Written by Bill Hench of First Eagle InvestmentsTo wit, the tariff-induced equity market volatility year-to-date has created numerous opportunities for us to reposition our portfolio and—our enthusiasm for globalization notwithstanding—instilled an appreciation that the domestically oriented small cap companies we favor may be at least somewhat insulated from trade-policy gyrations. From a wider perspective, shifting priorities in Washington could reawaken moribund mergers and acquisitions (MA) activity, to the potential benefit of small cap stocks.Over-Discounting DespairLayering the same macro worries—from tariffs to interest rates to potential recession to freeform uncertainty—on top of one another can only go so far. At some point, the bad news loses its sting and investors stop re-discounting the same hypotheticals. Death-spiral prognostications to the contrary, the economy thus far has been more resilient to tariff pressures than was generally anticipated. Though GDP contracted in the first quarter as importers sought to get ahead of tariff implementation, some other readings were less dire; the job market has remained stable, for example, while retail spending has persisted in the face of abysmal sentiment. Renewed inflation was among the most feared byproducts of the Trump-tariff onslaught, but relatively benign prices for energy and other commodities have kept pressures in check

First Eagle Investment Management LLC purchased a new stake in Titan International in the fourth quarter valued at approximately $1,211,000.

First Eagle Investment Management LLC purchased a new stake in Blade Air Mobility in the fourth quarter worth about $2,278,000.