FEGE vs WBIF

FEGEAFirst Eagle Global Equity ETF

WBIFDWBI BullBear Value 3000 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.

WBIF A 2014-vintage active value fund with an unusual escape hatch: its sell discipline can park a big slice of the portfolio in cash. Roughly 30 names, a global hunting ground, and a price tag well above the typical value ETF.

Stated mandate

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

WBIF The Fund seeks long-term capital appreciation and potential current income while attempting to protect principal in unfavorable markets. It actively invests across domestic and foreign companies of all capitalization sizes and may use tactical investments.

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.

• WBIF Cash counts as a position here. The selection process evaluates cash and cash equivalents alongside stocks, and the fund can hold a significant percentage of net assets there.wbietfs.com
• A wide hunting ground: value names across the US, developed international and emerging markets, at every market cap, plus room for tactical positions.
• Concentrated on purpose at about 30 holdings, so individual picks carry real weight instead of getting diluted across hundreds of names.
• Launched in 2014, early in the active equity ETF wave, so it has a live record through several full market cycles rather than a backtest.

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.

• WBIF At 1.52% a year it costs more than double the 0.63% median of its global value peer group. Cheaper active options in that cohort include AVGV at 0.28% and FEGE at 0.50%.
• Small and thinly traded, so spreads can run wider and sizable orders can move the price more than in the category's household names.
• The flip side of the cash option: the prospectus flags that extended stretches in cash or equivalents can lag other investments and work against the fund's objective.wbietfs.com

Full FEGE profile⁠

Full WBIF profile⁠