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First Eagle's Real Time Picks Since June 30, 2010

September 27, 2010 | About:

People buy into mutual fund for the sake of diversification. In order to outperform the market, mutual fund managers have to do something other than owning the market index. As John Bogle showed in his book Little Book of Common Sense Investing, mutual funds with long-serving portfolio managers and records of consistent excellence are the exception rather than the rule. Bogle is big on advocating index fund, but he would admit that there are exceptions --- Jean-Marie Eveillard of the First Eagle Global Fund is one of them.

Since its inception on January 1, 1979, Eveillard returned 14.2% on average per year, beating the MSCI World Index hands down. He has since stepped and become an advisor of the fund, passing the torch to Mathew McLennan and Abhay Deshpande, who pledged to follow the same strategy. One of the things the managers do differently is they also hold a healthy portion of their asset in gold related stocks.

Aside from the Global fund, the firm also offers Overseas, U.S. Value, Gold, and FE America funds. GuruFocus tracks the portfolio of these funds wrapped together under “Jean-Maria Eveillard”. First Eagle even has a gold fund, exclusively investing in both gold bullion and gold mining company.

Here is an interview of the Rachel Benepe, portfolio manager of First Eagle Gold fund:

Another thing the company does uniquely is that they are not afraid of owning a large percent of a company if they find value with the stock. Indexing rules does not apply here. Because SEC requires that when mutual funds owns more than 5% of a company’s equity, they should report position changes days within the transaction. Benefit to the premium members of GuruFocus, for they can see the information within days after the buy or sell – so called “real-time picks”.

There are Jean-Marie’s accumulative real-time picks since the end of 2Q10:

Portfolio change since 2010-06-30:

Symbol As of Date Current Shares Change from Last % of Company
ARDM 2010-09-20 61,712,652 New 36.78%
TRBN 2010-08-17 1,385,479 -25.93% 6.78%
LIA 2010-08-04 6,700,000 +69.96% 5.18%
CTAS 2010-07-30 15,335,713 +0.92% 10.03%
IVAC 2010-07-30 2,974,800 +69.19% 13.35%
SJT 2010-07-30 4,661,347 +0.66% 10.00%

A brief review of the stocks and any holding history before these transactions up to 2Q10:


Aradigm Corp. is a developer of advanced pulmonary drug delivery systems for the treatment of systemic conditions as well as lung diseases. with and P/S ratio of 5.53.


Trubion Pharmaceuticals, Inc. is a biopharmaceutical company creating a pipeline of product candidates to treat autoimmune disease and cancer. Trubion Pharmaceuticals, Inc. has a market cap of $93.29 million; its shares were traded at around $4.5685 with and P/S ratio of 5.18.


Liberty Acq Hgds Cp has a market cap of $1.33 billion; its shares were traded at around $10.31 .

Cintas Corp. (NASDAQ:CTAS)

Cintas Corp. provides a specialized service to businesses of all types - from small service and manufacturing companies to major corporations. Cintas Corp. has a market cap of $4.24 billion; its shares were traded at around $27.72 with a P/E ratio of 18.99 and P/S ratio of 1.19. The dividend yield of Cintas Corp. stocks is 1.73%. Cintas Corp. had an annual average earning growth of 3.7% over the past 10 years.

Intevac Inc. (NASDAQ:IVAC)

Intevac, Inc. is a supplier of static sputtering systems and related manufacturing equipment used to manufacture thin-film disks for computer hard disk drives. Intevac Inc. has a market cap of $225.2 million; its shares were traded at around $10.04 with a P/E ratio of 16.46 and P/S ratio of 2.89.

San Juan Basin Royalty Trust (NYSE:SJT)

San Juan Basin Royalty is an express trust created under the laws of the state of Texas by the San Juan Basin Royalty Trust Indenture. San Juan Basin Royalty Trust has a market cap of $1.11 billion; its shares were traded at around $23.92 with and P/S ratio of 34.97. The dividend yield of San Juan Basin Royalty Trust stocks is 5.04%. San Juan Basin Royalty Trust had an annual average earning growth of 3.1% over the past 10 years.

Check out the complete stock portfolio of First Eagle Global, click http://www.gurufocus.com/holdings.php?GuruName=Jean-Marie+Eveillard.

GuruFocus provides these kind of real time information and insights of Investment Gurus such as Warren Buffettand Jean-Marie Eveillard for Premium Members. If you are not a premium member, click here to sign up or upgrade. 7-Day Free Trial is available.

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