First Eagle

Q4 2018 13F · by Kimball Brooker, portfolio manager

As of: Dec 31, 2018
Filed: Feb 11, 2019
US stock: $34.6B · prev $39.8B
Positions: 160 · prev 164
Options notional: $20M
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%

Moves148 since the prior filing

+6.8 pp in · −6.6 pp out

New 10 +2.38 pp
Added 50 +4.38 pp
Trimmed 67 −4.46 pp
Exited 14 −2.19 pp

Options: 7 moves on a notional base, in the table below.

The book

Diversified · behaves like 53 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 33% a year, about 3.0 years per position

Low
Moderate
High

Top 5 positions18% of US stock

Positions160 in this filing · 14 exited


ORCLOracle Corp	4.71%	36,060,379	$1.6B	trimmed−3%	−0.12 pp	23 q
XOMExxon Mobil Corp	3.63%	18,408,403	$1.3B	added+2%	−0.24 pp	23 q
CMCSAComcast Corp	3.44%	34,950,549	$1.2B	added+4%	+0.46 pp	23 q
NTRNutrien Ltd.	3.15%	23,147,537	$1.1B	trimmed−5%	−0.37 pp	4 q
SLBSLB Limited	2.92%	28,018,591	$1.0B	added+42%	−0.11 pp	23 q
WYWeyerhaeuser Company	2.74%	43,304,910	$947M	added+14%	−0.34 pp	23 q
BNYBank of New York Mellon Corporation	2.64%	19,393,104	$913M	added+2%	+0.20 pp	23 q
MMM3M Company	2.35%	4,269,631	$814M	added0%	+0.09 pp	23 q
GLDSPDR Gold Trust, SPDR Gold Shares	2.33%	6,634,046	$804M	trimmed−4%	+0.38 pp	23 q
PMPhilip Morris International Inc.	2.26%	11,708,071	$782M	added+51%	+0.67 pp	3 q
CLColgate-Palmolive Company	2.22%	12,909,261	$768M	added+16%	+0.34 pp	23 q
OMCOmnicom Group Inc.	2.15%	10,160,555	$744M	trimmed−35%	−0.53 pp	23 q
99952EURLinde PLC/OLD	2.13%	4,669,794	$736M	new	+2.13 pp	new
UNPUnion Pacific Corp.	2.11%	5,270,184	$728M	added0%	−0.04 pp	14 q
AXPAmerican Express Company	2.10%	7,620,867	$726M	trimmed−4%	−0.03 pp	23 q
BBTTruist Financial Corporation	2.08%	16,635,567	$721M	trimmed−1%	+0.03 pp	23 q
DEDeere & Company	2.08%	4,809,764	$717M	added0%	+0.26 pp	18 q
TDCTeradata Corporation	1.89%	17,003,563	$652M	added+1%	+0.29 pp	21 q
FTITechnipFMC plc	1.88%	33,128,670	$649M	added+1%	−0.70 pp	8 q
ELVElevance Health, Inc.	1.87%	2,460,051	$646M	trimmed−17%	−0.16 pp	17 q
MSFTMicrosoft Corp	1.86%	6,340,650	$644M	trimmed−24%	−0.53 pp	23 q
NOVNOV Inc.	1.75%	23,493,626	$604M	trimmed−7%	−0.98 pp	23 q
WTWWillis Towers Watson Public Limited Company	1.75%	3,975,367	$604M	trimmed−1%	+0.32 pp	12 q
IMOImperial Oil Limited	1.63%	22,202,760	$563M	added+3%	−0.12 pp	14 q
WPMWheaton Precious Metals Corp.	1.60%	28,309,355	$553M	added+1%	+0.36 pp	7 q
ABXBarrick Mining Corporation	1.59%	40,584,607	$550M	trimmed−0%	+0.46 pp	23 q
USBU.S. Bancorp	1.57%	11,879,028	$543M	added+1%	+0.01 pp	23 q
CHRWC.H. Robinson Worldwide, Inc.	1.53%	6,291,003	$529M	added0%	−0.02 pp	8 q
WRBW.R. Berkley Corporation	1.44%	6,732,221	$498M	added0%	+0.09 pp	23 q
AEMAgnico Eagle Mines Ltd.	1.40%	11,975,299	$483M	trimmed−3%	+0.34 pp	23 q
FLSFlowserve Corporation	1.39%	12,640,271	$481M	trimmed−2%	−0.38 pp	16 q
BRK.ABerkshire Hathaway Inc.	1.32%	1,490	$456M	trimmed−5%	+0.06 pp	23 q
YAlleghany Corporation	1.17%	650,097	$405M	trimmed−3%	+0.07 pp	23 q
NEMNewmont Corporation	1.17%	11,721,073	$406M	added0%	+0.28 pp	23 q
ADIAnalog Devices, Inc.	1.10%	4,414,192	$379M	added+33%	+0.33 pp	16 q
FNVFranco-Nevada Corporation	1.10%	5,436,998	$381M	trimmed−2%	+0.22 pp	23 q
TXNTexas Instruments Incorporated	1.07%	3,920,332	$370M	added+17%	+0.17 pp	14 q
SYFSynchrony Financial	1.02%	14,982,109	$351M	trimmed−5%	−0.21 pp	14 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	1.01%	9,425,992	$348M	added+98%	+0.48 pp	2 q
UHSUniversal Health Services, Inc. Class B	0.99%	2,939,137	$343M	added+6%	+0.10 pp	3 q
CMICummins Inc.	0.98%	2,536,573	$339M	added+29%	+0.26 pp	13 q
BROBrown & Brown, Inc.	0.92%	11,526,517	$318M	trimmed−0%	+0.06 pp	19 q
METAMeta Platforms, Inc. Class A	0.84%	2,221,006	$291M	added+18%	+0.06 pp	3 q
XLNXXilinx Inc	0.84%	3,415,987	$291M	trimmed−49%	−0.50 pp	18 q
HCAHCA Healthcare, Inc.	0.82%	2,290,678	$285M	added0%	+0.02 pp	3 q
COPConocoPhillips	0.81%	4,498,945	$281M	trimmed−24%	−0.34 pp	23 q
RGLDRoyal Gold Inc	0.80%	3,216,381	$275M	trimmed−4%	+0.15 pp	23 q
18614USDGoldcorp Inc	0.77%	27,026,323	$265M	trimmed−9%	0.00 pp	23 q
TRVThe Travelers Companies, Inc.	0.75%	2,169,661	$260M	added×4.6	+0.60 pp	8 q
VARVarian Medical Systems, Inc.	0.72%	2,209,570	$250M	trimmed−41%	−0.33 pp	14 q
GOOGAlphabet Inc. Class C	0.70%	234,705	$243M	added0%	0.00 pp	19 q
XRAYDENTSPLY SIRONA Inc.	0.69%	6,371,707	$237M	added+4%	+0.11 pp	3 q
TIFTiffany & Co.	0.68%	2,929,901	$236M	added+14%	−0.15 pp	12 q
GOOGLAlphabet Inc. Class A	0.55%	181,365	$190M	trimmed−0%	0.00 pp	13 q
LBTYKLiberty Global Ltd. Class C	0.54%	9,110,682	$188M	trimmed−16%	−0.23 pp	23 q
CCUCompania Cervecerias Unidas S.A.	0.52%	7,191,436	$181M	added+3%	+0.03 pp	19 q
UGIUGI Corporation	0.52%	3,396,428	$181M	trimmed−42%	−0.30 pp	14 q
CINFCincinnati Financial Corp	0.51%	2,297,074	$178M	trimmed−14%	−0.01 pp	23 q
SMGThe Scotts Miracle-Gro Company	0.51%	2,866,003	$176M	added+26%	+0.06 pp	23 q
IPGPIPG Photonics Corporation	0.50%	1,516,831	$172M	added×18.6	+0.47 pp	2 q
BKNGBooking Holdings Inc.	0.48%	97,097	$167M	added×9.3	+0.43 pp	2 q
HRBH&R Block, Inc.	0.47%	6,341,912	$161M	added0%	+0.06 pp	23 q
CVECenovus Energy Inc.	0.44%	21,700,225	$153M	trimmed−21%	−0.26 pp	23 q
CTASCintas Corp	0.43%	883,682	$148M	trimmed−0%	−0.01 pp	23 q
CNQCanadian Natural Resources Limited	0.32%	4,649,986	$112M	added0%	−0.06 pp	23 q
unresolvedRandgold Res Ltd	0.30%	1,238,888	$103M	held	—	23 q
DNOWDNOW Inc.	0.28%	8,338,618	$97M	added0%	−0.07 pp	19 q
DVNDevon Energy Corporation	0.27%	4,216,631	$95M	trimmed−12%	−0.21 pp	23 q
unresolvedIsrael Chemicals Ltd	0.25%	15,090,243	$86M	trimmed−42%	−0.15 pp	18 q
PKGPackaging Corp of America	0.21%	851,613	$71M	trimmed−11%	−0.05 pp	13 q
DCPDCP Midstream, LP	0.19%	2,538,805	$67M	held	—	13 q
HPQHP Inc.	0.19%	3,174,624	$65M	trimmed−14%	−0.05 pp	10 q
WYNTravel + Leisure Co.	0.18%	1,695,544	$61M	trimmed−2%	−0.01 pp	23 q
BALLBall Corporation	0.16%	1,207,295	$56M	trimmed−4%	+0.02 pp	7 q
MLMMartin Marietta Materials	0.16%	327,258	$56M	trimmed−26%	−0.04 pp	23 q
CCThe Chemours Company	0.15%	1,876,420	$53M	added+4%	−0.03 pp	4 q
VSTOVista Outdoor Inc.	0.15%	4,637,433	$53M	trimmed−0%	−0.06 pp	16 q
POSTPost Holdings, Inc.	0.14%	546,477	$49M	added+6%	+0.01 pp	10 q
ARQLArqule Inc	0.13%	16,081,128	$45M	held	—	23 q
SERVTerminix Global Holdings Inc	0.12%	1,087,357	$40M	added+10%	−0.03 pp	4 q
BTGB2Gold Corp.	0.11%	13,538,659	$40M	added+11%	+0.04 pp	15 q
VCVisteon Corporation	0.11%	608,754	$37M	trimmed−2%	−0.03 pp	19 q
MPCMarathon Petroleum Corporation	0.10%	601,543	$35M	added+29%	+0.01 pp	2 q
WHWyndham Hotels & Resorts, Inc.	0.10%	783,668	$36M	trimmed−5%	−0.02 pp	3 q
NVTnVent Electric plc	0.10%	1,567,142	$35M	added+1%	−0.01 pp	3 q
AJRDAerojet Rocketdyne Holdings, Inc.	0.09%	898,288	$32M	trimmed−21%	−0.01 pp	3 q
HALOHalozyme Therapeutics, Inc.	0.09%	2,130,775	$31M	trimmed−2%	−0.01 pp	21 q
NGNovaGold Resources Inc.	0.09%	8,052,359	$32M	added+17%	+0.03 pp	12 q
QRVOQorvo, Inc.	0.09%	486,885	$30M	trimmed−12%	−0.02 pp	3 q
VSMVersum Materials, Inc.	0.09%	1,118,234	$31M	added+20%	+0.01 pp	9 q
XRXXerox Holdings Corporation	0.09%	1,597,649	$32M	new	+0.09 pp	new
UNVRUnivar Solutions Inc.	0.08%	1,592,677	$28M	trimmed−6%	−0.05 pp	11 q
ACTAllergan PLC	0.08%	204,500	$27M	added+38%	+0.01 pp	2 q
PRGOPerrigo Company PLC	0.08%	702,300	$27M	added+4%	−0.04 pp	2 q
unresolvedCree Inc	0.07%	547,000	$23M	new	+0.07 pp	new
ICEIntercontinental Exchange Inc.	0.07%	318,127	$24M	trimmed−14%	0.00 pp	6 q
unresolvedIntevac Inc	0.07%	4,523,414	$24M	held	—	23 q
KKRKKR & Co. Inc.	0.07%	1,275,580	$25M	trimmed−2%	−0.02 pp	2 q
SJTSan Juan Basin Royalty Trust UBI	0.07%	5,065,927	$24M	trimmed−0%	+0.01 pp	23 q
unresolvedTahoe Res Inc	0.07%	6,835,667	$25M	trimmed−5%	+0.02 pp	23 q
unresolvedTransmontaigne Partners L P	0.07%	611,161	$25M	held	—	16 q
unresolvedAon PLC	0.07%	177,089	$26M	held	—	2 q
AUAngloGold Ashanti plc	0.06%	1,515,964	$19M	held	—	23 q
GDGeneral Dynamics Corporation	0.06%	135,047	$21M	trimmed−31%	−0.04 pp	12 q
MQ8Mag Silver Corp	0.06%	2,830,367	$21M	added+23%	+0.01 pp	16 q
FTDRFrontdoor, Inc.	0.05%	693,397	$18M	new	+0.05 pp	new
INVAInnoviva, Inc.	0.05%	901,800	$16M	trimmed−43%	−0.01 pp	12 q
NGLNgl Energy Partners LP	0.05%	1,832,015	$18M	held	—	16 q
ALXNAlexion Pharmaceuticals Inc	0.04%	145,900	$14M	trimmed−46%	−0.05 pp	3 q
BBBlackBerry Limited	0.04%	2,068,837	$15M	trimmed−51%	−0.08 pp	10 q
EFXEquifax, Incorporated	0.04%	130,916	$12M	held	—	3 q
HUNHuntsman Corporation	0.04%	788,266	$15M	trimmed−49%	−0.07 pp	5 q
SHLXShell Midstream Partners, L.P.	0.04%	790,797	$13M	held	—	4 q
AGIAlamos Gold Inc. Class A	0.03%	2,964,338	$11M	held	—	9 q
CNDTConduent Incorporated	0.03%	997,767	$11M	trimmed−5%	−0.03 pp	2 q
DRRXDurect Corp	0.03%	22,476,546	$11M	held	—	23 q
unresolvedHaymaker Acquisition Corp	0.03%	1,000,000	$11M	held	—	5 q
KGCKinross Gold Corporation	0.03%	2,797,363	$9M	held	—	3 q
ALBAlbemarle Corporation	0.02%	87,800	$7M	trimmed−82%	−0.10 pp	11 q
INVEINVE Technologies, Inc.	0.02%	1,853,004	$7M	held	—	18 q
LSXMKLiberty Media Cor-siriusxm C	0.02%	158,810	$6M	trimmed−0%	0.00 pp	11 q
MDCOMedicines Co	0.02%	447,035	$9M	added+27%	−0.01 pp	11 q
NSNuStar Energy L.P.	0.02%	250,000	$5M	held	—	23 q
SPGIS&P Global Inc.	0.02%	40,000	$7M	held	—	11 q
TXMDTherapeuticsMD, Inc.	0.02%	1,873,408	$7M	trimmed−35%	−0.03 pp	5 q
RMTORM2 International Inc	0.01%	2,171,197	$2M	held	—	15 q
AMPAmeriprise Financial, Inc.	0.01%	21,324	$2M	held	—	8 q
BLFSBioLife Solutions Inc.	0.01%	177,578	$2M	new	+0.01 pp	new
unresolvedCui Global Inc	0.01%	3,445,292	$4M	held	—	20 q
KODKEastman Kodak Company	0.01%	1,309,218	$3M	new	+0.01 pp	new
EGOEldorado Gold Corporation	0.01%	968,038	$3M	new	+0.01 pp	new
unresolvedIndependence Hldg Co New	0.01%	109,423	$4M	held	—	23 q
IDNIntellicheck, Inc.	0.01%	1,778,678	$4M	trimmed−5%	0.00 pp	10 q
XONPrecigen, Inc.	0.01%	739,731	$5M	held	—	19 q
JPMJPMorgan Chase & Co.	0.01%	30,000	$3M	held	—	23 q
LM03Liberty Media Cor-siriusxm A	0.01%	79,405	$3M	trimmed−0%	0.00 pp	11 q
NGDNew Gold Inc.	0.01%	4,612,931	$4M	trimmed−54%	−0.01 pp	23 q
TRAKReposiTrak, Inc.	0.01%	354,392	$2M	added+7%	0.00 pp	21 q
WDCWestern Digital Corp.	0.01%	110,417	$4M	trimmed−88%	−0.13 pp	6 q
ZZillow Group, Inc. Class C	0.01%	62,800	$2M	new	+0.01 pp	new
AKTSQAkoustis Technologies Inc	0.00%	304,490	$2M	new	0.00 pp	new
ARDMAradigm Corp	0.00%	3,375,253	$1M	held	—	19 q
unresolvedArsanis Inc	0.00%	124,381	$289,000	held	—	4 q
CNSTConstellation Pharmaceutical	0.00%	125,000	$501,000	new	0.00 pp	new
unresolvedCuris Inc	0.00%	448,547	$309,000	trimmed−91%	−0.02 pp	3 q
INFIQInfinity Pharms Inc	0.00%	500,000	$590,000	held	—	3 q
KOPNKopin Corp	0.00%	400,000	$400,000	trimmed−64%	−0.01 pp	23 q
BATRAAtlanta Braves Holdings, Inc. Series A	0.00%	7,939	$198,000	trimmed−0%	0.00 pp	11 q
FWONKLiberty Media Corporation Series C Liberty Formula One	0.00%	39,702	$1M	trimmed−0%	0.00 pp	11 q
LM05Liberty Media Corp-liberty-a	0.00%	19,850	$590,000	trimmed−0%	0.00 pp	11 q
BATRKAtlanta Braves Holdings, Inc. Series C	0.00%	15,880	$395,000	trimmed−0%	0.00 pp	11 q
MTBM&T Bank Corp.	0.00%	7,032	$1M	held	—	23 q
NLNKNewLink Genetics Corporation	0.00%	60,000	$91,000	held	—	23 q
unresolvedPain Therapeutics Inc	0.00%	1,720,410	$1M	held	—	7 q
RIBTRicebran Techs	0.00%	187,500	$563,000	added×2.0	0.00 pp	6 q
PHYSSprott Physical Gold Trust	0.00%	12,540	$129,000	held	—	8 q
SNSSViracta Therapeutics Inc	0.00%	294,480	$122,000	trimmed−8%	0.00 pp	10 q
LBTYALiberty Global Ltd. Class A	0.00%	22,989	$491,000	held	—	23 q
LILALiberty Latin America Ltd. Class A	0.00%	4,017	$58,000	held	—	5 q
LILAKLiberty Latin America Ltd. Class C	0.00%	12,166	$177,000	held	—	5 q
PXGBXPraxair Inc	—	−1,799,003	—	exited	−0.73 pp	—
MAMastercard Incorporated	—	−918,690	—	exited	−0.51 pp	—
VVISA Inc.	—	−1,338,298	—	exited	−0.51 pp	—
EQTEqt Corp	—	−1,096,580	—	exited	−0.12 pp	—
EBAYeBay Inc	—	−1,105,600	—	exited	−0.09 pp	—
TSNTyson Foods, Inc.	—	−544,286	—	exited	−0.08 pp	—
EGRXEagle Pharms Inc	—	−213,822	—	exited	−0.04 pp	—
KLXEKLX Energy Services Holdings, Inc.	—	−341,927	—	exited	−0.03 pp	—
unresolvedEldorado Gold (C$)	—	−7,718,257	—	exited	−0.02 pp	—
HDSHD Supply Holdings, Inc.	—	−176,817	—	exited	−0.02 pp	—
unresolvedKlx Inc	—	−142,000	—	exited	−0.02 pp	—
OROR Royalties Inc.	—	−1,172,237	—	exited	−0.02 pp	—
LGF.BLions Gate Entertainment Corp. Class B Non-Voting Shares	—	−261	—	exited	0.00 pp	—
TIVOTivo Inc	—	−9	—	exited	0.00 pp	—

Other 13(f) securities

Options 8

Contract	% of notional	Shares	Notional
EFX CALL	27.81%	3,000	$6M
BALL CALL	19.62%	3,533	$4M
ALB CALL	19.45%	2,500	$4M
WDC CALL	18.06%	7,000	$4M
POST CALL	9.65%	500	$2M
VC PUT	4.19%	1,950	$844,000
SNAP CALL	0.82%	3,500	$165,000
TSN CALL	0.41%	250	$83,000

Notes 0

None in this filing

Source

Form: 13F-HR
Reading: 0 defects · 13 unresolved
Accession: 0001325447-19-000006
Notes: none in this filing
SEC cross-check: SEC data set not published yet

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