First Eagle

Q2 2020 13F · by Kimball Brooker, portfolio manager

As of: Jun 30, 2020
Filed: Aug 10, 2020
US stock: $31.8B · prev $27.5B
Positions: 98 · prev 107
Options notional: $0
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%

Moves100 since the prior filing

+2.4 pp in · −2.8 pp out

New 6 +1.24 pp
Added 41 +1.18 pp
Trimmed 36 −1.22 pp
Exited 15 −1.55 pp

Options: 2 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 · 12% a year, about 8.2 years per position

Low
Moderate
High

Top 5 positions20% of US stock

ORCL Oracle Corp trimmed−0.17 pp trimmed−0.175.2%
CMCSA Comcast Corp added−0.08 pp added−0.084.0%
XOM Exxon Mobil Corp added+0.08 pp added+0.083.9%
NEM Newmont Corporation trimmed+0.41 pp trimmed+0.413.8%
ABX Barrick Mining Corporation trimmed+0.22 pp trimmed+0.223.3%

Positions98 in this filing · 15 exited


ORCLOracle Corp	5.16%	29,716,672	$1.6B	trimmed−2%	−0.17 pp	29 q
CMCSAComcast Corp	3.99%	32,610,514	$1.3B	added0%	−0.08 pp	29 q
XOMExxon Mobil Corp	3.88%	27,626,740	$1.2B	added0%	+0.08 pp	29 q
NEMNewmont Corporation	3.78%	19,468,334	$1.2B	trimmed−5%	+0.41 pp	29 q
ABXBarrick Mining Corporation	3.34%	39,444,810	$1.1B	trimmed−16%	+0.22 pp	29 q
WPMWheaton Precious Metals Corp.	3.02%	21,804,654	$960M	trimmed−9%	+0.63 pp	13 q
CLColgate-Palmolive Company	2.87%	12,475,255	$914M	trimmed−0%	−0.14 pp	29 q
PMPhilip Morris International Inc.	2.84%	12,898,497	$904M	added+3%	−0.49 pp	9 q
CHRWC.H. Robinson Worldwide, Inc.	2.70%	10,863,895	$859M	added+1%	+0.12 pp	14 q
99952EURLinde PLC/OLD	2.47%	3,712,522	$786M	added0%	+0.11 pp	7 q
NTRNutrien Ltd.	2.33%	23,098,655	$741M	added+2%	−0.47 pp	10 q
GLDSPDR Gold Trust, SPDR Gold Shares	2.29%	4,353,497	$729M	added0%	−0.04 pp	29 q
BNYBank of New York Mellon Corporation	2.25%	18,493,137	$715M	added0%	−0.01 pp	29 q
METAMeta Platforms, Inc. Class A	2.24%	3,145,679	$714M	added0%	+0.34 pp	9 q
MSFTMicrosoft Corp	2.21%	3,452,948	$703M	trimmed−3%	+0.17 pp	29 q
WYWeyerhaeuser Company	2.12%	30,097,458	$676M	trimmed−26%	−0.39 pp	29 q
DEDeere & Company	2.04%	4,135,033	$650M	trimmed−0%	−0.04 pp	24 q
SLBSLB Limited	1.97%	34,157,086	$628M	trimmed−0%	+0.29 pp	29 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	1.81%	10,129,031	$575M	added0%	+0.05 pp	8 q
ELVElevance Health, Inc.	1.78%	2,159,483	$568M	added0%	+0.01 pp	23 q
ABEVAmbev S.a.	1.73%	209,032,680	$552M	added+27%	+0.35 pp	2 q
AEMAgnico Eagle Mines Ltd.	1.66%	8,262,910	$529M	trimmed−0%	+0.46 pp	29 q
TXNTexas Instruments Incorporated	1.59%	3,977,386	$505M	trimmed−4%	+0.09 pp	20 q
ADIAnalog Devices, Inc.	1.52%	3,954,092	$485M	trimmed−0%	+0.23 pp	22 q
MMM3M Company	1.44%	2,932,099	$457M	trimmed−11%	−0.19 pp	29 q
GOOGAlphabet Inc. Class C	1.41%	317,661	$449M	added0%	+0.07 pp	25 q
TRVThe Travelers Companies, Inc.	1.40%	3,900,584	$445M	added0%	0.00 pp	14 q
IMOImperial Oil Limited	1.32%	26,118,036	$420M	added+7%	+0.32 pp	20 q
WTWWillis Towers Watson Public Limited Company	1.24%	2,006,077	$395M	trimmed−10%	−0.14 pp	18 q
CMICummins Inc.	1.20%	2,211,884	$383M	added0%	+0.12 pp	19 q
BKNGBooking Holdings Inc.	1.17%	233,954	$373M	added0%	+0.03 pp	8 q
USBU.S. Bancorp	1.17%	10,152,698	$374M	trimmed−13%	−0.29 pp	29 q
FNVFranco-Nevada Corporation	1.15%	2,609,438	$365M	trimmed−25%	−0.11 pp	29 q
UNPUnion Pacific Corp.	1.13%	2,120,202	$358M	trimmed−0%	+0.04 pp	20 q
RGLDRoyal Gold Inc	1.11%	2,852,446	$355M	trimmed−6%	+0.15 pp	29 q
BROBrown & Brown, Inc.	1.09%	8,514,816	$347M	added0%	−0.03 pp	25 q
FLSFlowserve Corporation	1.06%	11,844,143	$338M	trimmed−2%	+0.01 pp	22 q
WRBW.R. Berkley Corporation	1.04%	5,792,402	$332M	trimmed−8%	−0.15 pp	29 q
TFCTruist Financial Corporation	1.03%	8,716,150	$327M	trimmed−31%	−0.39 pp	29 q
XRAYDENTSPLY SIRONA Inc.	0.97%	7,023,975	$309M	added0%	−0.02 pp	9 q
YAlleghany Corporation	0.95%	615,213	$301M	added+2%	−0.27 pp	29 q
BRK.ABerkshire Hathaway Inc.	0.93%	1,108	$296M	trimmed−9%	−0.27 pp	29 q
TDCTeradata Corporation	0.92%	14,020,642	$292M	trimmed−8%	−0.21 pp	27 q
WFCWells Fargo & Co.	0.92%	11,434,160	$293M	trimmed−14%	−0.46 pp	6 q
NOVNOV Inc.	0.91%	23,742,048	$291M	trimmed−0%	+0.06 pp	29 q
AXPAmerican Express Company	0.89%	2,971,494	$283M	trimmed−22%	−0.30 pp	29 q
UHSUniversal Health Services, Inc. Class B	0.88%	3,027,897	$281M	added+2%	−0.19 pp	9 q
IPGPIPG Photonics Corporation	0.83%	1,647,643	$264M	added+1%	+0.17 pp	8 q
CRMSalesforce, Inc.	0.83%	1,413,810	$265M	new	+0.83 pp	new
FMXFomento Economico Mexicano, S.a.b. De C.v.	0.80%	4,126,825	$256M	added×2.5	+0.43 pp	2 q
GOOGLAlphabet Inc. Class A	0.79%	178,400	$253M	held	—	19 q
UGIUGI Corporation	0.73%	7,348,864	$234M	added0%	+0.02 pp	20 q
HCAHCA Healthcare, Inc.	0.72%	2,372,183	$230M	added+1%	−0.05 pp	9 q
KHCThe Kraft Heinz Company	0.72%	7,180,577	$229M	added0%	+0.08 pp	4 q
VMRKVivmark Residential	0.62%	3,347,372	$197M	added+51%	+0.12 pp	2 q
SCHWThe Charles Schwab Corporation	0.60%	5,653,561	$191M	added+1%	−0.09 pp	4 q
EXPDExpeditors International of Washington, Inc.	0.56%	2,340,289	$178M	added+1%	0.00 pp	2 q
CCUCompania Cervecerias Unidas S.A.	0.55%	12,296,133	$176M	added+1%	−0.04 pp	25 q
VARVarian Medical Systems, Inc.	0.51%	1,335,723	$164M	added0%	+0.01 pp	20 q
PPGPPG Industries, Inc.	0.40%	1,207,048	$128M	added+35%	+0.13 pp	2 q
SMGThe Scotts Miracle-Gro Company	0.34%	794,991	$107M	trimmed−50%	−0.25 pp	29 q
FTITechnipFMC plc	0.29%	13,615,088	$93M	trimmed−52%	−0.40 pp	14 q
BTGB2Gold Corp.	0.25%	14,178,157	$81M	held	—	21 q
GDGeneral Dynamics Corporation	0.22%	466,655	$70M	added×2.3	+0.12 pp	18 q
BALLBall Corporation	0.20%	927,372	$64M	held	—	13 q
NGNovaGold Resources Inc.	0.20%	6,774,063	$62M	held	—	18 q
AGIAlamos Gold Inc. Class A	0.18%	6,176,338	$58M	held	—	15 q
POSTPost Holdings, Inc.	0.18%	669,709	$59M	trimmed−0%	−0.02 pp	16 q
KLKirkland Lake Gold Ltd Ordinary	0.17%	1,341,804	$55M	held	—	2 q
BXPBXP, Inc.	0.16%	547,822	$50M	new	+0.16 pp	new
99803EURLaboratory Crp Of Amer Hldgs	0.16%	298,742	$50M	added+32%	+0.06 pp	5 q
MQ8Mag Silver Corp	0.15%	3,280,988	$46M	held	—	22 q
SERVTerminix Global Holdings Inc	0.15%	1,307,746	$47M	added+36%	+0.06 pp	10 q
HALOHalozyme Therapeutics, Inc.	0.13%	1,517,627	$41M	trimmed−4%	+0.03 pp	27 q
AUAngloGold Ashanti plc	0.12%	1,286,240	$38M	held	—	29 q
AONAon plc Class A	0.12%	206,189	$40M	new	+0.12 pp	new
AZOAutoZone, Inc.	0.11%	31,600	$36M	added+86%	+0.06 pp	2 q
FTDRFrontdoor, Inc.	0.11%	763,499	$34M	trimmed−5%	+0.01 pp	7 q
HPQHP Inc.	0.11%	1,988,702	$35M	held	—	16 q
KKRKKR & Co. Inc.	0.11%	1,128,360	$35M	trimmed−8%	+0.01 pp	8 q
MLMMartin Marietta Materials	0.11%	177,052	$37M	held	—	29 q
INVAInnoviva, Inc.	0.09%	2,054,294	$29M	added+18%	+0.02 pp	18 q
ICEIntercontinental Exchange Inc.	0.08%	277,627	$25M	trimmed−0%	0.00 pp	12 q
QSRRestaurant Brands International Inc.	0.08%	445,900	$24M	new	+0.08 pp	new
WYNTravel + Leisure Co.	0.08%	876,908	$25M	trimmed−28%	−0.02 pp	29 q
ZZillow Group, Inc. Class C	0.08%	445,500	$26M	added+3%	+0.02 pp	7 q
SHWThe Sherwin-Williams Company	0.07%	40,300	$23M	held	—	6 q
EPDEnterprise Products Partners L.P.	0.06%	1,013,016	$18M	added+73%	+0.03 pp	2 q
BIIBBiogen Inc.	0.05%	57,300	$15M	new	+0.05 pp	new
KGCKinross Gold Corporation	0.05%	2,275,478	$16M	held	—	9 q
DVADaVita Inc.	0.04%	152,800	$12M	added×4.1	+0.03 pp	3 q
EFXEquifax, Incorporated	0.03%	54,100	$9M	trimmed−80%	−0.08 pp	9 q
SJTSan Juan Basin Royalty Trust UBI	0.03%	4,108,984	$9M	held	—	29 q
WFC.PRLWells Fargo & Company	0.03%	8,535	$11M	held	—	6 q
MYLMylan NV	0.03%	560,231	$9M	added+18%	0.00 pp	2 q
CMLSQCumulus Media Inc A	0.00%	14,221	$56,000	held	—	2 q
DEIDouglas Emmett, Inc.	0.00%	33,800	$1M	new	0.00 pp	new
PGENPrecigen, Inc.	0.00%	252,318	$1M	trimmed−72%	−0.01 pp	25 q
OMCOmnicom Group Inc.	—	−3,698,660	—	exited	−0.74 pp	—
HRBH&R Block, Inc.	—	−5,468,132	—	exited	−0.28 pp	—
unresolvedAon PLC	—	−172,189	—	exited	−0.10 pp	—
unresolvedCree Inc	—	−540,500	—	exited	−0.07 pp	—
HDSHD Supply Holdings, Inc.	—	−692,000	—	exited	−0.07 pp	—
ENTGEntegris Inc	—	−341,300	—	exited	−0.06 pp	—
MPCMarathon Petroleum Corporation	—	−744,771	—	exited	−0.06 pp	—
DNOWDNOW Inc.	—	−2,927,591	—	exited	−0.05 pp	—
WHWyndham Hotels & Resorts, Inc.	—	−300,000	—	exited	−0.03 pp	—
ALXNAlexion Pharmaceuticals Inc	—	−50,000	—	exited	−0.02 pp	—
CVECenovus Energy Inc.	—	−2,078,805	—	exited	−0.02 pp	—
UNVRUnivar Solutions Inc.	—	−444,329	—	exited	−0.02 pp	—
APDAir Products & Chemicals, Inc.	—	−13,200	—	exited	−0.01 pp	—
ALNYAlnylam Pharmaceuticals, Inc.	—	−26,500	—	exited	−0.01 pp	—
TXMDTherapeuticsMD, Inc.	—	−1,324,280	—	exited	−0.01 pp	—