Matthew McLennan First Eagle Investment Management

First Eagle Global Fund Q3: Investors Misunderestimate China

Market Overview In the third quarter of 2013, the MSCI World index increased 8.2% while in the U.S. the S&P 500 index rose 5.2%. In Europe, the German DAX increased 8.0% and the French CAC 40 index increased 10.8% during the quarter. The Nikkei 225 index increased 5.7% during the period. Crude oil increased 7.6% to $102.33 a barrel, and the price of gold increased 7.7% to $1,328.01 an ounce at quarter-end. The U.S. dollar fell 0.9% against the yen and dropped 3.8 . . .


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