BAIV vs FEOE: Grades, Fees and Holdings Compared

Brown Advisory International Value Select ETF

BAIVCNasdaq

First Eagle Overseas Equity ETF

FEOEANYSE

Overlap

5.0%by weight

Expense ratio

FEOE −0.10pt a year

BAIV0.60%FEOE0.50%

Avg volume · 30D

FEOE 8.7×the volume

BAIV32.4KFEOE281K

BAIV vs FEOE Performance

Aug 7, 2026 – Nov 9, 2026

+1.2%BAIV−0.3%FEOE

Expense ratio: BAIV 0.60%; FEOE 0.50%, better
Fund size: BAIV $196M; FEOE $2.11B
1Y total return: BAIV No data; FEOE +23.2%
Holdings: BAIV 52; FEOE 76
Avg volume (30D): BAIV 32.4K sh; FEOE 281K sh, better
NAV per share: BAIV $28.76; FEOE $55.09
52W range

ETF.net Grade

Pillar letters and Scores for BAIV, FEOE, with each pillar’s weight
Pillar	BAIV	FEOE
Cost30% weight	C53	A88Higher
Mission25% weight	Not scored	Not scored
Risk15% weight	B56Higher	C51
Tradability15% weight	D34	A70Higher
Holdings10% weight	C50	C51Higher
Durability5% weight	D39	A75Higher

Rank among International Active Value funds

How we build Categories ›

Same Category. BAIV and FEOE are both graded against the same 18 International Active Value funds, so their Grades compare head to head.

International Active Value⁠

Category · 18 funds

See all 18 ›

FEOE ranks 3rd and BAIV 9th of 18 funds in the International Active Value Category.

Rank 1AAVIVAvantis International Large Cap Value ETFScore 84
Rank 2AAVDVAvantis International Small Cap Value ETFScore 82
Rank 3AFEOEFirst Eagle Overseas Equity ETFScore 71
Rank 4AJIVEJPMorgan International Value ETFScore 70
Rank 8CDTANSparkline International Intangible Value ETFScore 51
Rank 9CBAIVBrown Advisory International Value Select ETFScore 48
Rank 10CTXUEThornburg International Equity ETFScore 42

Our read on each fund

ETF.net Research

BAIVCBrown Advisory International Value Select ETF

FEOEAFirst Eagle Overseas Equity ETF

In short

BAIV A concentrated international value fund built from scratch by Nick Kirrage, who ran Schroders' global value team. Typically 35 to 65 non-US stocks, developed and emerging, any size, bought where the crowd has soured.

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

BAIV The Fund seeks long-term capital appreciation.

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

Why people hold it

BAIV Deliberately concentrated: typically 35 to 65 holdings across developed and emerging markets and small through large caps, so each contrarian pick carries real weight.brownadvisory.com brownadvisory.com 2
Charges 0.60%, a shade under the typical fee in its active international value peer group.
Run by a value specialist with more than two decades at Schroders, latterly head of its global value team, now backed by a dedicated London research bench.ai-cio.com prnewswire.com
A clean non-US sleeve: the same value process as the firm's global strategy, with the US market carved out, and a stated goal of long-term capital appreciation.prnewswire.com

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.com firsteagle.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

BAIV Started trading in February 2026, so there is no long record, and results ride on the team's judgment rather than an index.brownadvisory.com
Trades thinly and is small next to established rivals, which tends to mean wider spreads. Limit orders are the usual defense.
Costs more than systematic international value options such as AVIV (0.25%) and AVDV (0.36%), the price of a human stock picker.

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 BAIV profile⁠

Full FEOE profile⁠

BAIV vs FEOE Holdings

How BAIV and FEOE differ

Overlap by weight

5.0%

Shared holdings make up 9.4% of BAIV and 6.0% of FEOE.

Level by level

Holdings5 in both5.0%
Countryby domicile60.8%
Sector10 Sectors70.5%
Asset classStocks100%

Sector

Sector weights in BAIV and FEOE, widest gap first
Sector	Gap	BAIV	FEOE
Health Care	BAIV +10.1 points	14.4%	4.3%
Consumer Staples	FEOE +9.4 points	12.9%	22.3%
Technology	FEOE +6.8 points	6.3%	13.1%
Materials	FEOE +6.7 points	5.2%	11.9%
Consumer Discretionary	BAIV +6.0 points	16.9%	10.8%
Real Estate	BAIV +5.2 points	7.4%	2.2%
Energy	FEOE +4.5 points	2.1%	6.6%
Communication	BAIV +4.4 points	6.4%	2.0%
Financials	BAIV +3.9 points	17.2%	13.3%
Industrials	FEOE +2.1 points	11.3%	13.4%

Country, concentration and asset class

Country by domicile

Country weights in BAIV and FEOE, widest gap first
Country	Gap	BAIV	FEOE
Canada	FEOE +10.4 points	0.0%	10.4%
Netherlands	BAIV +8.8 points	14.7%	5.9%
France	BAIV +6.6 points	15.2%	8.6%
United States	BAIV +6.4 points	9.9%	3.5%
Mexico	FEOE +4.4 points	0.0%	4.4%
Germany	BAIV +3.8 points	8.3%	4.5%
South Korea	FEOE +3.8 points	0.0%	3.8%
Switzerland	FEOE +3.6 points	3.5%	7.1%
Other countries (19)	FEOE +3.5 points	48.4%	51.9%

Outside the US: BAIV 91% developed, 9% emerging. FEOE 85% developed, 15% emerging.

Concentration

Weight in the 10 largest Holdings

BAIV32.2%
FEOE28.1%

Securities held

BAIV49
FEOE75

Asset class

BAIV: Stocks
FEOE: Stocks

Holdings

Only in BAIV44
In both5
Only in FEOE70

Only in BAIV

44 securities, 90.1% of BAIV by weight

Icon PLC4.71%
Adecco Group Ag-Reg3.56%
Brenntag SE3.49%
Randstad NV3.25%
Edenred3.00%
Wolters Kluwer2.76%
Wpp PLC2.63%
Sanofi-Adr2.59%
Imperial Brands PLC2.54%
Land Securities Group PLC2.49%
British Land Co PLC2.46%
Sodexo SA2.32%
Abc-Mart Inc2.18%
Fdj United2.18%
Fresenius Medical Care AG2.16%
Pandora A/S2.15%
Nexi Spa2.13%
Dentsu Group Inc2.13%
British American Tob-Sp Adr2.08%
Bnp Paribas2.08%
Sumitomo Mitsui Trust Group2.06%
Nice Ltd - Spon Adr2.04%
Associated British Foods PLC2.03%
Taylor Wimpey PLC1.97%
Petroleo Brasil-Sp Pref Adr1.95%
Prudential PLC1.94%
Tencent Music Entertainm-Adr1.85%
Koninklijke Ahold Delhaize N1.78%
Barclays PLC1.78%
Sundrug Co Ltd1.75%
Csl Ltd1.61%
Bayerische Motoren Werke AG1.57%
Renault SA1.56%
Gecina SA1.52%
Amdocs Ltd1.51%
Japan Post Bank Co Ltd1.48%
Stellantis NV1.48%
Burberry Group PLC1.47%
Haier Smart Home Co Ltd-H1.30%
Daito Trust Construct Co Ltd1.13%
Richter Gedeon Nyrt1.07%
Banco Santander SA0.94%
Aib Group PLC0.78%
Abn Amro Bank Nv-Cva0.62%

Only in FEOE

70 securities, 93.7% of FEOE by weight

British American Tobacco PLC4.28%
Shell PLC3.71%
Samsung Electronics Co Ltd3.00%
Dassault Systemes SE2.93%
Imperial Oil Ltd2.87%
LVMH Moet Hennessy Louis Vuitton SE2.47%
Merck KGaA2.34%
Fomento Economico Mexicano SAB de CV2.16%
Cie Financiere Richemont SA1.94%
Newmont Corp1.91%
Nestle SA1.90%
Wheaton Precious Metals Corp1.90%
Reckitt Benckiser Group PLC1.89%
Taiwan Semiconductor Manufacturing Co Ltd1.71%
Wal-Mart de Mexico SAB de CV1.64%
Unilever PLC1.64%
OBIC Business Consultants Co Ltd1.62%
Schindler Holding AG1.61%
Willis Towers Watson PLC1.60%
Franco-Nevada Corp1.54%
Heineken NV1.54%
TISI Inc1.53%
SMC Corp1.52%
Secom Co Ltd1.52%
Jardine Matheson Holdings Ltd1.51%
Haleon PLC1.50%
Power Corp of Canada1.50%
Kansai Paint Co Ltd1.50%
AIA Group Ltd1.46%
Diageo PLC1.46%
Ambev SA1.43%
Relx PLC1.39%
Universal Music Group NV1.39%
Danone SA1.33%
Keyence Corp1.31%
FANUC Corp1.18%
Lloyds Banking Group PLC1.16%
United Overseas Bank Ltd1.13%
Shimano Inc1.10%
CK Asset Holdings Ltd1.06%
Alibaba Group Holding Ltd1.06%
Investor AB1.03%
Fuchs SE0.96%
Barrick Mining Corp0.96%
Nutrien Ltd0.94%
Sgs SA0.92%
Agnico Eagle Mines Ltd0.92%
Henkel AG & Co Kgaa0.90%
Itausa SA0.89%
Orkla ASA0.89%

Weight gaps

All 5 Holdings in both funds, largest gap first.

Holding weights in BAIV and FEOE, widest gap first
Holding	Gap	BAIV	FEOE
Magnum Ice Cream Co Nv/The	BAIV +3.18 points	3.71%	0.53%
Pernod Ricard SA	BAIV +1.07 points	1.43%	0.36%
Prosus NV	FEOE +0.59 points	1.78%	2.37%
MS&AD Insurance Group Holdin	FEOE +0.41 points	1.28%	1.69%
Sompo Holdings Inc	BAIV +0.13 points	1.15%	1.02%

All BAIV holdings⁠All 75 FEOE holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

BAIV vs FEOE Cost

Overpaying BAIV vs FEOE

$1,838

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

BAIV 0.60%
$11,817
FEOE 0.50%
$9,979

Amount$10,000

Years30 years

Cost over time

BAIV 0.60%
FEOE 0.50%
Overpaying

Year by year

Year	BAIV	FEOE	Overpaying
10	$1,076	$900	$176
20	$4,116	$3,460	$656
30	$11,817	$9,979	$1,838

Expense ratio

0.60%BAIV
0.50%FEOE, cheaper

FEOE0.50%BAIV0.60%

0.25%0.85%

Middle half of International Active Value funds
Median 0.63%

FEOE 3rd cheapest of 18 funds

BAIV 9th cheapest of 18 funds

BAIV vs FEOE Dividends

Last 12 months to Nov 9, 2026

Payout (12M): BAIV None; FEOE No data
Last payment: BAIV No data; FEOE $0.74
Ex-dividend: BAIV No data; FEOE Dec 30, 2025
Paid on: BAIV No data; FEOE Dec 31, 2025
Frequency: BAIV No data; FEOE Irregular

Distribution history

Per share, 2025 to 2026, same scale for both

BAIVAll BAIV payments⁠

No distribution history available.

FEOEIrregular · 1 paymentAll FEOE payments⁠

BAIV vs FEOE Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: BAIV No dataFEOE 12.8%since Jan 2025
Return per unit of riskSharpe ratio, 3 years: BAIV No dataFEOE 1.81since Jan 2025
Worst fallMax drawdown, 5 years: BAIV No dataFEOE −12.3%since Dec 2024
Market sensitivityBeta, 5 years: BAIV 0.53FEOE 0.36; Market = 1

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