After debuting its first ETFs in late 2024, First Eagle Investments just added two more funds to its growing active ETF lineup with the First Eagle Mid Cap Equity ETF (FEMD) and the First Eagle US Equity ETF (USFE). Per a press release, the firm has already accumulated $1.5 billion in assets under management (AUM) since the launch of its first funds.
While it was just over a year ago since the launch of its first ETFs, the First Eagle Global Equity ETF (FEGE) and the First Eagle Overseas Equity ETF (FEOE), First Eagle Investments has brand heritage that dates all the way back to 1864. With $181 billion in AUM (as of December 31, 2025), the firm is leveraging its storied reputation as an asset manager and applying its investment philosophy to the growing active ETF marketplace.
“First Eagle has a strong active management brand so it is great to see them expand their lineup,” said TMX VettaFi head of research Todd Rosenbluth. “Their first two global and international products came out of the gate with momentum, but will benefit from broader awareness in the ETF ecosystem.”
Value-Focused Approach
While FEGE and FEOE focuses on opportunity sets in international markets, FEMD and USFE specifically target U.S. equities. FEMD looks for value in the midcap space, identifying companies with businesses poised for turnarounds, strong growth prospects with disrupted earnings, and those with asset values not recognized by the broader investment community. According to the fund’s product website, the approach begins with 800 midcap equities and narrows the field down to 40–70 holdings after comprehensive fundamental analysis.
USFE uses a similar value-focused approach that draws from the philosophies of legendary investors Benjamin Graham and Warren Buffett. Using a bottom-up research approach, the fund analyzes companies exhibiting strong fundamentals to identify intrinsic value. Systematic and idiosyncratic risk is mitigated by determining a “margin of safety,” which identifies companies with market prices that are below their intrinsic value.
Both funds leverage the deep well of expertise and experience at First Eagle Investments. Bill Hench, head of the small-cap team, manages FEMD. Meanwhile, Matt McLennan, Mark Wright, Manish Gupta and Adrian Jones from the global value team manage USFE.
“These strategies offer investors a compelling combination of quality, liquidity and diversification, which are hallmarks of our active management philosophy,” said Frank Riccio, cead of U.S. wealth solutions at First Eagle Investments. “Since launching our ETF platform, we’ve seen tremendous interest from investors most notably the First Eagle Global Equity ETF (FEGE) recently crossed $1B in AUM in just over a year from inception. These launches represent another step in expanding access to our distinctive investment capabilities across a broader range of investor needs.”
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