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First Eagle Global Fund gains 2.9% in Q2 2026 as risk assets rally

The fund’s Q2 gain came alongside a 15.2% jump in the S&P 500 and a rise in U.S. Treasury yields after a Federal Reserve leadership change.

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

First Eagle Investment Management said its First Eagle Global Fund returned 2.86% in Q2 2026, in a quarter it described as broadly supportive for risk assets. The firm pointed to easing tensions in the Middle East, which it said helped lift major benchmarks, including a 15.2% gain for the S&P 500 and a 10.8% increase for the MSCI EAFE Index.

In its Q2 investor update, First Eagle said growth stocks outperformed value, with the MSCI World Growth Index notably exceeding value returns. The letter also noted that U.S. interest rate expectations shifted after Kevin Warsh was appointed chair of the Federal Open Market Committee, a move it said pushed Treasury yields higher and strengthened the dollar.

While the environment improved, First Eagle flagged ongoing concerns about fiscal constraints and limited policy flexibility. It added that tighter credit spreads and elevated equity valuations reflected strong demand for financial assets, and it cited a post-WWII high in household wealth held in equities.

Regionally, First Eagle said emerging markets and developed Europe were the primary contributors, while Developed Asia excluding Japan was the only detractor and Japan lagged. In sector performance, it said information technology and financials led, while materials and energy detracted, and it reported the fund underperformed the MSCI World Index during the period. The update also highlighted Salesforce, naming the company among its focus areas, and noted Salesforce closed at $257.54 per share on August 31, 2026.

Latest closeS&P 500 7,631.47 ▼0.7%

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