Gold represents a smart hedge in an uncertain global investment climate, Matt McLennan, head of global value at First Eagle, said Wednesday.
"The goal for us is to create an all-weather portfolio," he said. "And I think what I'd say is that we're in an environment where risk assets are trading at rather-elevated levels relative to history on the back of very easy policy."
McLennan oversees $93 billion in assets in the Morningstar four-star-rated First Eagle Global Value Fund.
On CNBC's "Halftime Report," he said that his portfolio held 70 percent of its assets in equities, 20 percent in cash and 10 percent in gold and gold miners.