FEGE vs GKAT

FEGEAFirst Eagle Global Equity ETF

GKATBScharf Global Opportunity ETF

In short

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.

GKAT A boutique stock picker's global book in ETF form. Scharf buys companies it believes offer more long-term upside than downside risk, and the mandate keeps at least 40% of assets outside the US. Launched 2025, priced at 0.59% a year.

Stated mandate

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

GKAT The fund seeks long-term capital appreciation by investing mainly in U.S. and non-U.S. equities that the Adviser believes offer substantially more long-term appreciation potential than downside risk. It normally invests at least 40% of assets in non-U.S. securities.

Why people hold it

• 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.

• GKAT At 0.59% a year, it charges less than the median active global equity fund, so the stock picking starts from a lower fee hurdle.
• The global mandate is written down, not aspirational: normally at least 40% of assets in non-US securities, so it can't quietly drift into a US-only portfolio.
• Doesn't pick a style lane. The adviser screens on both growth and value traits, judging each name on appreciation potential against downside risk.

Worth knowing

• 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.

• GKAT Small and thinly traded, so spreads tend to be wider than in a mega-fund and getting in or out is less frictionless.
• It launched in 2025, so there's no long live ETF record to judge how the strategy behaves across a full market cycle.
• Active pricing sets a higher bar: broad index-built global rivals such as GSWO and AVGE charge a fraction of this fund's fee.

Full FEGE profile⁠

Full GKAT profile⁠