Firm Overview
FEIM is a limited liability company organized under the laws of the State of Delaware and has been a registered investment adviser
under the Advisers Act since 1995. It is a subsidiary of First Eagle Holdings, Inc., a holding company incorporated in Delaware (“FE
Holdings”). Since 2015, a controlling interest in FE Holdings has been owned by BCP CC Holdings L.P., a Delaware limited
partnership (“BCP CC Holdings”). BCP CC Holdings GP L.L.C., a Delaware limited liability company (“BCP CC Holdings GP”), is the
general partner of BCP CC Holdings and has two managing members, Blackstone Capital Partners VI L.P. (“BCP VI”) and Corsair IV
Financial Services Capital Partners L.P. (“Corsair IV”). BCP VI is indirectly controlled by a public company, Blackstone Inc. (NYSE: BX)
(“Blackstone”). Corsair IV is indirectly controlled by Corsair Capital LLC (“Corsair”). The general partner of Corsair IV is Corsair IV
Management L.P., whose general partner is Corsair, the sole member of which is Corsair Capital, L.P., whose general partner is
Corsair Capital Group, Ltd., of which the controlling member is D.T. Ignacio Jayanti. Investment vehicles indirectly controlled by
Blackstone and Corsair and certain co-investors own a majority economic interest in FE Holdings and FEIM through BCP CC
Holdings.
Investment Advisory Services
FEIM provides investment advisory services primarily to mutual funds, private funds, collective investment trusts, Sociétés
d’investissement à Capital Variable (or SICAV funds), Irish Collective Asset-Management Vehicles (or ICAV funds) and institutional
separately managed accounts (“SMAs”), as well as to a registered, closed-end interval fund. FEIM is the investment adviser to the
First Eagle Funds, First Eagle Variable Funds and to the First Eagle Credit Opportunities Fund (collectively, the “Funds”), which are
registered investment companies.
Client accounts are generally managed by FEIM on a discretionary basis. Investment decisions are not tailored to the individual
needs of clients but are based on the investment strategy chosen by the client, in line with any applicable client guidelines and/or
restrictions. For SMAs, FEIM has agreed with clients to abide by certain restrictions, including but not limited to restrictions on
issuers/securities and/or types of issuers/securities. In FEIM’s management of a client’s account, FEIM is not responsible for and
does not consider any securities, cash or investments otherwise owned by the client or the client’s financial circumstances or
investment objectives outside of the client’s investment with FEIM.
The investment strategies offered by FEIM are as follows:
• Global Value – This strategy seeks to deliver attractive real returns while avoiding the permanent impairment of capital
over time by using a value approach to investing in global equity markets. The investment team follows a bottom-up,
fundamental approach, focusing on companies with businesses that they believe have sustainable profitability and that are
trading at what they believe are significant discounts to their “Intrinsic Values”.1 Additionally, the investment team has the
flexibility to invest in non-equity securities, including cash and cash equivalents, corporate debt, short-term government
bonds and gold.
• International Value – This strategy seeks to deliver attractive real returns while avoiding the permanent impairment of
capital over time by using a value approach to investing in non-U.S. equity markets. The investment team follows a bottom-
up, fundamental approach, focusing on companies with businesses that they believe have sustainable profitability and that
are trading at what they believe are significant discounts to their Intrinsic Values. Additionally, the investment team has the
flexibility to invest in non-equity securities, including cash and cash equivalents, corporate debt, short-term government
bonds and gold.
• Gold – This strategy seeks to deliver attractive real returns while avoiding the permanent impairment of capital over time
by using a value approach to investing in securities directly related to gold or issuers principally engaged in the gold
1 FEIM defines “Intrinsic Value” as its estimate of what a knowledgeable buyer might pay in cash for an entire business. In creating such estimates, while FEIM typically
considers traditional valuation criteria such as price/earnings and price/book ratios, it generally places greater emphasis on cash flow valuation (enterprise value/EBIT)
and on valuations that take the balance sheet into account (enterprise value/net asset value; enterprise value/asset replacement value), while also noting multiples paid
in private market transactions (where possible and applicable).
Form ADV Part 2A Brochure page 5 First Eagle Investment Management, LLC
industry, including securities of gold mining finance companies as well as operating companies with long-, medium- or
short-life mines. The investment team follows a bottom-up, fundamental approach, focusing on companies with businesses
that they believe have sustainable profitability and that are trading at what they believe are significant discounts to their
Intrinsic Values.
• Global Income Builder – This strategy seeks current income generation and long-term growth of capital by using a value
approach to investing primarily in common stocks of U.S. and foreign companies that offer attractive dividend yields and a
range of fixed income instruments, including high-yield, below investment grade instruments (junk bonds), investment
grade instruments and sovereign debt, from markets in the United States and multiple countries around the world. The
investment team follows a bottom-up, fundamental approach, focusing on companies with businesses that they believe
have sustainable profitability and that are trading at what they believe are significant discounts to their Intrinsic Values.
• U.S. Value – This strategy seeks to deliver attractive real returns while avoiding the permanent impairment of capital over
time by using a value approach to investing in U.S. equity markets. The investment team follows a bottom-up, fundamental
approach, focusing on companies with businesses that they believe have sustainable profitability and that are trading at
what they believe are significant discounts to their Intrinsic Values. Additionally, the investment team has the flexibility to
invest in non-equity securities, including cash and cash equivalents, corporate debt, short-term government bonds, gold
and, to a lesser extent, in securities of non-U.S. issuers.
• US Dividend Equity – This strategy seeks capital appreciation and current income using a value approach by investing
primarily in income-producing U.S. equity securities where the dividend is expected to increase over time and to a lesser
extent in hybrid, option and debt securities. In selecting companies for investment, it seeks to identify what it considers to
be high quality companies. While a company selected for investment may not meet all of these characteristics, FEIM
considers a high-quality company to demonstrate some or all of the following: durable competitive advantage(s);
conservative capital structure; prudent management; and attractive financial metrics.
• US Small Cap – This strategy seeks long-term growth of capital by investing in equity securities of small- and micro-cap
companies in an attempt to take advantage of what the team believes are opportunistic situations for undervalued
securities.
• US Smid Cap – This strategy seeks long-term growth of capital by investing in equity securities of small- and midcap
companies in an attempt to take advantage of what the team believes are opportunistic situations for undervalued
securities. The team seeks to invest in small and midcap companies that have become disconnected from their normalized
valuations and have an identifiable catalyst for improvement and positions the team to capture the evolution of quality
businesses as they grow.
• Credit Opportunities – This strategy seeks to provide attractive current income with a secondary objective of providing
long-term risk-adjusted returns by investing in a portfolio of U.S. alternative credit assets across multiple sectors and risk
profiles. The flexibility to allocate capital to both public and private markets enables it to take an opportunistic approach to
its goals. It seeks to mitigate downside risks by building a portfolio of assets across the alternative credit spectrum, with
an emphasis on first-lien, senior-secured assets.
• High Yield – This strategy seeks to provide investors with a level of current income consistently in excess of U.S.
Treasuries. The High Yield Strategy invests in high-yield, below investment-grade instruments, including high-yield
corporate bonds (junk bonds) and loans, municipal bonds, mortgage-backed and asset-backed securities, income
producing convertible securities and preferred stocks.
• Global Real Assets – This strategy seeks long-term capital growth, by investing in a variety of assets believed to represent
interests in ‘‘real assets’’ or ‘‘real asset’’ industries. The strategy primarily invests in equity securities. ‘‘Real assets’’ in
which the strategy invests include physical assets and assets that are otherwise recognized as stores of value, such as
gold bullion or other precious metals, certain commodities and inflation-linked fixed income securities. While the strategy
has no current intention to make direct investments in real estate, land or equipment, it targets the industries of
companies that are related to these assets.
• Global Equity – This strategy seeks capital appreciation using a value approach by investing primarily in US and non-US
equity securities across developed and emerging markets. The investment team follows a bottom-up, fundamental
approach, focusing on companies with businesses that they believe have sustainable profitability and that are trading at
what they believe are significant discounts to their Intrinsic Values.
• International Equity – This strategy seeks capital appreciation using a value approach by investing primarily in non-US
equity securities across developed and emerging markets. The investment team follows a bottom-up, fundamental
Form ADV Part 2A Brochure page 6 First Eagle Investment Management, LLC
approach, focusing on companies with businesses that they believe have sustainable profitability and that are trading at
what they believe are significant discounts to their Intrinsic Values.
Assets under Management
As of December 31, 2022, we managed regulatory assets under management of $82,491,594,832 on a discretionary basis.