CGV vs FEGE

CGVDConductor Global Equity Value ETF

FEGEAFirst Eagle Global Equity ETF

In short

CGV A 2013-vintage global value strategy that moved into an ETF wrapper in 2022. Cheapness alone does not earn a slot here: fundamental, quantitative and technical screens all weigh in, and the book stays compact at roughly 50 names.

FEGE First Eagle's global value discipline in an ETF wrapper since December 2024, with the "global" written into the rules: at least 40% of assets outside the US, spread across three or more non-US countries.

Stated mandate

CGV The actively managed fund seeks long-term risk-adjusted total return. It normally invests at least 80% of assets in equity securities or economically equity-linked investments, selecting securities through technical, fundamental, and quantitative analysis focused on value-oriented criteria.

FEGE The Fund seeks long-term growth of capital by investing primarily in equities of U.S. and non-U.S. issuers.

Why people hold it

• CGV Three lenses, not one. Per the prospectus, selection runs on value-oriented criteria screened by technical, fundamental and quantitative analysis, so price action counts too.
• Lived history. The strategy ran as a mutual fund from 2013 and converted into this ETF in 2022, so the process has worked through several market cycles, not just a backtest.tradingview.com
• Built to stay invested and global: normally at least 80% of assets in equities or equity-linked holdings, roughly 50 positions, cash paid out quarterly.

• FEGE Charges 0.50% a year, below the 0.63% median for its active global value peer group. Modest for a fund run by analysts rather than a screen.
• Global isn't left to a manager's mood. The prospectus requires at least 80% in equities, at least 40% of assets outside the US, and issuers from three or more non-US countries.sec.gov
• Active, not index-hugging: MSCI World is the yardstick, not the shopping list, so the book can look very different from the benchmark's mega-cap core.firsteagle.com
• Already a multi-billion-dollar fund and one of the stronger implementations in a thin field of active global value ETFs.

Worth knowing

• CGV The fee is the headline trade-off: 1.57%, with no waiver trimming it, above the category median. Top-scoring global value peers run far cheaper (AVGV charges 0.26%).
• Thinly traded. Spreads can be wide and size can move the price, so limit orders matter more here than in a mega-cap index fund.
• No declared index and real manager discretion across about 50 names, so returns can wander a long way from any global value benchmark, in either direction.

• FEGE Launched in December 2024, so the ETF's own live record is short and risk readings rest on limited history.
• A value portfolio with a required non-US minimum can move very differently from a US-heavy world index, and currency swings ride along.sec.gov
• Systematic value costs less: peer AVGV charges 0.28%. The extra fee here buys human judgment on which cheap stocks are worth owning.

Full CGV profile⁠

Full FEGE profile⁠