First Eagle Global Real Assets Fund on Noble Corporation plc

Noble is a deepwater drilling contractor whose shares declined alongside the broader fall in oil prices during the quarter. The fund argues that the company's business is relatively insulated from disruptions around the Strait of Hormuz because its revenues are tied entirely to deepwater drilling rather than regional oil transportation. First Eagle expects deepwater activity to benefit from increased upstream exploration and development. The thesis therefore rests on a multi-year increase in offshore investment rather than near-term Middle East oil flows.