Fundamentals Anchor Opportunity Amid Tariff Tantrum

John Miller, head and chief investment officer of the Municipal Credit team, discusses why he believes the recent tariff tantrum has created an attractive entry point for municipal bonds, his outlook on Fed policy and inflation, and why he expects fundamentals to remain stable.

Fundamentals Anchor Opportunity Amid Tariff Tantrum

John Miller, head and chief investment officer of the Municipal Credit team, discusses why he believes the recent tariff tantrum has created an attractive entry point for municipal bonds, his outlook on Fed policy and inflation, and why he expects fundamentals to remain stable.

First Eagle at a Glance

As of MAR 31, 2025

$152B*
in assets under management
Private and independent asset management firm with a heritage that dates to
1864
612
employees including 151 investment professionals
Global offices, headquartered in New York
8
  1. All figures related to assets under management (AUM) are preliminary figures based on management’s estimates and as such are subject to change. 

    * The total AUM represents the combined AUM of (i) First Eagle Investment Management, LLC, (ii) its subsidiary investment advisers, First Eagle Separate Account Management, LLC, First Eagle Alternative Credit (“FEAC”) and Napier Park Global Capital (“Napier Park”), and (iii) Regatta Loan Management LLC, an advisory affiliate of Napier Park as of March 31, 2025. It includes $0.6 billion of committed and other non-fee-paying capital from First Eagle Alternative Credit, LLC and $3.1 billion of committed and other non-fee-paying capital from Napier Park Global Capital, inclusive of assets managed by Regatta Loan Management LLC.

Who We Are

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  2. First Eagle Investments is the brand name for First Eagle Investment Management, LLC and its subsidiary investment advisers including First Eagle Separate Account Management, LLC.