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First Eagle Global Top Stocks: Berkshire Hathaway Inc., Sanofi-Aventis S.A., Sodexo S.A., Cintas Corp.

Jean-Marie On Value Investing in Japan

October 17, 2009 | About:
(GuruFocus, October 17, 2009) Jean-Marie has stepped down as the day-to-day money manager for First Eagle Global Fund (SGENX). He remains as the Senior advisor, leaving a legacy behind him. Through the end of 3Q09, the fund returned 14.29, 2.11, 8.57, and 12.43% for YTD, 1 year, 5 year, and 10 years (annualized and after sales charges) as compared to MSCI World Index’s 24.90, -2.29, 3.51, and 0.92% for the corresponding same period.

Today, the fund manages about $20 billion.

A $10,000 invested in the fund would have returned a fortune after 30 years.


Too bad the legend cannot be around for another thirty years. Let’s why we started GuruFocus, hopefully our viewers and ourselves can pick up something useful here and the legacy can continue.

First Eagle Global Fund lives up to its name and invest gloabally. As of 3Q09, the fund’s geographic allocation is as follows:

United States28.1%
Gold-Related Investments11.2%
Asia ex-Japan6.7%
Latin America1.3%
Cash and Cash Equivalents7.7%
Source: http://www.firsteaglefunds.com/

Aside from the US, the fund heavily invests in Japan. Recently Eveillard was interviewed by Bloomberg. Eveillard gave his prospective on investing in Japan, and he presented his investment thesis on his top holdings in that market.

As of September 30, 2009, there are the top holdings of First Eagle Funds:

Gold Bullion6.5%
Secom Co. Ltd. | JPN2.5%
Fanuc Ltd. | JPN2.5%
Berkshire Hathaway Inc. | US2.4%
SMC Corp. | JPN2.4%
Sanofi-Aventis S.A. | FRA2.0%
Sodexo S.A. | FRA1.9%
Astellas Pharma Inc. | JPN1.9%
Keyence Corp. | JPN1.8%
Cintas Corp. | US1.7%

Here is a brief review of the US-traded issues:

Berkshire Hathaway Inc. (BRK-A)

Eveillard held a steady number of Warren Buffett’s company Berkshire Hathaway shares since at least. His current holding mounts to almost $500 million. Not a small change or token for one to get into the famous Berkshire Hathaway annual meetings.

Sanofi-Aventis S.A. (NASDAQ:SNY)

This is a French drug maker and its ADR is traded on NYSE under the symbol “SNY”. Sanofi-Synth?labo is a leading global pharmaceutical company. Sanofiaventis has a market cap of $95.32 billion; its shares were traded at around $37.83 with a P/E ratio of 8.37 and P/S ratio of 2.25. The dividend yield of Sanofiaventis stocks is 3.08%.

Eveillard owns about $400 million of the stock, most likely in its native form instead of the ADR.

Sodexo S.A. (SDXAY)

Sodexo SA (Sodexo), formerly Sodexho Alliance SA, another French company, is engaged in food and facilities management services. The Company is organized in two activities: Food and Facilities Management Services, and Service Vouchers and Cards.

Its ADR is traded in the US under the symbol “SDXAY”.

Cintas Corp. (NASDAQ:CTAS)

Cintas Corp. provides a specialized service to businesses of all types - from small service and manufacturing companies to major corporations. The company is divided into two operating segments: Rentals and Other Services. The Rentals operating segment designs and manufactures corporate identity uniforms which it rents to its customers. The Other Services operating segment involves the design manufacture and direct sale of uniforms to its customers as well as the sale of ancillary services including sanitation supplies first aid products and cleanroom supplies. Cintas Corp. has a market cap of $4.44 billion; its shares were traded at around $29.53 with a P/E ratio of 16.6 and P/S ratio of 1.18. The dividend yield of Cintas Corp. stocks is 1.62%. Cintas Corp. had an annual average earning growth of 10.5% over the past 10 years. GuruFocus rated Cintas Corp. the business predictability rank of 5-star.


Eveillard buys value around the world, if you are not happy buying into a global ETF, First Eagle Global may be a candidate.

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Rating: 3.8/5 (11 votes)


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