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FEGE vs WAGN

First Eagle Global Equity ETF

FEGEANYSE

Pabrai Wagons ETF

WAGNDNYSE Arca

Overlap

1.9%by weight

Expense ratio

FEGE −0.40pt a year

FEGE0.50%WAGN0.90%

Avg volume · 30D

FEGE 2.6×the volume

FEGE345KWAGN134K

FEGE vs WAGN Performance

Jul 31, 2026 – Oct 30, 2026

+1.9%FEGE+11.3%WAGN

Jul 31, 2026 to Oct 30, 2026. FEGE +1.9%. WAGN +11.3%. Use the arrow keys to read each point.−2.5%0%5%7.5%Jul 2026Sep 2026Oct 2026
Expense ratio
FEGE 0.50%, better
WAGN 0.90%
Fund size
FEGE $2.72B
WAGN $313M
1Y total return
FEGE +18.7%
WAGN No data
Holdings
FEGE 99
WAGN 22
Avg volume (30D)
FEGE 345K sh, better
WAGN 134K sh
NAV per share
FEGE $51.65
WAGN $15.89
52W range

ETF.net Grade

FEGE: Cost 82, Risk 54, Mission not scored, Tradability 71, Holdings 83, Durability 75. WAGN: Cost 18, Risk 25, Mission not scored, Tradability 43, Holdings 13, Durability 55.
Pillar letters and Scores for FEGE, WAGN, with each pillar’s weight
PillarFEGEWAGN
Cost30% weightA82HigherF18
Mission25% weightNot scoredNot scored
Risk15% weightC54HigherD25
Tradability15% weightA71HigherC43
Holdings10% weightA83HigherF13
Durability5% weightA75HigherB55

Rank among Global Active Value funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. FEGE and WAGN are both graded against the same 15 Global Active Value funds, so their Grades compare head to head.

Global Active Value⁠

Category · 15 funds
See all 15 ›

FEGE ranks 2nd and WAGN 14th of 15 funds in the Global Active Value Category.

  1. Rank 1AAVGVAvantis All Equity Markets Value ETF 9Score 77
  2. Rank 2AFEGEFirst Eagle Global Equity ETFScore 74
  3. Rank 3ASFGVSequoia Global Value ETFScore 73
  4. Rank 13DWCMGFirst Trust WCM Global Equity ETFScore 28
  5. Rank 14DWAGNPabrai Wagons ETFScore 26
  6. HWGVNot yet graded

Our read on each fund

ETF.net Research

FEGEAFirst Eagle Global Equity ETF

WAGNDPabrai Wagons 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.

WAGN Mohnish Pabrai's playbook in an ETF wrapper: a handful of high-conviction global businesses, bought during dislocations and held for years. Converted from his 2023 mutual fund, it's a concentrated value bet, not a diversified world index.

Stated mandate

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

WAGN The Fund's stated objective is long-term capital appreciation.

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.
  • WAGN Runs like Pabrai's private partnerships: a focused book of high-quality global businesses the fund "circles the wagons" around and aims to hold for the long term.wagonsetf.com
  • Not a blank slate. WAGN is the successor to the Pabrai Wagons Fund, a mutual fund that began operations in September 2023 and reorganized into an ETF in February 2026.wagonsetf.comwagonsetf.com 2
  • No home bias: the prospectus permits up to 100% of assets in companies located outside the US, including emerging markets, so the shortlist isn't capped at Wall Street.b-cdn.net
  • Now trades intraday on NYSE Arca, and it changes hands more easily than its size in the boutique-active corner would suggest.wagonsetf.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.
  • WAGN Boutique pricing: 0.90% a year, above the typical actively managed global stock fund and many times index-based rivals like GSWO (0.15%) or AVGE (0.25%).
  • One brain, one portfolio. The prospectus states the fund depends heavily on Mohnish Pabrai and could not continue to operate in his absence.b-cdn.netb-cdn.net 2
  • Non-diversified by design: a few names can dominate, 25%+ can sit in one sector, and cash can stay large for extended stretches. Expect a bumpier ride than a world index.b-cdn.netwagonsetf.com

Full FEGE profile⁠

Full WAGN profile⁠

FEGE vs WAGN Holdings

How FEGE and WAGN differ

Overlap by weight

1.9%

Shared holdings make up 12.0% of WAGN and 2.3% of FEGE.

Level by level

  • Holdings2 in both1.9%
  • Countryby domicile35.4%
  • Asset classEquity100%

Sector

No Sector split for WAGN.

Country, concentration and asset class

Country by domicile

Country weights in FEGE and WAGN, widest gap first
CountryMore in FEGEMore in WAGN
TurkeyWAGN +33.9 points
United StatesFEGE +22.7 points
United KingdomFEGE +10.4 points
IndiaWAGN +9.9 points
JapanFEGE +7.0 points
CanadaWAGN +5.2 points
NorwayWAGN +5.1 points
AustraliaWAGN +4.7 points
Other countries (14)FEGE +18.7 points

Outside the US: FEGE 81% developed, 19% emerging. WAGN 31% developed, 69% emerging.

Concentration

Weight in the 10 largest Holdings

  • FEGE22.1%
  • WAGN67.4%

Securities held

  • FEGE98
  • WAGN21

Asset class

FEGE
Equity
WAGN
Equity

Holdings

  • Only in FEGE96
  • In both2
  • Only in WAGN19

Only in FEGE

96 securities, 97.7% of FEGE by weight

  • Samsung Electronics Co Ltd3.29%
  • Becton Dickinson & Co2.76%
  • British American Tobacco PLC2.52%

Only in WAGN

19 securities, 88.2% of WAGN by weight

  • Reysas Gayrimenkul Yatirim Ortakligi AS14.93%
  • Transocean Ltd9.15%
  • Edelweiss Financial Services Ltd5.94%

Weight gaps

All 2 Holdings in both funds, largest gap first.

Holding weights in FEGE and WAGN, widest gap first
HoldingMore in FEGEMore in WAGN
Warrior Met Coal IncHCCWAGN +6.53 points
Noble Corp PLCNEWAGN +3.62 points

All 96 FEGE holdings⁠All WAGN holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

FEGE vs WAGN Cost

Overpaying WAGN vs FEGE

$7,061

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • FEGE 0.50%

    $9,979

  • WAGN 0.90%

    $17,040

$10,000
30 years

Cost over time

  • FEGE 0.50%
  • WAGN 0.90%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530WAGN $17,040FEGE $9,979

Year by year

YearFEGEWAGNOverpaying
10$900$1,593$693
20$3,460$6,015$2,555
30$9,979$17,040$7,061

Expense ratio

  • 0.50%FEGE, cheaper
  • 0.90%WAGN
  • Middle half of Global Active Value funds
  • Median 0.68%

FEGE 4th cheapest of 15 funds

WAGN 12th cheapest of 15 funds

FEGE vs WAGN Dividends

Last 12 months to Oct 30, 2026
Payout (12M)
FEGE No data
WAGN None
Last payment
FEGE $0.59
WAGN No data
Ex-dividend
FEGE Dec 30, 2025
WAGN No data
Paid on
FEGE Dec 31, 2025
WAGN No data
Frequency
FEGE Irregular
WAGN No data

Distribution history

Per share, 2025 to 2026, same scale for both

FEGEIrregular · 1 paymentAll FEGE payments⁠
One bar per payment. 1 payment from 2025 to 2026 YTD. Dec 30, 2025 $0.59. Use the arrow keys to read each point.$0$0.502026YTD
WAGNAll WAGN payments⁠

No distribution history available.

FEGE vs WAGN Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
FEGE 12.7%since Jan 2025WAGN No data
Return per unit of riskSharpe ratio, 3 years
FEGE 1.54since Jan 2025WAGN No data
Worst fallMax drawdown, 5 years
FEGE −11.1%since Dec 2024WAGN No data
Market sensitivityBeta, 5 years
FEGE 0.55WAGN 0.43

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