FEOE vs WCMI

FEOEAFirst Eagle Overseas Equity ETF

WCMIDFirst Trust WCM 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.

WCMI A boutique stock picker's concentrated international book in ETF form. WCM hunts companies whose competitive moats are widening and whose internal culture backs it up, holding roughly 40 non-US names rather than tracking an index.

Stated mandate

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

WCMI The Fund seeks long-term capital appreciation through an actively managed portfolio focused primarily on equity securities of companies outside the United States.

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

• WCMI Genuinely active, not an index in disguise: about 40 non-US names chosen bottom-up by WCM, a process built around moat trajectory and corporate culture.wcminvest.com
• The prospectus commits at least 80% of net assets to equity of companies outside the US, with latitude to roam into emerging and frontier markets.sec.gov
• The strategy reached the exchange through a 2024 mutual fund reorganization, so the record behind the ticker starts with the predecessor fund, not the listing.businesswire.comsec.gov
• A multi-billion-dollar fund that changes hands actively on-exchange, which tends to keep the cost of getting in and out modest for an active strategy.

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

• WCMI Costs 0.85% a year against a 0.65% median for its international value peers; AVIV runs 0.25% and JIVE 0.55%.
• Roughly 40 holdings means individual stocks and countries carry real weight, and results can diverge widely from a broad international benchmark.sec.gov
• Distributions land once or twice a year at most; the stated objective is long-term capital appreciation, not an income stream.

Full FEOE profile⁠

Full WCMI profile⁠