First Eagle Global Equity ETF Q3 2025: Portfolio shifts and outlook

First Eagle’s Global Equity ETF posted a measured repositioning in Q3 2025, leaning further into durable, high-quality businesses while maintaining a cautious macro stance. The fund managers prioritized companies with resilient cash flows and strong balance sheets, reducing exposure to highly cyclical and speculative growth names. Sector rotations favored financials and select industrials, reflecting a preference for durable earnings and attractive valuations.

Geographically, the portfolio modestly increased its allocation to Europe and select Asia-Pacific markets where valuation gaps and multi-year restructuring opportunities appeared more compelling than in some U.S. segments. Cash levels were adjusted to preserve optionality amid ongoing rate and geopolitical uncertainty, enabling the team to add to positions on market dislocations.

The managers also rebalanced sector weights by trimming large-cap technology positions that had outperformed earlier in the year and redeploying capital into mid-cap, high-quality companies with clearer near-term earnings visibility. Dividend-paying equities and businesses with repeatable free-cash-flow generation received renewed emphasis as part of the fund’s durable-growth-with-protection mandate.

Risk management remained central: holdings were stress-tested against a range of macro scenarios, and position sizes were managed to limit single-stock concentration. The ETF’s approach continues to blend bottom-up stock selection with top-down risk awareness, aiming to deliver long-term capital appreciation with downside protection.

Looking ahead to Q4 2025, the team highlighted several watch points: inflation persistence, central bank policy paths, and corporate margin resilience in an uneven demand environment. Managers signaled readiness to increase exposure selectively if valuations reset, particularly in undervalued pockets of Europe and Asia.

Investors should view the Q3 adjustments as a tactical recalibration within a long-term, valuation-sensitive investment framework. The ETF’s move toward quality and cash-flow strength reflects an intent to navigate heightened uncertainty while positioning for compounding returns over multiple market cycles.