First Eagle Fund Of America commentary for the second quarter ended June 30, 2015. First Eagle Fund Of America Quarterly Commentary and Outlook In the second quarter of 2015, Fund of America delivered a positive return, modestly ahead of the broader market (S&P 500 Index) as well as the most commonly referenced mid cap indices. First Eagle Fund Of America Consistent with our view that the market is in a period of consolidation, equity markets in the first half of the year have been buffeted by myriad of macro headwinds and generally have been flat to slightly up. We continue to believe that macro issues (Greek debt, China’s faltering economy and equity volatility, the Russia/Ukraine conflict, and Middle East violence) could weigh on the market in the second half of 2015. Even with these substantial challenges, we remain generally optimistic on the relative attractiveness of the portfolio. As we reflect on Q2, we observed a tale of two portfolios. Many of our names performed well, particularly in the Health Care and Materials sectors and we also benefitted from an increasingly active M&A environment as two of our companies, Omnicare and AOL, Inc. (NYSE:AOL), announced plans to be acquired. However, we also suffered large declines in values in some of our technology holdings and in travel related companies. We continue to believe that the portfolio remains attractive on an absolute basis and relative to many other assets classes. Our companies are generally growing free cash flow and their respective management teams are working to maximize shareholder value by acting as good stewards of that cash flow. On the new idea front, we continue to add new ideas to the portfolio. When considering our focus on corporate change opportunities, the environment is ripe with management change, industry structures evolving, and companies rethinking capital allocation. In addition, we continue to find hidden value in many places that other investors don’t see... More