First Eagle

Q3 2020 13F · by Kimball Brooker, portfolio manager

As of: Sep 30, 2020
Filed: Nov 10, 2020
US stock: $33.3B · prev $31.8B
Positions: 96 · prev 98
Options notional: $4M
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

+3.5 pp in · −3.4 pp out

New 14 +0.47 pp
Added 36 +2.98 pp
Trimmed 40 −2.01 pp
Exited 16 −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 · 15% a year, about 6.9 years per position

Low
Moderate
High

Top 5 positions20% of US stock

ORCL Oracle Corp trimmed+0.14 pp trimmed+0.145.3%
CMCSA Comcast Corp trimmed+0.51 pp trimmed+0.514.5%
NEM Newmont Corporation trimmed−0.08 pp trimmed−0.083.7%
CHRW C.H. Robinson Worldwide, Inc. trimmed+0.55 pp trimmed+0.553.3%
CL Colgate-Palmolive Company added+0.05 pp added+0.052.9%

Positions96 in this filing · 16 exited


ORCLOracle Corp	5.30%	29,595,962	$1.8B	trimmed−0%	+0.14 pp	30 q
CMCSAComcast Corp	4.50%	32,419,441	$1.5B	trimmed−1%	+0.51 pp	30 q
NEMNewmont Corporation	3.70%	19,435,538	$1.2B	trimmed−0%	−0.08 pp	30 q
CHRWC.H. Robinson Worldwide, Inc.	3.25%	10,604,148	$1.1B	trimmed−2%	+0.55 pp	15 q
CLColgate-Palmolive Company	2.92%	12,601,350	$972M	added+1%	+0.05 pp	30 q
PMPhilip Morris International Inc.	2.86%	12,715,778	$954M	trimmed−1%	+0.02 pp	10 q
XOMExxon Mobil Corp	2.72%	26,389,982	$906M	trimmed−4%	−1.16 pp	30 q
NTRNutrien Ltd.	2.72%	23,072,715	$905M	trimmed−0%	+0.39 pp	11 q
WPMWheaton Precious Metals Corp.	2.70%	18,324,661	$899M	trimmed−16%	−0.32 pp	14 q
DEDeere & Company	2.63%	3,949,794	$875M	trimmed−4%	+0.59 pp	25 q
METAMeta Platforms, Inc. Class A	2.54%	3,237,002	$848M	added+3%	+0.30 pp	10 q
99952EURLinde PLC/OLD	2.52%	3,540,175	$840M	trimmed−5%	+0.05 pp	8 q
ABXBarrick Mining Corporation	2.50%	29,683,377	$834M	trimmed−25%	−0.84 pp	30 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	2.46%	10,093,820	$818M	trimmed−0%	+0.65 pp	9 q
WYWeyerhaeuser Company	2.30%	26,900,896	$767M	trimmed−11%	+0.18 pp	30 q
GLDSPDR Gold Trust, SPDR Gold Shares	2.24%	4,215,896	$747M	trimmed−3%	−0.05 pp	30 q
AEMAgnico Eagle Mines Ltd.	1.90%	7,944,298	$633M	trimmed−4%	+0.24 pp	30 q
MSFTMicrosoft Corp	1.90%	3,002,956	$632M	trimmed−13%	−0.31 pp	30 q
BNYBank of New York Mellon Corporation	1.89%	18,383,771	$631M	trimmed−1%	−0.36 pp	30 q
ELVElevance Health, Inc.	1.75%	2,168,053	$582M	added0%	−0.03 pp	24 q
TXNTexas Instruments Incorporated	1.74%	4,070,597	$581M	added+2%	+0.15 pp	21 q
ABEVAmbev S.a.	1.47%	216,288,751	$489M	added+3%	−0.26 pp	3 q
SLBSLB Limited	1.47%	31,563,913	$491M	trimmed−8%	−0.50 pp	30 q
GOOGAlphabet Inc. Class C	1.40%	318,421	$468M	added0%	−0.01 pp	26 q
ADIAnalog Devices, Inc.	1.39%	3,980,623	$465M	added+1%	−0.13 pp	23 q
CMICummins Inc.	1.34%	2,108,598	$445M	trimmed−5%	+0.14 pp	20 q
AXPAmerican Express Company	1.30%	4,316,239	$433M	added+45%	+0.41 pp	30 q
CRMSalesforce, Inc.	1.25%	1,660,917	$417M	added+17%	+0.42 pp	2 q
WTWWillis Towers Watson Public Limited Company	1.25%	1,994,791	$417M	trimmed−1%	+0.01 pp	19 q
MMM3M Company	1.23%	2,565,901	$411M	trimmed−12%	−0.21 pp	30 q
TRVThe Travelers Companies, Inc.	1.23%	3,802,683	$411M	trimmed−3%	−0.17 pp	15 q
BKNGBooking Holdings Inc.	1.22%	238,378	$408M	added+2%	+0.05 pp	9 q
UNPUnion Pacific Corp.	1.20%	2,025,547	$399M	trimmed−4%	+0.07 pp	21 q
BROBrown & Brown, Inc.	1.14%	8,400,336	$380M	trimmed−1%	+0.05 pp	26 q
USBU.S. Bancorp	1.08%	10,015,427	$359M	trimmed−1%	−0.09 pp	30 q
BRK.ABerkshire Hathaway Inc.	1.07%	1,111	$356M	added0%	+0.14 pp	30 q
WRBW.R. Berkley Corporation	1.05%	5,747,791	$351M	trimmed−1%	+0.01 pp	30 q
TFCTruist Financial Corporation	1.00%	8,726,623	$332M	added0%	−0.03 pp	30 q
YAlleghany Corporation	0.98%	629,181	$327M	added+2%	+0.03 pp	30 q
UHSUniversal Health Services, Inc. Class B	0.97%	3,033,635	$325M	added0%	+0.09 pp	10 q
XRAYDENTSPLY SIRONA Inc.	0.96%	7,283,927	$319M	added+4%	−0.01 pp	10 q
FMXFomento Economico Mexicano, S.a.b. De C.v.	0.95%	5,631,931	$316M	added+36%	+0.15 pp	3 q
FLSFlowserve Corporation	0.94%	11,458,696	$313M	trimmed−3%	−0.12 pp	23 q
IMOImperial Oil Limited	0.94%	26,176,774	$313M	added0%	−0.38 pp	21 q
TDCTeradata Corporation	0.94%	13,768,178	$313M	trimmed−2%	+0.02 pp	28 q
VMRKVivmark Residential	0.93%	6,041,036	$310M	added+80%	+0.31 pp	3 q
NOVNOV Inc.	0.92%	33,695,069	$305M	added+42%	+0.01 pp	30 q
RGLDRoyal Gold Inc	0.91%	2,527,877	$304M	trimmed−11%	−0.20 pp	30 q
HCAHCA Healthcare, Inc.	0.89%	2,376,455	$296M	added0%	+0.17 pp	10 q
GOOGLAlphabet Inc. Class A	0.87%	197,452	$289M	added+11%	+0.08 pp	20 q
IPGPIPG Photonics Corporation	0.83%	1,632,408	$277M	trimmed−1%	0.00 pp	9 q
FNVFranco-Nevada Corporation	0.81%	1,921,114	$268M	trimmed−26%	−0.34 pp	30 q
WFCWells Fargo & Co.	0.76%	10,725,736	$252M	trimmed−6%	−0.16 pp	7 q
UGIUGI Corporation	0.73%	7,361,758	$243M	added0%	0.00 pp	21 q
VARVarian Medical Systems, Inc.	0.69%	1,338,369	$230M	added0%	+0.18 pp	21 q
EXPDExpeditors International of Washington, Inc.	0.66%	2,417,466	$219M	added+3%	+0.10 pp	3 q
KHCThe Kraft Heinz Company	0.65%	7,217,132	$216M	added+1%	−0.07 pp	5 q
SCHWThe Charles Schwab Corporation	0.62%	5,700,160	$207M	added+1%	+0.02 pp	5 q
BXPBXP, Inc.	0.60%	2,479,794	$199M	added×4.5	+0.44 pp	2 q
CCUCompania Cervecerias Unidas S.A.	0.52%	13,273,536	$172M	added+8%	−0.03 pp	26 q
PPGPPG Industries, Inc.	0.44%	1,209,259	$148M	added0%	+0.04 pp	3 q
DEIDouglas Emmett, Inc.	0.41%	5,484,982	$138M	added×162.3	+0.41 pp	2 q
SMGThe Scotts Miracle-Gro Company	0.36%	795,038	$122M	added0%	+0.02 pp	30 q
BTGB2Gold Corp.	0.34%	17,612,461	$115M	added+24%	+0.09 pp	22 q
NGNovaGold Resources Inc.	0.32%	8,830,013	$105M	added+30%	+0.12 pp	19 q
KLKirkland Lake Gold Ltd Ordinary	0.24%	1,651,804	$81M	added+23%	+0.07 pp	3 q
AGIAlamos Gold Inc. Class A	0.18%	6,785,036	$60M	added+10%	0.00 pp	16 q
MQ8Mag Silver Corp	0.16%	3,280,988	$53M	held	—	23 q
EPDEnterprise Products Partners L.P.	0.14%	2,857,106	$45M	added×2.8	+0.08 pp	3 q
AUAngloGold Ashanti plc	0.10%	1,286,240	$34M	held	—	30 q
GDGeneral Dynamics Corporation	0.10%	250,450	$35M	trimmed−46%	−0.12 pp	19 q
MLMMartin Marietta Materials	0.08%	115,000	$27M	trimmed−35%	−0.03 pp	30 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.08%	88,276	$28M	new	+0.08 pp	new
BALLBall Corporation	0.07%	300,000	$25M	trimmed−68%	−0.13 pp	14 q
ICEIntercontinental Exchange Inc.	0.07%	226,700	$23M	trimmed−18%	−0.01 pp	13 q
AONAon plc Class A	0.07%	119,500	$25M	trimmed−42%	−0.05 pp	2 q
MDTMedtronic plc	0.07%	229,292	$24M	new	+0.07 pp	new
KGCKinross Gold Corporation	0.06%	2,275,478	$20M	held	—	10 q
PEPPepsiCo, Inc.	0.06%	145,497	$20M	new	+0.06 pp	new
FTITechnipFMC plc	0.05%	2,646,283	$17M	trimmed−81%	−0.24 pp	15 q
HALOHalozyme Therapeutics, Inc.	0.04%	483,800	$13M	trimmed−68%	−0.09 pp	28 q
HDHome Depot, Inc.	0.04%	43,907	$12M	new	+0.04 pp	new
ROSTRoss Stores Inc	0.04%	128,199	$12M	new	+0.04 pp	new
SJTSan Juan Basin Royalty Trust UBI	0.03%	4,108,984	$10M	held	—	30 q
WFC.PRLWells Fargo & Company	0.03%	8,535	$11M	held	—	7 q
BAXBaxter International Inc.	0.02%	80,778	$6M	new	+0.02 pp	new
CMECME Group Inc.	0.02%	39,491	$7M	new	+0.02 pp	new
OTISOtis Worldwide Corporation	0.02%	102,156	$6M	new	+0.02 pp	new
RPMRPM International, Inc.	0.02%	69,691	$6M	new	+0.02 pp	new
SPGIS&P Global Inc.	0.02%	18,770	$7M	new	+0.02 pp	new
SHWThe Sherwin-Williams Company	0.02%	10,030	$7M	trimmed−75%	−0.05 pp	7 q
SBUXStarbucks Corp	0.02%	89,993	$8M	new	+0.02 pp	new
VVISA Inc.	0.02%	36,581	$7M	new	+0.02 pp	new
ACNAccenture PLC	0.02%	28,470	$6M	new	+0.02 pp	new
0VQJLTe Connectivity Ltd	0.02%	69,164	$7M	new	+0.02 pp	new
CMLSQCumulus Media Inc A	0.00%	14,221	$77,000	held	—	3 q
POSTPost Holdings, Inc.	—	−669,709	—	exited	−0.18 pp	—
99803EURLaboratory Crp Of Amer Hldgs	—	−298,742	—	exited	−0.16 pp	—
SERVTerminix Global Holdings Inc	—	−1,307,746	—	exited	−0.15 pp	—
AZOAutoZone, Inc.	—	−31,600	—	exited	−0.11 pp	—
FTDRFrontdoor, Inc.	—	−763,499	—	exited	−0.11 pp	—
HPQHP Inc.	—	−1,988,702	—	exited	−0.11 pp	—
KKRKKR & Co. Inc.	—	−1,128,360	—	exited	−0.11 pp	—
INVAInnoviva, Inc.	—	−2,054,294	—	exited	−0.09 pp	—
QSRRestaurant Brands International Inc.	—	−445,900	—	exited	−0.08 pp	—
WYNTravel + Leisure Co.	—	−876,908	—	exited	−0.08 pp	—
ZZillow Group, Inc. Class C	—	−445,500	—	exited	−0.08 pp	—
BIIBBiogen Inc.	—	−57,300	—	exited	−0.05 pp	—
DVADaVita Inc.	—	−152,800	—	exited	−0.04 pp	—
EFXEquifax, Incorporated	—	−54,100	—	exited	−0.03 pp	—
MYLMylan NV	—	−560,231	—	exited	−0.03 pp	—
PGENPrecigen, Inc.	—	−252,318	—	exited	0.00 pp	—