FEGE vs GVAL

FEGEAFirst Eagle Global Equity ETF

GVALBCambria Global Value 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.

GVAL A deep-value passport: GVAL ranks world markets by cyclically adjusted P/E, equal-weights the cheapest ones, then buys the cheapest stocks inside them. Running since 2014 at 0.68%, near the typical global value fee.

Stated mandate

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

GVAL The fund seeks income and capital appreciation. It actively invests at least 80% of assets in equities of companies in developed and emerging markets with strong value characteristics, selected through Cambria’s quantitative algorithm.

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.

• GVAL Two-layer screen: cheapest countries by cyclically adjusted price-to-earnings, then the cheapest stocks within them on P/E, price-to-sales and EV/EBITDA.cambriafunds.comcambriafunds.com 2
• Equal weighting at both the country and the stock level, so no single market or mega-cap runs the portfolio. About 120 names.cambriafunds.comcambriafunds.com 2
• Live since March 2014, and actively managed since 2020, when it dropped the index and ran the same screens in-house. Upper half of its global value peer group.sec.gov
• Income is in the mandate, not an afterthought: the fund seeks income and capital appreciation, and distributions come quarterly.cambriafunds.com

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.

• GVAL 0.68% is active pricing. Near the median for global value funds, but above cheaper peers like AVGV (0.26%) and SFGV (0.33% net of a waiver through March 31, 2027).
• Deep value means owning the unloved: emerging and out-of-favor developed markets, with holdings priced in foreign currencies, so the dollar's moves land in returns.cambriafunds.com
• Moderately traded rather than a liquid giant, so bid-ask spreads are a bigger share of the round-trip cost than in the largest global funds.

Full FEGE profile⁠

Full GVAL profile⁠