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First Eagle Funds - Bio

Jean-Marie Eveillard

Senior Adviser, Portfolio Management

Born in Poitiers, France in 1940, Mr. Eveillard is a graduate of Ecoles des Hautes Etudes Commerciales, an esteemed French graduate school for economic studies. He started his career in 1962 with Societe Generale until relocating to the United States in 1968. Two years later, Mr. Eveillard began as an analyst with the SoGen International Fund. In 1979, he was appointed as the portfolio manager of the Fund, later named the First Eagle Global Fund. He then went on to manage the First Eagle Overseas and First Eagle Gold Funds at their inception in 1993 as well as the First Eagle U.S. Value Fund in September 2001. After managing the Funds for over 30 years, Mr. Eveillard now serves as Senior Adviser and Board Trustee to First Eagle Funds and as a Senior Vice President of Arnhold and S. Bleichroeder Advisers, LLC.

Mr. Eveillard was named Morningstar's International Manager of the Year in 2001, and in 2003 received a Lifetime Achievement Award from Morningstar for building one of the most successful long-term records in the investment business.

Let me set a 30 year record straight.  

At the beginning of 1979, after 10 years of pleading for an opportunity to invest with a value approach, I was made

portfolio manager of the then $15 million SoGen International Fund – the now $16 billion First Eagle Global Fund. 

I worked alone for 7 years; then I hired several analysts.  I had investment decision responsibility through 2004

(yes, 2004) for the First Eagle Global, Overseas, Overseas Variable and Gold funds as well as for the sub-advised

Offshore fund.

I retired (or thought I did) from daily portfolio management responsibilities and became a senior adviser at the end

of 2004.  I had no expectation, no desire to come back:  been there, done that.  In March 2007 my successor

abruptly resigned.  I was immediately asked back.  I (for one) took to heart the interests of your clients, the First

Eagle Funds shareholders’.  

In September 2007 a few members of the investment team left.  They were replaced.  The in-house team is 10

strong today and Columbia Business School Professor Bruce Greenwald was hired as Director of Research.  Thanks

to Bruce, Columbia Business School –where Benjamin Graham, the founder of the value school used to teach– is

again the number one business school in the U.S. (indeed in the world) for value investing courses.

In June 2008, Arnhold and S. Bleichroeder Advisers hired Matthew McLennan as a portfolio manager and head of

the Global Value team.  Matt joined us in September.  Rather than look for someone quickly, John Arnhold and I

took the time necessary to find the right individual.  That is not a surprise.  For over 200 years, Arnhold & S.

Bleichroeder has served as a home for investment professionals and has been a good home for me for the last 9

years.  The firm has long believed in the value approach to investing and has seen itself as the steward of your

clients’ savings, not as an asset gathering machine.

Matt McLennan has his feet definitely planted in the value camp.  Importantly, he has “temperament” i.e. the

willingness to follow his own path if necessary away from the herd (and the truth is, it’s warmer inside the herd). 

Matt is very diligent: 15 years at Goldman Sachs leave little time for other activities … Matt has skills as

demonstrated by a long record of success at Goldman managing assets.  Also, Matt has the ability to work well with

the team of in-house analysts.  As I have always said, they are the heart of our operation.  Finally, Matt is joined in

his portfolio management duties by Abhay Deshpande who worked closely with me as a senior analyst for 5 years

and then as a portfolio manager for 3 years.

And I’m not leaving.  I’m helping in the transition through March 2009.  Then I will be in a position of senior

advisor until March 2012 and will continue to be a member of the board.  In essence, I will continue to be involved.

I have held on to my First Eagle Funds shares.  Indeed, I bought more a couple of months ago.  As of today, my

investment in the First Eagle Funds is in eight figures.  I plan to buy more next March.  I’m showing my confidence

in Matt, Abhay and the team and I also like the idea of being in the same boat with your clients.  Action speaks

louder than words.

I see that I have just talked much about myself.  That is not my style.  But, I wanted to set the record straight.  With

many thanks for your support.


Jean-Marie Eveillard

Portfolio Manager

First Eagle Funds

July 16, 2009

Words from Jean-Marie Eveillard

"...don’t just assume that the muddle through world will be back soon. Be bottom-up all you want, but pay attention to the top-down."

-Jean-Marie Eveillard


The commentary represents the opinion of Jean-Marie Eveillard, Senior Adviser, as of January 28, 2009 and is subject to

change based on market and other conditions. Mr. Eveillard transitioned to senior adviser on March 26, 2009, a position he

also held from January 2005 to March 2007, and continues to be a member of First Eagle Fund's Board of Trustees and a

Senior Vice President of Arnhold and S. Bleichroeder Advisers, LLC. The opinions expressed are not necessarily those of the

firm. These materials are provided for informational purpose only. These opinions are not intended to be a forecast of future

events, a guarantee of future results, or investment advice. Any statistics contained here have been obtained from sources

believed to be reliable, but the accuracy of this information cannot be guaranteed. The views expressed herein may change

at any time subsequent to the date of issue hereof. The information provided is not to be construed as a recommendation or

an offer to buy or sell or the solicitation of an offer to buy or sell any fund or security.

The First Eagle Funds are offered by First Eagle Funds Distributors, a division of ASB Securities LLC, 1345 Avenue of the

Americas, New York, New York 10105.  This reprint is not authorized for distribution unless accompanied or preceded by a

prospectus.  Investors should consider investment objectives, risks, charges and expenses carefully, which are detailed

in our prospectus.  Please read our prospectus carefully before investing. For further information about the First Eagle

Funds please call 800.334.2143.  Investments are not FDIC insured or bank guaranteed, and may lose value.
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