First Eagle Global Income Builder Fund
Aggressive allocation fund
As of its 2026 Q2 report, First Eagle Global Income Builder Fund held 240 positions with $2.52B in net assets. Its ten largest holdings made up 24.6% of the fund. The FEBAX share class costs 1.12% a year. Over the 12 months to May 2026, FEBAX returned 22.3%, with dividends reinvested. In 2026 Q3 it added 26 new positions and exited 14.
First Eagle Global Balanced Fund (Global Balanced Fund or the Fund) seeks long-term growth of capital and current income generation.
The fund pursues a value approach, seeking securities trading at a discount to intrinsic value across a balanced mix of dividend-paying equities (55–75% of assets), fixed income instruments including high-yield debt (25–30%), and gold and precious metals (5–15%). It allocates approximately 80% or more of assets to income-producing securities and at least 30–40% to foreign investments. Gold and precious metals exposure is obtained partly through a wholly-owned Cayman Islands subsidiary, which may hold up to 25% of total fund assets. Because the fund's returns depend on the manager's judgments of intrinsic value and creditworthiness rather than an index, performance will diverge from any benchmark.
What you own
| Company | Weight | Value | Shares | Reported price |
|---|---|---|---|---|
Gold bullion | 8.07% | $203.40M | — | — |
British American Tobacco plc | 2.66% | $67.02M | 1.1M | $58.89 |
Jardine Matheson Holdings Ltd. | 2.35% | $59.21M | 868.6K | $68.17 |
Nestle SA | 1.78% | $44.82M | 442.7K | $101.24 |
Unilever plc | 1.74% | $43.84M | 748.6K | $58.56 |
PWCDFPower Corp. of Canada | 1.71% | $43.02M | 771.2K | $55.79 |
1.61% | $40.52M | 271.8K | $149.04 | |
KT&G Corp. | 1.61% | $40.48M | 336.7K | $120.21 |
Samsung Electronics Co. Ltd. | 1.60% | $40.22M | 372.6K | $107.93 |
United States of America 3.50% · due 2028-01-31 | 1.52% | $38.25M | — | — |
Reported price is the fund's own reported value divided by its own reported shares at 2026-04-30 — not a live quote, and not what the fund paid.
The 200 largest of 240 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Stocks | 63.42% |
| Bonds | 26.14% |
| Real assets | 8.07% |
| Other | 1.04% |
| 3 smaller | 0.78% |
Derivatives are shown at market value, not notional exposure.
By sector
- International
- 45.2%
- Government
- 14.1%
- Other
- 12.1%
- Financials
- 6.3%
- 11 other sectors
- 22.2%
- International
- 45.2%
- Government
- 14.1%
- Other
- 12.1%
- Financials
- 6.3%
- Health Care
- 5.7%
- Energy
- 4.1%
- Real Estate
- 2.6%
- Consumer Staples
- 2.2%
- Communication Services
- 2.1%
- Information Technology
- 1.5%
- Utilities
- 1.1%
- Materials
- 0.9%
- Cash
- 0.8%
- Industrials
- 0.6%
- Consumer Discretionary
- 0.5%
How it has done
FEBAX share class · total returns with dividends reinvested
Volatility over the last 12 months: 12.06%. Past returns are a record, not a forecast.
Jun 2026 and Jul 2026 have been filed since the trailing figures were struck, so they are not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
The 7 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 1.12% | +22.29% | +54.31% | +52.48% | -6.98% | |
| 1.90% | +21.39% | +51.38% | +47.77% | -7.05% | |
| 0.91% | +22.32% | +55.00% | +53.87% | -6.94% | |
| — | — | — | — | — | |
| — | — | — | — | — | |
| — | — | — | — | — | |
| 0.84% | +22.44% | +55.44% | +54.41% | -6.94% |
Fees & fund details
First Eagle Global Income Builder Fund is an aggressive allocation fund.
- Asset class
- Allocation (multi-asset)
- Region
- Global
- Management
- Actively managed
- Fund type
- Open-end fund
- Equity exposure
- Aggressive
- Expense ratio, by class
- 0.84% – 1.90%· FEBAX 1.12%
- Portfolio turnover
- 12.45% a year · as of 2026 Q2
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
26 new· the largest 6
14 exited· the largest 8
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-04-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 89.0% |
| Floating rate | 10.0% |
| Zero-coupon or unclassified | 1.0% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 15.1% |
| 1-3y | 36.3% |
| 3-5y | 24.3% |
| 5-10y | 21.2% |
| 10y+ | 3.1% |
These three overlap — one holding can be in arrears and paying in kind at once — so they are shown separately and never summed.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
Most of this fund’s sensitivity is to interest rates, with credit spreads carrying nearly as much.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Interest rates | 59% |
| Credit spreads | 41% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +0.32 yr |
| High yield | +0.19 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.01 yr | 2% |
| 1 yr | 0.21 yr | 29% |
| 5 yr | 0.37 yr | 50% |
| 10 yr | 0.14 yr | 18% |
| 30 yr | 0.01 yr | 1% |
| 3 mo | 0.01 yr | 1% |
| 1 yr | 0.10 yr | 20% |
| 5 yr | 0.23 yr | 44% |
| 10 yr | 0.12 yr | 23% |
| 30 yr | 0.06 yr | 12% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.01 | +0.00 | +0.00 | $1.0k | $379 |
| 1 yr | +0.21 | +0.03 | +0.07 | $8.4k | $17.2k |
| 5 yr | +0.37 | +0.12 | +0.11 | $29.7k | $27.0k |
| 10 yr | +0.14 | +0.10 | +0.02 | $25.9k | $4.5k |
| 30 yr | +0.01 | +0.06 | +0.00 | $15.9k | $0 |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Duration contribution in years, summing to the fund's 0.74 yr.
This is where the fund's rate exposure sits, not its currency risk — most international bond funds hedge the currency back to dollars, and the size of those hedges is not in the filing. Tenors are also summed across curves, so a 5-year JPY point and a 5-year USD point are added together.
A newer credit-spread reading (2026Q3) is on file. This page holds one quarter across every figure on it, so that one appears here next quarter.
Understand how this fund fits with the rest.
Explore shared holdings, compare funds and follow their businesses with your connected AI:
- “Where do my funds overlap — FEBAX, QQQ and the fund in my 401(k)?”
- “How do this fund’s ten biggest holdings stack up against each other?”
- “For my target-date fund, what’s the real stock-and-bond mix once you look through it?”