DTAN vs FEOE

DTANCSparkline International Intangible Value ETF

FEOEAFirst Eagle Overseas Equity ETF

In short

DTAN Old-school value screens run on book value, which shrugs at brands, patents and know-how. DTAN takes Sparkline's intangible-adjusted value model overseas, actively picking non-US stocks on an intrinsic value that tries to count the invisible assets.

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

DTAN The Fund seeks capital appreciation. It invests at least 80% of assets plus investment borrowings in publicly listed non-U.S. equities selected against the Sub-Adviser’s proprietary intangible-augmented intrinsic-value measure.

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

Why people hold it

• DTAN The screen is the whole product: at least 80% of assets in non-US listed equities chosen against an intangible-augmented intrinsic-value measure, not book value alone.
• 0.55% for active, boutique-quant international value sits under the typical fee in its peer group and matches JPMorgan's JIVE.
• Not a one-off experiment: Sparkline runs the same intangibles model across US, US small-cap, international and emerging-market funds.sec.gov
• Lands in the upper half of the active international value ETFs we cover, and it distributes quarterly.

• 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

• DTAN A small fund that trades lightly, so spreads and market-order fills can be less friendly than at the category's heavyweights.
• No index to hold it to. Outcomes ride on the sub-adviser's proprietary model, and a 2024 launch leaves a short record to study.
• Cheaper neighbors exist in the same aisle: Avantis' AVIV at 0.25% and AVDV at 0.36% take a rules-based route to international value.

• 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 DTAN profile⁠

Full FEOE profile⁠