Investment Philosophy

  • Focus on Current Income

    The Fund seeks to provide attractive current income with a secondary objective of providing long-term risk-adjusted returns by investing in a portfolio of U.S. alternative credit assets across multiple sectors and risk profiles.

  • Flexible Approach

    The flexibility to allocate capital to both public and private markets enables the team to take an opportunistic approach while seeking to generate attractive current income and long-term risk-adjusted returns.

  • Seeks to Mitigate Downside Risks

    The Fund seeks to mitigate downside risks by building a portfolio of assets across the alternative credit spectrum, with an emphasis on first-lien, senior-secured assets.

  1. Past performance is not indicative of future results

Our Process

The First Eagle Credit Opportunities Fund is a flexible alternative credit portfolio that seeks to deliver current income with a secondary objective of providing long-term risk-adjusted returns. Employing a variety of fundamental and technical factors—at both the security and industry levels—the team establishes risk/return expectations across the investment opportunity set and constructs a portfolio of a variety of credit asset classes that balances the need for current income with potentially more long-term risk-adjusted returns.

  1. Disclosures

  2. Class A Shares. The minimum initial investment for Class A Shares is $2,500 per account. The minimum subsequent investment amount for Class A Shares is $100.

  3. Class I Shares. The minimum initial investment for Class I Shares is $1 million per account. There is no minimum subsequent investment amount for Class I Shares.

  4. The initial investment minimums may be modified for certain financial firms that submit orders on behalf of their customers. The Fund or the Distributor may lower or waive the minimum initial investment for certain classes of shares or categories of investors at their discretion. The minimum initial investment may also be modified for current officers, trustees, directors, and employees of the Fund, First Eagle, the Adviser, the Subadviser, the Distributor, certain other subsidiaries of First Eagle, The Blackstone Group Inc., Corsair Capital LLC, employees of certain firms providing services to the Fund (such as the custodian and the shareholder servicing agent), and to the immediate family members of any such persons or to any trust, pension, profit-sharing or other benefit plan for only such persons. Please see the Statement of Additional Information for details.

  5. The Credit Opportunities Fund’s Common Shares are not listed for trading on any national securities exchange, have no trading market and no market is expected to develop.

  6. Investors should consider Common Shares of the Fund to be an illiquid investment. There is no guarantee that investors will be able to sell the Common Shares at any given time or in the quantity the investor desires.

  7. An investment in the Credit Opportunities Fund is not suitable for investors who need certainty about their ability to access all of the money they invest in the short term.

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Average Annual Returns

TickerClassYTD %1 MO3 MO1 YR3 YR5 YR10 YRINCEPT %Expense Ratio
GrossNet
FECAX A w/out load   2.28%   1.11%   2.28%  11.17%   5.64%      -      -   6.84%   4.72%   4.03%
FECAX A w/load  -0.28%  -1.44%  -0.28%   8.38%   4.39%      -      -   5.70%   4.72%   4.03%
FECAX A w/out load   2.28%   1.11%   2.28%  11.17%   5.64%      -      -   6.84%   4.72%   4.03%
FECAX A w/load  -0.28%  -1.44%  -0.28%   8.38%   4.39%      -      -   5.70%   4.72%   4.03%
FCAAX A-2 w/out load   2.21%   1.11%   2.21%  10.72%      -      -      -   6.59%   5.35%   4.53%
FCAAX A-2 w/load  -0.36%  -1.40%  -0.36%   7.93%      -      -      -   5.13%   5.35%   4.53%
FCAAX A-2 w/out load   2.21%   1.11%   2.21%  10.72%      -      -      -   6.59%   5.35%   4.53%
FCAAX A-2 w/load  -0.36%  -1.40%  -0.36%   7.93%      -      -      -   5.13%   5.35%   4.53%
FECRX I   2.41%   1.18%   2.41%  11.56%   6.08%      -      -   7.27%   4.44%   3.78%
FECRX I   2.41%   1.18%   2.41%  11.56%   6.08%      -      -   7.27%   4.44%   3.78%

Source: FactSet; data as of Mar 31, 2024.

Source: FactSet; data as of Mar 31, 2024.

  1. The annual expense ratio is based on expenses incurred by the fund, as stated in the most recent prospectus. FEIM has contractually undertaken to waive and/or reimburse certain fees and expenses of the Fund so that the total annual operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, dividend and interest expenses relating to short sales, and extraordinary expenses, if any) (‘‘annual operating expenses’’) of the Class A, Class A-2 and Class I shareholders are limited to 2.25%, 2.75% and 2.00%, respectively, of average net assets. This undertaking lasts until April 30, 2024 and may not be terminated during its term without the consent of the Board of Trustees. The Fund has agreed to repay the Adviser for fees and expenses waived or reimbursed for the class provided that repayment does not cause annual operating expenses (after the repayment is taken into account) to exceed 2.25%, 2.75% and 2.00% of the class’ average net assets, or such other lower amount as may be in place at the time of repayment. Any such repayment must be made within three years after the date in which the Fund incurred the fee and/or expense.

  1. Disclosures

  2. The Credit Opportunities Fund is an Interval Fund, a type of fund that, in order to provide liquidity to shareholders, has adopted a fundamental investment policy to make quarterly offers to repurchase between 5% and 25% of its outstanding Common Shares at net asset value (“NAV”). Subject to applicable law and approval of the Board of Trustees for each quarterly repurchase offer, the Fund currently expects to offer to repurchase 5% of the Fund’s outstanding Common Shares at NAV on a quarterly basis.

  3. “With load” performance for Class A and Class A2 Shares gives effect to the deduction of the maximum sales charge of 2.50%.

  4. Class A Shares. The minimum initial investment for Class A Shares is $2,500 per account. The minimum subsequent investment amount for Class A Shares is $100.

  5. Class A-2 Shares. The minimum initial investment for Class A2 Shares is $2,500 per account. The minimum subsequent investment amount for Class A2 Shares is $100.

  6. Class I Shares. The minimum initial investment for Class I Shares is $1 million per account. There is no minimum subsequent investment amount for Class I Shares.

  7. The initial investment minimums may be modified for certain financial firms that submit orders on behalf of their customers. The Fund or the Distributor may lower or waive the minimum initial investment for certain classes of shares or categories of investors at their discretion. The minimum initial investment may also be modified for current officers, trustees, directors, and employees of the Fund, First Eagle, the Adviser, the Subadviser, the Distributor, certain other subsidiaries of First Eagle, The Blackstone Group Inc., Corsair Capital LLC, employees of certain firms providing services to the Fund (such as the custodian and the shareholder servicing agent), and to the immediate family members of any such persons or to any trust, pension, profit-sharing or other benefit plan for only such persons. Please see the Statement of Additional Information for details.

  8. The Credit Opportunities Fund’s Common Shares are not listed for trading on any national securities exchange, have no trading market and no market is expected to develop.

  9. Investors should consider Common Shares of the Fund to be an illiquid investment. There is no guarantee that investors will be able to sell the Common Shares at any given time or in the quantity the investor desires.

  10. An investment in the Credit Opportunities Fund is not suitable for investors who need certainty about their ability to access all of the money they invest in the short term.

  11. Credit Opportunities Fund Inception dates: A Shares 10/02/2020, I Shares 09/15/2020, A2 Shares 05/31/2022.

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Monthly Returns (Without Sales Charge)

DateClass I (FECRX)Class A (FECAX)Class A-2 (FCAAX)
Mar 31, 2024 1.18% 1.11% 1.11%
Feb 29, 2024 0.66% 0.63% 0.60%
Dec 31, 2023 1.74% 1.72% 1.69%
Nov 30, 2023 1.33% 1.30% 1.25%
Oct 31, 2023 0.36% 0.34% 0.29%
Sep 30, 2023 1.05% 1.07% 1.03%
Aug 31, 2023 0.99% 0.92% 0.92%
Jul 31, 2023 1.36% 1.33% 1.27%
Jun 30, 2023 1.08% 1.06% 1.02%
May 31, 2023 -0.23% -0.21% -0.29%
Apr 30, 2023 0.93% 0.86% 0.86%
Mar 31, 2023 -0.06% -0.08% -0.12%
Feb 28, 2023 1.05% 1.03% 0.99%
Jan 31, 2023 2.21% 2.18% 2.14%
Dec 31, 2022 -0.31% -0.33% -0.41%
Nov 30, 2022 0.83% 0.80% 0.80%
Oct 31, 2022 -0.14% -0.17% -0.21%
Sep 30, 2022 -1.58% -1.56% -1.64%
Aug 31, 2022 1.19% 1.17% 0.87%
Jul 31, 2022 0.98% 0.91% 0.87%
Jun 30, 2022 -1.95% -1.93% -1.97%
May 31, 2022 -2.35% -2.38%
Apr 30, 2022 -0.15% -0.17%
Mar 31, 2022 0.12% 0.06%
Feb 28, 2022 -0.12% -0.14%
Jan 31, 2022 0.49% 0.47%
Dec 31, 2021 0.70% 0.69%
Nov 30, 2021 0.32% 0.24%
Oct 31, 2021 0.72% 0.66%
Sep 30, 2021 1.05% 0.99%
Aug 31, 2021 0.61% 0.51%
Jul 31, 2021 0.70% 0.67%
Jun 30, 2021 1.17% 1.11%
May 31, 2021 0.55% 0.49%
Apr 30, 2021 0.87% 0.77%
Mar 31, 2021 1.19% 1.16%
Feb 28, 2021 1.34% 1.28%
Jan 31, 2021 1.58% 1.52%
Dec 31, 2020 1.95% 1.62%
Nov 30, 2020 1.08%
Oct 31, 2020 0.20%
Sep 30, 2020 -0.12%

Source: FactSet; data as of Mar 31, 2024.

  1. Past performance does not guarantee future results. 

    Does not include sales charge. Values would be lower if a sales charge was included.

     

     

Top Ten Holdings (%)

As of Mar 31, 2024

Hertz Corporation, The 1.71
Caesars Entertainment Inc. 1.67
Alvogen Pharma US, Inc. 1.54
Connect Finco SARL (Luxco) / Inmarsat 1.47
Power Stop, LLC 1.26
SPX FLOW INC 1.12
Endo1 Partners, LLC (Non Agent) 1.07
RLG Holdings, LLC 1.07
Apex Group Treasury LLC 0.99
Apex Group Treasury Limited 0.99
Total Top Ten Holdings Percentage 12.88