First Eagle High Yield Municipal Fund
First Eagle Funds · 8 share classes
Fund classification
Classified from what the fund holds · as of 2026 Q2
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
Fund profile
As filed in the prospectus · 2026 Q2
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.
| Share class | Expense ratio |
|---|---|
| FEHAX | 1.58% |
| FEHCX | 2.34% |
| FEHIX | 1.36% |
| FEHRX | 1.28% |
Portfolio turnover 82.00% · as of 2026 Q2
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| 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.
Latest quarter
What changed since the fund's previous filing
Largest new: New York City Municipal Water Finance Authority, San Francisco City & County Airport Comm-San Francisco International Airport, New York City Housing Development Corp ×2, Michigan State Building Authority, Montgomery County Housing Opportunities Commission, City of Los Angeles Department of Airports, Capital Trust Authority
Largest exited: New York Transportation Development Corp. ×2, Atlanta Development Authority (The), New York City Transitional Finance Authority Future Tax Secured Revenue, Ohio Housing Finance Agency, Georgia Housing & Finance Authority, Public Finance Authority, Michigan State Housing Development Authority
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
| Share class | 1-year | 3-year | 5-year | Vol | Worst fall |
|---|---|---|---|---|---|
| -25.25% | -62.29% | -87.76% | 6.30% | -62.29% | |
| -10.87% | -19.56% | -38.64% | 6.31% | -19.72% | |
| +1.32% | +18.38% | +17.03% | 6.31% | -7.69% | |
| — | — | — | — | — | |
| — | — | — | — | — | |
| — | — | — | — | — | |
| +1.51% | +18.86% | +17.64% | 6.49% | -7.72% |
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.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Value | Shares |
|---|---|---|---|---|
| — | Public Finance Authority5.75% · 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 Authority5.75% · due 2054-07-01 | 1.22% | $88.60M | — |
| — | State of Nevada Department of Business & Industry12.00% 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 Airports5.50% · due 2055-05-15 | 0.87% | $62.98M | — |
| — | Michigan State Housing Development Authority5.50% · due 2068-10-01 | 0.83% | $60.72M | — |
Top 10 positions are 15.91% of net assets, top 25 26.19%, across 596 issuers.
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