First Eagle High Yield Municipal Fund
Name
As of 12/21/2023Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
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
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 12/21/2023Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
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%
- Dividend Yield 0.0%
- Dividend Distribution Frequency Monthly
Fund Details
-
Legal NameFirst Eagle High Yield Municipal Fund
-
Fund Family NameFirst Eagle Funds
-
Inception DateJul 29, 2019
-
Shares OutstandingN/A
-
Share ClassR5
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerEdward 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.
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
- General Motors Financial Co., Inc. 4.57%
- CITGO Petroleum Corp. 2.54%
- Ford Motor Credit Co. LLC 2.22%
- Mexico Remittances Funding Fiduciary Estate Management Sarl 1.93%
- Carnival Corp. 1.89%
- IHO Verwaltungs GmbH 1.84%
- Ford Motor Credit Co. LLC 1.62%
- Caesars Entertainment, Inc. 1.60%
- Mileage Plus Holdings LLC 1.58%
- 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
Date | Amount | Type |
---|---|---|
Dec 01, 2022 | $0.031 | OrdinaryDividend |
Nov 01, 2022 | $0.028 | OrdinaryDividend |
Oct 03, 2022 | $0.034 | OrdinaryDividend |
Sep 01, 2022 | $0.035 | OrdinaryDividend |
Aug 01, 2022 | $0.034 | OrdinaryDividend |
Jul 01, 2022 | $0.033 | OrdinaryDividend |
Jun 01, 2022 | $0.024 | OrdinaryDividend |
May 02, 2022 | $0.035 | OrdinaryDividend |
Apr 01, 2022 | $0.029 | OrdinaryDividend |
Mar 01, 2022 | $0.026 | OrdinaryDividend |
Feb 01, 2022 | $0.028 | OrdinaryDividend |
Jan 03, 2022 | $0.027 | OrdinaryDividend |
Dec 01, 2021 | $0.028 | OrdinaryDividend |
Nov 01, 2021 | $0.028 | OrdinaryDividend |
Oct 01, 2021 | $0.028 | OrdinaryDividend |
Sep 01, 2021 | $0.029 | OrdinaryDividend |
Aug 02, 2021 | $0.026 | OrdinaryDividend |
Jul 01, 2021 | $0.026 | OrdinaryDividend |
Jun 01, 2021 | $0.026 | OrdinaryDividend |
May 03, 2021 | $0.025 | OrdinaryDividend |
Apr 01, 2021 | $0.029 | OrdinaryDividend |
Mar 01, 2021 | $0.026 | OrdinaryDividend |
Feb 01, 2021 | $0.027 | OrdinaryDividend |
Jan 04, 2021 | $0.039 | OrdinaryDividend |
Dec 01, 2020 | $0.026 | OrdinaryDividend |
Nov 02, 2020 | $0.024 | OrdinaryDividend |
Oct 01, 2020 | $0.027 | OrdinaryDividend |
Sep 01, 2020 | $0.028 | OrdinaryDividend |
Aug 03, 2020 | $0.032 | OrdinaryDividend |
Jul 01, 2020 | $0.031 | OrdinaryDividend |
Jun 01, 2020 | $0.031 | OrdinaryDividend |
May 01, 2020 | $0.028 | OrdinaryDividend |
Apr 01, 2020 | $0.033 | OrdinaryDividend |
Mar 02, 2020 | $0.031 | OrdinaryDividend |
Feb 03, 2020 | $0.035 | OrdinaryDividend |
Jan 02, 2020 | $0.035 | OrdinaryDividend |
Dec 02, 2019 | $0.032 | OrdinaryDividend |
Nov 01, 2019 | $0.030 | OrdinaryDividend |
Oct 01, 2019 | $0.023 | OrdinaryDividend |
Sep 03, 2019 | $0.025 | OrdinaryDividend |
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 |