The portfolio shows a mix of new buys in mining, semiconductors, and niche growth names, alongside additions to established blue chips and reductions in mega-cap tech and energy.
New Buys: Mining, Semiconductors, and Specialty Plays
The most eye-catching new position was Barrick Mining Corp (B), with First Eagle initiating a stake worth $822 million, representing 1.61% of the portfolio. The move underscores the firm’s continued conviction in precious metals and mining equities as hedges against inflation and geopolitical risk.
Other notable new buys included:
- Ferguson Enterprises (FERG) – $130.6 million stake, highlighting exposure to industrial distribution.
- Silicon Motion Technology (SIMO) and FormFactor (FORM) – smaller semiconductor-related positions, signaling interest in the broader chip supply chain.
- Ciena (CIEN) and Axcelis Technologies (ACLS) – both tied to networking and semiconductor equipment.
- Timken (TKR) and Cohu (COHU) – industrial and testing equipment plays.
- Vail Resorts (MTN) – a consumer discretionary bet, albeit modest at $3.7 million.
- Smaller niche names like Axogen (AXGN), 908 Devices (MASS), Flywire (FLYW), and Similarweb (SMWB), each representing micro-positions but suggesting a willingness to explore growth opportunities outside the mega-cap universe.
Taken together, the new buys reflect a barbell strategy: large-scale conviction in mining, paired with exploratory stakes in emerging tech and healthcare.
Additions: Doubling Down on Tech and Industrials
First Eagle also increased stakes in several core holdings, with notable moves including:
- Taiwan Semiconductor (TSM) – now a $1.5 billion position, up 18.6% in shares.
- Becton Dickinson (BDX) – boosted by 59%, signaling confidence in healthcare equipment.
- Alphabet (GOOG) and Comcast (CMCSA) – modest increases, reinforcing exposure to communication services.
- Salesforce (CRM) – shares added by 35.7%, reflecting optimism in enterprise software demand.
- Texas Instruments (TXN) and Expeditors International (EXPD) – incremental increases in semiconductors and logistics.
- Bio-Rad Laboratories (BIO) – a 60% increase, showing conviction in life sciences.
- Oneok (OKE) and International Flavors & Fragrances (IFF) – both doubled, with Oneok up 130% and IFF up 122%, highlighting a tilt toward energy infrastructure and consumer staples.
Smaller additions included PPG Industries (PPG), Enterprise Products Partners (EPD), Shell (SHEL), and Lloyds Banking Group (LYG), suggesting a diversified approach across sectors.
Reductions: Trimming Big Tech and Energy Giants
On the flip side, First Eagle trimmed several large positions, particularly in mega-cap tech and energy:
- Meta Platforms (META) – reduced by nearly 6%, though still a top holding at $2.46 billion.
- Oracle (ORCL) – cut by 9.2%, leaving a $2.44 billion stake.
- Exxon Mobil (XOM) – trimmed by more than 10%, reflecting caution in traditional oil majors.
- Philip Morris (PM) – slashed by 20.6%, one of the largest percentage reductions.
- Imperial Oil (IMO), Wheaton Precious Metals (WPM), HCA Healthcare (HCA), and Willis Towers Watson (WTW) – all saw modest reductions.
- Bank of New York Mellon (BK) – cut by nearly 10%, signaling reduced exposure to financials.
- Newmont (NEM) and Schlumberger (SLB) – trimmed slightly, though both remain significant positions.
The reductions suggest a rebalancing away from concentrated mega-cap bets and a tilt toward diversification.
Reading Between the Lines
The Q2 2025 portfolio paints a picture of a manager hedging against macro uncertainty while still leaning into growth. The biggest conviction buy — Barrick Mining — aligns with rising gold prices and inflation hedging strategies. At the same time, the firm is adding to semiconductors, healthcare, and logistics, sectors tied to long-term structural growth.
The trimming of Meta, Oracle, and Exxon suggests profit-taking after strong runs, or simply a desire to reduce concentration risk. Meanwhile, the addition of smaller, niche names shows First Eagle is willing to place exploratory bets in emerging industries.
Investor Takeaway
For investors tracking institutional flows, First Eagle’s Q2 2025 moves highlight several themes:
- Precious metals and mining remain a hedge against inflation and volatility.
- Semiconductors and healthcare are favored as long-term growth drivers.
- Mega-cap tech and energy are being trimmed, though they remain core holdings.
- Diversification is evident, with small stakes in niche growth companies.
The Bottom Line
First Eagle’s latest portfolio update shows a manager balancing defensive hedges with growth exposure. The firm is clearly preparing for a world of higher volatility, shifting interest rates, and evolving global supply chains. For investors, the message is straightforward: watch where the big money is moving, but remember that even the largest funds are hedging their bets.