An Overview of First Eagle Funds

Arnhold and S. Bleichroeder Advisers, LLC
Investment Adviser to the Funds

The international investment management firm Arnhold and S. Bleichroeder Advisers, LLC serves as the adviser to the First Eagle Funds as well as offering a variety of other investment services. Among their clients are corporations, foundations, endowments, major retirement programs and individuals. The firm, which has its corporate offices on the Avenue of the Americas in New York, employs approximately 100 professionals and has over $45 billion under management.

Arnhold and S. Bleichroeder Advisers, LLC which first gained prominence in the 19th century as a catalyst of industrial development in Germany and other European countries, continues to draw on its strong sense of tradition, commitment to excellence and thorough understanding of the investment process to serve its clients the world over.

First Eagle Funds History

Management's Approach

As value-oriented investors, our approach to asset management is founded on:

• The conviction that absolute long term performance is the best way to preserve capital. Attempting to compete against the short-term movements of the major indices adds volatility and risk
• Incorporating on-site research by visiting companies and speaking with management to gain direct, first-hand knowledge of new ideas and existing investments
• Buying securities whose intrinsic value and long term potential outweighs projected market risk
• Employing seasoned portfolio managers, analysts and traders who offer advice based on their experience
• Rigorous application of bottom-up fundamental analysis and broad diversification is intended to reduce risk

An emphasis on risk management and a focus on consistency of return over the long term are the cornerstones of our investment philosophy. That is the basis from which we strive to meet the specific needs of our clients, reliably and responsibly. At the same time, we recognize the role of innovation and technology in successfully navigating the evolving global market.

The Funds

The First Eagle family of funds, Global Fund, Gold Fund, Overseas Fund, U.S. Value Fund and First Eagle Fund of America, provides a fully complimentary range of value-oriented investment options. While each fund has its own distinct investment mandate, all share a focus on discovering well-managed, undervalued or overlooked companies, as well as special situations.