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First Eagle Global Fund highlights Charter amid market rally
The fund named Charter Communications as a top detractor in its Q2 2026 investor update, even as the S&P 500 gained 15.2% in the quarter.
First Eagle Global Fund published its Q2 2026 investor update, describing a stronger risk-asset backdrop as easing tensions in the Middle East helped drive a rally. In that quarter, the S&P 500 rose 15.2% and the MSCI EAFE Index gained 10.8%, with growth stocks outperforming value.
In the same update, First Eagle pointed to shifting U.S. interest rate expectations after Kevin Warsh was appointed chair of the Federal Open Market Committee, a move it said pushed Treasury yields higher and strengthened the dollar. The letter also noted tighter credit spreads and elevated equity valuations, alongside continued concerns about fiscal constraints and limited policy flexibility.
According to the update, the fund returned 2.86% in Q2 2026, with emerging markets and developed Europe as the primary contributors. It said developed Asia, excluding Japan, was the only detractor, and it cited information technology and financials as sector leaders, while materials and energy detracted.
The investor letter highlighted Charter Communications, Inc. (NASDAQ: CHTR), a U.S. broadband connectivity company, and also identified it among the leading detractors in the quarter. Charter shares closed at $152.44 on August 31, 2026, and the stock was down 44.5% over the prior 52 weeks, with the fund noting that it lagged the MSCI World Index during the period.
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