc.	1.09%	1,570	$443M	trimmed−0%	−0.08 pp	21 q
VARVarian Medical Systems, Inc.	1.04%	3,731,755	$424M	trimmed−21%	−0.40 pp	12 q
FNVFranco-Nevada Corporation	1.00%	5,540,687	$405M	trimmed−1%	+0.05 pp	21 q
UGIUGI Corporation	0.97%	7,581,374	$395M	trimmed−0%	+0.13 pp	12 q
BROBrown & Brown, Inc.	0.96%	14,092,505	$391M	trimmed−0%	+0.06 pp	17 q
YAlleghany Corporation	0.94%	666,861	$383M	added+1%	−0.07 pp	21 q
TIFTiffany & Co.	0.94%	2,910,986	$383M	trimmed−23%	+0.01 pp	10 q
TXNTexas Instruments Incorporated	0.91%	3,344,743	$369M	trimmed−0%	+0.04 pp	12 q
NEMNewmont Corporation	0.89%	9,551,476	$360M	trimmed−0%	−0.04 pp	21 q
CVECenovus Energy Inc.	0.81%	31,851,371	$331M	trimmed−1%	+0.13 pp	21 q
RGLDRoyal Gold Inc	0.78%	3,436,142	$319M	trimmed−2%	+0.03 pp	21 q
ADIAnalog Devices, Inc.	0.74%	3,139,440	$301M	trimmed−0%	+0.03 pp	14 q
LBTYKLiberty Global Ltd. Class C	0.71%	10,800,050	$287M	trimmed−1%	−0.11 pp	21 q
PXGBXPraxair Inc	0.70%	1,799,882	$285M	trimmed−0%	+0.05 pp	21 q
UHSUniversal Health Services, Inc. Class B	0.68%	2,497,833	$278M	new	+0.68 pp	new
GOOGAlphabet Inc. Class C	0.64%	233,919	$261M	trimmed−0%	+0.04 pp	17 q
CMICummins Inc.	0.64%	1,967,755	$262M	trimmed−0%	−0.16 pp	11 q
METAMeta Platforms, Inc. Class A	0.63%	1,328,221	$258M	new	+0.63 pp	new
VVISA Inc.	0.59%	1,804,248	$239M	trimmed−0%	+0.05 pp	21 q
HCAHCA Healthcare, Inc.	0.58%	2,290,037	$235M	new	+0.58 pp	new
DVNDevon Energy Corporation	0.52%	4,813,179	$212M	trimmed−0%	+0.14 pp	21 q
GOOGLAlphabet Inc. Class A	0.50%	181,864	$205M	trimmed−0%	+0.03 pp	11 q
MAMastercard Incorporated	0.50%	1,032,731	$203M	trimmed−36%	−0.21 pp	21 q
SMGThe Scotts Miracle-Gro Company	0.46%	2,273,031	$189M	trimmed−0%	−0.03 pp	21 q
CCUCompania Cervecerias Unidas S.A.	0.45%	7,295,987	$182M	trimmed−2%	−0.10 pp	17 q
CINFCincinnati Financial Corp	0.44%	2,683,935	$179M	trimmed−0%	−0.06 pp	21 q
CNQCanadian Natural Resources Limited	0.41%	4,643,458	$168M	trimmed−0%	+0.04 pp	21 q
CTASCintas Corp	0.40%	885,201	$164M	trimmed−48%	−0.32 pp	21 q
HRBH&R Block, Inc.	0.35%	6,331,336	$144M	trimmed−0%	−0.05 pp	21 q
ADPAutomatic Data Processing	0.32%	979,190	$131M	trimmed−39%	−0.13 pp	21 q
DCPDCP Midstream, LP	0.29%	3,020,300	$119M	held	—	11 q
unresolvedIsrael Chemicals Ltd	0.29%	25,926,333	$118M	trimmed−1%	+0.02 pp	16 q
PKGPackaging Corp of America	0.28%	1,001,101	$112M	trimmed−2%	−0.01 pp	11 q
MLMMartin Marietta Materials	0.27%	492,817	$110M	trimmed−5%	0.00 pp	21 q
DNOWDNOW Inc.	0.27%	8,369,898	$112M	trimmed−1%	+0.06 pp	17 q
HPQHP Inc.	0.23%	4,176,131	$95M	added+1%	0.00 pp	8 q
unresolvedRandgold Res Ltd	0.23%	1,239,386	$96M	trimmed−0%	−0.03 pp	21 q
ARQLArqule Inc	0.21%	15,081,128	$83M	added+2%	+0.10 pp	21 q
GDGeneral Dynamics Corporation	0.20%	431,652	$80M	trimmed−8%	−0.06 pp	10 q
VCVisteon Corporation	0.20%	631,315	$82M	held	—	17 q
AWIArmstrong World Industries, Inc.	0.19%	1,245,178	$79M	held	—	9 q
unresolvedKlx Inc	0.19%	1,096,956	$79M	trimmed−2%	−0.01 pp	7 q
VSTOVista Outdoor Inc.	0.18%	4,643,969	$72M	trimmed−1%	−0.01 pp	14 q
CCThe Chemours Company	0.17%	1,562,505	$69M	added+34%	+0.03 pp	2 q
TSNTyson Foods, Inc.	0.17%	1,017,686	$70M	added+3%	−0.01 pp	13 q
WYNTravel + Leisure Co.	0.17%	1,542,238	$68M	added+86%	−0.07 pp	21 q
XRAYDENTSPLY SIRONA Inc.	0.16%	1,481,354	$65M	new	+0.16 pp	new
WDCWestern Digital Corp.	0.16%	835,249	$65M	added+1%	−0.03 pp	4 q
CPLGGCorepoint Lodging Inc	0.14%	2,167,873	$56M	new	+0.14 pp	new
EQTEqt Corp	0.14%	1,059,748	$58M	new	+0.14 pp	new
SERVTerminix Global Holdings Inc	0.14%	930,548	$55M	added+16%	+0.04 pp	2 q
TRVThe Travelers Companies, Inc.	0.14%	472,252	$58M	held	—	6 q
WHWyndham Hotels & Resorts, Inc.	0.13%	891,875	$52M	new	+0.13 pp	new
BALLBall Corporation	0.12%	1,348,489	$48M	added+16%	0.00 pp	5 q
EBAYeBay Inc	0.12%	1,302,973	$47M	added+9%	0.00 pp	9 q
POSTPost Holdings, Inc.	0.12%	546,253	$47M	held	—	8 q
ALBAlbemarle Corporation	0.11%	493,915	$47M	held	—	9 q
ATIATI Inc.	0.11%	1,805,625	$45M	trimmed−19%	−0.02 pp	7 q
BBBlackBerry Limited	0.11%	4,500,819	$43M	trimmed−5%	−0.03 pp	8 q
HUNHuntsman Corporation	0.11%	1,591,080	$46M	added+8%	0.00 pp	3 q
AJRDAerojet Rocketdyne Holdings, Inc.	0.10%	1,357,916	$40M	new	+0.10 pp	new
OLNOlin Corp.	0.10%	1,472,314	$42M	trimmed−16%	−0.03 pp	9 q
QRVOQorvo, Inc.	0.10%	494,100	$40M	new	+0.10 pp	new
UNVRUnivar Solutions Inc.	0.10%	1,496,472	$39M	held	—	9 q
NVTnVent Electric plc	0.10%	1,557,884	$39M	new	+0.10 pp	new
DRRXDurect Corp	0.09%	22,476,546	$35M	held	—	21 q
HALOHalozyme Therapeutics, Inc.	0.09%	2,124,563	$36M	trimmed−29%	−0.06 pp	19 q
unresolvedTahoe Res Inc	0.09%	7,160,667	$35M	held	—	21 q
VREXVarex Imaging Corporation	0.09%	989,740	$37M	trimmed−44%	−0.07 pp	6 q
BTGB2Gold Corp.	0.08%	12,170,500	$32M	added+25%	+0.01 pp	13 q
VSMVersum Materials, Inc.	0.08%	915,515	$34M	held	—	7 q
ALXNAlexion Pharmaceuticals Inc	0.07%	214,982	$27M	new	+0.07 pp	new
unresolvedKkr & Co L P DEL	0.07%	1,123,114	$28M	new	+0.07 pp	new
SJTSan Juan Basin Royalty Trust UBI	0.07%	5,067,615	$29M	held	—	21 q
ICEIntercontinental Exchange Inc.	0.06%	328,150	$24M	held	—	4 q
NGLNgl Energy Partners LP	0.06%	1,832,015	$23M	trimmed−0%	+0.01 pp	14 q
NGNovaGold Resources Inc.	0.06%	5,495,440	$24M	added+22%	+0.01 pp	10 q
unresolvedTransmontaigne Partners L P	0.06%	611,161	$23M	held	—	14 q
unresolvedIntevac Inc	0.05%	4,523,414	$22M	added+12%	−0.02 pp	21 q
MQ8Mag Silver Corp	0.05%	1,999,467	$22M	held	—	14 q
NGDNew Gold Inc.	0.05%	10,007,331	$21M	held	—	21 q
AGIAlamos Gold Inc. Class A	0.04%	2,964,338	$17M	held	—	7 q
AUAngloGold Ashanti plc	0.04%	1,840,964	$15M	held	—	21 q
EGRXEagle Pharms Inc	0.04%	226,333	$17M	trimmed−55%	−0.03 pp	8 q
INVAInnoviva, Inc.	0.04%	1,294,487	$18M	trimmed−5%	−0.02 pp	10 q
OROR Royalties Inc.	0.04%	1,514,257	$14M	trimmed−37%	−0.02 pp	8 q
SHLXShell Midstream Partners, L.P.	0.04%	733,332	$16M	held	—	2 q
unresolvedCui Global Inc	0.03%	3,445,292	$10M	trimmed−0%	+0.01 pp	18 q
KGCKinross Gold Corporation	0.03%	2,797,363	$11M	new	+0.03 pp	new
MDCOMedicines Co	0.03%	352,868	$13M	trimmed−24%	−0.01 pp	9 q
TXMDTherapeuticsMD, Inc.	0.03%	2,257,752	$14M	added+29%	+0.01 pp	3 q
unresolvedCuris Inc	0.02%	4,980,995	$9M	new	+0.02 pp	new
unresolvedEldorado Gold (C$)	0.02%	7,718,257	$8M	held	—	21 q
unresolvedHaymaker Acquisition Corp	0.02%	1,000,000	$10M	held	—	3 q
INVEINVE Technologies, Inc.	0.02%	1,853,004	$7M	held	—	16 q
XONPrecigen, Inc.	0.02%	687,411	$10M	trimmed−38%	−0.02 pp	17 q
LSXMKLiberty Media Cor-siriusxm C	0.02%	159,582	$7M	held	—	9 q
SPGIS&P Global Inc.	0.02%	40,000	$8M	trimmed−70%	−0.04 pp	9 q
RMTORM2 International Inc	0.01%	2,171,197	$5M	held	—	13 q
AMPAmeriprise Financial, Inc.	0.01%	21,324	$3M	held	—	6 q
ARDMAradigm Corp	0.01%	3,375,253	$5M	held	—	17 q
BECNBeacon Roofing Supply, Inc.	0.01%	87,324	$4M	new	+0.01 pp	new
CUECue Biopharma, Inc.	0.01%	195,000	$2M	trimmed−61%	−0.01 pp	2 q
DISCKDiscovery Inc-c	0.01%	155,656	$4M	new	+0.01 pp	new
EFXEquifax, Incorporated	0.01%	43,672	$5M	new	+0.01 pp	new
unresolvedIndependence Hldg Co New	0.01%	109,423	$4M	held	—	21 q
IDNIntellicheck, Inc.	0.01%	1,878,678	$4M	held	—	8 q
JPMJPMorgan Chase & Co.	0.01%	30,000	$3M	held	—	21 q
KOPNKopin Corp	0.01%	1,775,000	$5M	trimmed−29%	−0.01 pp	21 q
LM03Liberty Media Cor-siriusxm A	0.01%	79,791	$4M	held	—	9 q
unresolvedMolecular Templates Inc	0.01%	616,326	$3M	held	—	4 q
NLNKNewLink Genetics Corporation	0.01%	759,250	$4M	trimmed−68%	−0.03 pp	21 q
NSNuStar Energy L.P.	0.01%	250,000	$6M	held	—	21 q
TRAKReposiTrak, Inc.	0.01%	332,572	$3M	added+24%	0.00 pp	19 q
PAAPlains All American Pipeline, L.P. Common Units representing Limited Partner Interests	0.01%	100,000	$2M	held	—	12 q
unresolvedArsanis Inc	0.00%	124,381	$452,000	held	—	2 q
INFIQInfinity Pharms Inc	0.00%	500,000	$955,000	new	0.00 pp	new
BATRAAtlanta Braves Holdings, Inc. Series A	0.00%	7,977	$205,000	held	—	9 q
FWONKLiberty Media Corporation Series C Liberty Formula One	0.00%	39,895	$1M	held	—	9 q
LM05Liberty Media Corp-liberty-a	0.00%	19,946	$704,000	held	—	9 q
BATRKAtlanta Braves Holdings, Inc. Series C	0.00%	15,957	$413,000	held	—	9 q
LGF.BLions Gate Entertainment Corp. Class B Non-Voting Shares	0.00%	261	$6,000	held	—	7 q
MTBM&T Bank Corp.	0.00%	7,032	$1M	held	—	21 q
unresolvedOncomed Pharmaceuticals Inc	0.00%	219,420	$507,000	held	—	10 q
unresolvedPain Therapeutics Inc	0.00%	936,096	$2M	held	—	5 q
RIBTRicebran Techs	0.00%	100,000	$216,000	held	—	4 q
PHYSSprott Physical Gold Trust	0.00%	12,540	$128,000	held	—	6 q
SMMTSummit Therapeutics Inc.	0.00%	194,900	$478,000	held	—	14 q
SNSSViracta Therapeutics Inc	0.00%	319,480	$677,000	held	—	8 q
TIVOTivo Inc	0.00%	9	$0	held	—	8 q
LBTYALiberty Global Ltd. Class A	0.00%	22,989	$633,000	held	—	21 q
LILALiberty Latin America Ltd. Class A	0.00%	4,017	$77,000	held	—	3 q
LILAKLiberty Latin America Ltd. Class C	0.00%	12,166	$236,000	held	—	3 q
unresolvedOrbital Atk Inc	—	−4,488,536	—	exited	−1.48 pp	—
SUSuncor Energy, Inc.	—	−6,762,859	—	exited	−0.58 pp	—
unresolvedLa Quinta Hldgs Inc	—	−4,252,788	—	exited	−0.20 pp	—
IPInternational Paper Co.	—	−1,168,935	—	exited	−0.16 pp	—
PNRPentair plc	—	−798,944	—	exited	−0.14 pp	—
TMUST-Mobile US, Inc.	—	−719,711	—	exited	−0.11 pp	—
APDAir Products & Chemicals, Inc.	—	−214,948	—	exited	−0.09 pp	—
GCPNGcp Applied Technologies	—	−1,261,532	—	exited	−0.09 pp	—
ADNTAdient plc	—	−484,097	—	exited	−0.07 pp	—
CMGChipotle Mexican Grill, Inc.	—	−61,138	—	exited	−0.05 pp	—
unresolvedCuris	—	−24,904,977	—	exited	−0.04 pp	—
HDSHD Supply Holdings, Inc.	—	−328,114	—	exited	−0.03 pp	—
CASYCasey's General Stores Inc	—	−56,307	—	exited	−0.02 pp	—
unresolvedSeacor Holdings Inc.	—	−96,554	—	exited	−0.01 pp	—
STXNSeagate Technology Holdings PLC (Ireland)	—	−53,916	—	exited	−0.01 pp	—
SMHISEACOR Marine Holdings Inc.	—	−97,076	—	exited	0.00 pp	—

Other 13(f) securities

Options 7

Contract	% of notional	Shares	Notional
EFX CALL	43.29%	3,000	$14M
ICE CALL	34.00%	4,500	$11M
ALB CALL	8.76%	1,500	$3M
DAL CALL	6.54%	2,000	$2M
POST CALL	5.71%	500	$2M
TSN CALL	0.95%	250	$303,000
BALL CALL	0.74%	533	$235,000

Notes 0

None in this filing

Source

Form: 13F-HR
Reading: 0 defects · 16 unresolved
Accession: 0001325447-18-000039
Notes: none in this filing
SEC cross-check: SEC data set not published yet

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