The First Eagle Global Real Assets Fund's Q4 2025 performance review highlights a quarter of notable gains and specific detractors. The fund's Class A shares, accessible without a sales charge, achieved a positive return of 2.75%. This segment offers a detailed look into the factors influencing these results, underscoring both the successful investments and those that faced headwinds. Understanding these elements is crucial for investors monitoring the fund's strategy and market positioning.

A thorough analysis of the fund's performance reveals the nuanced interplay of various assets within the global real assets sector. This report aims to dissect the key drivers behind the fund's return, providing insights into its investment philosophy and the market dynamics at play. It serves as an essential update for stakeholders, shedding light on the strategic decisions and their outcomes in the final quarter of 2025.

Quarterly Performance Overview

In the fourth quarter of 2025, the First Eagle Global Real Assets Fund's A Shares (without sales charge*) recorded a return of 2.75%. This positive performance was significantly influenced by a diverse set of investments, showcasing the fund's broad exposure to various real asset categories. The quarter's results reflect the dynamic nature of global markets and the strategic allocation decisions made by the fund's managers. A closer examination of both the top-performing and underperforming assets provides a comprehensive picture of the fund's trajectory during this period.

Leading the charge were several key holdings, including Samsung Electronics Co., Ltd. Pfd Non-Voting, which demonstrated robust growth. Gold bullion continued to act as a significant contributor, underscoring its role as a stable asset. G Mining Ventures Corp, HCA Healthcare Inc., and Grupo Mexico S.A.B. de C.V. Class B also played pivotal roles in boosting the fund's returns. Conversely, certain investments faced challenges, with Douglas Emmett, Inc., GDS Holdings Ltd., PulteGroup, Inc., Charter Communications, Inc. Class A, and Contemporary Amperex Technology Co., Limited Class H identified as the primary detractors. These mixed performances illustrate the complexities inherent in managing a diversified real assets portfolio amidst fluctuating market conditions.

Key Contributors and Detractors

The positive return generated by the Global Real Assets Fund in Q4 2025 was largely propelled by strong performances from several key holdings. Samsung Electronics Co., Ltd. Pfd Non-Voting was a standout contributor, reflecting the robust demand in the technology sector. Gold bullion also proved to be a valuable asset, reinforcing its traditional role as a safe haven and store of value. Further enhancing the fund's gains were G Mining Ventures Corp, HCA Healthcare Inc., and Grupo Mexico S.A.B. de C.V. Class B, each adding significant positive momentum. These diverse assets underscore the fund's strategy of investing across various real asset classes to optimize returns and manage risk effectively.

However, the quarter was not without its challenges, as certain investments experienced declines, tempering the overall fund performance. Douglas Emmett, Inc. was among the leading detractors, alongside GDS Holdings Ltd. and PulteGroup, Inc. These companies, representing sectors such as real estate and infrastructure, faced headwinds that impacted their valuations. Additionally, Charter Communications, Inc. Class A and Contemporary Amperex Technology Co., Limited Class H also contributed negatively to the fund's results. The interplay between these strong performers and the underperforming assets highlights the inherent volatility and opportunities within the real assets market, necessitating a dynamic and responsive investment approach.