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Gold just part of a weatherproof portfolio: Pro

First Eagle's gold miner's view

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.