First Eagle Investment Management, LLC
Reported US equity positions for Q1 2026 — $75.6B across 598 positions.
| Holding | Reported value | Share of portfolio | Shares |
|---|---|---|---|
| MSTR 0 12.01.29 Strategy INC | $16.6B | 22.0% | 20,000,000,000 |
| GOOG Alphabet Inc. - Class C Capital Stock | $2.1B | 2.8% | 7,404,648 |
| BDX Becton, Dickinson and Company | $1.9B | 2.5% | 11,928,111 |
| WPM Wheaton Precious Metals Corp Common Shares (Canada) | $1.9B | 2.5% | 14,156,511 |
| IMO Imperial Oil Limited | $1.8B | 2.4% | 13,972,305 |
| META Meta Platforms, Inc. | $1.8B | 2.4% | 3,193,098 |
| HCA HCA Healthcare, Inc. | $1.5B | 2.0% | 3,254,570 |
| SLB SLB Limited | $1.5B | 1.9% | 28,376,167 |
| FMX Fomento Economico Mexicano S.A.B. de C.V. | $1.4B | 1.9% | 12,902,253 |
| TSM Taiwan Semiconductor Manufacturing Company Ltd. | $1.3B | 1.7% | 3,902,137 |
| FNV Franco-Nevada Corporation | $1.3B | 1.7% | 5,274,537 |
| NEM Newmont Corporation | $1.3B | 1.7% | 12,022,368 |
| G96629103 Willis Towers Watson PLC LTD | $1.3B | 1.7% | 4,339,361 |
| ORCL Oracle Corporation | $1.2B | 1.6% | 8,435,178 |
| ELV Elevance Health, Inc. | $1.2B | 1.6% | 4,132,291 |
| BNY The Bank of New York Mellon Corporation | $1.2B | 1.5% | 9,868,077 |
| CRM Salesforce, Inc. | $1.1B | 1.5% | 6,132,564 |
| WY Weyerhaeuser Company | $1.1B | 1.5% | 46,293,464 |
| CMCSA Comcast Corporation | $1.1B | 1.4% | 37,780,637 |
| XOM ExxonMobil Holdings Corporation | $1.1B | 1.4% | 6,237,614 |
| GLD SPDR Gold Shares | $1.1B | 1.4% | 2,455,741 |
| OKE ONEOK, Inc. | $1.1B | 1.4% | 11,679,175 |
| AEM Agnico Eagle Mines Limited | $1.1B | 1.4% | 5,193,057 |
| ABEV Ambev S.A. American Preferred | $1.0B | 1.3% | 346,984,557 |
| WDAY Workday, Inc. | $988.5M | 1.3% | 7,608,713 |
| PM Philip Morris International Inc | $974.3M | 1.3% | 5,892,458 |
| CHRW C.H. Robinson Worldwide, Inc. | $951.6M | 1.3% | 5,729,983 |
| G5960L103 Medtronic PLC | $870.4M | 1.2% | 10,044,695 |
| EXPD Expeditors International of Washington, Inc. | $851.5M | 1.1% | 5,945,185 |
| B Barrick Mining Corporation | $839.1M | 1.1% | 20,571,232 |
| UHS Universal Health Services, Inc. | $791.8M | 1.0% | 4,424,281 |
| CHTR Charter Communications, Inc. | $772.9M | 1.0% | 3,580,160 |
| NTR Nutrien Ltd. | $753.8M | 1.0% | 9,988,867 |
| BIO Bio-Rad Laboratories, Inc. Class A | $725.5M | 1.0% | 2,602,772 |
| TXN Texas Instruments Incorporated | $713.3M | 0.9% | 3,674,253 |
| CL Colgate-Palmolive Company | $691.8M | 0.9% | 8,116,782 |
| PPG PPG Industries, Inc. | $687.8M | 0.9% | 6,435,076 |
| NOV NOV Inc. | $684.8M | 0.9% | 36,408,359 |
| IFF International Flavors & Fragrances, Inc. | $675.8M | 0.9% | 9,314,670 |
| G65431127 Noble Corp PLC | $665.5M | 0.9% | 13,561,846 |
| ADP Automatic Data Processing, Inc. | $579.0M | 0.8% | 2,849,784 |
| BRO Brown & Brown, Inc. | $575.4M | 0.8% | 8,823,162 |
| VMRK Equity Residential | $560.1M | 0.7% | 9,469,693 |
| OMC Omnicom Group Inc. | $550.0M | 0.7% | 7,303,113 |
| DG Dollar General Corporation | $529.0M | 0.7% | 4,455,622 |
| IPGP IPG Photonics Corporation | $526.4M | 0.7% | 4,593,349 |
| DIS The Walt Disney Company | $506.4M | 0.7% | 5,254,083 |
| EXR Extra Space Storage Inc | $503.4M | 0.7% | 3,838,691 |
| AXP American Express Company | $502.9M | 0.7% | 1,662,628 |
| MSFT Microsoft Corporation | $490.5M | 0.6% | 1,325,098 |
| BXP BXP, Inc. | $485.0M | 0.6% | 9,344,461 |
| WAT Waters Corporation | $469.1M | 0.6% | 1,575,187 |
| USB U.S. Bancorp | $469.0M | 0.6% | 9,018,084 |
| FISV Fiserv, Inc. | $418.2M | 0.6% | 7,495,234 |
| CMI Cummins Inc. | $412.8M | 0.5% | 767,231 |
| FNF Fidelity National Financial, Inc. | $411.9M | 0.5% | 8,880,108 |
| BRK.A Berkshire Hathaway Inc. | $405.7M | 0.5% | 565 |
| GOOGL Alphabet Inc. | $344.6M | 0.5% | 1,198,237 |
| N5505D105 Magnum Ice Cream Co Nv | $333.7M | 0.4% | 22,709,344 |
| CFR Cullen/Frost Bankers, Inc. | $310.6M | 0.4% | 2,265,874 |
Long US equity positions only, as filed. 13F does not cover short positions, cash, bonds or non-US listings, so this is not the whole portfolio.
What changed last quarter
| Holding | Change | Now | Was | Shares |
|---|---|---|---|---|
| BDX Becton, Dickinson and Company | Add | $1.9B | $2.3B | +2% |
| WPM Wheaton Precious Metals Corp Common Shares (Canada) | Trim | $1.9B | $1.8B | -8% |
| IMO Imperial Oil Limited | Trim | $1.8B | $1.6B | -25% |
| META Meta Platforms, Inc. | Add | $1.8B | $2.1B | +1% |
| HCA HCA Healthcare, Inc. | Trim | $1.5B | $1.7B | -11% |
| SLB SLB Limited | Add | $1.5B | $1.1B | +2% |
| FMX Fomento Economico Mexicano S.A.B. de C.V. | Add | $1.4B | $1.3B | +3% |
| TSM Taiwan Semiconductor Manufacturing Company Ltd. | Trim | $1.3B | $1.8B | -34% |
| FNV Franco-Nevada Corporation | Add | $1.3B | $1.1B | +3% |
| NEM Newmont Corporation | Trim | $1.3B | $1.4B | -12% |
| G96629103 Willis Towers Watson PLC LTD | Add | $1.3B | $1.4B | +2% |
| ORCL Oracle Corporation | Add | $1.2B | $1.6B | +2% |
| ELV Elevance Health, Inc. | Add | $1.2B | $1.4B | +3% |
| BNY The Bank of New York Mellon Corporation | Add | $1.2B | $1.1B | +1% |
| CRM Salesforce, Inc. | Add | $1.1B | $1.1B | +42% |
| WY Weyerhaeuser Company | Add | $1.1B | $891.2M | +23% |
| CMCSA Comcast Corporation | Add | $1.1B | $1.1B | +4% |
| XOM ExxonMobil Holdings Corporation | Trim | $1.1B | $933.1M | -20% |
| OKE ONEOK, Inc. | Add | $1.1B | $835.3M | +3% |
| ABEV Ambev S.A. American Preferred | Add | $1.0B | $830.1M | +3% |
| WDAY Workday, Inc. | Add | $988.5M | $931.9M | +75% |
| PM Philip Morris International Inc | Add | $974.3M | $931.6M | +1% |
| CHRW C.H. Robinson Worldwide, Inc. | Trim | $951.6M | $1.5B | -37% |
| G5960L103 Medtronic PLC | Add | $870.4M | $939.0M | +3% |
| EXPD Expeditors International of Washington, Inc. | Trim | $851.5M | $940.6M | -6% |
| B Barrick Mining Corporation | Trim | $839.1M | $1.4B | -36% |
| UHS Universal Health Services, Inc. | Add | $791.8M | $940.4M | +3% |
| CHTR Charter Communications, Inc. | Add | $772.9M | $619.9M | +21% |
| NTR Nutrien Ltd. | Trim | $753.8M | $821.3M | -25% |
| BIO Bio-Rad Laboratories, Inc. Class A | Add | $725.5M | $778.8M | +1% |
| CL Colgate-Palmolive Company | Add | $691.8M | $625.8M | +3% |
| PPG PPG Industries, Inc. | Add | $687.8M | $644.5M | +2% |
| NOV NOV Inc. | Trim | $684.8M | $587.7M | -3% |
| IFF International Flavors & Fragrances, Inc. | Add | $675.8M | $595.2M | +5% |
| G65431127 Noble Corp PLC | Add | $665.5M | $344.4M | +11% |
| VMRK Equity Residential | Add | $560.1M | $582.6M | +2% |
| OMC Omnicom Group Inc. | Add | $550.0M | $512.9M | +15% |
| IPGP IPG Photonics Corporation | Add | $526.4M | $321.3M | +2% |
| DIS The Walt Disney Company | Add | $506.4M | $391.8M | +53% |
| EXR Extra Space Storage Inc | Add | $503.4M | $332.3M | +50% |
New and exited positions are only shown for managers whose entire filed portfolio fits inside the positions stored here. For a manager filing more than that, a holding leaving the stored set is indistinguishable from a holding being sold, so those are reported as adds and trims only.
What a 13F is
Any institutional manager exercising discretion over more than $100 million in US-listed equities must file a Form 13F with the SEC within 45 days of each quarter end, listing what they held on the last day of that quarter. The threshold was set in 1975 and has never been raised, so the filer population now runs to several thousand.
The four things it does not tell you
- It is stale. A filing describes positions as of quarter end and can arrive 45 days later. A manager who sold everything in week one of the new quarter files the same document as one who held.
- Long US equities only. No short positions, no cash, no bonds, no commodities, no foreign listings. A fund that looks heavily long in a 13F may be hedged in instruments that never appear.
- Not the whole firm. Assets are reported by the entity with discretion, so one manager can file under several CIKs, and the figure here is what that entity reported.
- Confidential treatment exists. A manager can apply to delay disclosing a position while building it. Those holdings appear later, if at all.
Why the biggest filers are not the interesting ones
The largest managers by reported value are index providers — they hold nearly everything, in proportion to the indices they track, because clients asked them to. Reading their filings for conviction is a category error. The filings worth attention are concentrated ones, where a small number of positions make up most of the portfolio, since that reflects a decision rather than a mandate.
The share-of-portfolio column is the one to read for this. A position that is 15% of a fund says something; the same dollar amount at 0.2% of an index tracker does not.
Where this comes from
The SEC's own quarterly Form 13F structured data sets, parsed here rather than bought from a vendor. Holdings are identified in the filings by CUSIP, and the mapping from CUSIP to ticker is the awkward part — that identifier is licensed rather than public, so the mapping is resolved through OpenFIGI and built up over time. Around 95% of reported value currently sits on a resolved ticker; the rest shows its CUSIP.
The rest of the section is on the Markets overview — including insider transactions, which are the same idea at the individual level, and the correlation finder, where each ticker's page carries its institutional ownership.