FEOE vs TXUE

FEOEAFirst Eagle Overseas Equity ETF

TXUECThornburg International Equity 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.

TXUE Thornburg's long-running international playbook in ETF form: developed-market stocks sorted into three buckets (basic value, consistent earners, emerging franchises) so no single style runs the whole portfolio.

Stated mandate

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

TXUE The Fund seeks long-term capital appreciation through an actively managed portfolio primarily consisting of common stocks and depositary receipts of non-U.S. developed-market companies.

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

• TXUE The three-basket build is the strategy, not marketing: value, steady compounders and up-and-comers each get a sleeve, which spreads style risk inside one fund.thornburg.com
• At 0.65% it charges the going rate for its active international value peer group, and it sits in the upper half of that group on our review.
• Mandate is tight and written down: at least 80% of net assets in non-US developed-market stocks and the depositary receipts that track them.sec.gov
• A real Thornburg desk runs it, with named portfolio managers, since the firm's ETF debut in January 2025.thornburg.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

• TXUE Passive-leaning value rivals undercut it: AVIV at 0.25% and AVDV at 0.36%, so the stockpicking here carries a visible fee gap.
• Launched in January 2025, so the live record is short and the risk read rests on limited history.
• Actively managed, so country, sector and stock mix shift with the managers' calls rather than an index's rules.sec.gov

Full FEOE profile⁠

Full TXUE profile⁠