First Eagle Global Real Assets Fund: Navigating the Shifting Tides of Q3 2025

Well, what a quarter Q3 2025 turned out to be, wouldn't you say? It truly felt like a period where investors had to contend with a fascinating mix of persistent inflationary pressures, a landscape of ever-shifting geopolitical dynamics, and, of course, the ongoing saga of interest rate uncertainty. For those of us deeply invested in real assets, it presented both its unique set of challenges and, I must say, some genuinely compelling opportunities for the discerning eye.

So, how did the First Eagle Global Real Assets Fund actually fare amidst all this? Frankly, we were pleased to see our characteristic resilience shine through once more. The Fund delivered a stable, and indeed, positive performance during what was, let's be honest, quite a bumpy ride for many broader market indices. Our unwavering focus, as always, remained squarely on safeguarding our investors' purchasing power and meticulously seeking out those truly authentic sources of intrinsic value in an often-unpredictable world.

Diving a bit deeper into the market landscape, inflation, you see, continued to be a particularly sticky wicket. While many had perhaps hoped for a swift, decisive retreat, pricing pressures, particularly noticeable within key commodity sectors and certain services, stubbornly lingered. This, naturally, only served to underscore the enduring, almost timeless, appeal of tangible assets in a portfolio. Beyond that, we observed some rather intriguing shifts in investor sentiment surrounding central bank policies – a constant, almost visible, tug-of-war between the imperative of fighting inflation and the desire to support economic growth. It's a delicate balance, to say the least.

Looking at the key drivers within our portfolio, gold, I'm pleased to report, performed quite admirably. It truly reaffirmed its critical role as a bedrock safe-haven asset, especially amidst the continued global uncertainties and, dare I say, a growing, subtle sense that monetary policy might not be quite as aggressively hawkish as once universally assumed down the line. Our energy holdings, too, continued to be a significant, positive contributor. Strong underlying fundamentals, disciplined capital allocation by producers, and robust global demand – coupled with, well, let's just say a few geopolitical complexities – really kept the sector firing on all cylinders. We're talking about companies here that boast genuine pricing power, not merely those riding cyclical waves.

Infrastructure, that steadfast pillar, provided its typically steady, almost comforting, stream of income and, importantly, resilience. Think about it: essential services, vital utilities, critical transportation hubs – these are assets characterized by their long operational lives and, crucially, often feature inflation-linked revenue streams. They really came into their own during this period. Real estate, predictably, proved to be a bit more of a mixed bag, as it so often is. While higher borrowing costs posed headwinds for some segments, we selectively identified and invested in areas benefiting from strong demographic tailwinds or boasting irreplaceable locations. It's about being incredibly discerning and opportunistic, really.

This past quarter, frankly, truly put our time-tested investment philosophy through its paces, and it certainly proved its mettle. Our deep commitment to thorough fundamental research, our relentless pursuit of undervalued assets with intrinsic worth, and our laser focus on companies that possess the resilience to thrive even in an inflationary environment, truly paid dividends. We aren't in the business of chasing fleeting fads; we're here to help build and protect long-term wealth, carefully and thoughtfully.

So, what lies ahead as we look toward Q4 2025 and beyond? Well, predicting the future is, as they say, a fool's errand, but we do anticipate continued market volatility. Geopolitical risks, the ongoing evolution of economic data, and that ever-present inflation debate are all likely to keep markets on edge. However, our conviction remains firm: real assets, particularly those meticulously selected for their inherent quality and demonstrable pricing power, are absolutely essential for portfolio diversification and the long-term preservation of capital. We are, as always, prepared to adapt our strategies while staying unequivocally true to our core principles.

In sum, Q3 2025 was yet another chapter vividly demonstrating the vital and often underestimated role of real assets in a well-constructed portfolio. We genuinely appreciate your continued trust and look forward to navigating the exciting, albeit sometimes challenging, path ahead together.