Charles de Vaulx

Charles de Vaulx was a partner at First Eagle Funds, working under Jean-Marie Eveillard and developing deep expertise in global value investing. He co-founded International Value Advisers (IVA) in 2008 to continue the global value approach after First Eagle. IVA became known for finding deeply undervalued companies internationally, using gold as portfolio insurance, and maintaining discipline to hold cash when valuations were unattractive. De Vaulx had a difficult final period at IVA, with significant investor redemptions as value investing underperformed, and tragically passed away in 2021. His career represented the continuation of the First Eagle tradition of patient, global, gold-aware value investing pioneered by Eveillard. His analytical rigor — particularly in finding value in obscure international companies through deep financial statement analysis — and his willingness to hold uncomfortable positions through extended periods of underperformance exemplified the intellectual integrity that the best global value investors bring to their craft.