First Eagle Funds

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Feb 2, 2007 9:48 pm

If there are any of you that are plugged into First Eagle funds, I would be

curious to know if anyone has insight as to if they will ever re-open

Global or Overseas again. Global is one of my favorite funds, but I can't

seem to find comments on whether they ever intend to re-open.

Feb 3, 2007 2:44 am
Broker24:

If there are any of you that are plugged into First Eagle funds, I would be

curious to know if anyone has insight as to if they will ever re-open

Global or Overseas again. Global is one of my favorite funds, but I can't

seem to find comments on whether they ever intend to re-open.





Unlike some fund companies (cough American Funds cough ), they
realise that their investment strategy has a limited capacity.


Feb 3, 2007 11:58 am
AllREIT:
Broker24:

If there are any of you that are plugged into First Eagle funds, I would be

curious to know if anyone has insight as to if they will ever re-open

Global or Overseas again. Global is one of my favorite funds, but I can't

seem to find comments on whether they ever intend to re-open.





Unlike some fund companies (cough American Funds cough ), they
realise that their investment strategy has a limited capacity.




Hear hear.

I'm disgusted with what American has done.  And so many people just don't seem to get it.  Maybe I'm the fool.....

Feb 3, 2007 2:16 pm
Broker24:

If there are any of you that are plugged into First Eagle funds, I would be
curious to know if anyone has insight as to if they will ever re-open
Global or Overseas again. Global is one of my favorite funds, but I can't
seem to find comments on whether they ever intend to re-open.


Global and Overseas won't be reopening anytime soon. You have to respect the people at 1st eagle.....they will keep upwards of 20-25%cash in their funds when they feel there is no value. If you have positions in the funds you can always add to them..... I wish there were more managers like these guys. They could certainly teach the Calamos family how to run a fund....

Feb 3, 2007 3:03 pm

Ayyy. Calamos Growth was one of the largest positions in my book- and it crapped the bed last year... Repeated calls to them to see why was met with vague bull$hit answers... That position is slowly getting trimmed away to nothing....

Feb 3, 2007 4:26 pm

Actually, I like both First Eagle and American. American actually

outperforms on a risk-adjusted basis. Their model is unique to the

industry, which allows them to do it. This is not kool-aid talking. I've

done my own DD on them. Try beating CAIBX's risk adjusted returns.

Tough to do. $77B and they did 20% last year. But I am a full-fledged

value guy. You have to really study them and understand their model

before you criticize them.



I can design an AF portfolio that does 10.5% all time periods at a .50 Beta

and 4 or 5 alpha's.



Most of their growth funds stink (I only use Europacific). But their value/

G&I funds are real good (I really only use Capital Income Builder, Income

Fund, CWGI, and maybe Fundamental Investors. I also use a couple bond

funds if I need a breakpoint). If American was not so closely tied to EDJ,

most of you would be impressed by their model. JMHO.



But I am always open to input, as I actually seek out other funds that can

beat CIABX on a risk adjusted basis. They are my favorite core holding,

but I like to look at others since I do get concerned about size. But again,

they did 20% last year with $77B in assets, and about 25% in bonds. It's

pretty remarkable. I think they continue to do it because they hold a very

solid core, and can go anywhere they want. And they are really a fund-

of-funds the way they are managed.

Feb 3, 2007 5:35 pm
joedabrkr:




Hear hear.

I'm disgusted with what American has done.  And so many people just don't seem to get it.  Maybe I'm the fool.....





Ultimately a really big fund is going to end up being a closet index
fund or else an active megacap fund. And there is no reason to pay for
either of them.



Another great example of people realising that their strategy has a limited capacity is Graham and Dodd shop, Tweedy Browne.




Feb 3, 2007 9:59 pm

That's sort of a generalization. I'm telling you, look at CAIBX. It's nothing

remotely similar to the S&P.   Big is typically only bad when you are

talking domestic large-cap funds, small-cap funds and certain bond

funds. Something like CAIBX is global, holds domestic bonds, foreign

bonds, cash, and can pretty much go anywhere. This ain't Fidelity

Magellan.