A Significant Addition to First Eagle Investment’s Portfolio

This article first appeared on GuruFocus.

First Eagle Investment (Trades, Portfolio) recently submitted its 13F filing for the fourth quarter of 2025, revealing strategic investment decisions made during this period. Established in 1864, First Eagle is a renowned independent investment management firm offering advisory services to a diverse clientele, including private investment funds, institutional accounts, and high-net-worth individuals. The firm is known for its value-oriented approach, focusing on long-term performance to preserve capital. This strategy involves rigorous bottom-up fundamental analysis and on-site research, ensuring a comprehensive understanding of investment prospects. First Eagle prioritizes securities with intrinsic value and long-term potential, aiming to mitigate market risks.

First Eagle Investment (Trades, Portfolio) added a total of 53 stocks to its portfolio in the fourth quarter of 2025. The most significant addition was The Magnum Ice Cream Co NV (NYSE:MICC), with 16,313,055 shares, accounting for 0.46% of the portfolio and valued at $260.54 million. The second largest addition was Dorman Products Inc (NASDAQ:DORM), with 73,342 shares, representing approximately 0.02% of the portfolio, valued at $9.04 million. The third largest addition was Eagle Materials Inc (NYSE:EXP), with 51,334 shares, accounting for 0.02% of the portfolio and valued at $10.61 million.

First Eagle Investment (Trades, Portfolio) also increased its stakes in a total of 175 stocks. The most notable increase was in Weyerhaeuser Co (NYSE:WY), with an additional 23,485,504 shares, bringing the total to 37,621,004 shares. This adjustment represents a significant 166.15% increase in share count, impacting the portfolio by 0.98%, with a total value of $891.24 million. The second largest increase was in Workday Inc (NASDAQ:WDAY), with an additional 2,028,085 shares, bringing the total to 4,338,773. This adjustment represents an 87.77% increase in share count, with a total value of $931.88 million.

First Eagle Investment (Trades, Portfolio) completely exited 35 holdings in the fourth quarter of 2025. Notable exits include PBF Energy Inc (NYSE:PBF), with the sale of all 547,546 shares, resulting in a -0.03% impact on the portfolio. Another significant exit was American Woodmark Corp (NASDAQ:AMWD), with the liquidation of all 159,300 shares, causing a -0.02% impact on the portfolio.

First Eagle Investment (Trades, Portfolio) reduced its position in 167 stocks. The most significant changes include a reduction in Alphabet Inc (NASDAQ:GOOGL) by 1,540,899 shares, resulting in a -47.14% decrease in shares and a -0.68% impact on the portfolio. The stock traded at an average price of $286.38 during the quarter, returning 20.08% over the past three months and 6.40% year-to-date. Another notable reduction was in Cummins Inc (NYSE:CMI), with a decrease of 668,563 shares, resulting in a -46.97% reduction in shares and a -0.51% impact on the portfolio. The stock traded at an average price of $468.09 during the quarter, returning 41.87% over the past three months and 18.65% year-to-date.

As of the fourth quarter of 2025, First Eagle Investment (Trades, Portfolio)’s portfolio included 423 stocks. The top holdings were 4.07% in Alphabet Inc (NASDAQ:GOOG), 3.98% in Becton Dickinson & Co (NYSE:BDX), 3.66% in Meta Platforms Inc (NASDAQ:META), 3.18% in Taiwan Semiconductor Manufacturing Co Ltd (NYSE:TSM), and 3.18% in Wheaton Precious Metals Corp (NYSE:WPM).

The holdings are mainly concentrated in all 11 industries: Basic Materials, Healthcare, Technology, Communication Services, Energy, Consumer Defensive, Financial Services, Industrials, Real Estate, Consumer Cyclical, and Utilities.