First Eagle High Yield Municipal Fund
Actively managed U.S. bond fund
As of its 2026 Q2 report, First Eagle High Yield Municipal Fund held 1,680 positions with $7.27B in net assets. Its ten largest holdings made up 15.9% of the fund. The FEHAX share class costs 1.58% a year. Over the 12 months to May 2026, FEHAX returned 3.2%, with dividends reinvested. In 2026 Q3 it added 179 new positions and exited 97.
First Eagle High Yield Municipal Fund (High Yield Municipal Fund or the Fund) seeks to provide high current income exempt from regular federal income taxes.
The fund invests at least 80% of its net assets in municipal bonds exempt from regular federal income tax, with at least 65% in low- to medium-quality bonds rated BBB/Baa or lower, including below-investment-grade high-yield securities. It employs leverage through inverse floaters, tender option bonds, swaps, and borrowing to amplify income and returns, with inverse floater positions creating effective leverage of up to 30% of total investment exposure. The fund maintains a weighted average maturity greater than 10 years and expects significant exposure to tax obligations, education, transportation, and industrial revenue securities across multiple geographic areas.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
Public Finance Authority 5.75% · due 2065-12-31 | 3.08% | $224.03M | — |
Florida Development Finance Corp. | 2.55% | $185.25M | — |
Florida Development Finance Corp. 5.50% · due 2053-07-01 | 1.84% | $133.76M | — |
New Hope Cultural Education Facilities Finance Corp. 5.50% · due 2057-01-01 | 1.69% | $122.75M | — |
Atlanta Development Authority (The) 0.00% · due 2048-12-15 | 1.66% | $120.39M | — |
Public Finance Authority 5.75% · due 2054-07-01 | 1.22% | $88.60M | — |
State of Nevada Department of Business & Industry 12.00% floating · due 2065-01-01 | 1.15% | $83.52M | — |
New York City Municipal Water Finance Authority | 1.03% | $75.00M | — |
City of Los Angeles Department of Airports 5.50% · due 2055-05-15 | 0.87% | $62.98M | — |
Michigan State Housing Development Authority 5.50% · due 2068-10-01 | 0.83% | $60.72M | — |
The 200 largest of 1,680 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Bonds | 112.02% |
| Cash & short-term | 5.78% |
These positions come to 117.80% of the fund's net assets. This counts only what the fund reported holding — the holdings disclosure covers assets, not liabilities such as borrowings — so it is not expected to reconcile to 100%.
Derivatives are shown at market value, not notional exposure.
How it has done
FEHAX share class · total returns with dividends reinvested
Down months are grey, not red — they are part of any record. Volatility over the last 12 months: 6.43%. Past returns are a record, not a forecast.
3 months are blank because the fund did not report them — not because they were flat. A cumulative figure is not shown for this class: compounding across an unreported month would treat it as flat and invent a return.
Jun 2026 and Jul 2026 have been filed since the trailing figures were struck, so they are not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
The 7 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 1.58% | +3.22% | — | — | — | |
| 2.34% | +2.59% | +17.33% | +12.57% | -8.06% | |
| 1.36% | +3.49% | +20.39% | +17.61% | -7.69% | |
| — | — | — | — | — | |
| — | — | — | — | — | |
| — | — | — | — | — | |
| 1.28% | +3.44% | +20.73% | +18.08% | -7.72% |
Fees & fund details
First Eagle High Yield Municipal Fund is an actively managed U.S. bond fund.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Credit quality
- High yield
- Rate sensitivity
- Long duration
- Expense ratio, by class
- 1.28% – 2.34%· FEHAX 1.58%
- Portfolio turnover
- 82.00% a year · as of 2026 Q2
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
179 new· the largest 7
97 exited· the largest 7
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-04-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 91.9% |
| Zero-coupon or unclassified | 4.9% |
| Floating rate | 3.3% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 0.1% |
| 1-3y | 0.0% |
| 3-5y | 0.2% |
| 5-10y | 3.1% |
| 10y+ | 96.5% |
These three overlap — one holding can be in arrears and paying in kind at once — so they are shown separately and never summed.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
More of this fund’s sensitivity sits in credit spreads than in interest rates — a rate rally that comes with a credit selloff works against it.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Credit spreads | 53% |
| Interest rates | 47% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| High yield | +5.43 yr |
| Investment grade | +2.85 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.02 yr | 0% |
| 1 yr | 0.31 yr | 4% |
| 5 yr | 1.32 yr | 18% |
| 10 yr | 3.73 yr | 50% |
| 30 yr | 2.10 yr | 28% |
| 3 mo | 0.02 yr | 0% |
| 1 yr | 0.32 yr | 4% |
| 5 yr | 1.41 yr | 17% |
| 10 yr | 4.09 yr | 49% |
| 30 yr | 2.43 yr | 29% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.02 | +0.00 | +0.02 | $2.4k | $14.6k |
| 1 yr | +0.31 | +0.07 | +0.25 | $52.4k | $180.2k |
| 5 yr | +1.32 | +0.42 | +1.00 | $304.0k | $724.1k |
| 10 yr | +3.73 | +1.37 | +2.72 | $995.9k | $1.98m |
| 30 yr | +2.10 | +0.99 | +1.44 | $718.9k | $1.05m |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
A newer credit-spread reading (2026Q3) is on file. This page holds one quarter across every figure on it, so that one appears here next quarter.
Understand how this fund fits with the rest.
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