First Eagle

Q1 2020 13F · by Kimball Brooker, portfolio manager

As of: Mar 31, 2020
Filed: May 12, 2020
US stock: $27.5B · prev $36.5B
Positions: 107 · prev 102
Options notional: $11M
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%

Moves111 since the prior filing

+2.7 pp in · −2.7 pp out

New 13 +3.37 pp
Added 39 −0.63 pp
Trimmed 46 −1.30 pp
Exited 8 −1.41 pp

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

The book

Diversified · behaves like 47 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 22% a year, about 4.5 years per position

Low
Moderate
High

Top 5 positions20% of US stock

Positions107 in this filing · 8 exited


ORCLOracle Corp	5.33%	30,397,090	$1.5B	trimmed−2%	+0.85 pp	28 q
CMCSAComcast Corp	4.07%	32,594,099	$1.1B	added+1%	+0.08 pp	28 q
XOMExxon Mobil Corp	3.80%	27,551,706	$1.0B	added+38%	−0.01 pp	28 q
NEMNewmont Corporation	3.37%	20,476,045	$927M	trimmed−1%	+0.91 pp	28 q
PMPhilip Morris International Inc.	3.33%	12,556,724	$916M	added+2%	+0.47 pp	8 q
ABXBarrick Mining Corporation	3.12%	46,882,907	$859M	trimmed−1%	+0.72 pp	28 q
CLColgate-Palmolive Company	3.01%	12,477,236	$828M	trimmed−1%	+0.64 pp	28 q
NTRNutrien Ltd.	2.80%	22,724,326	$771M	added+2%	−0.13 pp	9 q
CHRWC.H. Robinson Worldwide, Inc.	2.58%	10,737,988	$711M	added+26%	+0.75 pp	13 q
WYWeyerhaeuser Company	2.51%	40,860,956	$693M	trimmed−2%	−0.92 pp	28 q
WPMWheaton Precious Metals Corp.	2.39%	23,893,785	$658M	trimmed−0%	+0.44 pp	12 q
99952EURLinde PLC/OLD	2.36%	3,712,264	$651M	trimmed−5%	+0.08 pp	6 q
GLDSPDR Gold Trust, SPDR Gold Shares	2.33%	4,342,873	$643M	trimmed−16%	+0.32 pp	28 q
BNYBank of New York Mellon Corporation	2.26%	18,442,267	$621M	trimmed−3%	−0.35 pp	28 q
DEDeere & Company	2.08%	4,144,431	$573M	added+1%	+0.13 pp	23 q
MSFTMicrosoft Corp	2.04%	3,567,187	$563M	trimmed−1%	+0.48 pp	28 q
METAMeta Platforms, Inc. Class A	1.90%	3,135,800	$523M	added+44%	+0.68 pp	8 q
ELVElevance Health, Inc.	1.77%	2,152,329	$489M	added+7%	+0.11 pp	22 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	1.76%	10,126,647	$484M	trimmed−0%	+0.15 pp	7 q
SLBSLB Limited	1.68%	34,267,531	$462M	added+12%	−1.67 pp	28 q
MMM3M Company	1.63%	3,279,222	$448M	trimmed−9%	−0.11 pp	28 q
TXNTexas Instruments Incorporated	1.50%	4,132,486	$413M	added+9%	+0.16 pp	19 q
USBU.S. Bancorp	1.46%	11,703,737	$403M	added+1%	−0.42 pp	28 q
TFCTruist Financial Corporation	1.42%	12,708,685	$392M	trimmed−1%	−0.55 pp	28 q
TRVThe Travelers Companies, Inc.	1.40%	3,885,425	$386M	added+49%	+0.42 pp	13 q
ABEVAmbev S.a.	1.38%	165,129,178	$380M	new	+1.38 pp	new
WFCWells Fargo & Co.	1.38%	13,255,313	$380M	added+31%	−0.11 pp	5 q
WTWWillis Towers Watson Public Limited Company	1.38%	2,239,878	$380M	trimmed−26%	−0.29 pp	17 q
GOOGAlphabet Inc. Class C	1.34%	317,337	$369M	added+36%	+0.49 pp	24 q
ADIAnalog Devices, Inc.	1.29%	3,956,184	$355M	trimmed−2%	−0.03 pp	21 q
FNVFranco-Nevada Corporation	1.26%	3,462,996	$346M	trimmed−5%	+0.23 pp	28 q
YAlleghany Corporation	1.22%	605,813	$335M	trimmed−2%	−0.13 pp	28 q
AEMAgnico Eagle Mines Ltd.	1.20%	8,269,390	$330M	added+3%	−0.15 pp	28 q
BRK.ABerkshire Hathaway Inc.	1.20%	1,216	$331M	added0%	+0.07 pp	28 q
AXPAmerican Express Company	1.19%	3,823,483	$327M	trimmed−8%	−0.23 pp	28 q
WRBW.R. Berkley Corporation	1.19%	6,277,589	$328M	trimmed−9%	−0.11 pp	28 q
BKNGBooking Holdings Inc.	1.14%	232,848	$313M	added+23%	+0.08 pp	7 q
TDCTeradata Corporation	1.13%	15,186,736	$311M	trimmed−0%	+0.01 pp	26 q
BROBrown & Brown, Inc.	1.12%	8,505,822	$308M	trimmed−14%	+0.06 pp	24 q
UNPUnion Pacific Corp.	1.09%	2,124,391	$300M	trimmed−22%	−0.26 pp	19 q
CMICummins Inc.	1.08%	2,201,444	$298M	added+18%	+0.16 pp	18 q
UHSUniversal Health Services, Inc. Class B	1.07%	2,971,960	$294M	added0%	−0.09 pp	8 q
FLSFlowserve Corporation	1.05%	12,121,553	$290M	added0%	−0.60 pp	21 q
IMOImperial Oil Limited	1.00%	24,428,603	$276M	added+4%	−0.70 pp	19 q
XRAYDENTSPLY SIRONA Inc.	0.99%	6,992,516	$272M	added+12%	+0.02 pp	8 q
RGLDRoyal Gold Inc	0.96%	3,021,782	$265M	added+5%	0.00 pp	28 q
NOVNOV Inc.	0.85%	23,843,960	$234M	added+1%	−0.77 pp	28 q
HCAHCA Healthcare, Inc.	0.77%	2,358,831	$212M	trimmed−0%	−0.18 pp	8 q
GOOGLAlphabet Inc. Class A	0.75%	178,400	$207M	trimmed−0%	+0.09 pp	18 q
OMCOmnicom Group Inc.	0.74%	3,698,660	$203M	trimmed−52%	−0.95 pp	28 q
UGIUGI Corporation	0.71%	7,341,722	$196M	added+65%	+0.16 pp	19 q
SCHWThe Charles Schwab Corporation	0.69%	5,615,866	$189M	added0%	−0.04 pp	3 q
FTITechnipFMC plc	0.69%	28,222,401	$190M	trimmed−13%	−1.20 pp	13 q
IPGPIPG Photonics Corporation	0.66%	1,638,872	$181M	added0%	+0.01 pp	7 q
KHCThe Kraft Heinz Company	0.64%	7,174,040	$177M	added+30%	+0.16 pp	3 q
CCUCompania Cervecerias Unidas S.A.	0.59%	12,215,747	$163M	added+12%	+0.02 pp	24 q
SMGThe Scotts Miracle-Gro Company	0.59%	1,591,854	$163M	trimmed−0%	+0.13 pp	28 q
EXPDExpeditors International of Washington, Inc.	0.56%	2,323,920	$155M	new	+0.56 pp	new
VMRKVivmark Residential	0.50%	2,220,842	$137M	new	+0.50 pp	new
VARVarian Medical Systems, Inc.	0.50%	1,329,175	$136M	added0%	−0.02 pp	19 q
FMXFomento Economico Mexicano, S.a.b. De C.v.	0.37%	1,678,317	$102M	new	+0.37 pp	new
HRBH&R Block, Inc.	0.28%	5,468,132	$77M	trimmed−2%	−0.08 pp	28 q
PPGPPG Industries, Inc.	0.27%	893,636	$75M	new	+0.27 pp	new
BALLBall Corporation	0.22%	927,372	$60M	trimmed−1%	+0.05 pp	12 q
POSTPost Holdings, Inc.	0.20%	670,511	$56M	added+5%	+0.01 pp	15 q
NGNovaGold Resources Inc.	0.18%	6,774,063	$50M	trimmed−16%	−0.02 pp	17 q
BTGB2Gold Corp.	0.16%	14,178,157	$43M	held	—	20 q
KLKirkland Lake Gold Ltd Ordinary	0.14%	1,341,804	$40M	new	+0.14 pp	new
HPQHP Inc.	0.13%	1,988,702	$35M	trimmed−11%	0.00 pp	15 q
MLMMartin Marietta Materials	0.12%	177,052	$34M	trimmed−4%	−0.02 pp	28 q
AGIAlamos Gold Inc. Class A	0.11%	6,176,338	$31M	added+32%	+0.03 pp	14 q
EFXEquifax, Incorporated	0.11%	263,900	$32M	trimmed−14%	−0.01 pp	8 q
FTDRFrontdoor, Inc.	0.10%	803,699	$28M	held	—	6 q
GDGeneral Dynamics Corporation	0.10%	206,805	$27M	trimmed−17%	−0.02 pp	17 q
HALOHalozyme Therapeutics, Inc.	0.10%	1,583,675	$28M	trimmed−3%	+0.02 pp	26 q
KKRKKR & Co. Inc.	0.10%	1,231,480	$29M	trimmed−17%	−0.02 pp	7 q
99803EURLaboratory Crp Of Amer Hldgs	0.10%	226,082	$29M	trimmed−1%	−0.01 pp	4 q
WYNTravel + Leisure Co.	0.10%	1,219,708	$26M	trimmed−23%	−0.12 pp	28 q
unresolvedAon PLC	0.10%	172,189	$28M	trimmed−1%	0.00 pp	7 q
MQ8Mag Silver Corp	0.09%	3,280,988	$25M	held	—	21 q
SERVTerminix Global Holdings Inc	0.09%	964,246	$26M	added+24%	+0.01 pp	9 q
AUAngloGold Ashanti plc	0.08%	1,286,240	$21M	held	—	28 q
ICEIntercontinental Exchange Inc.	0.08%	277,727	$22M	added+4%	+0.01 pp	11 q
unresolvedCree Inc	0.07%	540,500	$19M	held	—	6 q
HDSHD Supply Holdings, Inc.	0.07%	692,000	$20M	added+57%	+0.02 pp	3 q
INVAInnoviva, Inc.	0.07%	1,748,200	$21M	added+5%	+0.01 pp	17 q
SHWThe Sherwin-Williams Company	0.07%	40,300	$19M	added+16%	+0.01 pp	5 q
ENTGEntegris Inc	0.06%	341,300	$15M	held	—	4 q
MPCMarathon Petroleum Corporation	0.06%	744,771	$18M	held	—	7 q
ZZillow Group, Inc. Class C	0.06%	431,600	$16M	trimmed−3%	0.00 pp	6 q
AZOAutoZone, Inc.	0.05%	17,000	$14M	new	+0.05 pp	new
DNOWDNOW Inc.	0.05%	2,927,591	$15M	trimmed−5%	−0.04 pp	24 q
WFC.PRLWells Fargo & Company	0.04%	8,535	$11M	held	—	5 q
EPDEnterprise Products Partners L.P.	0.03%	585,977	$8M	new	+0.03 pp	new
KGCKinross Gold Corporation	0.03%	2,275,478	$9M	added+36%	+0.01 pp	8 q
SJTSan Juan Basin Royalty Trust UBI	0.03%	4,108,984	$9M	trimmed−0%	0.00 pp	28 q
WHWyndham Hotels & Resorts, Inc.	0.03%	300,000	$9M	trimmed−62%	−0.10 pp	8 q
MYLMylan NV	0.03%	475,231	$7M	new	+0.03 pp	new
ALXNAlexion Pharmaceuticals Inc	0.02%	50,000	$4M	new	+0.02 pp	new
CVECenovus Energy Inc.	0.02%	2,078,805	$4M	trimmed−92%	−0.69 pp	28 q
UNVRUnivar Solutions Inc.	0.02%	444,329	$5M	trimmed−41%	−0.03 pp	16 q
APDAir Products & Chemicals, Inc.	0.01%	13,200	$3M	new	+0.01 pp	new
ALNYAlnylam Pharmaceuticals, Inc.	0.01%	26,500	$3M	new	+0.01 pp	new
DVADaVita Inc.	0.01%	37,200	$3M	trimmed−60%	−0.01 pp	2 q
PGENPrecigen, Inc.	0.01%	896,818	$3M	added+10%	0.00 pp	24 q
TXMDTherapeuticsMD, Inc.	0.01%	1,324,280	$1M	held	—	10 q
CMLSQCumulus Media Inc A	0.00%	14,221	$77,000	new	0.00 pp	new
TIFTiffany & Co.	—	−1,751,051	—	exited	−0.64 pp	—
COPConocoPhillips	—	−3,253,013	—	exited	−0.58 pp	—
MDCOMedicines Co	—	−409,112	—	exited	−0.10 pp	—
PRGOPerrigo Company PLC	—	−289,500	—	exited	−0.04 pp	—
NVTnVent Electric plc	—	−329,729	—	exited	−0.02 pp	—
BEBloom Energy Corporation	—	−354,500	—	exited	−0.01 pp	—
CCKCrown Holdings Inc.	—	−68,400	—	exited	−0.01 pp	—
VACMarriott Vacations Worldwide Corporation	—	−35,700	—	exited	−0.01 pp	—