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First Eagle Global Fund flags HCA Healthcare amid hospital volume shift

HCA Healthcare closed at $414.45 on Aug. 31, 2026, as the fund’s Q2 update pointed to patient volume challenges alongside stock growth.

Tuesday, September 1, 2026 · Written up by our desk · Fund Industry

First Eagle Global Fund’s Q2 2026 investor update highlighted HCA Healthcare, citing the company as it discussed its broader market and portfolio positioning during a quarter marked by a strong rally in risk assets. According to the update, easing tensions in the Middle East helped drive gains in the S&P 500 and MSCI EAFE, while shifting U.S. interest rate expectations pushed Treasury yields higher and supported the dollar. The letter also noted tighter credit spreads and elevated equity valuations tied to strong demand for financial assets.

In the fund’s second-quarter letter, First Eagle referenced HCA Healthcare, Inc. (NYSE: HCA), describing it as the operator of hospitals and related healthcare entities. The company closed at $414.45 per share on Aug. 31, 2026, and the stock had returned 3.42% over the prior month, with shares up 2.05% over the past year.

First Eagle’s Q2 2026 materials also included HCA Healthcare among the quarter’s leading detractors listed in its investor letter, alongside other holdings such as gold bullion and Charter Communications. The fund’s update said its Global Fund A Shares returned 2.86% in Q2, with emerging markets and developed Europe as primary contributors, while developed Asia excluding Japan was the only detractor.

Latest closeGold $4,376.80 ▼1.2%|S&P 500 7,631.47 ▼0.7%

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