First Eagle

Q4 2020 13F · by Kimball Brooker, portfolio manager

As of: Dec 31, 2020
Filed: Feb 10, 2021
US stock: $35.5B · prev $33.3B
Positions: 96 · prev 96
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%

Moves107 since the prior filing

+3.1 pp in · −3.0 pp out

New 12 +0.32 pp
Added 27 +2.82 pp
Trimmed 51 −1.87 pp
Exited 12 −1.18 pp

Options: 5 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 · 5.2% a year, about 19.4 years per position

Low
Moderate
High

Top 5 positions19% of US stock

ORCL Oracle Corp trimmed−0.15 pp trimmed−0.155.2%
CMCSA Comcast Corp trimmed−0.02 pp trimmed−0.024.5%
XOM Exxon Mobil Corp added+0.39 pp added+0.393.1%
NEM Newmont Corporation trimmed−0.60 pp trimmed−0.603.1%
TSM Taiwan Semiconductor Manufacturing Company Ltd. trimmed+0.56 pp trimmed+0.563.0%

Positions96 in this filing · 12 exited


ORCLOracle Corp	5.15%	28,236,658	$1.8B	trimmed−5%	−0.15 pp	31 q
CMCSAComcast Corp	4.48%	30,382,352	$1.6B	trimmed−6%	−0.02 pp	31 q
XOMExxon Mobil Corp	3.11%	26,784,640	$1.1B	added+2%	+0.39 pp	31 q
NEMNewmont Corporation	3.10%	18,366,344	$1.1B	trimmed−6%	−0.60 pp	31 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	3.02%	9,843,287	$1.1B	trimmed−2%	+0.56 pp	10 q
NTRNutrien Ltd.	2.97%	21,875,093	$1.1B	trimmed−5%	+0.25 pp	12 q
CLColgate-Palmolive Company	2.88%	11,965,225	$1.0B	trimmed−5%	−0.04 pp	31 q
CHRWC.H. Robinson Worldwide, Inc.	2.79%	10,558,642	$991M	trimmed−0%	−0.46 pp	16 q
METAMeta Platforms, Inc. Class A	2.51%	3,261,191	$891M	added+1%	−0.03 pp	11 q
PMPhilip Morris International Inc.	2.43%	10,428,496	$863M	trimmed−18%	−0.43 pp	11 q
99952EURLinde PLC/OLD	2.37%	3,210,139	$840M	trimmed−9%	−0.15 pp	9 q
BNYBank of New York Mellon Corporation	2.18%	18,261,038	$775M	trimmed−1%	+0.29 pp	31 q
WYWeyerhaeuser Company	2.06%	21,807,696	$731M	trimmed−19%	−0.24 pp	31 q
DEDeere & Company	1.95%	2,571,641	$692M	trimmed−35%	−0.68 pp	26 q
GLDSPDR Gold Trust, SPDR Gold Shares	1.95%	3,885,000	$693M	trimmed−8%	−0.29 pp	31 q
WPMWheaton Precious Metals Corp.	1.90%	16,200,231	$676M	trimmed−12%	−0.80 pp	15 q
ABEVAmbev S.a.	1.89%	218,875,028	$670M	added+1%	+0.42 pp	4 q
MSFTMicrosoft Corp	1.87%	2,982,918	$663M	trimmed−1%	−0.03 pp	31 q
TXNTexas Instruments Incorporated	1.85%	4,000,887	$657M	trimmed−2%	+0.11 pp	22 q
ELVElevance Health, Inc.	1.84%	2,032,355	$653M	trimmed−6%	+0.09 pp	25 q
AXPAmerican Express Company	1.75%	5,139,776	$621M	added+19%	+0.45 pp	31 q
SLBSLB Limited	1.75%	28,394,078	$620M	trimmed−10%	+0.28 pp	31 q
ABXBarrick Mining Corporation	1.72%	26,813,211	$611M	trimmed−10%	−0.78 pp	31 q
ADIAnalog Devices, Inc.	1.66%	3,992,822	$590M	added0%	+0.27 pp	24 q
TRVThe Travelers Companies, Inc.	1.49%	3,778,486	$530M	trimmed−1%	+0.26 pp	16 q
BKNGBooking Holdings Inc.	1.48%	235,381	$524M	trimmed−1%	+0.26 pp	10 q
GOOGAlphabet Inc. Class C	1.42%	287,045	$503M	trimmed−10%	+0.02 pp	27 q
IMOImperial Oil Limited	1.41%	26,315,230	$499M	added+1%	+0.47 pp	22 q
AEMAgnico Eagle Mines Ltd.	1.36%	6,838,305	$481M	trimmed−14%	−0.54 pp	31 q
CMICummins Inc.	1.34%	2,097,125	$476M	trimmed−1%	0.00 pp	21 q
USBU.S. Bancorp	1.31%	9,979,175	$465M	trimmed−0%	+0.23 pp	31 q
NOVNOV Inc.	1.30%	33,564,211	$461M	trimmed−0%	+0.38 pp	31 q
FMXFomento Economico Mexicano, S.a.b. De C.v.	1.28%	6,000,426	$455M	added+7%	+0.33 pp	4 q
UNPUnion Pacific Corp.	1.18%	2,009,581	$418M	trimmed−1%	−0.02 pp	22 q
UHSUniversal Health Services, Inc. Class B	1.17%	3,017,862	$415M	trimmed−1%	+0.20 pp	11 q
FLSFlowserve Corporation	1.16%	11,140,003	$411M	trimmed−3%	+0.22 pp	24 q
WTWWillis Towers Watson Public Limited Company	1.16%	1,962,058	$413M	trimmed−2%	−0.09 pp	20 q
BROBrown & Brown, Inc.	1.12%	8,354,734	$396M	trimmed−1%	−0.02 pp	27 q
HCAHCA Healthcare, Inc.	1.10%	2,367,761	$389M	trimmed−0%	+0.21 pp	11 q
BRK.ABerkshire Hathaway Inc.	1.08%	1,102	$383M	trimmed−1%	+0.01 pp	31 q
YAlleghany Corporation	1.07%	626,867	$378M	trimmed−0%	+0.09 pp	31 q
WRBW.R. Berkley Corporation	1.07%	5,704,411	$379M	trimmed−1%	+0.02 pp	31 q
XRAYDENTSPLY SIRONA Inc.	1.07%	7,239,020	$379M	trimmed−1%	+0.11 pp	11 q
CRMSalesforce, Inc.	1.07%	1,700,247	$378M	added+2%	−0.18 pp	3 q
VMRKVivmark Residential	1.01%	6,045,194	$358M	added0%	+0.08 pp	4 q
IPGPIPG Photonics Corporation	1.01%	1,606,609	$360M	trimmed−2%	+0.18 pp	10 q
TFCTruist Financial Corporation	0.99%	7,341,728	$352M	trimmed−16%	−0.01 pp	31 q
GOOGLAlphabet Inc. Class A	0.98%	198,597	$348M	added+1%	+0.11 pp	21 q
WFCWells Fargo & Co.	0.92%	10,781,068	$325M	added+1%	+0.16 pp	8 q
TDCTeradata Corporation	0.86%	13,631,268	$306M	trimmed−1%	−0.08 pp	29 q
SCHWThe Charles Schwab Corporation	0.85%	5,677,898	$301M	trimmed−0%	+0.23 pp	6 q
MMM3M Company	0.82%	1,659,969	$290M	trimmed−35%	−0.41 pp	31 q
RGLDRoyal Gold Inc	0.80%	2,655,061	$282M	added+5%	−0.11 pp	31 q
UGIUGI Corporation	0.72%	7,289,826	$255M	trimmed−1%	−0.01 pp	22 q
KHCThe Kraft Heinz Company	0.71%	7,271,606	$252M	added+1%	+0.06 pp	6 q
BXPBXP, Inc.	0.67%	2,500,553	$236M	added+1%	+0.07 pp	3 q
EXPDExpeditors International of Washington, Inc.	0.67%	2,493,391	$237M	added+3%	+0.01 pp	4 q
FNVFranco-Nevada Corporation	0.67%	1,903,285	$239M	trimmed−1%	−0.14 pp	31 q
CCUCompania Cervecerias Unidas S.A.	0.60%	14,533,116	$214M	added+9%	+0.08 pp	27 q
PPGPPG Industries, Inc.	0.47%	1,155,857	$167M	trimmed−4%	+0.03 pp	4 q
DEIDouglas Emmett, Inc.	0.45%	5,465,697	$159M	trimmed−0%	+0.04 pp	3 q
SMGThe Scotts Miracle-Gro Company	0.44%	792,055	$158M	trimmed−0%	+0.08 pp	31 q
KLKirkland Lake Gold Ltd Ordinary	0.29%	2,522,700	$104M	added+53%	+0.05 pp	4 q
BTGB2Gold Corp.	0.28%	17,612,461	$99M	held	—	23 q
NGNovaGold Resources Inc.	0.27%	9,965,761	$96M	added+13%	−0.05 pp	20 q
AGIAlamos Gold Inc. Class A	0.22%	9,110,996	$80M	added+34%	+0.04 pp	17 q
MQ8Mag Silver Corp	0.19%	3,280,988	$67M	held	—	24 q
BDXBecton, Dickinson and Co.	0.18%	252,658	$63M	new	+0.18 pp	new
EPDEnterprise Products Partners L.P.	0.16%	2,857,106	$56M	held	—	4 q
GDGeneral Dynamics Corporation	0.13%	309,854	$46M	added+24%	+0.03 pp	20 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.11%	107,250	$38M	added+21%	+0.03 pp	2 q
ROSTRoss Stores Inc	0.09%	256,167	$31M	added+100%	+0.05 pp	2 q
AUAngloGold Ashanti plc	0.08%	1,286,240	$29M	held	—	31 q
WEPMagellan Midstream Partners	0.08%	646,119	$27M	new	+0.08 pp	new
PEPPepsiCo, Inc.	0.07%	174,249	$26M	added+20%	+0.01 pp	2 q
MDTMedtronic plc	0.07%	226,999	$27M	trimmed−1%	0.00 pp	2 q
ORLAOrla Mining Ltd	0.06%	3,995,382	$22M	new	+0.06 pp	new
KGCKinross Gold Corporation	0.05%	2,275,478	$17M	held	—	11 q
VVISA Inc.	0.05%	74,904	$16M	added×2.0	+0.03 pp	2 q
0VQJLTe Connectivity Ltd	0.05%	140,752	$17M	added×2.0	+0.03 pp	2 q
HDHome Depot, Inc.	0.03%	43,467	$12M	trimmed−1%	−0.01 pp	2 q
SJTSan Juan Basin Royalty Trust UBI	0.03%	4,098,935	$11M	trimmed−0%	0.00 pp	31 q
SHWThe Sherwin-Williams Company	0.03%	15,855	$12M	added+58%	+0.01 pp	8 q
SBUXStarbucks Corp	0.03%	111,909	$12M	added+24%	+0.01 pp	2 q
SPGIS&P Global Inc.	0.01%	9,946	$3M	trimmed−47%	−0.01 pp	2 q
ACNAccenture PLC	0.01%	15,717	$4M	trimmed−45%	−0.01 pp	2 q
BTIBritish American Tobacco p.l.c.	0.00%	835	$31,000	new	0.00 pp	new
unresolvedCrh PLC	0.00%	148	$6,000	new	0.00 pp	new
CMLSQCumulus Media Inc A	0.00%	14,221	$124,000	held	—	4 q
DEODiageo plc	0.00%	38	$6,000	new	0.00 pp	new
FTSIFts International Inc-cl A	0.00%	22,101	$424,000	new	0.00 pp	new
unresolvedGlaxosmithkline PLC	0.00%	324	$12,000	new	0.00 pp	new
JILLJ.Jill, Inc.	0.00%	113,967	$425,000	new	0.00 pp	new
LYGLloyds Banking Group PLC	0.00%	5,102	$10,000	new	0.00 pp	new
SNYSanofi	0.00%	368	$18,000	new	0.00 pp	new
unresolvedUnilever Spn.Adr 1:1	0.00%	335	$20,000	new	0.00 pp	new
VARVarian Medical Systems, Inc.	—	−1,338,369	—	exited	−0.69 pp	—
MLMMartin Marietta Materials	—	−115,000	—	exited	−0.08 pp	—
BALLBall Corporation	—	−300,000	—	exited	−0.07 pp	—
ICEIntercontinental Exchange Inc.	—	−226,700	—	exited	−0.07 pp	—
AONAon plc Class A	—	−119,500	—	exited	−0.07 pp	—
FTITechnipFMC plc	—	−2,646,283	—	exited	−0.05 pp	—
HALOHalozyme Therapeutics, Inc.	—	−483,800	—	exited	−0.04 pp	—
WFC.PRLWells Fargo & Company	—	−8,535	—	exited	−0.03 pp	—
BAXBaxter International Inc.	—	−80,778	—	exited	−0.02 pp	—
CMECME Group Inc.	—	−39,491	—	exited	−0.02 pp	—
OTISOtis Worldwide Corporation	—	−102,156	—	exited	−0.02 pp	—
RPMRPM International, Inc.	—	−69,691	—	exited	−0.02 pp	—