Jean-Marie Eveillard
Encyclopedia
Jean-Marie Eveillard is a French-born international investor who currently serves as the senior investment adviser to First Eagle Funds
. Eveillard, who served more than a quarter century as a portfolio manager
, was co-honored in 2001 by Morningstar, Inc.
as "Stock Manager of the Year" and was a finalist for their 2009 "fund manager of the decade award for non-U.S. stocks". In 2003, the group gave him a "Fund Manager Lifetime Achievement" award.
in 1940 and attended the École des Hautes Études Commerciales before entering the world of finance in 1962 with a position at the Société Générale
. In 1970, two years after he relocated to the United States, Eveillard took a position with SoGen International Fund as an analyst, becoming portfolio manager of the SoGen International Fund (as of 2000, First Eagle Global) in 1978. He remained in the position, managing the First Eagle Global, Oversease, Gold, and U.S. Value Funds, until December 31, 2004, during which time he had become — according to Fortune
magazine — "one of Wall Street's best value investors". In 2001, Eveillard was honored as Morningstar's International's "Stock Manager of the Year. In 2003, Morningstar bestowed on Eveillard a "Fund Manager Lifetime Achievement Award", created to recognize "mutual fund managers who throughout their careers have delivered outstanding long-term performance, aligned their interests with shareholders, demonstrated the courage to differ from consensus, and shown the ability to adapt to changes in the industry."
Eveillard transitioned to the role of Senior Adviser to First Eagle Funds in March 2009, a position he also held from January 2005 to March 2007. In 2009, Eveillard was a finalist for the Morningstar "fund manager of the decade award for non-U.S. stocks."
In addition to his role as senior adviser, Eveillard continues to be a member of First Eagle Funds' Board of Trustees and a Senior Vice President of First Eagle Investment Management, LLC.
"In general, there aren't many countries in which we wouldn't invest. But if a country is too economically or politically prevail, we pass. The main country in which we won't invest today is Russia. There's still too much risk for foreign (or even local) investors that you'll think you own an asset and then Mr. Putin decides you don't".
"The knock on diversified funds is that they're index-huggers, which given the geographic breadth of where we invest, is not at all the case for us. I know the argument that you should only own your best 30 or 40 ideas, but I've never proven over time that I actually know in advance what those are".
"Our cash balance is purely a residual of whether or not we're finding enough to invest in".
"If one is wrong in judging a company to have a sustainable competitive advantage, the investment results can be disastrous".
"Top executives from a Japanese property company and casualty insurer we've owned for years just in our office last month explaining the extent of the CDO exposure in their investment portfolio, which was upsetting to us. We said,"Didn't the fact that you were buying a triple-A rated product with a yield much in excess of what you could get from Procter & Gamble sound too good to be true?". But that kind of thing happened around the world.
First Eagle Funds
First Eagle Investment Management, LLC, adviser to the First Eagle Funds traces to a predecessor firm that was founded in 1803 in Berlin, Germany. In 1937, the firm's activities were moved to New York City...
. Eveillard, who served more than a quarter century as a portfolio manager
Portfolio manager
A portfolio manager is either a person who makes investment decisions using money other people have placed under his or her control or a person who manages a financial institution's asset and liability portfolios....
, was co-honored in 2001 by Morningstar, Inc.
Morningstar, Inc.
Morningstar, Inc. is an independent investment research company based in Chicago, Illinois, USA.-Businesses:Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offers an extensive line of products and services for...
as "Stock Manager of the Year" and was a finalist for their 2009 "fund manager of the decade award for non-U.S. stocks". In 2003, the group gave him a "Fund Manager Lifetime Achievement" award.
Biography
Eveillard was born in PoitiersPoitiers
Poitiers is a city on the Clain river in west central France. It is a commune and the capital of the Vienne department and of the Poitou-Charentes region. The centre is picturesque and its streets are interesting for predominant remains of historical architecture, especially from the Romanesque...
in 1940 and attended the École des Hautes Études Commerciales before entering the world of finance in 1962 with a position at the Société Générale
Société Générale
Société Générale S.A. is a large European Bank and a major Financial Services company that has a substantial global presence. Its registered office is on Boulevard Haussmann in the 9th arrondissement of Paris, while its head office is in the Tours Société Générale in the business district of La...
. In 1970, two years after he relocated to the United States, Eveillard took a position with SoGen International Fund as an analyst, becoming portfolio manager of the SoGen International Fund (as of 2000, First Eagle Global) in 1978. He remained in the position, managing the First Eagle Global, Oversease, Gold, and U.S. Value Funds, until December 31, 2004, during which time he had become — according to Fortune
Fortune (magazine)
Fortune is a global business magazine published by Time Inc. Founded by Henry Luce in 1930, the publishing business, consisting of Time, Life, Fortune, and Sports Illustrated, grew to become Time Warner. In turn, AOL grew as it acquired Time Warner in 2000 when Time Warner was the world's largest...
magazine — "one of Wall Street's best value investors". In 2001, Eveillard was honored as Morningstar's International's "Stock Manager of the Year. In 2003, Morningstar bestowed on Eveillard a "Fund Manager Lifetime Achievement Award", created to recognize "mutual fund managers who throughout their careers have delivered outstanding long-term performance, aligned their interests with shareholders, demonstrated the courage to differ from consensus, and shown the ability to adapt to changes in the industry."
Eveillard transitioned to the role of Senior Adviser to First Eagle Funds in March 2009, a position he also held from January 2005 to March 2007. In 2009, Eveillard was a finalist for the Morningstar "fund manager of the decade award for non-U.S. stocks."
In addition to his role as senior adviser, Eveillard continues to be a member of First Eagle Funds' Board of Trustees and a Senior Vice President of First Eagle Investment Management, LLC.
Quotes
"We don't look at gold as a commodity, but as a form of insurance against what Peter Bernstein calls extreme outcomes. In most circumstances in which worldwide equity markets would go down - and not just for a week or two - the price of gold would go up, providing a partial offset to the hits we'd take in out equity portfolio"."In general, there aren't many countries in which we wouldn't invest. But if a country is too economically or politically prevail, we pass. The main country in which we won't invest today is Russia. There's still too much risk for foreign (or even local) investors that you'll think you own an asset and then Mr. Putin decides you don't".
"The knock on diversified funds is that they're index-huggers, which given the geographic breadth of where we invest, is not at all the case for us. I know the argument that you should only own your best 30 or 40 ideas, but I've never proven over time that I actually know in advance what those are".
"Our cash balance is purely a residual of whether or not we're finding enough to invest in".
"If one is wrong in judging a company to have a sustainable competitive advantage, the investment results can be disastrous".
"Top executives from a Japanese property company and casualty insurer we've owned for years just in our office last month explaining the extent of the CDO exposure in their investment portfolio, which was upsetting to us. We said,"Didn't the fact that you were buying a triple-A rated product with a yield much in excess of what you could get from Procter & Gamble sound too good to be true?". But that kind of thing happened around the world.
External links
- Interview with Jean-Marie Eveillard King World NewsKing World NewsKing World News is a web portal that produces radio-like interviews and information about financial topics, especially the precious metals markets. Created by financial writer Eric King, the site presents interviews with individuals and weekly wrap-ups about the financial sector The website also...
(May 6, 2011). Retrieved May 9, 2011