FEOE vs ICPY

FEOEAFirst Eagle Overseas Equity ETF

ICPYDTweedy, Browne International Insider + Value ETF

In short

FEOE First Eagle has run this overseas value playbook as a mutual fund since 1993; the ETF version landed in December 2024. Active picking of non-US companies the team judges underpriced, with MSCI EAFE as the yardstick, for 0.50% a year.

ICPY Most value funds stop at "cheap." Tweedy, Browne's international ETF wants a second signal: insiders buying their own stock, or the company buying back shares. Old-school value logic, aimed outside the US.

Stated mandate

FEOE The Fund seeks long-term capital growth by investing mainly in equities issued by companies outside the United States.

ICPY The Fund seeks long-term capital growth. It mainly invests in non-U.S. equities the Adviser considers undervalued when company insiders are buying shares or the company is pursuing opportunistic buybacks.

Why people hold it

• FEOE 0.50% a year, below the median for active international value ETFs and a hair under JPMorgan's JIVE at 0.55%.
• The house style isn't new. First Eagle's Overseas mutual fund has run this value discipline since 1993; the ETF is the equity-focused expression of it.firsteagle.comfirsteagle.com 2
• MSCI EAFE is the yardstick, not the blueprint. Managers buy non-US companies they judge underpriced, so the portfolio can look nothing like the index.firsteagle.com
• The firm's gold streak carries over: its first shareholder report lists gold-related names such as Wheaton Precious Metals among the fund's contributors.firsteagle.com

• ICPY Two filters, not one: the adviser's own value scoring, plus evidence that company insiders are buying shares or the firm is running opportunistic buybacks.
• Purely non-US equity mandate, so it covers ground a US-heavy core portfolio does not.
• Lands in the upper half of its global active-equity peer group despite being one of the youngest funds in it, launched in 2025.

Worth knowing

• FEOE Launched December 2024, so the ETF's own live record is short, however long the strategy has run in other wrappers.
• Stock picking costs more than the systematic route to the same corner: AVIV charges 0.25% and AVDV 0.36%.
• Value hunting abroad means stretches out of step with EAFE, and gold-related holdings have historically swung harder than broad equities.firsteagle.com

• ICPY The 0.80% expense ratio runs above the typical global active fund, and broad index-based rivals like GSWO (0.15%) sit far below it.
• Thinly traded so far. Spreads can run wider than on large index funds, which matters most on big or hurried orders.
• Launched in 2025, so there is little history to judge the strategy on in ETF form. Distributions come once or twice a year, not monthly.

Full FEOE profile⁠

Full ICPY profile⁠