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How First Eagle Mixes Moats with Cigar Butts

First Eagle's Abhay Deshpande on the strategy behind portfolio holdings that fit the mold of Graham's cigar butts and others that are more Buffett-like.

How First Eagle Mixes Moats with Cigar Butts
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John Coumarianos: Hi. This is John Coumarianos, senior mutual fund analyst at Morningstar. And I am delighted today to have Abhay Deshpande with us. Abhay is a co-manager of three mutual funds, First Eagle Overseas, First Eagle U.S. Value, and First Eagle Global. These three funds have had extraordinary performance. Overseas and Global have done about 12% annualized for the past 10 years, and U.S. Value doesn't have a history that long, but it has done about 5% annualized for the past five years. All three funds have smashed their peers and their indexes.

Abhay, thanks so much for joining us today.

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John Coumarianos does not own shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.