Here's What Jean-Marie Eveillard's First Eagle Bought and Sold Last Quarter

Every quarter, mutual fund managers publicly disclose their quarter-end holdings. Today, let's take a look at First Eagle Investment and see what moves fund manager Jean-Marie Eveillard has made lately.

Meet First Eagle Investment Management, LLC
Jean-Marie Eveillard is the senior investment advisor of First Eagle Funds. He follows a long-term investment strategy rather than the riskier approach of trying to take advantage of short-term trading opportunities. The total market value of First Eagle Investment Management's disclosed equity holdings as of March 31, 2011 -- the latest quarter for which data are available -- was $19.9 billion across 346 holdings.

The fund's 10 largest positions (by value) and associated changes as of March 31 were:

1. Gold Fields (NYSE: GFI  ) -- reduced 0.7%.
2. American Express (NYSE: AXP  ) -- increased 5.4%.
3. ConocoPhillips (NYSE: COP  ) -- increased 4.1%.
4. Grupo Televisa S.A. (NYSE: TV  ) -- increased 22.6%.
5. Cintas (Nasdaq: CTAS  ) – increased 1.2%.
6. Comcast (Nasdaq: CMCSK  ) -- increased 1.5%.
7. Sysco (NYSE: SYY  ) -- increased 103.3%.
8. FirstEnergy (NYSE: FE  ) -- increased 51.6%.
9. Microsoft (Nasdaq: MSFT  ) -- increased 1.4%.
10. Weyerhaeuser (NYSE: WY  ) -- reduced 27.5%.

These top 10 holdings account for 24.06% of the total portfolio.

Here's a look at a few notable movements outside the top 10 holdings:

• Rising positions: The fund substantially increased its positions in Tyco International and Metlife.
• Falling positions: It made big cuts to its holdings of PDL BioPharma and Thermo Fisher Scientific.
• Eliminated positions: During the quarter, the fund sold out of stock positions in Cypress Bioscience and CBS.

Selected Q1 2011 commentary
First Eagle has a diversified portfolio, with materials and industrial stocks making up the largest portion of the company's global portfolio at about 18% each.

Here's where the firm is winning and losing, and making new bets, at the moment:

• Current winner: Weyerhaeuser did well, increasing more than 30% in the first quarter of the present year.
• Current laggard: Microsoft fell 9% in price in the first quarter of 2011.
• New bets: There are many new additions; Colgate-Palmolive was the largest.

So there you have it -- the quick glance at First Eagle's latest moves. Tell us what you think in the comments section below.