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.

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