What if you had copied First Eagle Investments?
First Eagle team
The verdict
Copying First Eagle Investments's 13F filings from Feb 2020 would have turned $10,000 into $26,479, more than the S&P 500 did.
The S&P 500 turned the same $10,000 into $24,747 over the same days. The copy returned +15.5% a year against +14.4% for the S&P 500, 1.2 points a year ahead. Its worst fall was 35.2%, from Feb 20, 2020 to Mar 23, 2020. The S&P 500's worst fall over the test was 33.7%.
Copied Feb 11, 2020 to Nov 9, 2026 · SEC 13F filings and daily closes
What $10,000 became
- Copying First Eagle Investments$26,479
- S&P 500$24,747
- Bought their first portfolio and never traded$25,953
If you had bought their first portfolio and never traded, you would have ended at $25,953, so following every move earned $526 more.
- $10,000 copied
- $26,479
- +164.8%, +15.5% a year
- In the S&P 500
- $24,747
- +147.5%, +14.4% a year
- No trading
- $25,953
- Bought their first portfolio and never traded
- Worst fall
- −35.2%
- Feb 20, 2020 to Mar 23, 2020
- Trades
- 169
- 109 buys, 60 sales over 29 filings; about 33% of the copy traded a year
The moves that made the most
- TSMTaiwan Semiconductor+$1,077
Held since Feb 2020, the stock up 653%
- IMOImperial Oil+$1,075
Held since Feb 2020, the stock up 529%
- WPMWheaton Precious Metals+$1,012
Held since Feb 2020, the stock up 426%
- ORCLOracle+$959
Held since Feb 2020, the stock up 139%
- METAMeta Platforms+$912
Held since Feb 2020, the stock up 213%
- NEMNewmont+$702
Held since Feb 2020, the stock up 240%
The moves that cost the most
Held since May 2025, the stock down 71%
- CMCSAComcast−$154
Held since Feb 2020, the stock down 28%
- XRAYDentsply Sirona−$144
Held from Feb 2020 to May 2025, the stock down 69%
- FTITechnipFMC−$143
Held from Feb 2020 to May 2020, the stock down 60%
- IPGPIpg Photonics−$102
Held from Aug 2020 to Aug 2026, the stock down 43%
- BABAAlibaba−$87
Held from Aug 2021 to Aug 2022, the stock down 51%
Year by year
| Year | Copy | S&P 500 | Gap, pts |
|---|---|---|---|
| 2020from Feb 2020 | +11.0% | +13.6% | −2.6 |
| 2021 | +23.7% | +28.7% | −5.0 |
| 2022 | −7.2% | −18.2% | +11.0 |
| 2023 | +18.3% | +26.2% | −7.8 |
| 2024 | +15.9% | +24.9% | −9.0 |
| 2025 | +31.0% | +17.7% | +13.3 |
| 2026to Nov 2026 | +15.7% | +11.5% | +4.2 |
A historical test on paper, before costs and taxes. It trades at the close of the first trading day after each filing comes out, up to 45 days after the quarter, and skips delisted companies, which flatters it.