First Eagle

Q4 2019 13F · by Kimball Brooker, portfolio manager

As of: Dec 31, 2019
Filed: Feb 10, 2020
US stock: $36.5B · prev $35.2B
Positions: 102 · prev 102
Options notional: $3M
Documents: 1· no amendments

Picture100.0% US stock

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

US stock listed on a US exchange 100.0%
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 0.0%

Moves98 since the prior filing

+2.0 pp in · −2.0 pp out

New 2 +0.03 pp
Added 27 +1.97 pp
Trimmed 59 −1.60 pp
Exited 2 −0.39 pp

Options: 8 moves on a notional base, in the table below.

The book

Diversified · behaves like 49 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 8.9% a year, about 11.2 years per position

Low
Moderate
High

Top 5 positions19% of US stock

ORCL Oracle Corp trimmed−0.42 pp trimmed−0.424.5%
CMCSA Comcast Corp trimmed−0.19 pp trimmed−0.194.0%
XOM Exxon Mobil Corp trimmed−0.21 pp trimmed−0.213.8%
WY Weyerhaeuser Company trimmed−0.01 pp trimmed−0.013.4%
SLB SLB Limited added+0.59 pp added+0.593.4%

Positions102 in this filing · 2 exited


ORCLOracle Corp	4.48%	30,877,616	$1.6B	trimmed−2%	−0.42 pp	27 q
CMCSAComcast Corp	3.99%	32,410,476	$1.5B	trimmed−1%	−0.19 pp	27 q
XOMExxon Mobil Corp	3.81%	19,940,208	$1.4B	trimmed−1%	−0.21 pp	27 q
WYWeyerhaeuser Company	3.43%	41,529,308	$1.3B	trimmed−5%	−0.01 pp	27 q
SLBSLB Limited	3.35%	30,491,635	$1.2B	added+7%	+0.59 pp	27 q
NTRNutrien Ltd.	2.93%	22,371,936	$1.1B	added+6%	−0.06 pp	8 q
PMPhilip Morris International Inc.	2.86%	12,298,763	$1.0B	trimmed−1%	+0.17 pp	7 q
BNYBank of New York Mellon Corporation	2.61%	18,932,501	$953M	added0%	+0.18 pp	27 q
NEMNewmont Corporation	2.46%	20,703,872	$900M	trimmed−1%	+0.22 pp	27 q
ABXBarrick Mining Corporation	2.40%	47,203,997	$878M	trimmed−2%	+0.04 pp	27 q
CLColgate-Palmolive Company	2.37%	12,555,787	$864M	trimmed−1%	−0.28 pp	27 q
99952EURLinde PLC/OLD	2.28%	3,894,854	$832M	trimmed−7%	−0.02 pp	5 q
GLDSPDR Gold Trust, SPDR Gold Shares	2.01%	5,147,459	$736M	trimmed−5%	−0.13 pp	27 q
TFCTruist Financial Corporation	1.97%	12,773,860	$719M	trimmed−2%	0.00 pp	27 q
DEDeere & Company	1.95%	4,105,967	$711M	trimmed−9%	−0.22 pp	22 q
WPMWheaton Precious Metals Corp.	1.95%	23,954,741	$713M	trimmed−1%	+0.15 pp	11 q
FTITechnipFMC plc	1.89%	32,271,892	$692M	added+19%	+0.03 pp	12 q
USBU.S. Bancorp	1.88%	11,574,703	$686M	trimmed−1%	+0.05 pp	27 q
CHRWC.H. Robinson Worldwide, Inc.	1.83%	8,547,051	$668M	added+16%	+0.05 pp	12 q
MMM3M Company	1.74%	3,603,420	$636M	trimmed−24%	−0.47 pp	27 q
IMOImperial Oil Limited	1.70%	23,438,585	$620M	added+1%	−0.01 pp	18 q
OMCOmnicom Group Inc.	1.69%	7,625,837	$618M	trimmed−9%	−0.18 pp	27 q
WTWWillis Towers Watson Public Limited Company	1.67%	3,019,160	$610M	trimmed−10%	−0.17 pp	16 q
ELVElevance Health, Inc.	1.66%	2,003,818	$605M	added+21%	+0.53 pp	21 q
FLSFlowserve Corporation	1.65%	12,116,082	$603M	added0%	+0.05 pp	20 q
NOVNOV Inc.	1.62%	23,671,466	$593M	trimmed−5%	+0.11 pp	27 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	1.61%	10,127,279	$588M	trimmed−1%	+0.26 pp	6 q
MSFTMicrosoft Corp	1.56%	3,614,588	$570M	trimmed−22%	−0.27 pp	27 q
WFCWells Fargo & Co.	1.49%	10,152,267	$546M	added+1%	+0.05 pp	4 q
AXPAmerican Express Company	1.42%	4,175,816	$520M	trimmed−3%	−0.03 pp	27 q
AEMAgnico Eagle Mines Ltd.	1.35%	7,995,545	$492M	trimmed−1%	+0.12 pp	27 q
YAlleghany Corporation	1.35%	616,967	$493M	trimmed−1%	−0.07 pp	27 q
UNPUnion Pacific Corp.	1.35%	2,719,137	$492M	trimmed−3%	+0.07 pp	18 q
TXNTexas Instruments Incorporated	1.34%	3,805,926	$488M	trimmed−0%	−0.06 pp	18 q
ADIAnalog Devices, Inc.	1.32%	4,056,033	$482M	trimmed−1%	+0.03 pp	20 q
WRBW.R. Berkley Corporation	1.30%	6,861,123	$474M	trimmed−7%	−0.21 pp	27 q
METAMeta Platforms, Inc. Class A	1.22%	2,179,569	$447M	trimmed−1%	+0.11 pp	7 q
UHSUniversal Health Services, Inc. Class B	1.16%	2,961,724	$425M	trimmed−1%	−0.10 pp	7 q
BRK.ABerkshire Hathaway Inc.	1.13%	1,212	$412M	trimmed−1%	+0.05 pp	27 q
TDCTeradata Corporation	1.12%	15,234,477	$408M	added+2%	−0.20 pp	25 q
BKNGBooking Holdings Inc.	1.06%	189,219	$389M	added+22%	+0.20 pp	6 q
BROBrown & Brown, Inc.	1.06%	9,845,357	$389M	trimmed−2%	+0.03 pp	23 q
FNVFranco-Nevada Corporation	1.03%	3,627,774	$375M	trimmed−0%	+0.09 pp	27 q
TRVThe Travelers Companies, Inc.	0.98%	2,609,705	$357M	added+24%	+0.09 pp	12 q
XRAYDENTSPLY SIRONA Inc.	0.97%	6,248,382	$354M	trimmed−1%	+0.02 pp	7 q
RGLDRoyal Gold Inc	0.96%	2,873,608	$351M	trimmed−0%	−0.05 pp	27 q
HCAHCA Healthcare, Inc.	0.95%	2,360,117	$349M	trimmed−1%	+0.14 pp	7 q
CMICummins Inc.	0.92%	1,872,216	$335M	trimmed−15%	−0.09 pp	17 q
GOOGAlphabet Inc. Class C	0.85%	233,190	$312M	trimmed−0%	+0.04 pp	23 q
SCHWThe Charles Schwab Corporation	0.73%	5,603,086	$266M	added+20%	+0.18 pp	2 q
CVECenovus Energy Inc.	0.71%	25,580,901	$260M	trimmed−1%	+0.02 pp	27 q
GOOGLAlphabet Inc. Class A	0.66%	178,767	$239M	trimmed−0%	+0.04 pp	17 q
IPGPIPG Photonics Corporation	0.65%	1,634,836	$237M	trimmed−1%	+0.02 pp	6 q
TIFTiffany & Co.	0.64%	1,751,051	$234M	trimmed−39%	−0.12 pp	16 q
COPConocoPhillips	0.58%	3,253,013	$212M	trimmed−3%	+0.04 pp	27 q
CCUCompania Cervecerias Unidas S.A.	0.57%	10,914,020	$207M	added+25%	+0.02 pp	23 q
UGIUGI Corporation	0.55%	4,437,735	$200M	added+31%	+0.07 pp	18 q
VARVarian Medical Systems, Inc.	0.52%	1,326,002	$188M	trimmed−3%	+0.06 pp	18 q
KHCThe Kraft Heinz Company	0.48%	5,504,407	$177M	added+1%	+0.05 pp	2 q
SMGThe Scotts Miracle-Gro Company	0.46%	1,596,442	$170M	trimmed−0%	0.00 pp	27 q
HRBH&R Block, Inc.	0.36%	5,594,167	$131M	trimmed−1%	−0.02 pp	27 q
WYNTravel + Leisure Co.	0.22%	1,588,408	$82M	trimmed−5%	0.00 pp	27 q
NGNovaGold Resources Inc.	0.20%	8,052,359	$72M	held	—	16 q
POSTPost Holdings, Inc.	0.19%	638,189	$70M	added+3%	0.00 pp	14 q
BALLBall Corporation	0.17%	935,272	$60M	held	—	11 q
BTGB2Gold Corp.	0.16%	14,178,157	$57M	held	—	19 q
MLMMartin Marietta Materials	0.14%	184,306	$52M	trimmed−4%	−0.01 pp	27 q
HPQHP Inc.	0.13%	2,238,447	$46M	added+28%	+0.04 pp	14 q
WHWyndham Hotels & Resorts, Inc.	0.13%	780,668	$49M	held	—	7 q
EFXEquifax, Incorporated	0.12%	305,916	$43M	held	—	7 q
GDGeneral Dynamics Corporation	0.12%	250,247	$44M	added+2%	−0.01 pp	16 q
KKRKKR & Co. Inc.	0.12%	1,481,580	$43M	held	—	6 q
MPCMarathon Petroleum Corporation	0.12%	744,771	$45M	trimmed−5%	−0.01 pp	6 q
99803EURLaboratory Crp Of Amer Hldgs	0.11%	227,700	$39M	added+12%	+0.01 pp	3 q
MQ8Mag Silver Corp	0.11%	3,280,988	$39M	added+11%	+0.02 pp	20 q
FTDRFrontdoor, Inc.	0.10%	803,699	$38M	trimmed−0%	−0.01 pp	5 q
MDCOMedicines Co	0.10%	409,112	$35M	trimmed−46%	−0.01 pp	15 q
unresolvedAon PLC	0.10%	174,389	$36M	held	—	6 q
DNOWDNOW Inc.	0.09%	3,065,736	$34M	trimmed−39%	−0.07 pp	23 q
AGIAlamos Gold Inc. Class A	0.08%	4,681,838	$28M	added+11%	+0.01 pp	13 q
AUAngloGold Ashanti plc	0.08%	1,286,240	$29M	held	—	27 q
HALOHalozyme Therapeutics, Inc.	0.08%	1,636,475	$29M	trimmed−0%	+0.01 pp	25 q
SERVTerminix Global Holdings Inc	0.08%	780,257	$30M	added+85%	+0.01 pp	8 q
unresolvedCree Inc	0.07%	540,500	$25M	held	—	5 q
ICEIntercontinental Exchange Inc.	0.07%	266,127	$25M	held	—	10 q
INVAInnoviva, Inc.	0.06%	1,665,400	$24M	added+33%	+0.02 pp	16 q
SHWThe Sherwin-Williams Company	0.06%	34,800	$20M	trimmed−26%	−0.01 pp	4 q
ZZillow Group, Inc. Class C	0.06%	443,500	$20M	trimmed−5%	+0.02 pp	5 q
ENTGEntegris Inc	0.05%	341,300	$17M	added+7%	+0.01 pp	3 q
HDSHD Supply Holdings, Inc.	0.05%	442,000	$18M	added×2.3	+0.03 pp	2 q
UNVRUnivar Solutions Inc.	0.05%	753,750	$18M	held	—	15 q
PRGOPerrigo Company PLC	0.04%	289,500	$15M	trimmed−38%	−0.03 pp	6 q
SJTSan Juan Basin Royalty Trust UBI	0.03%	4,112,718	$10M	held	—	27 q
WFC.PRLWells Fargo & Company	0.03%	8,535	$12M	held	—	4 q
DVADaVita Inc.	0.02%	93,300	$7M	new	+0.02 pp	new
KGCKinross Gold Corporation	0.02%	1,675,378	$8M	held	—	7 q
NVTnVent Electric plc	0.02%	329,729	$8M	trimmed−71%	−0.05 pp	7 q
BEBloom Energy Corporation	0.01%	354,500	$3M	trimmed−10%	+0.01 pp	2 q
CCKCrown Holdings Inc.	0.01%	68,400	$5M	new	+0.01 pp	new
XONPrecigen, Inc.	0.01%	816,818	$4M	trimmed−3%	0.00 pp	23 q
VACMarriott Vacations Worldwide Corporation	0.01%	35,700	$5M	added×2.1	+0.01 pp	2 q
TXMDTherapeuticsMD, Inc.	0.01%	1,324,280	$3M	trimmed−8%	0.00 pp	9 q
SYFSynchrony Financial	—	−3,201,010	—	exited	−0.31 pp	—
VSTOVista Outdoor Inc.	—	−4,511,604	—	exited	−0.08 pp	—