Mr. Deshpande: The First Eagle Funds have been global, long-term value investors for over 30 years. Previously our funds were managed by Jean-Marie Eveillard, and his recent transition to a senior advisory role has given day-to-day management of the Funds to Matt McLennan, Rachel Benepe for the First Eagle Gold Fund and me.
One thing that sets us apart is that we have also been investors in gold for quite a long period of time. We launched the First Eagle Gold Fund in 1993. It's proven to be a very good performer for the last decade, annualizing almost 21% per year. We have several other funds that we manage at First Eagle. One is the First Eagle Global Fund and the others being the First Eagle Overseas Fund and First Eagle U.S. Value Fund, which we've managed since 2001. We're majority owned by a firm formerly known as Arnhold and S. Bleichroeder Advisers. We've recently renamed the firm First Eagle Investment Management or FEIM. The name change has no effect on the operations of our Funds, which remain consistent with the philosophy that we've practiced for decades. I've been at the firm for 10 years, first as an Analyst for the funds and then more recently as Portfolio Manager. Matt McLennan is my Co-Manager on the funds other than the Gold Fund, where Rachel Benepe is the Co-Manager.
Ms. Benepe: I joined the firm in April of 2008, became Co-Manager on the Gold Fund along with Abhay in February of 2009.
TWST: We're in a secular bull market for gold. Would you briefly summarize the reasons why? Do you see it continuing through 2010?
Tickers included in this excerpt: FRES, GG, GOLD, IAG, LGL, NCM
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