First Eagle Investment Management 13F Portfolio · Jean Marie Eveillard

The biggest buys cluster around one idea: pay up for durable, cash‑rich franchises and accept near‑term noise. The new Booking position at 1.46% of the book is the clearest statement – a large, upfront allocation that says they believe high‑end travel and online distribution power still have a long runway.

On the defensive‑growth side, they pushed hard into medical technology. Becton Dickinson is now 3.49% after a 15.8% share add, and Medtronic’s stake was expanded by 37.2%, a clear expression that procedure volumes and device innovation matter more than quarterly sentiment. Those adds, alongside incremental increases in Elevance and HCA, show a broad healthcare re‑rate in the portfolio.

In services and software, the pattern is similar. They lifted Automatic Data Processing by 81.6%, Microsoft by 46.4%, and Salesforce and Workday by double digits, even though Salesforce and Workday sit below cost (negative gain_vs_avg_buy_pct). That willingness to average into red ink in large‑cap software underscores a view that mission‑critical platforms and payroll infrastructure will compound through any cyclical wobble.

Elsewhere in financials and real assets, they meaningfully grew Brown & Brown (+32.9%) and Fiserv (+44.9%), leaning into fee‑based insurance distribution and payments infrastructure. And they quietly added to Weyerhaeuser (+10.6%) – a bet that timberland and housing‑linked real estate remain underappreciated duration assets in a choppy rate backdrop.

The funding side of the ledger is just as revealing. The largest trim was C.H. Robinson, with shares down 36.4% and roughly $393.2M pulled out. That’s a clear vote that truck brokerage and asset‑light freight are late‑cycle and less attractive than the recurring‑revenue names they bought.

They also continued to de‑risk the most cyclical parts of their energy and industrials book. NOV was cut by 15.7%, and Waters by 15.2%, shrinking exposure to oilfield equipment and high‑ticket analytical instruments. In energy, they modestly eased back Imperial Oil (-2.7%) and trimmed Noble’s peer NOV instead of their more integrated or services lean, showing a preference for diversified cash flow over pure capex torque.

Even within their tech and financial winners, there’s a discipline about harvesting gains at the margin. Taiwan Semiconductor was trimmed 4.0% despite a gain_vs_avg_buy_pct north of 500%, and Bank of New York Mellon was reduced 6.1% after very strong embedded gains. Alphabet saw a 1.2% shave as well, more housekeeping than thesis change, freeing capital without touching the core position size.

The precious‑metals sleeve also saw small, surgical sales. Newmont (-3.8%) and Barrick (-3.2%) were clipped, and Franco‑Nevada and Agnico Eagle were very slightly reduced, reallocating within a still‑sizable gold complex toward higher‑conviction or more efficient expressions like Wheaton Precious Metals and GLD.

On the surface, sector weights look stable: technology barely moved (20.73% vs 20.77% prior), healthcare crept up to 15.62%, and consumer discretionary rose to 9.10%. The story isn’t sector beta; it’s a shift in how they take that beta.

In tech, they’re flat at the sector level but quietly trading chip cyclicality for software durability. Trimming Taiwan Semiconductor while ramping Microsoft, Salesforce, Workday, Oracle, and maintaining Alphabet and Meta shows a clear preference for large‑cap platforms over manufacturing leverage.

Healthcare’s rise from 15.07% to 15.62% comes almost entirely via devices and hospitals: bigger Becton Dickinson, Medtronic, HCA, and Universal Health, with Elevance also nudged higher. That is classic defensive growth – volume‑driven, price‑protected, and less sensitive to rates than pharma or early‑stage biotech.

Consumer discretionary’s jump (7.87% to 9.10%) is quality‑skewed too. Booking, Colgate, Dollar General, Disney, PPG, and Omnicom collectively emphasize brand power and services over highly levered retail. Offsetting these builds, energy slipped (7.12% to 6.77%) and basic materials edged down (11.27% to 10.61%) as they trimmed miners and an oilfield‑equipment name but kept overall gold and energy hedges in place.

Real estate ticked up to 7.18%, but again through relatively resilient vehicles: timber (Weyerhaeuser), residential REITs (Equity Residential, BXP, Extra Space), and an enlarged Fiserv stake classified here. Financials and industrials weights eased slightly as they rotated from banks and freight into insurers, payments, and business services.

This quarter’s moves make it clear First Eagle is less interested in timing the economic cycle than in owning resilient cash‑flow machines that can survive multiple cycles. The composite still carries inflation hedges in gold and energy and a meaningful technology allocation, but the marginal dollar is moving into businesses with sticky customers, pricing power, and fee income.

The build‑out in healthcare devices and hospital operators hints at a view that aging demographics and delayed procedures will support volumes regardless of GDP noise. Likewise, the aggressive adds to payroll, payments, and enterprise software suggest confidence that corporate IT and back‑office budgets will prove more durable than investors fear.

On the risk side, cuts to freight, oilfield equipment, and a modest step‑down in pure‑play miners point to less enthusiasm for capital‑spending‑driven booms. Instead, they appear content to hold a diversified basket of gold and integrated or service‑oriented energy names as insurance rather than as primary return engines.

The standout swing into Booking shows they’re not hiding from cyclicality altogether – they still want exposure to high‑margin, asset‑light demand for travel and experiences – but they want it through global, dominant platforms. Net‑net, the 2026‑Q2 book sketches a manager positioning for a world of muddling growth, persistent inflation risk, and elevated rates, where owning quality cash‑flow streams matters more than calling the next macro print.