5
Morningstar FundInvestor
April 2
013
Morningstar Analyst Rating
03-25-13
„
Morningstar Pillars
Process
Performance
People
Parent
Price
Positive
Positive
Positive
Positive
Positive
Morningstar Analyst Rating
Morningstar evaluates mutual funds based on five key pillars, which
its analysts believe lead to funds that are more likely to outperform
over the long term on a risk-adjusted basis.
Analyst Rating Spectrum
Œ „ ´ˇ ¨
Pillar Spectrum
Positive
§
Negative
¶
Neutral
NAV
22.84
22.02
20.36
22.66
19.46
16.62
23.18
25.08
23.04
21.77
18.17
13.30
Total Return %
3.72
13.98
-5.60
19.24
20.64
-20.97
8.39
22.29
16.92
21.83
41.41
12.53
+/-MSCI EAFE
-1.41
-3.34
6.54
11.49
-11.14
22.41
-2.78
-4.05
3.38
1.58
2.82
28.47
+/-MSCI WexUS
0.55
-2.85
8.11
8.09
-20.81
24.56
-8.26
-4.36
0.30
0.92
0.58
27.48
Income Return %
0.00
1.29
1.70
1.65
3.60
0.09
3.47
3.78
3.74
1.32
3.57
1.75
Capital Return %
3.72
12.69
-7.30
17.59
17.04
-21.06
4.92
18.51
13.18
20.51
37.84
10.78
Total Rtn % Rank Cat
49
90
18
65
88
3
25
65
91
87
87
5
Income $
0.00
0.26
0.39
0.32
0.60
0.02
0.87
0.87
0.81
0.24
0.48
0.21
Capital Gains $
0.00
0.90
0.64
0.21
0.00
1.66
3.15
2.20
1.58
0.11
0.14
0.01
Expense Ratio %
.
1.17
1.14
1.17
1.20
1.15
1.12
1.12
1.18
1.25
1.31
1.39
Income Ratio %
.
1.12
0.78
0.76
1.51
1.57
1.54
1.57
1.21
0.90
1.23
0.96
Turnover Rate %
.
10
12
16
9
16
34
28
19
6
3
11
Net Assets $mil
5,535
5,227
4,802
4,999
4,179
3,493
5,480
6,005
5,110
4,267
2,944
912
Performance
03-31-13
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Total
2009
2010
2011
2012
2013
-9.63 16.58 13.82 0.61 20.64
4.37 -4.04
9.39 8.83 19.24
2.07 2.08 -10.29 0.99 -5.60
8.69 -4.29
5.57 3.79 13.98
3.72
. . . .
Trailing
Total +/- MSCI
+/- MSCI
%Rank Growth of
Return% EAFE WexUS
Cat
$10,000
3 Mo
6 Mo
1 Yr
3 Yr Avg
5 Yr Avg
10 Yr Avg
15 Yr Avg
3.72 -1.41
0.55
49 10,372
7.65 -4.39
-1.55
92 10,765
8.77 -2.48
0.41
58 10,877
8.44 3.44
4.03
5 12,752
5.27 6.16
5.66
2 12,928
13.20 3.51
2.27
4 34,551
11.63 7.86
.
3 52,085
Tax Analysis
Tax-Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat
3 Yr (estimated)
5 Yr (estimated)
10 Yr (estimated)
5.60
16
0.94
88
3.10
2
1.05
84
11.02
7
1.42
90
Potential Capital Gain Exposure: 20% of assets
Rating and Risk
Time Load-Adj
Morningstar
Morningstar
Morningstar
Period Return % Rtn vs Cat
Risk vs Cat
Risk-Adj Rating
1 Yr
3.33
3 Yr
6.60
+Avg
Low
5 Yr
4.19
High
Low
10 Yr
12.62
High
Low
Incept
11.58
Other Measures
Standard Index
Best Fit Index
MSCI EAFE
MSCI WexUS
Alpha
4.9
5.2
Beta
0.57
0.59
R-Squared
87
90
Standard Deviation
11.77
Mean
8.44
Sharpe Ratio
0.74
Morningstar’s Take
by Bridget B. Hughes, CFA 03-25-13
First Eagle Overseas has a new category, but the fund
is largely the same.
This fund moved into the foreign large-blend
category from the foreign small/mid-value group at the
end of 2012. This wasn’t the result of a drastic strategy
change or even a byproduct of the management change
from several years ago. Rather, since the global market
sell-off in 2008, the fund’s value-oriented approach has
steered the managers to more large caps, which had
been hit quite hard but which also often have the most
attractive business models. So, whereas this flexible,
all-cap portfolio had spent much of the past decade
near the border between mid-cap and large cap, it has
since moved more decidedly into larger-cap territory.
In its new category, however, the fund still looks
small on an average market-cap basis; its average
market cap is about $8 billion versus its typical peer’s
$32 billion. And while the portfolio does hold a number
of category favorites and index heavyweights, such as
Nestle and Total, it also maintains large positions in
uncommonly seen companies. Firms like Japan’s
Fanuc, at 2.05% of assets, and HeidelbergCement fit
the bill. Furthermore, the fund stands out from the
competition for its comparatively large Japan stake,
its inclusion of gold bullion and gold-mining stocks,
and its hefty cash balance.
Given these and other enduring characteristics,
investors can expect more of the same from the fund
on the performance front. That means the fund will
likely continue to be less volatile than its peers, even
despite its investment in smaller companies. And its
resiliency in down markets--the fund fell nearly 21%
in 2008 compared with the category’s 43.44% average
drop; it declined 5.6% in 2011 versus the category’s
13.83% average fall--has long helped the fund
produce superior results over time.
One caveat to mention is the fund’s size. Whereas
market conditions have dictated the fund’s move up
the market-cap ladder, it remains to be seen whether
the portfolio can reverse course should the investment
climate dictate. Nonetheless, this is a solid
foreign-stock option.
Address:
First Eagle Fund
New York, NY 10105
800-334-2143
Web Address:
Inception:
08-31-93
Advisor:
First Eagle Investment Management, LLC
Subadvisor:
None
NTF Plans:
DATALynx NTF, Federated Tr NTF
Minimum Purchase:
$2500
Add: $100 IRA: $1000
Min Auto Inv Plan:
$100
Add: $100
Sales Fees:
5.00%L,
Management Fee:
0.75%, 0.05%A
Actual Fees:
Mgt:0.75% Dist:0.25%
Expense Projections:
3Yr:$853
5Yr:$1111 10Yr:$1849
Income Distribution:
Annually
Data through March 31, 2013
First Eagle Overseas A
Ticker
Status Yield Total Assets
Mstar Category
SGOVX Open
1.1% $12,894 mil
Foreign Large Blend
67% 68% 75% 76% 76% 70% 74% 71% 70%
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 03-13
Historical Profile
Return
Risk
Rating
High
Low
Highest
Investment Style
Equity
Stock %
Manager Change
Partial Manager Change
Growth of $10,000
Investment Values of
Fund
Investment Values of
MSCI EAFE
Performance Quartile
(within Category)
History
10.0
17.0
24.0
32.4
Portfolio Analysis
01-31-13
Share change since 12-12 Total Stocks:124 Sector
Country
% Assets
Gold Commodity In Ounces
. .
5.33
Grupo Televisa, S.A. ADR
Cnsmr Cyc Mexico
1.82
Keyence Corp
Industrl
Japan
1.70
SECOM Co., Ltd.
Industrl
Japan
1.69
SMC Corporation
Industrl
Japan
1.68
HeidelbergCement AG
Basic Mat
Germany
1.67
Shimano Inc.
Cnsmr Cyc Japan
1.67
Fanuc Corp
Industrl
Japan
1.66
Nestle SA
Cnsmr Def
Switzerland
1.49
Pargesa Holding SA
Industrl
Switzerland
1.45
Thai Beverage Public Com
Cnsmr Def
Thailand
1.37
Astellas Pharma, Inc.
Hlth care Japan
1.35
MS&AD Insurance Group Ho
Finan Svs Japan
1.32
Sanofi
Hlth care France
1.31
KDDI Corp.
Comm Svs Japan
1.27
NKSJ Holdings, Inc.
Finan Svs Japan
1.25
Bouygues
Industrl
France
1.14
Mitsubishi Estate
Real Est
Japan
1.10
Sodexo
Industrl
France
1.06
Haw Par Corporation Limi
Cnsmr Def
Singapore
1.02
Current Investment Style
Market Cap %
Giant
26.6
Large
41.3
Mid
23.6
Small
7.4
Micro
1.0
Avg $mil:
8,814
Value Blnd Growth
Large Mid Small
Country Exposure
% Stock
Japan
36
France
12
Germany
7
Canada
6
Switzerland 5
Regional Exposure
% Stock
UK/W. Europe 38
Japan
36
Asia X Japan 14
N. America 6
Latn America 4
Other
2
Sector
Weightings
% of
Stocks
Rel MSCI
EAFE High
3 Year
Low
Cyclical 39.96
.
BasicMat 15.70
.
16 12
CnsmrCyc12.52
.
15 12
FinanSvs 8.12
.
8 7
Real Est 3.62
.
4 3
Sensitive 37.87
.
CommSrvs 2.23
.
3 1
Energy 5.33
.
6 5
Industrl 26.55
.
34 27
Technlgy 3.76
.
4 3
Defensive22.17
.
CnsmrDef13.93
.
14 10
Hlthcare 7.14
.
8 7
Utilities 1.10
.
1 1
h
r
t
y
u
j
i
o
p
a
k
s
d
f
Composition - Net
(% of Stock)
Cash
22.1
Stocks
70.1
Bonds
0.4
Other
7.5
Foreign
99.7
Growth Measures
% Rel Category
Long-Term Erngs
Book Value
Sales
Cash Flow
Historical Erngs
11.35
2.68
22.79
46.51
1.60
1.13
0.87
2.14
2.93
0.54
Value Measures
Rel Category
Price/Earnings
Price/Book
Price/Sales
Price/Cash Flow
Dividend Yield %
14.42
1.17
0.32
5.71
2.38
1.15
0.78
0.34
1.17
0.84
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2013Morningstar, Inc.All rights reserved. The information herein isnot represented orwarranted to be accurate, correct, complete or
timely. Pastperformance isnoguarantee of future results.Access updated reports at
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