How did First Eagle Investment Management's clone portfolio perform?

The clone portfolio returned +5.20% over 2026-Q2 → latest. Top contributors include WDAY (+0.91%), META (+0.85%), CRM (+0.83%).

Which stocks drove First Eagle Investment Management's returns over the full period?

Cumulative top drivers across all 20 segments: META (+4.74%), ORCL (+4.18%), TSM (+3.51%), XOM (+3.31%), WPM (+3.25%). Top drags: MSTR (-6.66%), CMCSA (-2.42%), ELV (-1.18%), ABEV (-1.12%), CHTR (-0.92%).

Why is this attribution called a 'clone'?

Because we reconstruct the portfolio purely from 13F disclosure at each quarter end — a value-weighted basket of exactly the stocks the fund disclosed, with no trading assumed between filings. It is not the fund's actual return; it isolates the signal in 13F data.

Return Attribution — First Eagle Investment Management

← Portfolio Analysis

Clone backtest (value-weighted, one-quarter signal lag): each position's contribution = its portfolio weight × next-quarter return. Contribution sums equal the segment return of the clone.

Fund

First Eagle Investment Management (13F portfolio cloned at quarter-end weights) delivered a +5.20% return over the 2026-Q2 → latest period. The clone return is the sum of each position's contribution — portfolio weight times next-quarter price return.

Top drivers in 2026-Q2 → latest: WDAY (+0.91%), META (+0.85%), CRM (+0.83%). Biggest drags: WY (-0.44%), CHRW (-0.32%), CMCSA (-0.23%). Across all 20 segmented periods, 25 stocks made a positive cumulative contribution and 18 subtracted from performance.

This attribution is a diagnostic tool, not a trading signal. The clone uses end-of-quarter holdings (45+ days after filing, so stale by design), applies quarter-end prices only, and ignores intra-quarter trades, shorts, and derivatives that 13F cannot show.

2026-Q2 → latest segment return +5.2%

Top contributors

Symbol	Weight	Return	Contrib
WDAY	1.8%	+50.5%	+0.91%
META	3.0%	+28.3%	+0.85%
CRM	1.9%	+43.3%	+0.83%
BDX	3.5%	+19.8%	+0.69%
WPM	2.7%	+19.2%	+0.51%

Biggest drags

Symbol	Weight	Return	Contrib
WY	2.0%	-21.7%	-0.44%
CHRW	1.1%	-28.2%	-0.32%
CMCSA	1.6%	-14.7%	-0.23%
CHTR	0.9%	-24.8%	-0.21%
IPGP	0.7%	-31.1%	-0.2%

2026-Q1 → 2026-Q2 segment return -6.28%

Top contributors

Symbol	Weight	Return	Contrib
TSM	1.7%	+39.6%	+0.69%
GOOG	2.8%	+22.5%	+0.63%
ELV	1.6%	+32.6%	+0.52%
TXN	0.9%	+53.9%	+0.51%
FMX	1.9%	+17.0%	+0.32%

Biggest drags

Symbol	Weight	Return	Contrib
MSTR	22.0%	-30.3%	-6.66%
HCA	2.0%	-17.6%	-0.36%
CHTR	1.0%	-34.1%	-0.35%
WPM	2.5%	-14.1%	-0.35%
IMO	2.4%	-13.9%	-0.34%

2025-Q4 → 2026-Q1 segment return +3.44%

Top contributors

Symbol	Weight	Return	Contrib
IMO	2.8%	+52.4%	+1.48%
XOM	1.6%	+39.7%	+0.65%
SLB	1.9%	+34.7%	+0.65%
NE	0.6%	+73.8%	+0.45%
TSM	3.2%	+11.7%	+0.37%

Biggest drags

Symbol	Weight	Return	Contrib
ORCL	2.8%	-23.6%	-0.67%
WDAY	1.6%	-39.5%	-0.65%
CRM	2.0%	-29.5%	-0.59%
META	3.7%	-12.4%	-0.45%
ELV	2.5%	-16.0%	-0.4%

2025-Q3 → 2025-Q4 segment return +4.01%

Top contributors

Symbol	Weight	Return	Contrib
GOOG	3.3%	+29.2%	+0.97%
B	2.3%	+32.9%	+0.76%
CHRW	2.5%	+21.4%	+0.55%
NEM	2.4%	+18.8%	+0.45%
DG	1.1%	+29.2%	+0.33%

Biggest drags

Symbol	Weight	Return	Contrib
ORCL	4.5%	-30.9%	-1.4%
META	4.5%	-10.2%	-0.45%
CHTR	0.7%	-24.1%	-0.16%
IMO	3.3%	-4.4%	-0.14%
WTW	2.7%	-4.6%	-0.12%

2025-Q2 → 2025-Q3 segment return +9.2%

Top contributors

Symbol	Weight	Return	Contrib
ORCL	4.8%	+28.3%	+1.36%
GOOG	2.6%	+37.0%	+0.97%
B	1.6%	+57.8%	+0.93%
NEM	2.0%	+44.3%	+0.87%
WPM	3.2%	+24.5%	+0.78%

Biggest drags

Symbol	Weight	Return	Contrib
ELV	2.4%	-16.5%	-0.4%
CMCSA	2.5%	-12.0%	-0.3%
PM	2.6%	-10.9%	-0.28%
CRM	1.7%	-12.9%	-0.22%
CHTR	0.6%	-32.7%	-0.2%

2025-Q1 → 2025-Q2 segment return +6.3%

Top contributors

Symbol	Weight	Return	Contrib
ORCL	3.6%	+57.2%	+2.05%
META	4.3%	+28.8%	+1.23%
TSM	2.0%	+37.2%	+0.73%
WPM	3.0%	+16.1%	+0.49%
PM	3.0%	+15.6%	+0.46%

Biggest drags

Symbol	Weight	Return	Contrib
BDX	2.6%	-24.3%	-0.64%
SLB	2.4%	-18.5%	-0.45%
ELV	2.9%	-10.2%	-0.3%
WTW	3.1%	-9.0%	-0.28%
GOLD	1.9%	-12.6%	-0.23%

2024-Q4 → 2025-Q1 segment return +3.8%

Top contributors

Symbol	Weight	Return	Contrib
WPM	2.4%	+38.0%	+0.91%
PM	2.6%	+33.1%	+0.84%
IMO	2.9%	+18.3%	+0.53%
ELV	2.7%	+18.4%	+0.49%
HCA	3.0%	+15.1%	+0.46%

Biggest drags

Symbol	Weight	Return	Contrib
ORCL	4.6%	-16.7%	-0.76%
GOOG	2.8%	-18.3%	-0.52%
TSM	2.5%	-16.6%	-0.41%
CRM	1.8%	-19.7%	-0.35%
NE	0.8%	-24.5%	-0.21%

2024-Q3 → 2024-Q4 segment return -3.67%

Top contributors

Symbol	Weight	Return	Contrib
CRM	1.5%	+22.3%	+0.33%
GOOG	2.3%	+14.0%	+0.32%
TSM	2.1%	+13.8%	+0.29%
WTW	3.1%	+6.7%	+0.21%
AXP	1.5%	+8.9%	+0.13%

Biggest drags

Symbol	Weight	Return	Contrib
HCA	3.8%	-26.1%	-0.98%
ELV	2.3%	-28.8%	-0.67%
NEM	2.1%	-30.4%	-0.62%
IMO	3.1%	-12.1%	-0.38%
ABEV	1.7%	-20.0%	-0.34%

2024-Q2 → 2024-Q3 segment return +5.59%

Top contributors

Symbol	Weight	Return	Contrib
ORCL	4.5%	+20.4%	+0.91%
HCA	3.2%	+25.8%	+0.84%
META	4.0%	+13.3%	+0.53%
PM	2.4%	+21.2%	+0.51%
NEM	1.6%	+27.3%	+0.44%

Biggest drags

Symbol	Weight	Return	Contrib
SLB	2.8%	-10.5%	-0.3%
GOOG	2.8%	-9.2%	-0.25%
FMX	2.3%	-7.5%	-0.17%
ELV	2.5%	-3.7%	-0.09%
SCHW	0.6%	-11.7%	-0.07%

2024-Q1 → 2024-Q2 segment return +0.79%

Top contributors

Symbol	Weight	Return	Contrib
TSM	2.8%	+27.8%	+0.78%
ORCL	4.1%	+12.5%	+0.51%
GOOG	2.3%	+20.9%	+0.49%
ADI	1.7%	+16.8%	+0.29%
WPM	2.3%	+11.9%	+0.27%

Biggest drags

Symbol	Weight	Return	Contrib
FMX	2.9%	-16.6%	-0.48%
SLB	3.4%	-13.4%	-0.45%
CMCSA	3.2%	-9.7%	-0.31%
ABEV	1.8%	-17.3%	-0.31%
WY	1.2%	-20.4%	-0.24%

2023-Q4 → 2024-Q1 segment return +7.18%

Top contributors

Symbol	Weight	Return	Contrib
META	4.7%	+37.6%	+1.78%
ORCL	4.7%	+19.0%	+0.89%
TSM	2.2%	+31.2%	+0.7%
HCA	2.9%	+23.2%	+0.68%
IMO	3.1%	+21.7%	+0.66%

Biggest drags

Symbol	Weight	Return	Contrib
NEM	2.3%	-12.6%	-0.3%
ABEV	2.1%	-11.4%	-0.24%
WPM	2.5%	-4.5%	-0.11%
CMCSA	3.3%	-1.1%	-0.04%
NG	0.2%	-19.8%	-0.03%

2023-Q3 → 2023-Q4 segment return +4.99%

Top contributors

Symbol	Weight	Return	Contrib
META	4.4%	+17.8%	+0.79%
FMX	3.1%	+20.5%	+0.63%
WPM	2.2%	+22.1%	+0.49%
WTW	2.9%	+15.8%	+0.46%
TSM	2.0%	+19.7%	+0.4%

Biggest drags

Symbol	Weight	Return	Contrib
XOM	4.0%	-14.6%	-0.59%
SLB	4.1%	-10.3%	-0.42%
IMO	3.5%	-6.5%	-0.23%
FNV	0.8%	-16.5%	-0.13%
BDX	1.2%	-5.3%	-0.06%

2023-Q2 → 2023-Q3 segment return -2.04%

Top contributors

Symbol	Weight	Return	Contrib
IMO	3.2%	+21.2%	+0.67%
SLB	3.4%	+19.2%	+0.66%
XOM	3.7%	+9.2%	+0.34%
CMCSA	3.5%	+6.7%	+0.23%
META	4.2%	+4.7%	+0.2%

Biggest drags

Symbol	Weight	Return	Contrib
HCA	3.5%	-18.9%	-0.67%
ORCL	5.7%	-11.0%	-0.63%
ABEV	2.5%	-18.9%	-0.48%
TSM	2.3%	-14.2%	-0.33%
WTW	3.0%	-10.9%	-0.33%

2023-Q1 → 2023-Q2 segment return +4.87%

Top contributors

Symbol	Weight	Return	Contrib
ORCL	5.1%	+28.1%	+1.43%
META	3.3%	+35.3%	+1.15%
FMX	2.8%	+17.7%	+0.49%
HCA	3.2%	+15.1%	+0.48%
CMCSA	3.3%	+9.7%	+0.32%

Biggest drags

Symbol	Weight	Return	Contrib
NEM	2.4%	-13.2%	-0.32%
WPM	2.6%	-10.0%	-0.26%
NG	0.3%	-35.9%	-0.11%
XOM	3.9%	-2.2%	-0.09%
ELV	2.2%	-3.1%	-0.07%

2022-Q4 → 2023-Q1 segment return +4.81%

Top contributors

Symbol	Weight	Return	Contrib
META	1.9%	+75.4%	+1.46%
ORCL	4.7%	+13.7%	+0.64%
FMX	2.4%	+21.9%	+0.52%
WPM	2.2%	+23.6%	+0.52%
TSM	1.9%	+24.7%	+0.46%

Biggest drags

Symbol	Weight	Return	Contrib
SCHW	0.9%	-36.9%	-0.35%
SLB	4.1%	-7.7%	-0.31%
ELV	2.5%	-10.1%	-0.26%
WTW	3.3%	-4.6%	-0.15%
ROST	1.3%	-8.6%	-0.11%

2022-Q3 → 2022-Q4 segment return +14.74%

Top contributors

Symbol	Weight	Return	Contrib
ORCL	4.8%	+34.2%	+1.63%
SLB	2.9%	+49.4%	+1.44%
XOM	5.2%	+26.4%	+1.37%
HCA	2.5%	+30.4%	+0.76%
UHS	1.2%	+59.8%	+0.73%

Biggest drags

Symbol	Weight	Return	Contrib
NTR	2.1%	-12.4%	-0.26%
META	2.2%	-11.2%	-0.24%
CHRW	3.1%	-4.9%	-0.15%
GOOG	1.6%	-7.6%	-0.12%
DEI	0.6%	-12.5%	-0.08%

2022-Q2 → 2022-Q3 segment return -7.03%

Top contributors

Symbol	Weight	Return	Contrib
ABEV	2.0%	+12.7%	+0.25%
HCA	2.1%	+9.3%	+0.2%
ROST	0.8%	+20.0%	+0.15%
SCHW	0.7%	+14.1%	+0.1%
DE	0.8%	+11.9%	+0.1%

Biggest drags

Symbol	Weight	Return	Contrib
NEM	3.0%	-29.4%	-0.87%
CMCSA	3.4%	-25.3%	-0.85%
ORCL	5.1%	-12.2%	-0.62%
PM	2.7%	-14.7%	-0.4%
META	2.4%	-15.5%	-0.37%

2022-Q1 → 2022-Q2 segment return -9.38%

Top contributors

Symbol	Weight	Return	Contrib
XOM	4.8%	+3.8%	+0.18%
PM	2.2%	+6.4%	+0.14%
BABA	1.5%	+6.0%	+0.09%
TRV	1.4%	+0.3%	+0.0%
KOF	0.1%	+3.1%	+0.0%

Biggest drags

Symbol	Weight	Return	Contrib
NEM	3.4%	-25.4%	-0.87%
ORCL	5.3%	-16.2%	-0.85%
META	2.8%	-27.9%	-0.77%
CMCSA	3.5%	-16.6%	-0.57%
HCA	1.5%	-33.2%	-0.51%

2021-Q4 → 2022-Q1 segment return +2.84%

Top contributors

Symbol	Weight	Return	Contrib
XOM	3.7%	+35.5%	+1.3%
NEM	2.7%	+30.5%	+0.83%
IMO	2.2%	+34.7%	+0.78%
SLB	2.0%	+38.4%	+0.77%
DE	1.2%	+21.5%	+0.26%

Biggest drags

Symbol	Weight	Return	Contrib
META	2.8%	-33.8%	-0.96%
TSM	2.8%	-13.3%	-0.37%
ORCL	5.6%	-5.2%	-0.29%
CMCSA	3.7%	-6.5%	-0.24%
CRM	1.2%	-16.5%	-0.2%

2021-Q3 → 2021-Q4 segment return +0.89%

Top contributors

Symbol	Weight	Return	Contrib
MSFT	2.1%	+19.3%	+0.41%
NEM	2.6%	+12.5%	+0.32%
TSM	2.8%	+7.7%	+0.21%
XOM	3.8%	+3.9%	+0.15%
GOOG	1.6%	+8.6%	+0.13%

Biggest drags

Symbol	Weight	Return	Contrib
CMCSA	4.3%	-10.0%	-0.43%
BABA	0.9%	-19.8%	-0.18%
CRM	1.4%	-6.3%	-0.09%
AXP	1.9%	-2.6%	-0.05%
TXN	1.7%	-1.7%	-0.03%

Cumulative Contribution (all segments)

Top 10 drivers

META +4.77%
IMO +4.45%
TSM +4.01%
ORCL +4.0%
WPM +3.85%
XOM +3.57%
GOOG +3.03%
HCA +2.74%
PM +2.39%
FMX +1.82%

Top 10 drags

MSTR -6.64%
CMCSA -2.15%
WY -0.78%
CHTR -0.77%
DEI -0.46%
XRAY -0.34%
BXP -0.26%
PPG -0.21%
BKNG -0.2%
BABA -0.19%