DINT vs FEOE

DINTDDavis Select International ETF

FEOEAFirst Eagle Overseas Equity ETF

In short

DINT Old-school stock picking in an ETF shell: Davis runs a concentrated book of roughly two dozen foreign businesses, developed and emerging, bought when the team judges them cheaper than they're worth.

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

DINT The Fund seeks long-term growth of capital through active management of common stocks issued by foreign companies, including developed and emerging markets. Davis selects businesses with durable franchises and sustainable competitive advantages, seeking to buy them below estimated intrinsic value.

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

Why people hold it

• DINT Genuinely active. Around two dozen positions means every name carries weight, a different animal from the hundreds-of-stocks international index funds it sits beside.
• One clear brief: durable franchises with lasting competitive advantages, bought below Davis's estimate of intrinsic value. Classic value discipline, stated in the fund's own prospectus.
• Developed and emerging markets sit in the same sleeve, benchmarked to MSCI ACWI ex USA, so the manager can roam rather than stay inside a single-region box.
• Live since 2018 and running in the hundreds of millions, an established fund rather than a launch still hunting for scale.

• 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

• DINT You pay for the pickers: 0.66% a year, above the active international median and multiples of systematic rivals like AVDE (0.23%) and DFIC (0.22%).
• Thinly traded compared with the giants in this category, so bid-ask spreads can be wider and large orders need more care.
• Concentration cuts both ways, and on our overall measures the fund lands in the lower half of its active international peer group. Distributions come annually or semiannually, not monthly.

• 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 DINT profile⁠

Full FEOE profile⁠