First Eagle

Q1 2019 13F · by Kimball Brooker, portfolio manager

As of: Mar 31, 2019
Filed: May 13, 2019
US stock: $36.9B · prev $34.6B
Positions: 150 · prev 160
Options notional: $35M
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%

Moves125 since the prior filing

+2.6 pp in · −2.9 pp out

New 6 +1.13 pp
Added 20 +1.48 pp
Trimmed 78 −1.77 pp
Exited 16 −1.10 pp

Options: 5 moves on a notional base, in the table below.

The book

Diversified · behaves like 51 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 8.3% a year, about 12.1 years per position

Low
Moderate
High

Top 5 positions19% of US stock

ORCL Oracle Corp trimmed−0.02 pp trimmed−0.024.7%
XOM Exxon Mobil Corp trimmed+0.36 pp trimmed+0.364.0%
CMCSA Comcast Corp trimmed+0.31 pp trimmed+0.313.8%
SLB SLB Limited trimmed+0.37 pp trimmed+0.373.3%
NTR Nutrien Ltd. trimmed+0.10 pp trimmed+0.103.3%

Positions150 in this filing · 16 exited


ORCLOracle Corp	4.69%	32,242,713	$1.7B	trimmed−11%	−0.02 pp	24 q
XOMExxon Mobil Corp	3.99%	18,261,922	$1.5B	trimmed−1%	+0.36 pp	24 q
CMCSAComcast Corp	3.75%	34,629,153	$1.4B	trimmed−1%	+0.31 pp	24 q
SLBSLB Limited	3.29%	27,912,184	$1.2B	trimmed−0%	+0.37 pp	24 q
NTRNutrien Ltd.	3.25%	22,742,907	$1.2B	trimmed−2%	+0.10 pp	5 q
WYWeyerhaeuser Company	3.06%	42,965,089	$1.1B	trimmed−1%	+0.32 pp	24 q
PMPhilip Morris International Inc.	2.81%	11,761,757	$1.0B	added0%	+0.55 pp	4 q
BNYBank of New York Mellon Corporation	2.45%	17,956,761	$906M	trimmed−7%	−0.19 pp	24 q
CLColgate-Palmolive Company	2.38%	12,837,504	$880M	trimmed−1%	+0.16 pp	24 q
MMM3M Company	2.28%	4,056,878	$843M	trimmed−5%	−0.07 pp	24 q
GLDSPDR Gold Trust, SPDR Gold Shares	2.24%	6,784,933	$828M	added+2%	−0.09 pp	24 q
99952EURLinde PLC/OLD	2.21%	4,648,469	$815M	trimmed−0%	+0.08 pp	2 q
DEDeere & Company	2.04%	4,716,762	$754M	trimmed−2%	−0.04 pp	19 q
FTITechnipFMC plc	1.94%	30,542,804	$718M	trimmed−8%	+0.06 pp	9 q
AXPAmerican Express Company	1.91%	6,452,058	$705M	trimmed−15%	−0.19 pp	24 q
WTWWillis Towers Watson Public Limited Company	1.86%	3,908,288	$686M	trimmed−2%	+0.11 pp	13 q
WPMWheaton Precious Metals Corp.	1.81%	28,123,305	$670M	trimmed−1%	+0.21 pp	8 q
ABXBarrick Mining Corporation	1.78%	47,941,237	$657M	added+18%	+0.19 pp	24 q
TDCTeradata Corporation	1.78%	15,071,402	$658M	trimmed−11%	−0.11 pp	22 q
MSFTMicrosoft Corp	1.73%	5,406,570	$638M	trimmed−15%	−0.13 pp	24 q
UNPUnion Pacific Corp.	1.71%	3,780,881	$632M	trimmed−28%	−0.40 pp	15 q
NOVNOV Inc.	1.68%	23,239,620	$619M	trimmed−1%	−0.07 pp	24 q
OMCOmnicom Group Inc.	1.68%	8,496,060	$620M	trimmed−16%	−0.47 pp	24 q
BBTTruist Financial Corporation	1.65%	13,119,294	$610M	trimmed−21%	−0.43 pp	24 q
IMOImperial Oil Limited	1.64%	22,170,822	$605M	trimmed−0%	+0.01 pp	15 q
USBU.S. Bancorp	1.54%	11,825,640	$570M	trimmed−0%	−0.03 pp	24 q
WRBW.R. Berkley Corporation	1.53%	6,656,691	$564M	trimmed−1%	+0.09 pp	24 q
FLSFlowserve Corporation	1.53%	12,511,140	$565M	trimmed−1%	+0.14 pp	17 q
CHRWC.H. Robinson Worldwide, Inc.	1.45%	6,168,181	$537M	trimmed−2%	−0.08 pp	9 q
ELVElevance Health, Inc.	1.43%	1,837,393	$527M	trimmed−25%	−0.44 pp	18 q
AEMAgnico Eagle Mines Ltd.	1.40%	11,881,236	$517M	trimmed−1%	0.00 pp	24 q
ADIAnalog Devices, Inc.	1.21%	4,236,667	$446M	trimmed−4%	+0.11 pp	17 q
NEMNewmont Corporation	1.16%	12,020,757	$430M	added+3%	−0.01 pp	24 q
TXNTexas Instruments Incorporated	1.12%	3,908,196	$415M	trimmed−0%	+0.05 pp	15 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	1.08%	9,782,035	$401M	added+4%	+0.07 pp	3 q
WFCWells Fargo & Co.	1.08%	8,288,556	$401M	new	+1.08 pp	new
YAlleghany Corporation	1.07%	644,522	$395M	trimmed−1%	−0.10 pp	24 q
CMICummins Inc.	1.07%	2,514,763	$397M	trimmed−1%	+0.09 pp	14 q
UHSUniversal Health Services, Inc. Class B	1.05%	2,911,888	$390M	trimmed−1%	+0.06 pp	4 q
BRK.ABerkshire Hathaway Inc.	1.01%	1,235	$372M	trimmed−17%	−0.31 pp	24 q
METAMeta Platforms, Inc. Class A	1.00%	2,218,444	$370M	trimmed−0%	+0.16 pp	4 q
FNVFranco-Nevada Corporation	0.94%	4,607,686	$345M	trimmed−15%	−0.16 pp	24 q
BROBrown & Brown, Inc.	0.90%	11,321,052	$334M	trimmed−2%	−0.02 pp	20 q
XRAYDENTSPLY SIRONA Inc.	0.85%	6,347,734	$315M	trimmed−0%	+0.16 pp	4 q
18614USDGoldcorp Inc	0.83%	26,833,590	$307M	trimmed−1%	+0.06 pp	24 q
TIFTiffany & Co.	0.83%	2,904,595	$307M	trimmed−1%	+0.15 pp	13 q
HCAHCA Healthcare, Inc.	0.80%	2,269,568	$296M	trimmed−1%	−0.02 pp	4 q
TRVThe Travelers Companies, Inc.	0.80%	2,162,132	$297M	trimmed−0%	+0.05 pp	9 q
RGLDRoyal Gold Inc	0.78%	3,167,299	$288M	trimmed−2%	−0.02 pp	24 q
GOOGAlphabet Inc. Class C	0.74%	234,300	$275M	trimmed−0%	+0.04 pp	20 q
BKNGBooking Holdings Inc.	0.68%	143,039	$250M	added+47%	+0.20 pp	3 q
IPGPIPG Photonics Corporation	0.67%	1,627,820	$247M	added+7%	+0.17 pp	3 q
CVECenovus Energy Inc.	0.61%	26,109,212	$227M	added+20%	+0.17 pp	24 q
COPConocoPhillips	0.61%	3,363,944	$225M	trimmed−25%	−0.20 pp	24 q
SMGThe Scotts Miracle-Gro Company	0.61%	2,855,460	$224M	trimmed−0%	+0.10 pp	24 q
SYFSynchrony Financial	0.61%	7,083,711	$226M	trimmed−53%	−0.41 pp	15 q
VARVarian Medical Systems, Inc.	0.58%	1,520,092	$215M	trimmed−31%	−0.14 pp	15 q
GOOGLAlphabet Inc. Class A	0.57%	180,047	$212M	trimmed−1%	+0.02 pp	14 q
CCUCompania Cervecerias Unidas S.A.	0.57%	7,191,636	$212M	added0%	+0.05 pp	20 q
HRBH&R Block, Inc.	0.50%	7,705,778	$184M	added+22%	+0.03 pp	24 q
UGIUGI Corporation	0.50%	3,366,332	$187M	trimmed−1%	−0.02 pp	15 q
CTASCintas Corp	0.48%	874,865	$177M	trimmed−1%	+0.05 pp	24 q
LBTYKLiberty Global Ltd. Class C	0.46%	7,029,739	$170M	trimmed−23%	−0.08 pp	24 q
CINFCincinnati Financial Corp	0.45%	1,927,856	$166M	trimmed−16%	−0.06 pp	24 q
DNOWDNOW Inc.	0.31%	8,300,176	$116M	trimmed−0%	+0.03 pp	20 q
DCPDCP Midstream, LP	0.23%	2,538,805	$84M	held	—	14 q
ARQLArqule Inc	0.21%	16,081,128	$77M	held	—	24 q
CCThe Chemours Company	0.19%	1,876,420	$70M	held	—	5 q
WYNTravel + Leisure Co.	0.19%	1,695,544	$69M	held	—	24 q
BALLBall Corporation	0.18%	1,154,572	$67M	trimmed−4%	+0.02 pp	8 q
POSTPost Holdings, Inc.	0.18%	596,477	$65M	added+9%	+0.04 pp	11 q
XLNXXilinx Inc	0.18%	528,662	$67M	trimmed−85%	−0.66 pp	19 q
MLMMartin Marietta Materials	0.17%	304,306	$61M	trimmed−7%	+0.01 pp	24 q
HPQHP Inc.	0.15%	2,854,114	$55M	trimmed−10%	−0.04 pp	11 q
PKGPackaging Corp of America	0.15%	541,773	$54M	trimmed−36%	−0.06 pp	14 q
SERVTerminix Global Holdings Inc	0.14%	1,087,357	$51M	held	—	5 q
XRXXerox Holdings Corporation	0.13%	1,482,600	$47M	trimmed−7%	+0.04 pp	2 q
MPCMarathon Petroleum Corporation	0.12%	770,543	$46M	added+28%	+0.02 pp	3 q
BTGB2Gold Corp.	0.10%	13,538,659	$38M	held	—	16 q
VSTOVista Outdoor Inc.	0.10%	4,617,351	$37M	trimmed−0%	−0.05 pp	17 q
WHWyndham Hotels & Resorts, Inc.	0.10%	737,968	$37M	trimmed−6%	0.00 pp	4 q
NVTnVent Electric plc	0.10%	1,404,946	$38M	trimmed−10%	0.00 pp	4 q
unresolvedCree Inc	0.09%	562,400	$32M	added+3%	+0.02 pp	2 q
HALOHalozyme Therapeutics, Inc.	0.09%	2,128,275	$34M	trimmed−0%	0.00 pp	22 q
KKRKKR & Co. Inc.	0.09%	1,359,180	$32M	added+7%	+0.02 pp	3 q
NGNovaGold Resources Inc.	0.09%	8,052,359	$34M	held	—	13 q
QRVOQorvo, Inc.	0.09%	486,885	$35M	held	—	4 q
UNVRUnivar Solutions Inc.	0.09%	1,503,750	$33M	trimmed−6%	+0.01 pp	12 q
ACTAllergan PLC	0.09%	224,000	$33M	added+10%	+0.01 pp	3 q
PRGOPerrigo Company PLC	0.09%	687,500	$33M	trimmed−2%	+0.01 pp	3 q
unresolvedIntevac Inc	0.08%	4,523,414	$28M	held	—	24 q
MQ8Mag Silver Corp	0.08%	2,830,367	$30M	held	—	17 q
VSMVersum Materials, Inc.	0.08%	589,475	$30M	trimmed−47%	−0.01 pp	10 q
unresolvedAon PLC	0.08%	176,289	$30M	trimmed−0%	+0.01 pp	3 q
unresolvedIsrael Chemicals Ltd	0.08%	5,358,730	$28M	trimmed−64%	−0.17 pp	19 q
FTDRFrontdoor, Inc.	0.07%	803,799	$28M	added+16%	+0.02 pp	2 q
ICEIntercontinental Exchange Inc.	0.07%	318,127	$24M	held	—	7 q
NGLNgl Energy Partners LP	0.07%	1,832,015	$26M	held	—	17 q
SJTSan Juan Basin Royalty Trust UBI	0.07%	5,064,630	$27M	trimmed−0%	0.00 pp	24 q
AJRDAerojet Rocketdyne Holdings, Inc.	0.06%	640,377	$23M	trimmed−29%	−0.03 pp	4 q
GDGeneral Dynamics Corporation	0.06%	126,847	$21M	trimmed−6%	0.00 pp	13 q
ALXNAlexion Pharmaceuticals Inc	0.05%	145,900	$20M	held	—	4 q
AUAngloGold Ashanti plc	0.05%	1,515,964	$20M	held	—	24 q
HUNHuntsman Corporation	0.05%	788,266	$18M	held	—	6 q
VCVisteon Corporation	0.05%	270,954	$18M	trimmed−55%	−0.06 pp	20 q
AGIAlamos Gold Inc. Class A	0.04%	2,964,338	$15M	held	—	10 q
BBBlackBerry Limited	0.04%	1,486,362	$15M	trimmed−28%	0.00 pp	11 q
CNDTConduent Incorporated	0.04%	997,767	$14M	held	—	3 q
DRRXDurect Corp	0.04%	22,476,546	$14M	held	—	24 q
EFXEquifax, Incorporated	0.04%	130,916	$16M	held	—	4 q
MDCOMedicines Co	0.04%	492,873	$14M	added+10%	+0.02 pp	12 q
SHLXShell Midstream Partners, L.P.	0.04%	790,797	$16M	held	—	5 q
INVEINVE Technologies, Inc.	0.03%	1,853,004	$9M	held	—	19 q
KGCKinross Gold Corporation	0.03%	2,797,363	$10M	held	—	4 q
WFC.PRLWells Fargo & Company	0.03%	8,535	$11M	new	+0.03 pp	new
INVAInnoviva, Inc.	0.02%	422,100	$6M	trimmed−53%	−0.03 pp	13 q
IDNIntellicheck, Inc.	0.02%	1,778,678	$6M	held	—	11 q
LSXMKLiberty Media Cor-siriusxm C	0.02%	158,810	$6M	held	—	12 q
NSNuStar Energy L.P.	0.02%	250,000	$7M	held	—	24 q
SPGIS&P Global Inc.	0.02%	40,000	$8M	held	—	12 q
TXMDTherapeuticsMD, Inc.	0.02%	1,443,856	$7M	trimmed−23%	0.00 pp	6 q
RMTORM2 International Inc	0.01%	2,171,097	$2M	trimmed0%	0.00 pp	16 q
AMPAmeriprise Financial, Inc.	0.01%	21,324	$3M	held	—	9 q
BLFSBioLife Solutions Inc.	0.01%	177,578	$3M	held	—	2 q
unresolvedCui Global Inc	0.01%	3,445,292	$4M	held	—	21 q
FLNAFilana Therapeutics, Inc.	0.01%	1,696,181	$2M	new	+0.01 pp	new
KODKEastman Kodak Company	0.01%	1,361,118	$4M	added+4%	0.00 pp	2 q
EGOEldorado Gold Corporation	0.01%	968,038	$4M	held	—	2 q
unresolvedIndependence Hldg Co New	0.01%	109,423	$4M	held	—	24 q
XONPrecigen, Inc.	0.01%	842,665	$4M	added+14%	0.00 pp	20 q
JPMJPMorgan Chase & Co.	0.01%	30,000	$3M	held	—	24 q
LM03Liberty Media Cor-siriusxm A	0.01%	79,405	$3M	held	—	12 q
TRAKReposiTrak, Inc.	0.01%	354,392	$3M	held	—	22 q
SHWThe Sherwin-Williams Company	0.01%	5,800	$2M	new	+0.01 pp	new
ZZillow Group, Inc. Class C	0.01%	98,300	$3M	added+57%	0.00 pp	2 q
AKTSQAkoustis Technologies Inc	0.00%	304,490	$2M	held	—	2 q
CNSTConstellation Pharmaceutical	0.00%	125,000	$2M	held	—	2 q
INFIQInfinity Pharms Inc	0.00%	500,000	$940,000	held	—	4 q
KOPNKopin Corp	0.00%	200,000	$268,000	trimmed−50%	0.00 pp	24 q
BATRAAtlanta Braves Holdings, Inc. Series A	0.00%	7,939	$222,000	held	—	12 q
BATRKAtlanta Braves Holdings, Inc. Series C	0.00%	15,880	$441,000	held	—	12 q
MTBM&T Bank Corp.	0.00%	7,032	$1M	held	—	24 q
RIBTRicebran Techs	0.00%	187,500	$698,000	held	—	7 q
PHYSSprott Physical Gold Trust	0.00%	12,540	$131,000	held	—	9 q
SNSSViracta Therapeutics Inc	0.00%	294,480	$358,000	held	—	11 q
unresolvedSuper League Gaming Inc	0.00%	82,150	$661,000	new	0.00 pp	new
ASNSX4 Pharmaceuticals Inc	0.00%	20,730	$361,000	new	0.00 pp	new
LBTYALiberty Global Ltd. Class A	0.00%	22,989	$573,000	held	—	24 q
LILALiberty Latin America Ltd. Class A	0.00%	4,017	$78,000	held	—	6 q
LILAKLiberty Latin America Ltd. Class C	0.00%	12,166	$237,000	held	—	6 q
CNQCanadian Natural Resources Limited	—	−4,649,986	—	exited	−0.32 pp	—
unresolvedRandgold Res Ltd	—	−1,238,888	—	exited	−0.30 pp	—
DVNDevon Energy Corporation	—	−4,216,631	—	exited	−0.27 pp	—
unresolvedTahoe Res Inc	—	−6,835,667	—	exited	−0.07 pp	—
unresolvedTransmontaigne Partners L P	—	−611,161	—	exited	−0.07 pp	—
unresolvedHaymaker Acquisition Corp	—	−1,000,000	—	exited	−0.03 pp	—
ALBAlbemarle Corporation	—	−87,800	—	exited	−0.02 pp	—
NGDNew Gold Inc.	—	−4,612,931	—	exited	−0.01 pp	—
WDCWestern Digital Corp.	—	−110,417	—	exited	−0.01 pp	—
ARDMAradigm Corp	—	−3,375,253	—	exited	0.00 pp	—
unresolvedArsanis Inc	—	−124,381	—	exited	0.00 pp	—
unresolvedCuris Inc	—	−448,547	—	exited	0.00 pp	—
FWONKLiberty Media Corporation Series C Liberty Formula One	—	−39,702	—	exited	0.00 pp	—
LM05Liberty Media Corp-liberty-a	—	−19,850	—	exited	0.00 pp	—
NLNKNewLink Genetics Corporation	—	−60,000	—	exited	0.00 pp	—
unresolvedPain Therapeutics Inc	—	−1,720,410	—	exited	0.00 pp	—

Other 13(f) securities

Options 7

Contract	% of notional	Shares	Notional
EFX CALL	32.10%	3,000	$11M
WDC CALL	22.87%	7,000	$8M
ALB CALL	19.40%	4,000	$7M
BALL CALL	17.87%	3,000	$6M
PRGO CALL	4.28%	1,000	$2M
SNAP CALL	2.63%	3,500	$935,000
TSN CALL	0.83%	250	$295,000

Notes 0

None in this filing

Source

Form: 13F-HR
Reading: 0 defects · 7 unresolved
Accession: 0001325447-19-000031
Notes: none in this filing
SEC cross-check: SEC data set not published yet

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