First Eagle

Q3 2018 13F · by Kimball Brooker, portfolio manager

As of: Sep 30, 2018
Filed: Nov 13, 2018
US stock: $39.8B · prev $40.7B
Positions: 164 · prev 167
Options notional: $41M
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%

Moves140 since the prior filing

+3.3 pp in · −3.3 pp out

New 11 +1.16 pp
Added 53 +2.18 pp
Trimmed 57 −2.21 pp
Exited 14 −1.07 pp

Options: 5 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 · 14% a year, about 7.1 years per position

Low
Moderate
High

Top 5 positions18% of US stock

Positions164 in this filing · 14 exited


ORCLOracle Corp	4.83%	37,250,321	$1.9B	trimmed−10%	+0.37 pp	22 q
XOMExxon Mobil Corp	3.87%	18,072,976	$1.5B	added0%	+0.20 pp	22 q
NTRNutrien Ltd.	3.52%	24,249,548	$1.4B	trimmed−11%	−0.11 pp	3 q
WYWeyerhaeuser Company	3.08%	37,928,530	$1.2B	added0%	−0.32 pp	22 q
SLBSLB Limited	3.03%	19,795,280	$1.2B	added+3%	−0.14 pp	22 q
CMCSAComcast Corp	2.98%	33,508,018	$1.2B	added+6%	+0.42 pp	22 q
NOVNOV Inc.	2.73%	25,186,110	$1.1B	trimmed−7%	−0.15 pp	22 q
OMCOmnicom Group Inc.	2.68%	15,640,203	$1.1B	added0%	−0.25 pp	22 q
FTITechnipFMC plc	2.58%	32,762,584	$1.0B	trimmed−6%	−0.13 pp	7 q
BNYBank of New York Mellon Corporation	2.44%	19,061,204	$972M	added0%	−0.09 pp	22 q
MSFTMicrosoft Corp	2.39%	8,308,245	$950M	trimmed−28%	−0.40 pp	22 q
MMM3M Company	2.26%	4,260,791	$898M	added0%	+0.20 pp	22 q
UNPUnion Pacific Corp.	2.15%	5,259,653	$856M	trimmed−16%	−0.03 pp	13 q
AXPAmerican Express Company	2.13%	7,958,683	$848M	trimmed−35%	−0.81 pp	22 q
BBTTruist Financial Corporation	2.05%	16,770,001	$814M	added0%	−0.03 pp	22 q
ELVElevance Health, Inc.	2.03%	2,952,111	$809M	trimmed−3%	+0.25 pp	16 q
GLDSPDR Gold Trust, SPDR Gold Shares	1.95%	6,888,992	$777M	added+17%	+0.23 pp	22 q
CLColgate-Palmolive Company	1.88%	11,172,866	$748M	added0%	+0.10 pp	22 q
DEDeere & Company	1.82%	4,808,140	$723M	trimmed−0%	+0.16 pp	17 q
FLSFlowserve Corporation	1.77%	12,881,171	$704M	trimmed−0%	+0.48 pp	15 q
IMOImperial Oil Limited	1.75%	21,460,664	$695M	added0%	−0.01 pp	13 q
TDCTeradata Corporation	1.60%	16,912,421	$638M	trimmed−0%	−0.07 pp	20 q
PMPhilip Morris International Inc.	1.59%	7,764,248	$633M	added+38%	+0.47 pp	2 q
USBU.S. Bancorp	1.56%	11,754,252	$621M	added0%	+0.12 pp	22 q
CHRWC.H. Robinson Worldwide, Inc.	1.55%	6,282,404	$615M	trimmed−2%	+0.23 pp	7 q
WTWWillis Towers Watson Public Limited Company	1.43%	4,031,199	$568M	added0%	−0.07 pp	11 q
WRBW.R. Berkley Corporation	1.35%	6,721,646	$537M	added0%	+0.15 pp	22 q
XLNXXilinx Inc	1.34%	6,635,346	$532M	trimmed−28%	−0.14 pp	17 q
BRK.ABerkshire Hathaway Inc.	1.26%	1,571	$503M	added0%	+0.17 pp	22 q
WPMWheaton Precious Metals Corp.	1.24%	28,155,296	$493M	added+4%	−0.23 pp	6 q
SYFSynchrony Financial	1.23%	15,722,408	$489M	trimmed−2%	−0.08 pp	13 q
COPConocoPhillips	1.15%	5,895,208	$456M	trimmed−30%	−0.28 pp	22 q
ABXBarrick Mining Corporation	1.13%	40,590,158	$450M	added+11%	−0.05 pp	22 q
YAlleghany Corporation	1.10%	667,164	$435M	added0%	+0.16 pp	22 q
AEMAgnico Eagle Mines Ltd.	1.06%	12,374,275	$423M	trimmed−0%	−0.34 pp	22 q
VARVarian Medical Systems, Inc.	1.05%	3,723,675	$417M	trimmed−0%	+0.01 pp	13 q
TXNTexas Instruments Incorporated	0.90%	3,346,217	$359M	added0%	−0.01 pp	13 q
NEMNewmont Corporation	0.89%	11,705,007	$353M	added+23%	0.00 pp	22 q
UHSUniversal Health Services, Inc. Class B	0.89%	2,782,155	$356M	added+11%	+0.21 pp	2 q
FNVFranco-Nevada Corporation	0.88%	5,571,025	$349M	added+1%	−0.12 pp	22 q
BROBrown & Brown, Inc.	0.86%	11,532,523	$341M	trimmed−18%	−0.10 pp	18 q
TIFTiffany & Co.	0.83%	2,569,424	$331M	trimmed−12%	−0.11 pp	11 q
UGIUGI Corporation	0.82%	5,858,957	$325M	trimmed−23%	−0.15 pp	13 q
HCAHCA Healthcare, Inc.	0.80%	2,287,855	$318M	trimmed−0%	+0.22 pp	2 q
METAMeta Platforms, Inc. Class A	0.78%	1,885,098	$310M	added+42%	+0.15 pp	2 q
ADIAnalog Devices, Inc.	0.77%	3,327,315	$308M	added+6%	+0.03 pp	15 q
18614USDGoldcorp Inc	0.77%	29,834,512	$304M	trimmed−20%	−0.49 pp	22 q
LBTYKLiberty Global Ltd. Class C	0.77%	10,800,825	$304M	added0%	+0.06 pp	22 q
PXGBXPraxair Inc	0.73%	1,799,003	$289M	trimmed−0%	+0.03 pp	22 q
CMICummins Inc.	0.72%	1,968,622	$288M	added0%	+0.08 pp	12 q
GOOGAlphabet Inc. Class C	0.70%	234,224	$280M	added0%	+0.06 pp	18 q
CVECenovus Energy Inc.	0.70%	27,553,847	$276M	trimmed−13%	−0.11 pp	22 q
RGLDRoyal Gold Inc	0.65%	3,357,670	$259M	trimmed−2%	−0.13 pp	22 q
XRAYDENTSPLY SIRONA Inc.	0.58%	6,155,959	$232M	added×4.2	+0.42 pp	2 q
GOOGLAlphabet Inc. Class A	0.55%	181,693	$219M	trimmed−0%	+0.05 pp	12 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.53%	4,758,381	$210M	new	+0.53 pp	new
CINFCincinnati Financial Corp	0.52%	2,684,709	$206M	added0%	+0.08 pp	22 q
MAMastercard Incorporated	0.51%	918,690	$205M	trimmed−11%	+0.01 pp	22 q
VVISA Inc.	0.51%	1,338,298	$201M	trimmed−26%	−0.08 pp	22 q
CCUCompania Cervecerias Unidas S.A.	0.49%	6,983,064	$195M	trimmed−4%	+0.04 pp	18 q
DVNDevon Energy Corporation	0.48%	4,814,553	$192M	added0%	−0.04 pp	22 q
SMGThe Scotts Miracle-Gro Company	0.45%	2,273,755	$179M	added0%	−0.01 pp	22 q
CTASCintas Corp	0.44%	884,499	$175M	trimmed−0%	+0.04 pp	22 q
HRBH&R Block, Inc.	0.41%	6,333,413	$163M	added0%	+0.06 pp	22 q
unresolvedIsrael Chemicals Ltd	0.40%	25,906,889	$158M	trimmed−0%	+0.11 pp	17 q
CNQCanadian Natural Resources Limited	0.38%	4,640,075	$152M	trimmed−0%	−0.03 pp	22 q
DNOWDNOW Inc.	0.35%	8,337,833	$138M	trimmed−0%	+0.08 pp	18 q
PKGPackaging Corp of America	0.26%	951,934	$104M	trimmed−5%	−0.02 pp	12 q
DCPDCP Midstream, LP	0.25%	2,538,805	$101M	trimmed−16%	−0.04 pp	12 q
HPQHP Inc.	0.24%	3,697,870	$95M	trimmed−11%	+0.01 pp	9 q
ARQLArqule Inc	0.23%	16,081,128	$91M	added+7%	+0.02 pp	22 q
unresolvedRandgold Res Ltd	0.22%	1,238,888	$87M	trimmed−0%	−0.01 pp	22 q
VSTOVista Outdoor Inc.	0.21%	4,640,495	$83M	trimmed−0%	+0.03 pp	15 q
MLMMartin Marietta Materials	0.20%	440,878	$80M	trimmed−11%	−0.07 pp	22 q
WYNTravel + Leisure Co.	0.19%	1,730,536	$75M	added+12%	+0.02 pp	22 q
CCThe Chemours Company	0.18%	1,803,455	$71M	added+15%	+0.01 pp	3 q
SERVTerminix Global Holdings Inc	0.15%	985,987	$61M	added+6%	+0.01 pp	3 q
TRVThe Travelers Companies, Inc.	0.15%	471,525	$61M	trimmed−0%	+0.01 pp	7 q
BALLBall Corporation	0.14%	1,259,997	$55M	trimmed−7%	+0.02 pp	6 q
VCVisteon Corporation	0.14%	618,826	$57M	trimmed−2%	−0.06 pp	18 q
WDCWestern Digital Corp.	0.14%	958,993	$56M	added+15%	−0.02 pp	5 q
POSTPost Holdings, Inc.	0.13%	513,457	$50M	trimmed−6%	+0.01 pp	9 q
UNVRUnivar Solutions Inc.	0.13%	1,700,709	$52M	added+14%	+0.03 pp	10 q
ALBAlbemarle Corporation	0.12%	493,915	$49M	held	—	10 q
BBBlackBerry Limited	0.12%	4,213,303	$48M	trimmed−6%	+0.01 pp	9 q
EQTEqt Corp	0.12%	1,096,580	$49M	added+3%	−0.02 pp	2 q
WHWyndham Hotels & Resorts, Inc.	0.12%	827,342	$46M	trimmed−7%	−0.01 pp	2 q
PRGOPerrigo Company PLC	0.12%	675,400	$48M	new	+0.12 pp	new
HUNHuntsman Corporation	0.11%	1,541,939	$42M	trimmed−3%	0.00 pp	4 q
QRVOQorvo, Inc.	0.11%	554,116	$43M	added+12%	+0.01 pp	2 q
NVTnVent Electric plc	0.11%	1,557,884	$42M	held	—	2 q
AJRDAerojet Rocketdyne Holdings, Inc.	0.10%	1,143,569	$39M	trimmed−16%	0.00 pp	2 q
GDGeneral Dynamics Corporation	0.10%	195,836	$40M	trimmed−55%	−0.10 pp	11 q
HALOHalozyme Therapeutics, Inc.	0.10%	2,173,089	$39M	added+2%	+0.01 pp	20 q
ALXNAlexion Pharmaceuticals Inc	0.09%	270,582	$38M	added+26%	+0.02 pp	2 q
EBAYeBay Inc	0.09%	1,105,600	$37M	trimmed−15%	−0.03 pp	10 q
KKRKKR & Co. Inc.	0.09%	1,306,711	$36M	new	+0.09 pp	new
MPCMarathon Petroleum Corporation	0.09%	465,470	$37M	new	+0.09 pp	new
TSNTyson Foods, Inc.	0.08%	544,286	$32M	trimmed−47%	−0.09 pp	14 q
VSMVersum Materials, Inc.	0.08%	934,301	$34M	added+2%	0.00 pp	8 q
BTGB2Gold Corp.	0.07%	12,170,500	$28M	held	—	14 q
ICEIntercontinental Exchange Inc.	0.07%	367,775	$28M	added+12%	+0.01 pp	5 q
ACTAllergan PLC	0.07%	148,500	$28M	new	+0.07 pp	new
unresolvedAon PLC	0.07%	177,089	$27M	new	+0.07 pp	new
CNDTConduent Incorporated	0.06%	1,055,536	$24M	new	+0.06 pp	new
DRRXDurect Corp	0.06%	22,476,546	$25M	held	—	22 q
INVAInnoviva, Inc.	0.06%	1,580,045	$24M	added+22%	+0.02 pp	11 q
unresolvedIntevac Inc	0.06%	4,523,414	$24M	held	—	22 q
NGNovaGold Resources Inc.	0.06%	6,856,809	$25M	added+25%	0.00 pp	11 q
SJTSan Juan Basin Royalty Trust UBI	0.06%	5,067,615	$25M	held	—	22 q
unresolvedTransmontaigne Partners L P	0.06%	611,161	$24M	held	—	15 q
BKNGBooking Holdings Inc.	0.05%	10,461	$21M	new	+0.05 pp	new
MQ8Mag Silver Corp	0.05%	2,310,367	$19M	added+16%	0.00 pp	15 q
NGLNgl Energy Partners LP	0.05%	1,832,015	$21M	held	—	15 q
unresolvedTahoe Res Inc	0.05%	7,160,667	$20M	held	—	22 q
TXMDTherapeuticsMD, Inc.	0.05%	2,864,565	$19M	added+27%	+0.02 pp	4 q
EGRXEagle Pharms Inc	0.04%	213,822	$15M	trimmed−6%	0.00 pp	9 q
EFXEquifax, Incorporated	0.04%	130,916	$17M	added×3.0	+0.03 pp	2 q
SHLXShell Midstream Partners, L.P.	0.04%	790,797	$17M	added+8%	0.00 pp	3 q
AGIAlamos Gold Inc. Class A	0.03%	2,964,338	$14M	held	—	8 q
AUAngloGold Ashanti plc	0.03%	1,515,964	$13M	trimmed−18%	−0.01 pp	22 q
unresolvedHaymaker Acquisition Corp	0.03%	1,000,000	$10M	held	—	4 q
IPGPIPG Photonics Corporation	0.03%	81,552	$13M	new	+0.03 pp	new
INVEINVE Technologies, Inc.	0.03%	1,853,004	$11M	held	—	17 q
XONPrecigen, Inc.	0.03%	739,731	$13M	added+8%	+0.01 pp	18 q
KLXEKLX Energy Services Holdings, Inc.	0.03%	341,927	$11M	new	+0.03 pp	new
MDCOMedicines Co	0.03%	352,868	$11M	held	—	10 q
unresolvedCui Global Inc	0.02%	3,445,292	$8M	held	—	19 q
unresolvedCuris Inc	0.02%	4,980,995	$9M	held	—	2 q
unresolvedEldorado Gold (C$)	0.02%	7,718,257	$7M	held	—	22 q
HDSHD Supply Holdings, Inc.	0.02%	176,817	$8M	new	+0.02 pp	new
unresolvedKlx Inc	0.02%	142,000	$9M	trimmed−87%	−0.17 pp	8 q
KGCKinross Gold Corporation	0.02%	2,797,363	$8M	held	—	2 q
LSXMKLiberty Media Cor-siriusxm C	0.02%	159,582	$7M	held	—	10 q
NGDNew Gold Inc.	0.02%	10,007,331	$8M	held	—	22 q
NSNuStar Energy L.P.	0.02%	250,000	$7M	held	—	22 q
OROR Royalties Inc.	0.02%	1,172,237	$9M	trimmed−23%	−0.02 pp	9 q
SPGIS&P Global Inc.	0.02%	40,000	$8M	held	—	10 q
RMTORM2 International Inc	0.01%	2,171,197	$4M	held	—	14 q
AMPAmeriprise Financial, Inc.	0.01%	21,324	$3M	held	—	7 q
ARDMAradigm Corp	0.01%	3,375,253	$4M	held	—	18 q
unresolvedIndependence Hldg Co New	0.01%	109,423	$4M	held	—	22 q
IDNIntellicheck, Inc.	0.01%	1,878,678	$5M	held	—	9 q
JPMJPMorgan Chase & Co.	0.01%	30,000	$3M	held	—	22 q
KOPNKopin Corp	0.01%	1,100,000	$3M	trimmed−38%	0.00 pp	22 q
LM03Liberty Media Cor-siriusxm A	0.01%	79,791	$3M	held	—	10 q
TRAKReposiTrak, Inc.	0.01%	332,572	$3M	held	—	20 q
unresolvedArsanis Inc	0.00%	124,381	$201,000	held	—	3 q
INFIQInfinity Pharms Inc	0.00%	500,000	$1M	held	—	2 q
BATRAAtlanta Braves Holdings, Inc. Series A	0.00%	7,977	$218,000	held	—	10 q
FWONKLiberty Media Corporation Series C Liberty Formula One	0.00%	39,895	$1M	held	—	10 q
LM05Liberty Media Corp-liberty-a	0.00%	19,946	$710,000	held	—	10 q
BATRKAtlanta Braves Holdings, Inc. Series C	0.00%	15,957	$435,000	held	—	10 q
LGF.BLions Gate Entertainment Corp. Class B Non-Voting Shares	0.00%	261	$6,000	held	—	8 q
MTBM&T Bank Corp.	0.00%	7,032	$1M	held	—	22 q
NLNKNewLink Genetics Corporation	0.00%	60,000	$143,000	trimmed−92%	−0.01 pp	22 q
unresolvedPain Therapeutics Inc	0.00%	1,720,410	$2M	added+84%	0.00 pp	6 q
RIBTRicebran Techs	0.00%	91,500	$263,000	trimmed−9%	0.00 pp	5 q
PHYSSprott Physical Gold Trust	0.00%	12,540	$120,000	held	—	7 q
SNSSViracta Therapeutics Inc	0.00%	319,480	$639,000	held	—	9 q
TIVOTivo Inc	0.00%	9	$0	held	—	9 q
LBTYALiberty Global Ltd. Class A	0.00%	22,989	$665,000	held	—	22 q
LILALiberty Latin America Ltd. Class A	0.00%	4,017	$84,000	held	—	4 q
LILAKLiberty Latin America Ltd. Class C	0.00%	12,166	$251,000	held	—	4 q
ADPAutomatic Data Processing	—	−979,190	—	exited	−0.32 pp	—
AWIArmstrong World Industries, Inc.	—	−1,245,178	—	exited	−0.19 pp	—
CPLGGCorepoint Lodging Inc	—	−2,167,873	—	exited	−0.14 pp	—
ATIATI Inc.	—	−1,805,625	—	exited	−0.11 pp	—
OLNOlin Corp.	—	−1,472,314	—	exited	−0.10 pp	—
VREXVarex Imaging Corporation	—	−989,740	—	exited	−0.09 pp	—
unresolvedKkr & Co L P DEL	—	−1,123,114	—	exited	−0.07 pp	—
BECNBeacon Roofing Supply, Inc.	—	−87,324	—	exited	−0.01 pp	—
CUECue Biopharma, Inc.	—	−195,000	—	exited	−0.01 pp	—
DISCKDiscovery Inc-c	—	−155,656	—	exited	−0.01 pp	—
unresolvedMolecular Templates Inc	—	−616,326	—	exited	−0.01 pp	—
PAAPlains All American Pipeline, L.P. Common Units representing Limited Partner Interests	—	−100,000	—	exited	−0.01 pp	—
unresolvedOncomed Pharmaceuticals Inc	—	−219,420	—	exited	0.00 pp	—
SMMTSummit Therapeutics Inc.	—	−194,900	—	exited	0.00 pp	—

Other 13(f) securities

Options 10

Contract	% of notional	Shares	Notional
EFX CALL	36.73%	3,000	$15M
ICE CALL	26.94%	4,500	$11M
WDC CALL	15.09%	3,000	$6M
ALB CALL	7.60%	1,500	$3M
POST CALL	5.75%	500	$2M
VC PUT	3.39%	1,800	$1M
SNAP CALL	1.90%	5,000	$775,000
BALL CALL	1.50%	533	$613,000
CC PUT	0.71%	2,000	$290,000
TSN CALL	0.39%	250	$158,000

Notes 0

None in this filing

Source

Form: 13F-HR
Reading: 0 defects · 14 unresolved
Accession: 0001325447-18-000041
Notes: none in this filing
SEC cross-check: SEC data set not published yet

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