BINV vs FEOE

BINVCBrandes International ETF

FEOEAFirst Eagle Overseas Equity ETF

In short

BINV A 2023 launch that puts the Brandes value discipline in an ETF wrapper: roughly 70 non-US stocks, developed and emerging, picked one company at a time with no index underneath.

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

BINV The fund seeks long-term capital appreciation by investing primarily in equity securities of non-U.S. companies.

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

Why people hold it

• BINV Genuinely active, not an index sleeve: about 70 non-US names selected under Brandes' declared Active Value approach.brandes.com
• The mandate spans developed and emerging markets, so bargains can be sourced anywhere outside the US rather than in one fenced-off region.
• Stands in the upper half of its active international value peer group, a cohort packed with well-built competitors.
• Distributions arrive on a quarterly cadence.

• 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

• BINV 0.70% a year sits above the 0.65% median for its peer group and well above systematic rivals like AVIV at 0.25%. Stock selection is what the fee buys.
• Thinly traded, so bid/ask spreads and order type carry more weight here than in a giant index fund.
• Launched in 2023 and still modest in size, which leaves a short live record to judge the approach by.

• 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 BINV profile⁠

Full FEOE profile⁠