Fund Evaluator:

First Eagle US I Overview

First Eagle US I (FEVIX) is an actively managed Allocation Moderately Aggressive Allocation fund. First Eagle launched the fund in 2001.

The investment seeks long-term growth of capital. The fund will normally invest at least 80% of its net assets (plus any borrowings for investment purposes) in domestic equity and debt instruments and may invest to a lesser extent in securities of non-U.S. issuers. It may invest in any size company, including large, medium and smaller companies. The debt instruments in which the fund may invest include fixed income securities without regard to credit rating or time to maturity and short-term debt instruments.

About First Eagle US I (FEVIX)

There are 3 members of the management team with an average tenure of 7.96 years: Manish Gupta (2025), Mark Wright (2021), Matthew McLennan (2009). Management tenure is more important for actively managed funds than passive index funds.

The fund has 1 primary benchmark: S&P 500 (TR) (1970) index with a weighting of 100%. First Eagle US I has 92 securities in its portfolio. The top 10 holdings constitute 36.4% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.

First Eagle US I is part of the Allocation global asset class and is within the Allocation fund group. First Eagle US I has 3.3% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 74.9%. There is 3.0% allocated to foreign stock, and 0.5% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 3.4% (3.0% domestic bond, 0.4% foreign bond and 0.3% convertible bond). First Eagle US I has 7.6% of the portfolio in cash.

Assets Under Management

The fund has $876 million in total assets, which is above the $572 million average for the Moderately Aggressive Allocation category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.

FEVIX Performance and Fees

The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The First Eagle US I expense ratio is high compared to funds in the Moderately Aggressive Allocation category. First Eagle US I has an expense ratio of 0.89%, which is 14% lower than its category average, making the fund expense ratio grade a C. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.

High portfolio turnover can translate to higher expenses and lower aftertax returns. First Eagle US I has a portfolio turnover rate of 16%, indicating that holds its assets around 0.1 years. By way of comparison, the average portfolio turnover is 34% for the Moderately Aggressive Allocation category.

Recently, in the month of August 2026, First Eagle US I returned 5.9%, which earned it a grade of A, as the Moderately Aggressive Allocation category had an average return of 1.9%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.

First Eagle US I has a trailing yield of 1.88%, which is above the 1.45% category average. The fund normally distributes its income annually and its capital gains annually.

It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.

First Eagle US I Grades

Year to date, the fund has returned 11.5%, 0.3 percentage points worse than the category, which translates into a grade of C. The fund has returned 20.7% over the past year (grade of A), 18.2% over the past three years (grade of B) and 11.9% per year over the past five years (grade of A) and 11.2% per year over the past 10 years (grade of B).

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