Jean-Marie Eveillard – First Eagle U.S. Value Options Positions & Derivatives (Jun 30, 2025)

As of Jun 30, 2025, the First Eagle U.S. Value portfolio disclosed options positions in its latest SEC 13F filing reported on Aug 06, 2025. These filings include call and put options tied to underlying equity holdings, providing a deeper look at the fund's use of derivatives for exposure and hedging.

The reported options activity included 101 call contracts and 21 put contracts across companies such as iShares iBoxx $ High Yield Corp (HYG), Invesco QQQ Trust, Series 1 (QQQ), SPDR Gold Trust (GLD). Options positions can signal strategies around hedging risk, enhancing leverage, or adjusting portfolio exposure during market shifts.

Balances

First Eagle U.S. Value Options Activity

Date	Symbol	Name	Option	Quantity	Value
Q2 2025	HYG iShares iBoxx $ High Yield Corp	iShares iBoxx $ High Yield Corp	PUT	12,000,000	$967,800,000
Q1 2025	HYG iShares iBoxx $ High Yield Corp	iShares iBoxx $ High Yield Corp	PUT	6,500,000	$518,180,000
Q4 2024	QQQ Invesco QQQ Trust, Series 1	Invesco QQQ Trust, Series 1	PUT	300,000	$153,369,000
Q2 2024	HYG iShares iBoxx $ High Yield Corp	iShares iBoxx $ High Yield Corp	PUT	6,200,000	$478,268,000
Q4 2023	GLD SPDR Gold Trust	SPDR Gold Trust	CALL	700,000	$133,819,000
Q3 2023	HYG iShares iBoxx $ High Yield Corp	iShares iBoxx $ High Yield Corp	CALL	2,500,000	$184,300,000
Q3 2023	HYG iShares iBoxx $ High Yield Corp	iShares iBoxx $ High Yield Corp	PUT	5,000,000	$368,600,000
Q1 2023	EEM iShares MSCI Emerging Index Fun	iShares MSCI Emerging Index Fun	CALL	200,000	$7,892,000
Q1 2023	SPY SPDR S&P 500	SPDR S&P 500	PUT	150,000	$61,408,500
Q4 2022	LQD iShares iBoxx $ Investment Grad	iShares iBoxx $ Investment Grad	PUT	200,000	$21,086,000
Q3 2022	HYG iShares iBoxx $ High Yield Corp	iShares iBoxx $ High Yield Corp	PUT	3,500,000	$249,865
Q3 2022	KWEB KraneShares Trust KraneShares C	KraneShares Trust KraneShares C	CALL	200,000	$4,928
Q3 2020	AON Aon Plc	Aon Plc	PUT	1,280	$90
Q3 2020	BALL Ball Corporation	Ball Corporation	PUT	3,339	$401
Q3 2020	HALO Halozyme Therapeutics, Inc.	Halozyme Therapeutics, Inc.	PUT	4,838	$1,270
Q3 2020	ICE Intercontinental Exchange Inc.	Intercontinental Exchange Inc.	PUT	2,460	$1,009
Q3 2020	MLM Martin Marietta Materials, Inc.	Martin Marietta Materials, Inc.	PUT	1,150	$1,150
Q1 2020	WH Wyndham Hotels & Resorts, Inc.	Wyndham Hotels & Resorts, Inc.	PUT	3,000	$2,370
Q4 2019	ALB Albemarle Corporation	Albemarle Corporation	CALL	2,500	$2,358
Q3 2019	ALB Albemarle Corporation	Albemarle Corporation	CALL	4,000	$3,422
Q3 2019	BIIB Biogen Inc.	Biogen Inc.	CALL	500	$1,840
Q3 2019	G97822103 Perrigo	Perrigo	CALL	1,000	$2,105
Q3 2019	NVT nVent Electric	nVent Electric	CALL	6,000	$90
Q3 2019	Z Zillow Group, Inc.	Zillow Group, Inc.	PUT	4,000	$520
Q2 2019	ALB Albemarle Corporation	Albemarle Corporation	CALL	4,000	$6,888
Q2 2019	BALL Ball Corporation	Ball Corporation	CALL	3,000	$6,345
Q2 2019	EFX Equifax, Inc.	Equifax, Inc.	CALL	3,000	$11,395
Q2 2019	G97822103 Perrigo	Perrigo	CALL	1,000	$1,520
Q2 2019	SNAP Snap Inc.	Snap Inc.	CALL	3,500	$935
Q2 2019	TSN Tyson Foods, Inc.	Tyson Foods, Inc.	CALL	250	$295

Page 1 of 5 • 122 total positions

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