FEOE vs OAKI

FEOEAFirst Eagle Overseas Equity ETF

OAKIDOakmark International Large Cap 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.

OAKI Oakmark's international value team brought its deep-discount playbook to an ETF in December 2025: a focused book of large non-US companies bought below the team's own estimate of what they are worth.

Stated mandate

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

OAKI The Fund seeks long-term capital appreciation.

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

• OAKI Run by the same crew behind Oakmark's international strategy: David Herro, Tony Coniaris and Eric Liu, who also manage the Oakmark International Fund.harrisassoc.comprnewswire.com
• Focused, not scattershot: it typically holds at least 40 large companies domiciled outside the US, with room for US names that earn substantial revenue abroad.prnewswire.com
• At 0.65%, it sits right at the median fee for active international value ETFs, so the Oakmark name is not priced at a premium.
• Herro has described the ETF as skewing larger-cap and more liquid than the long-running Oakmark International mutual fund, with a broader opportunity set.natixis.com

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

• OAKI It launched in December 2025, so there is no long ETF record to judge, only the team's history in other vehicles.oakmark.com
• Small and lightly traded so far, which can mean wider bid-ask spreads than the index giants in international equity.
• Systematic value rivals cost less: AVIV charges 0.25% and AVDV 0.36%, so the active stock picking here comes with a real fee gap.

Full FEOE profile⁠

Full OAKI profile⁠