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Rating:A Freshly Transformed Muni Fund Doubles In 2 Months, And ... Not Rated 0.0 Email Routing List Email & Route  Print Print
Friday, July 26, 2024

A Freshly Transformed Muni Fund Doubles In 2 Months, And ...

Reported by Neil Anderson, Managing Editor

The team at a $138-billion-AUM (as of June 30) asset manager is celebrating the continuing growth of a freshly transformed, 16-year-old mutual fund, and expanding the team that runs that fund.

Purva Patel
First Eagle Investments
Managing Director, Senior Investment Specialist, High Yield Municipal Credit Team
On Monday, John Miller, head and chief investment officer of the high yield municipal credit team at New York City-based First Eagle Investments [profile], and Carl Katerndahl, chief operating officer of the high yield municipal credit team, revealed that the First Eagle High Yield Municipal Fund has surpassed $2 billion in AUM, doubling in two months. Meanwhile, Katerndahl and Miller also confirm that Purva Patel is joining the high yield municipal credit team as managing director and senior investment specialist. (Like Miller and Katerndahl, Patel most recently worked with Nuveen.)

"Purva's addition underscores our commitment to providing top-tier investment solutinos to our clients," Katerndahl states. "Having known Purva for over 20 years, I am confident her extensive experience in the municipal bond market will be invaluable as we expand our capabilities."

The High Yield Municipal Fund is a series of First Eagle Funds. The fund comes in four flavors: A shares (FEHAX), with up to 250 basis points in up-front load, up to 100bps in deferred load, and an expense ratio of 125bps; C shares (FEHCX), with up to 100bps in deferred load and an expense ratio of 200bps; and I shares (FEHIX) and R6 shares (FEHRX), both with an expense ratio of 100bps.

News of the milestone comes half a year after the First Eagle team transformed a longstanding fund into the First Eagle High Yield Municipal Fund on December 27, 2023, giving the fund a new name and updating its investment strategy, six days before Miller joined First Eagle to launch and lead the high yield municipal credit team. The predecessor fund, the First Eagle High Income Fund, launched nearly 17 years ago, in the fall of 2007.

First Eagle Investment Management, LLC serves as the High Yield Municipal Fund's investment advisor. Miller is the fund's lead portfolio manager.

"The rapid accumulation of assets in our Fund suggests that investors remain keenly interested in the distinct benefits of municipal bonds," Miller states. "reaching the $2 billion mark in only about six months since the Fund's conversion ... validates investor confidence in the team's active, research-driven approach to navigating the complexities of the muni market in pursuit of strong investment results."

"Strong advisor demand for tax-efficient strategies to meet the unique needs of high net worth clients has provided us with opportunities to secure several new distribution agreements in recent months for both the High Yield Municipal and Short Duration High Yield Muncipal Funds," states Frank Riccio, head of sales and strategic relationships for U.S. wealth solutions. "We look forward to continuing the expansion of our platform reach, and we are excited to have Purva join us as a new Senior Investment Specialist to support our efforts."

Patel spent 25 years with Nuveen, most recently serving as a managing director. She is based in the Chicago area and is an alumna of the University of Michigan.

The High Yield Municipal Fund's other service providers include: FEF Distributors, LLC as distributor; JPMorgan Chase Bank as custodian; PricewaterhouseCoopers LLP as independent accounting firm; and SS&C GICS, Inc. as transfer agent. 

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