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Trending ETFs

Name

As of 12/21/2023

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$8.12

$159 M

0.00%

2.86%

Vitals

YTD Return

N/A

1 yr return

N/A

3 Yr Avg Return

N/A

5 Yr Avg Return

N/A

Net Assets

$159 M

Holdings in Top 10

21.4%

52 WEEK LOW AND HIGH

$8.1
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 2.86%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 64.11%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$0

IRA

N/A


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 12/21/2023

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$8.12

$159 M

0.00%

2.86%

FERHX - Profile

Distributions

  • YTD Total Return N/A
  • 3 Yr Annualized Total Return N/A
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 3.65%
DIVIDENDS
  • Dividend Yield 0.0%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    First Eagle High Yield Municipal Fund
  • Fund Family Name
    First Eagle Funds
  • Inception Date
    Jul 29, 2019
  • Shares Outstanding
    N/A
  • Share Class
    R5
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Edward Meigs

Fund Description

To pursue its investment objective, the First Eagle High Yield Municipal Fund normally invests at least 80% of its net assets (plus any borrowings for investment purposes) in municipal bonds that pay interest that is exempt from regular federal personal income tax. Such municipal bonds may include obligations issued by U.S. states and their subdivisions, authorities, instrumentalities and corporations, as well as obligations issued by U.S.

territories that pay interest that is exempt from regular federal personal income tax and may include all types of municipal bonds. The Fund may invest without limit in securities that generate income taxable to those shareholders subject to the federal alternative minimum tax. The Fund “counts” relevant derivative positions towards its “80% of assets” allocation and, in doing so, values each position at the price at which it is held on the Fund’s books (generally market price, but anticipates valuing each such position for purposes of assessing compliance with this test at notional value in connection with new rules requiring that treatment, which come into effect in 2025). While the Fund may invest in securities with any time to maturity, the Fund is a long-term bond fund and, as such, will generally maintain, under normal market conditions, an investment portfolio with an overall weighted average maturity of greater than 10 years. A debt instrument’s “duration” is a way of measuring a debt instrument’s sensitivity to a potential change in interest rates.

The Fund invests significantly in lower-quality municipal bonds and may employ effective leverage through investments in inverse floaters, tender option bonds, total return swaps, interest rate swaps, credit default swaps, credit default swap indices, a line of credit, repurchase agreements and reverse repurchase agreements. While the Fund may invest in securities with any investment rating, under normal market conditions, the Fund invests at least 65% of its net assets in low- to medium-quality bonds rated BBB/Baa or lower at the time of purchase by at least one independent rating agency or, if unrated, judged by the Adviser to be of comparable quality. In doing so, the Fund may invest in below investment grade municipal bonds (those rated BB+/Ba1 or lower), commonly referred to as “high yield” or “junk” bonds. The Fund may invest up to 10% of its net assets in defaulted municipal bonds. The Fund may invest up to 15% of its net assets in municipal securities whose interest payments vary inversely with changes in short-term tax-exempt interest rates (“Inverse Floaters”). The Fund’s investments in Inverse Floaters are designed to increase the Fund’s income and returns through this leveraged exposure. The Fund may invest in Inverse Floaters that create effective leverage of up to 30% of the Fund’s total investment exposure.

In deciding whether to sell a security, the Adviser considers various factors related to the market and the portfolio, which may include whether: a security has become overvalued; the Adviser detects credit deterioration or modifies its portfolio strategy, such as sector and/or state allocations; or a security exceeds the portfolio’s diversification targets.

While the municipal issuers in which the Fund invests may be located in the same geographic area or may pay their interest obligations from revenue of similar projects, such as hospitals, airports, utility systems and housing finance agencies, as of the date of this prospectus, the Fund does not expect that it will

have significant exposure to any particular geographic area. The Fund expects that it will have significant exposure to tax obligation (which may include general obligation bonds, special tax bonds and tax allocation revenue securities), education, transportation and industrial revenue securities.

The Fund may invest in zero coupon bonds. The Fund may also invest (typically for hedging purposes or to manage the effective maturity or duration of the Fund’s portfolio or for speculative purposes in an effort to increase the Fund’s yield or to enhance returns) in derivative instruments such as options, futures contracts and options on futures contracts, and interest rate swaps.

For more information about the High Yield Municipal Fund’s principal investment strategies, please see the More Information about the Funds’ Investments section.

Read More

FERHX - Performance

Return Ranking - Trailing

Period FERHX Return Category Return Low Category Return High Rank in Category (%)
YTD N/A -5.3% 5.0% 85.37%
1 Yr N/A -9.6% 14.9% 84.62%
3 Yr N/A* -14.4% 20.4% 65.51%
5 Yr N/A* -10.2% 37.7% 71.92%
10 Yr N/A* -4.2% 19.7% 79.96%

* Annualized

Return Ranking - Calendar

Period FERHX Return Category Return Low Category Return High Rank in Category (%)
2023 N/A -4.7% 14.3% 19.51%
2022 -12.8% -33.4% 3.6% 17.86%
2021 -0.4% -8.4% 14.9% 68.36%
2020 2.5% -13.9% 302.7% 11.95%
2019 N/A -4.4% 13.3% N/A

Total Return Ranking - Trailing

Period FERHX Return Category Return Low Category Return High Rank in Category (%)
YTD N/A -5.3% 5.0% 85.37%
1 Yr N/A -9.6% 14.9% 84.62%
3 Yr N/A* -14.4% 20.4% 65.51%
5 Yr N/A* -10.2% 37.7% 65.52%
10 Yr N/A* -4.2% 19.7% 75.87%

* Annualized

Total Return Ranking - Calendar

Period FERHX Return Category Return Low Category Return High Rank in Category (%)
2023 N/A -4.7% 18.2% 22.56%
2022 -8.5% -33.4% 47.8% 20.76%
2021 3.7% -8.4% 24.8% 80.13%
2020 7.4% -9.6% 325.6% 16.04%
2019 N/A 0.9% 21.5% N/A

NAV & Total Return History


FERHX - Holdings

Concentration Analysis

FERHX Category Low Category High FERHX % Rank
Net Assets 159 M 1.85 M 22.6 B 74.85%
Number of Holdings 135 2 2736 87.22%
Net Assets in Top 10 32.8 M -492 M 4.45 B 71.43%
Weighting of Top 10 21.38% 4.3% 149.6% 19.10%

Top 10 Holdings

  1. General Motors Financial Co., Inc. 4.57%
  2. CITGO Petroleum Corp. 2.54%
  3. Ford Motor Credit Co. LLC 2.22%
  4. Mexico Remittances Funding Fiduciary Estate Management Sarl 1.93%
  5. Carnival Corp. 1.89%
  6. IHO Verwaltungs GmbH 1.84%
  7. Ford Motor Credit Co. LLC 1.62%
  8. Caesars Entertainment, Inc. 1.60%
  9. Mileage Plus Holdings LLC 1.58%
  10. Global Payments, Inc. 1.58%

Asset Allocation

Weighting Return Low Return High FERHX % Rank
Bonds
90.06% 0.00% 154.38% 82.93%
Cash
9.94% -52.00% 49.49% 12.78%
Stocks
0.00% 0.00% 99.61% 87.13%
Preferred Stocks
0.00% 0.00% 8.06% 73.08%
Other
0.00% -63.70% 98.03% 69.62%
Convertible Bonds
0.00% 0.00% 17.89% 96.84%

Bond Sector Breakdown

Weighting Return Low Return High FERHX % Rank
Corporate
93.60% 0.00% 100.00% 59.19%
Cash & Equivalents
9.28% 0.00% 49.49% 13.08%
Securitized
1.71% 0.00% 97.24% 19.28%
Government
0.09% 0.00% 99.07% 27.71%
Derivative
0.00% -12.96% 42.26% 63.91%
Municipal
0.00% 0.00% 1.17% 57.98%

Bond Geographic Breakdown

Weighting Return Low Return High FERHX % Rank
US
90.06% 0.00% 129.21% 70.23%
Non US
0.00% 0.00% 97.33% 74.14%

FERHX - Expenses

Operational Fees

FERHX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 2.86% 0.04% 31.61% 3.91%
Management Fee 0.45% 0.00% 1.84% 18.44%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.00% 0.50% N/A

Sales Fees

FERHX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 2.25% 5.75% N/A
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

FERHX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 2.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

FERHX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 64.11% 1.00% 255.00% 52.41%

FERHX - Distributions

Dividend Yield Analysis

FERHX Category Low Category High FERHX % Rank
Dividend Yield 0.00% 0.00% 10.18% 56.95%

Dividend Distribution Analysis

FERHX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly SemiAnnual Monthly Monthly

Net Income Ratio Analysis

FERHX Category Low Category High FERHX % Rank
Net Income Ratio 3.65% -2.39% 14.30% 81.50%

Capital Gain Distribution Analysis

FERHX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Semi-Annually Annually

Distributions History

View More +

FERHX - Fund Manager Analysis

Managers

Edward Meigs


Start Date

Tenure

Tenure Rank

Nov 19, 2007

14.54

14.5%

Edward Meigs joined First Eagle Investment Management, LLC as a Portfolio Manager in 2011. Previously, Mr. Meigs served as a Portfolio Manager at Dwight Asset Management, LLC.

Sean Slein


Start Date

Tenure

Tenure Rank

Nov 19, 2007

14.54

14.5%

Sean Slein joined First Eagle Investment Management, LLC as Portfolio Manager in 2011. Previously, Mr. Slein served as a Portfolio Manager at Dwight Asset Management, LLC.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.13 37.79 7.16 8.17