Jean-Marie Eveillard

Jean-Marie Eveillard

Last Update: 2014-09-09

Number of Stocks: 333
Number of New Stocks: 42

Total Value: $41,314 Mil
Q/Q Turnover: 11%

Countries: USA
Details: Top Buys | Top Sales | Top Holdings  Embed:

Jean-Marie Eveillard Watch

  • Eveillard's First Eagle Increases 2 Positions

    First Eagle Investment Management on Aug. 31 reported adding to positions in two holdings: CUI Global Inc. (CUI) and Pain Therapeutics Inc. (PTIE).


    The First Eagle Funds focus on long-term absolute return while protecting against market downturns. Each of the funds have gained year to date.

      


  • First Eagle Overseas Fund Second Quarter 2014 Commentary

    Market Overview


    In the second quarter of 2014, the MSCI EAFE Index rose 4.1%. In Japan, the Nikkei 225 Index increased 2.3% and in Europe, the German DAX and the French CAC 40 indices rose 2.9% and 0.7% respectively. Crude oil rose 3.7 % to $105 a barrel, and the price of gold rose 3.4% to $1,327 an ounce by quarter-end. The U.S. dollar fell 1.8% against the yen and declined 0.6% against the euro.

      


  • First Eagle Global Fund Comments on Teradata Corporation

    The biggest laggard in the portfolio was Teradata Corporation (TDC), a data analytics company. We believe it is a stable cash flow generating business based on recurring maintenance revenues with high customer retention rates.

    From Jean-Marie Eveillard (Trades, Portfolio)’s First Eagle Global Fund Second Quarter 2014 Commentary.  


  • First Eagle Global Fund Comments on Intel Corporation

    Technology stocks also performed well, including Intel Corporation (INTC), as investors have recognized that that company’s scale in manufacturing may give it an edge in winning mobile device business as it evolves its product focus towards this market.

    From Jean-Marie Eveillard (Trades, Portfolio)’s First Eagle Global Fund Second Quarter 2014 Commentary.  


  • First Eagle Global Fund Second Quarter 2014 Commentary

    Market Overview


    In the second quarter of 2014, the MSCI World Index rose 4.9% while in the U.S., the S&P 500 Index increased 5.2% and in Japan, the Nikkei 225 Index increased 2.3%. In Europe, the German DAX and the French CAC 40 indices rose 2.9% and 0.7% respectively. Crude oil rose 3.7 % to $105 a barrel, and the price of gold rose 3.4% to $1,327 an ounce by quarter-end. The U.S. dollar fell 1.8% against the yen and declined 0.6% against the euro.

      


  • First Eagle Global Fund First Quarter 2014 Commentary

    Market Overview


    In the first quarter of 2014, the MSCI World Index rose 1.3%, while in the U.S. the S&P 500 Index increased 1.8%. In Europe, the German DAX Index increased 0.04% and the French CAC 40 Index rose 2.2% during the quarter. The Nikkei 225 Index fell 9.0% over the period. Crude oil rose 3.2% to $102 a barrel, and the price of gold rose 6.5% to $1,284 an ounce by quarter-end. The U.S. dollar fell 2.0% against the yen and it remained relatively unchanged against the euro.

      


  • First Eagle High Yield Fund First Quarter 2014 Commentary

    Market Overview


    High yield bond performance got off to a strong start in the first quarter, benefitting from a relatively benign economic and interest rate environment. There was a surprisingly muted response following the political upheaval in the Ukraine. A dip in new issuance also lent technical support to the market and bolstered demand for those deals that did get completed.

      


  • First Eagle Global Fund - Fourth Quarter 2013 Commentary

    Market Overview In the calendar year 2013, the MSCI World Index rose 26.7%, while in the U.S. the S&P 500 Index increased 32.4%. In Europe, the German DAX increased 25.5% and the French CAC 40 Index rose 18.0% during the year. The Nikkei 225 Index increased 56.7% over the period. Crude oil rose 5.7% to $98.42 a barrel and the price of gold declined 28% to $1,205.65 an ounce by year- end. The U.S. dollar rose 20.8% against the yen and declined 4.3% against the euro.


    When we consider the markets' strong performance in 2013, it might appear that we have an all-clear signal based on higher equity valuations, declining credit spreads, normalizing longer-term interest rate expectations and lower gold prices. But despite the sense of relief implied by asset and commodity price movements, we believe that there are still vulnerabilities in the financial architecture. In particular, when we look at household and sovereign debt levels in the U.S., the country carries more debt than can be naturally paid down through domestic household savings without having to resort to either liquidating assets or imposing higher taxation on assets. Through a generational illusion of policy-induced macro-economic stability, we have built a system dependent on capital markets liquidity and repressed interest rates which camouflage the debt's full impact. This system is vulnerable to confidence shocks, particularly since broker-dealers now hold fewer securities in inventory in the wake of reforms imposed after the 2008 crisis. We believe that what we are witnessing is a Keynesian mirage. Easy monetary and fiscal policy has helped sustain corporate profit margins and valuation multiples, which, in turn, has had a positive ripple effect—boosting net worth and job prospects, encour - aging investment and consumer spending (which otherwise would not have occurred) and lowering household debt service ratios (the percentage of one's income spent paying off interest and amortizing loans).

      


  • Jean-Marie Eveillard on the Merits of the Buffett Vs. Graham Investment Approach



  • Is Timken in Trouble?

    Timken Company (TKR) designs, manufactures and sells products for the friction management and power transmission industry, specializing in tapered roller bearings. As such, the firm generated $5 billion in sales in 2012, with 60% deriving from the domestic market. However, it operates in a highly competitive industry, with both foreign and local rivals like SKF Group, Schaeffler Group and RBC Bearings Inc. (ROLL). In addition to the bearings business, the company operates in the steel industry, producing around 450 grades of carbon and alloy steel. The company will soon be splitting its two main businesses into separately traded firms, so let’s see what motivated investment gurus Robert Olstein (Trades, Portfolio) and Jean-Marie Eveillard (Trades, Portfolio) to sell out their shares in this company.


    Shifting Gears

      


  • First Eagle Global Fund Fourth Quarter Commentary

    Market Overview


    In the calendar year 2013, the MSCI World Index rose 26.7%, while in the U.S. the S&P 500 Index increased 32.4%. In Europe, the German DAX increased 25.5% and the French CAC 40 Index rose 18.0% during the year. The Nikkei 225 Index increased 56.7% over the period. Crude oil rose 5.7% to $98.42 a barrel and the price of gold declined 28% to $1,205.65 an ounce by year- end. The U.S. dollar rose 20.8% against the yen and declined 4.3% against the euro.

      


  • First Eagle Investment Management - Assessing the Impact of Rising Rates

    Why should income investors be worried about the prospect of rising rates?


    After more than three decades of declining interest rates, yields on longer-term Treasuries have approached historic lows. This affects income-oriented investors in a number of ways. One direct consequence of low yields is that investors currently earn relatively little interest on their fixed income investments. From this standpoint, a rise in interest rates would be beneficial, as higher income streams would result. However, the key risk relates to the capital loss that longer-term bonds could face as rates rise. Since price and yield are inversely related, in order for longer-term securities to yield more, the prices of those assets would need to fall.

      


  • First Eagle’s High Risk Investment in the Gold Industry

    Despite plummeting prices and underperformance of industry peers, First Eagle Investment Management LLC continues to invest heavily in the gold industry. The investment firm is not only holding on to previously held stocks, but is increasing his exposure to the market, buying up shares of troubled companies such as Anglogold Ashanti Limited (AU). So the question arises: Why is First Eagle bullish regarding such a company? The answer might lie in the huge discount at which the third-largest gold producer by output is trading, along with a certain degree of long-term optimism.


    Huge Holdings Point to Long-Term Commitment

      


  • Weekly 3-Year Low Highlight: EC, PDH, HL, ROYT

    According to GuruFocus list of 3-year lows, Ecopetrol S.A., Pacific Coast Oil Trust, PetroLogistics LP, and Hecla Mining Company have all reached their 3-year lows.


      


  • Jean-Marie Eveillard Discusses His Preferred Valuation Metric, Views on 'Margin of Safety'



  • Guru Action on Three Stocks at 52-Week Low

    A number of billionaire investors hold today’s featured gold companies, Newmont Mining Corporation (NEM) and Goldcorp Inc. (GG), but none of them currently hold Cencosud SA (CNCO), Chile’s largest retailer. All three companies are at a 52-week low, as revealed by the GuruFocus special feature 52-week low screener.

    Newmont Mining reported its third quarter 2013 net income was $429 million, an increase of 7% over the same quarter a year ago at $400 million. The company’s revenue for the quarter was $2 billion, reflecting a 20% drop from the third quarter in 2012.  


  • Why Jean-Marie Eveillard Can Trust IamGold to Continue Growing

    Gold prices fell once again in November, generating a very uncertain future for those active in the mining industry. The price of the precious metal had dropped by 6.5 percent last month, to a quarterly low of $1,235 per ounce, the largest blow to gold miners since the 12.2% decline in June 2013. However, despite the turbulent market, investment guru Jean-Marie Eveillard decided to increase his stake in IamGold (IAG), a Canadian mid-tier gold mining company.

    What Makes This One Special?
      


  • First Eagle Global Funds Third Quarter Commentary

    Market Overview In the third quarter of 2013, the MSCI World index increased 8.2% while in the U.S. the S&P 500 index rose 5.2%. In Europe, the German DAX increased 8.0% and the French CAC 40 index increased 10.8% during the quarter. The Nikkei 225 index increased 5.7% during the period. Crude oil increased 7.6% to $102.33 a barrel, and the price of gold increased 7.7% to $1,328.01 an ounce at quarter-end. The U.S. dollar fell 0.9% against the yen and dropped 3.8% against the euro.

    Looking back on the quarter, investors might be cheered by the strong market performance. But with the fifth anniversary of the financial crisis upon us, we think it is important to recall the financial fault lines that we monitor globally which keep us from feeling complacent.  


  • First Eagle Investment Management Sells Out Auto Makers, Reduces BRK.B, LO

    The stock picks by Jean-Marie Eveillard’s First Eagle Investment Management over the past 12 months have an average 12-month return of 60.79%. As of the third quarter, the portfolio lists 361 stocks, 62 of them new, and a total value at $34.43 billion, with a quarter-over-quarter turnover of 12%. The portfolio is weighted with top three sectors: basic materials at 19%, technology at 15.2% and financial services at 13.9%.

    In the third quarter of 2013, First Eagle Investment Management reduced its Berkshire Hathaway Inc.(BRK.B) position by 99.85% and sold out two auto manufacturers, General Motors Co. (GM) and Ford Motor Co. (F), both up more than 50% over 12 months. The firm also reduced Lorillard Inc. (LO) by more than 38%. The cigarette maker reported that its third quarter sales of $1.82 billion are up 10% over the third quarter a year ago. The company’s net income is down 8.8% over the same time period, coming in at $258 million (GAAP) for the third quarter of 2013. Earnings of $0.69 per diluted share are also down by 4.2% over last year’s same quarter.  


  • Why These Apparel Retailers Continue to Grow

    Over the past few years, economic uncertainties in the U.S. have created a large market for low priced goods. As customers’ preferences have shifted heavily towards cheaper products, discount apparel retailers such as Ross Stores Inc (ROST) and TJX Companies (TJX) have seen large growth rates. Both companies have been carrying out similar strategies, in order to offer brand-name merchandise at a discount. However, as some differences exist, I intend to uncover what sets these apparel retailers apart.

    Discounts and Scaling  


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