DWLD vs FEGE

DWLDCDavis Select Worldwide ETF

FEGEAFirst Eagle Global Equity ETF

In short

DWLD Old-school stockpicking in an ETF shell. Since January 2017 Davis has run a concentrated global book, about 40 names across US, developed and emerging markets, bought at discounts to its own estimate of value. Fee: 0.62%, no waiver.

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

DWLD The Fund seeks long-term growth of capital.

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

• DWLD Genuinely active: roughly 40 stocks spanning US, developed and emerging markets, with no market-cap limits, so the portfolio can look nothing like a global index.sec.gov
• Patient by design: the prospectus describes buying below estimated intrinsic value and selling on valuation or thesis change, and reported turnover has been low.sec.govsec.gov 2
• The 0.62% fee sits near the category median and rests on no waiver, unlike SFGV at 0.33% net of a waiver through March 31, 2027, which can reset when that ends.
• Trading since January 2017, so there is a long run of live results to inspect rather than a backtest.stockanalysis.com

• 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

• DWLD Cheaper global value exists: AVGV charges 0.26% and FEGE 0.50% net of a waiver through December 31, 2026. Here you pay up for the stockpicking.
• It trades thinly, so spreads can widen; limit orders do more work here than in a mega-cap index fund.
• About 40 holdings and no index to hug means single names carry real weight and results can diverge widely from a global benchmark.sec.gov

• 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 DWLD profile⁠

Full FEGE profile⁠