AVIV vs FEOE

AVIVAAvantis International Large Cap Value ETF

FEOEAFirst Eagle Overseas Equity ETF

In short

AVIV Avantis takes the academic value playbook overseas: about 600 developed-market large caps screened for cheap prices and strong profitability, at 0.25% a year. Active management without the active-manager price tag.

FEOE First Eagle has run this overseas value playbook as a mutual fund since 1993; the ETF version landed in December 2024. Active picking of non-US companies the team judges underpriced, with MSCI EAFE as the yardstick, for 0.50% a year.

Stated mandate

AVIV The fund seeks long-term capital appreciation through a broadly diversified portfolio of large-capitalization companies in non-U.S. developed countries.

FEOE The Fund seeks long-term capital growth by investing mainly in equities issued by companies outside the United States.

Why people hold it

• AVIV 0.25% a year, against a roughly 0.65% median across active international value funds. Cheap enough that the fee stops being the deciding factor.
• Two screens, not one: cheap valuations plus higher profitability. Both factors are written into the mandate rather than left to a manager's mood.
• About 600 large caps spread across non-US developed markets, so no single name or country steers the fund. Breadth is the design, not a byproduct.
• Among the active international value ETFs we cover, one of the strongest implementations in the group, and it has been running since 2021.

• FEOE 0.50% a year, below the median for active international value ETFs and a hair under JPMorgan's JIVE at 0.55%.
• The house style isn't new. First Eagle's Overseas mutual fund has run this value discipline since 1993; the ETF is the equity-focused expression of it.firsteagle.comfirsteagle.com 2
• MSCI EAFE is the yardstick, not the blueprint. Managers buy non-US companies they judge underpriced, so the portfolio can look nothing like the index.firsteagle.com
• The firm's gold streak carries over: its first shareholder report lists gold-related names such as Wheaton Precious Metals among the fund's contributors.firsteagle.com

Worth knowing

• AVIV Value tilts can lag the broad market for long stretches. This one holds the tilt through those stretches rather than trying to time it.
• Active, with no published index behind it. You are buying the Avantis process, not a rulebook you can audit line by line.
• Large caps only. The same approach for smaller overseas companies lives in a sibling fund, AVDV, which charges 0.36%.

• FEOE Launched December 2024, so the ETF's own live record is short, however long the strategy has run in other wrappers.
• Stock picking costs more than the systematic route to the same corner: AVIV charges 0.25% and AVDV 0.36%.
• Value hunting abroad means stretches out of step with EAFE, and gold-related holdings have historically swung harder than broad equities.firsteagle.com

Full AVIV profile⁠

Full FEOE profile⁠