First Eagle U.S. Fund Q1 2026 Portfolio Review

First Eagle’s U.S. Fund returned 1.17% in Q1 2026, led by energy and materials exposure and a meaningful allocation to gold bullion. Gold (XAU) was a top contributor and remains a core holding at 12.26% of assets, cited as a strategic hedge amid geopolitical and inflation risks. Energy names — notably Exxon Mobil and SLB — plus Noble and IPG Photonics also boosted performance as oil price strength and supply disruptions supported sector returns. Major detractors included software and tech names such as Workday, Oracle, Salesforce and Meta, though the commentary describes these as resilient with strong fundamentals. The note is essentially a fund-level outlook and portfolio review emphasizing continued conviction in gold and energy positions while retaining a constructive, long-term perspective on weakened technology holdings.