Investment Philosophy

The team focuses on small and micro-cap companies with characteristics such as inefficiently valued assets, turnarounds, accelerating growth and overlooked leaders, that can potentially benefit from catalysts such as new management, a more favorable business cycle, product innovation, and/or margin improvement. The team believes fundamental research can uncover opportunities to invest in companies that are attractively valued and have the potential to benefit from catalysts for future earnings recovery.

  • Brand

    True Small Cap Specialists

    The seasoned management team has deep experience leveraging opportunities offered by small and micro-cap companies across market cycles.

  • Market

    Catalyst-Driven Value

    The Small Cap Opportunity Fund employs in-house fundamental research in an effort to identify temporarily mispriced companies with potential catalysts for earnings-growth normalization.

  • Global View

    Volatility Leads to Potential Opportunity

    Small cap market inefficiencies can create attractive opportunities for disciplined active investors, and broad portfolio diversification helps mitigate potential downside in a volatile investment universe.

  1. *Price/Earnings Ratio is calculated using weighted median method.

  2. **Active share measures the percentage of a fund’s portfolio holdings differing from its benchmark. Active share can range from 0% (index fund) to 100% (no commonality with the benchmark index).

Our Process

The team uses a bottom-up process, building the portfolio stock by stock.

  • 01

    Narrow the Universe

    The team narrows the approximately 3,000 US Small Cap Stock Universe using their historical investment experience, by attending management meetings, conference calls, investment conferences, and by following industry trade journals.

  • 02

    Conduct Fundamental Research

    The team aims to identify companies that have low multiples and a potential catalyst for improvement.

    Low Multiples
    • The team seeks to uncover companies that they believe are trading at a significantly discounted price/book or price/sales.
    • Holdings typically fall into at least one category below:
      • Turnarounds
      • Inefficiently valued assets
      • Accelerating growth
      • Overlooked leaders

    Catalyst for Improvement
    • Utilizing the team’s analysis and deep institutional knowledge of competitors, industry and existing holdings used for comparisons, they seek to determine the likelihood of execution success.
    • Some potential catalysts the team look for that could lead to a company’s return to normalized earnings are:
      • New management
      • More favorable business cycle
      • Margin improvement
      • Product innovation
  • 03

    Construct Portfolio

    • Diversified with approximately 180–300 holdings
    • Typical holdings less than $3bn market cap (at purchase)
    • Annual turnover expected 35%–45%

Competitive Advantage

  • Seasoned team of true small cap specialists
  • Time-tested, catalyst-driven value approach
  • Experience to find opportunity in short- and long-term dislocations due to volatility
  1. Disclosures

  2. Diversification does not guarantee investment returns and does not eliminate the risk of loss.

  3. The above are not investment guidelines or restrictions and are subject to change without notice.

  4. Not all companies held in this Fund will meet the criteria listed.

  5. Small Cap Opportunity I shares incepted on April 27, 2021. Small Cap Opportunity A shares and R6 shares incepted on July 1, 2021.

  6. Inception date shown for the Russell 2000 Value and Russell 2000 Indices matches the Small Cap Opportunity Class I shares, which have the oldest since inception date for the Small Cap Opportunity Fund.

  1. Definitions

  2. The Russell 2000 Index is an unmanaged index that measures the performance of the 2000 smallest companies in the Russell 3000 Index and is not available for purchase.

  3. Russell 2000® Value Index measures the performance of small-cap value segment of the US equity universe. It includes those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values.

Average Annual Returns

TickerClassYTD %1 MO3 MO1 YR3 YR5 YR10 YRINCEPT %Expense Ratio
GrossNet
FESAX A w/out load -23.36% -12.17%  -5.60% -20.04%      -      -      - -20.65%   1.31%   1.26%
FESAX A w/load -27.19% -16.52% -10.30% -24.05%      -      -      - -23.83%   1.31%   1.26%
Russell 2000 Value Index (since inception based on I Shares) -21.12% -10.19%  -4.61% -17.69%       -       -       - -13.40%                
Russell 2000 Index (since inception based on I Shares) -25.10%  -9.58%  -2.19% -23.50%       -       -       - -19.10%                
FESAX A w/out load -23.36% -12.17%  -5.60% -20.04%      -      -      - -20.65%   1.31%   1.26%
FESAX A w/load -27.19% -16.52% -10.30% -24.05%      -      -      - -23.83%   1.31%   1.26%
Russell 2000 Value Index (since inception based on I Shares) -21.12% -10.19%  -4.61% -17.69%       -       -       - -13.40%                
Russell 2000 Index (since inception based on I Shares) -25.10%  -9.58%  -2.19% -23.50%       -       -       - -19.10%                
FESCX I -23.23% -12.14%  -5.47% -19.92%      -      -      - -16.41%   1.06%   1.01%
Russell 2000 Value Index (since inception based on I Shares) -21.12% -10.19%  -4.61% -17.69%       -       -       - -13.40%                
Russell 2000 Index (since inception based on I Shares) -25.10%  -9.58%  -2.19% -23.50%       -       -       - -19.10%                
FESCX I -23.23% -12.14%  -5.47% -19.92%      -      -      - -16.41%   1.06%   1.01%
Russell 2000 Value Index (since inception based on I Shares) -21.12% -10.19%  -4.61% -17.69%       -       -       - -13.40%                
Russell 2000 Index (since inception based on I Shares) -25.10%  -9.58%  -2.19% -23.50%       -       -       - -19.10%                
FESRX R6 -23.31% -12.14%  -5.59% -19.92%      -      -      - -20.48%   1.07%   1.01%
Russell 2000 Value Index (since inception based on I Shares) -21.12% -10.19%  -4.61% -17.69%       -       -       - -13.40%                
Russell 2000 Index (since inception based on I Shares) -25.10%  -9.58%  -2.19% -23.50%       -       -       - -19.10%                
FESRX R6 -23.31% -12.14%  -5.59% -19.92%      -      -      - -20.48%   1.07%   1.01%
Russell 2000 Value Index (since inception based on I Shares) -21.12% -10.19%  -4.61% -17.69%       -       -       - -13.40%                
Russell 2000 Index (since inception based on I Shares) -25.10%  -9.58%  -2.19% -23.50%       -       -       - -19.10%                

Source: FactSet; data as of Sep 30, 2022.

Source: FactSet; data as of Sep 30, 2022.

  1. The performance data quoted herein represents past performance and does not guarantee future results. Market volatility can dramatically impact a Fund's short-term performance. Current performance may be lower or higher than figures shown. The investment return and principal value will fluctuate so that an investor's shares, when redeemed may be worth more or less than their original cost. Past performance data through the most recent month end is available on the Prices & Performance page.

  1. Disclosures

  2. Diversification does not guarantee investment returns and does not eliminate the risk of loss.

  3. The above are not investment guidelines or restrictions and are subject to change without notice.

  4. Not all companies held in this Fund will meet the criteria listed.

  5. Small Cap Opportunity I shares incepted on April 27, 2021. Small Cap Opportunity A shares and R6 shares incepted on July 1, 2021.

  6. Inception date shown for the Russell 2000 Value and Russell 2000 Indices matches the Small Cap Opportunity Class I shares, which have the oldest since inception date for the Small Cap Opportunity Fund.

  1. Definitions

  2. Russell 2000® Value Index measures the performance of small-cap value segment of the US equity universe. It includes those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values.

  3. The Russell 2000 Index is an unmanaged index that measures the performance of the 2000 smallest companies in the Russell 3000 Index and is not available for purchase.

Top Ten Holdings (%)

As of Aug 31, 2022

Herc Holdings, Inc. 0.77
Air Lease Corporation Class A 0.76
Fabrinet 0.75
Chuy's Holdings, Inc. 0.72
Ichor Holdings, Ltd. 0.72
B. Riley Financial, Inc. 0.72
Heritage-Crystal Clean, Inc. 0.72
Seacoast Banking Corporation of Florida 0.71
Lithia Motors, Inc. 0.71
Curtiss-Wright Corporation 0.70
Top Ten Holdings as a Percentage of Total Net Assets 7.29

Top Ten Holdings (%)

As of Jul 31, 2022

Herc Holdings, Inc. 0.85
Fabrinet 0.79
Advanced Energy Industries, Inc. 0.78
Select Medical Holdings Corporation 0.77
Cavco Industries, Inc. 0.77
Ichor Holdings, Ltd. 0.75
LGI Homes, Inc. 0.75
Seacoast Banking Corporation of Florida 0.74
Atlas Air Worldwide Holdings, Inc. 0.74
Walker & Dunlop, Inc. 0.74
Top Ten Holdings as a Percentage of Total Net Assets 7.67

Top Ten Holdings (%)

As of Jun 30, 2022

HCI Group, Inc. 0.83
Pacira Biosciences, Inc. 0.81
Select Medical Holdings Corporation 0.79
Seacoast Banking Corporation of Florida 0.77
Fabrinet 0.77
Texas Capital Bancshares, Inc. 0.77
Curtiss-Wright Corporation 0.76
Air Lease Corporation Class A 0.75
Mercury Systems, Inc. 0.74
Owens & Minor, Inc. 0.74
Top Ten Holdings as a Percentage of Total Net Assets 7.72

Top Ten Holdings (%)

As of May 31, 2022

Earthstone Energy, Inc. Class A 0.78
HCI Group, Inc. 0.73
Curtiss-Wright Corporation 0.73
II-VI Incorporated 0.73
Allegiant Travel Company 0.72
Texas Capital Bancshares, Inc. 0.72
B. Riley Financial, Inc. 0.72
Select Medical Holdings Corporation 0.72
America's Car-Mart, Inc. 0.72
Air Lease Corporation Class A 0.71
Top Ten Holdings as a Percentage of Total Net Assets 7.26

Top Ten Holdings (%)

As of Apr 30, 2022

Allegiant Travel Company 0.74
Air Lease Corporation Class A 0.74
Curtiss-Wright Corporation 0.73
PBF Energy, Inc. Class A 0.73
Ducommun Incorporated 0.73
Atlas Air Worldwide Holdings, Inc. 0.72
II-VI Incorporated 0.71
Pacira Biosciences, Inc. 0.70
HCI Group, Inc. 0.70
Select Medical Holdings Corporation 0.68
Top Ten Holdings as a Percentage of Total Net Assets 7.18

Top Ten Holdings (%)

As of Mar 31, 2022

Pacira Biosciences, Inc. 0.82
B. Riley Financial, Inc. 0.79
U.S. Silica Holdings, Inc. 0.76
Curtiss-Wright Corporation 0.76
Matador Resources Company 0.75
Helmerich & Payne, Inc. 0.73
II-VI Incorporated 0.73
Air Lease Corporation Class A 0.73
PBF Energy, Inc. Class A 0.72
Allegiant Travel Company 0.69
Top Ten Holdings as a Percentage of Total Net Assets 7.47

Top Ten Holdings (%)

As of Feb 28, 2022

Matador Resources Company 0.80
Helmerich & Payne, Inc. 0.80
Texas Capital Bancshares, Inc. 0.77
Curtiss-Wright Corporation 0.77
Pacira Biosciences, Inc. 0.76
RPC, Inc. 0.74
SM Energy Company 0.73
America's Car-Mart, Inc. 0.72
Allegiant Travel Company 0.71
Chuy's Holdings, Inc. 0.68
Top Ten Holdings as a Percentage of Total Net Assets 7.46

Top Ten Holdings (%)

As of Jan 31, 2022

Conn's, Inc. 0.81
Helmerich & Payne, Inc. 0.77
Texas Capital Bancshares, Inc. 0.77
Pacira Biosciences, Inc. 0.77
Matador Resources Company 0.76
Allegiant Travel Company 0.75
Curtiss-Wright Corporation 0.72
Earthstone Energy, Inc. Class A 0.71
America's Car-Mart, Inc. 0.70
Community Health Systems, Inc. 0.70
Top Ten Holdings as a Percentage of Total Net Assets 7.47

Top Ten Holdings (%)

As of Dec 31, 2021

Conn's, Inc. 0.76
Pacira Biosciences, Inc. 0.71
Select Medical Holdings Corporation 0.71
America's Car-Mart, Inc. 0.69
II-VI Incorporated 0.68
Texas Capital Bancshares, Inc. 0.68
Community Health Systems, Inc. 0.68
Surgery Partners, Inc. 0.67
American Woodmark Corporation 0.67
B. Riley Financial, Inc. 0.66
Top Ten Holdings as a Percentage of Total Net Assets 6.92

Top Ten Holdings (%)

As of Nov 30, 2021

Select Medical Holdings Corporation 0.74
Pacira Biosciences, Inc. 0.74
Texas Capital Bancshares, Inc. 0.73
America's Car-Mart, Inc. 0.71
LGI Homes, Inc. 0.71
Surgery Partners, Inc. 0.70
Allegiant Travel Company 0.69
American Woodmark Corporation 0.69
Chesapeake Energy Corporation 0.68
II-VI Incorporated 0.67
Top Ten Holdings as a Percentage of Total Net Assets 7.05

Top Ten Holdings (%)

As of Oct 31, 2021

B. Riley Financial, Inc. 0.82
II-VI Incorporated 0.74
LGI Homes, Inc. 0.73
Addus HomeCare Corporation 0.73
America's Car-Mart, Inc. 0.73
Community Health Systems, Inc. 0.71
Surgery Partners, Inc. 0.70
DMC Global Inc. 0.70
Overstock.com, Inc. 0.70
Herc Holdings, Inc. 0.69
Top Ten Holdings as a Percentage of Total Net Assets 7.24

Top Ten Holdings (%)

As of Sep 30, 2021

Herc Holdings, Inc. 0.94
B. Riley Financial, Inc. 0.85
Overstock.com, Inc. 0.84
II-VI Incorporated 0.83
Chesapeake Energy Corporation 0.82
Gibraltar Industries, Inc. 0.78
Atlas Air Worldwide Holdings, Inc. 0.77
American Woodmark Corporation 0.77
Kulicke & Soffa Industries, Inc. 0.75
Surgery Partners, Inc. 0.75
Top Ten Holdings as a Percentage of Total Net Assets 8.10

Allocation By Sector (%)

Industrials: 22.18%
Consumer Discretionary: 16.83%
Information Technology: 15.62%
Health Care: 11.03%
Financials: 8.39%
Energy: 8.16%
Short-Term, Cash & Cash Equivalents: 5.95%
Real Estate: 4.95%
Materials: 3.60%
Consumer Staples: 1.79%
Communication Services: 1.50%
Source: FactSet; data as of Jun 30, 2022.
Industrials 22.18%
Consumer Discretionary 16.83%
Information Technology 15.62%
Health Care 11.03%
Financials 8.39%
Energy 8.16%
Short-Term, Cash & Cash Equivalents 5.95%
Real Estate 4.95%
Materials 3.60%
Consumer Staples 1.79%
Communication Services 1.50%
Industrials 20.67%
Consumer Discretionary 16.72%
Information Technology 12.54%
Energy 10.45%
Health Care 8.75%
Financials 8.16%
Short-Term, Cash & Cash Equivalents 7.61%
Materials 6.75%
Real Estate 5.08%
Consumer Staples 1.97%
Communication Services 1.30%
Industrials 22.90%
Consumer Discretionary 19.63%
Information Technology 11.36%
Health Care 9.86%
Financials 8.14%
Materials 7.09%
Energy 6.72%
Cash & Cash Equivalents 6.13%
Real Estate 4.89%
Consumer Staples 1.71%
Communication Services 1.56%

Allocation By Asset Class (%)

US Stocks: 94.05%
Short-Term, Cash & Cash Equivalents: 5.95%
Source: FactSet; data as of Jun 30, 2022.
US Stocks 94.05%
Short-Term, Cash & Cash Equivalents 5.95%
US Stocks 92.39%
Short-Term, Cash & Cash Equivalents 7.61%
US Stocks 93.87%
Cash & Cash Equivalents 6.13%
  1. Short-Term, Cash & Cash Equivalents include short-term investments; e.g., short-term commercial paper (0.0% of net assets) that settles in 90 days or less, longer-term commercial paper (0.0% of net assets) that settles in 91 days or more, with the balance in US T-bills or money market funds.

  2. Portfolio holdings are subject to change and should not be considered a recommendation to buy or sell securities. Based on total fair value of investment and cash/cash equivalents. Not a guarantee of future portfolio composition. Current and future portfolio holdings are subject to risk.

  3. Percentages may not sum to 100% due to rounding.

  1. Disclosures

  2. Diversification does not guarantee investment returns and does not eliminate the risk of loss.

  3. The above are not investment guidelines or restrictions and are subject to change without notice.

  4. Not all companies held in this Fund will meet the criteria listed.

  5. Small Cap Opportunity I shares incepted on April 27, 2021. Small Cap Opportunity A shares and R6 shares incepted on July 1, 2021.

  6. Inception date shown for the Russell 2000 Value and Russell 2000 Indices matches the Small Cap Opportunity Class I shares, which have the oldest since inception date for the Small Cap Opportunity Fund.

Investment Team

  • Suzanne Franks

    Associate Portfolio Manager

    Industry start:  
    2004
    Year joined:  
    2021
  • Bill Hench

    Head of Small Cap Team and Portfolio Manager

    Industry start:  
    1986
    Year joined:  
    2021
  • Rob Kosowsky

    Associate Portfolio Manager

    Industry start:  
    2002
    Year joined:  
    2021
  • Adam Mielnik

    Senior Research Analyst

    Industry start:  
    2014
    Year joined:  
    2021

Our Process

The team uses a bottom-up process, building the portfolio stock by stock.

  • 01

    Narrow the Universe

    The team narrows the approximately 3,000 US Small Cap Stock Universe using their historical investment experience, by attending management meetings, conference calls, investment conferences, and by following industry trade journals.

  • 02

    Conduct Fundamental Research

    The team aims to identify companies that have low multiples and a potential catalyst for improvement.

    Low Multiples
    • The team seeks to uncover companies that they believe are trading at a significantly discounted price/book or price/sales.
    • Holdings typically fall into at least one category below:
      • Inefficiently valued assets
      • Turnarounds
      • Accelerating growth
      • Overlooked leaders

    Catalyst for Improvement
    • Utilizing the team’s analysis and deep institutional knowledge of competitors, industry and existing holdings used for comparisons, they seek to determine the likelihood of execution success.
    • Some potential catalysts the team look for that could lead to a company’s return to normalized earnings are:
      • New management
      • More favorable business cycle
      • Margin improvement
      • Product innovation
  • 03

    Construct Portfolio

    • Diversified with approximately 180–300 holdings
    • Typical holdings less than $3bn market cap (at purchase)
    • Annual turnover expected 35%–45%

Competitive Advantage

  • Seasoned team of true small cap specialists
  • Time-tested, catalyst-driven value approach
  • Experience to find opportunity in short- and long-term dislocations due to volatility

Share Class A (FESAX)

Expense Ratio and Shareholder Fees as of March 1, 2022

Shareholder Fee (%)

These are the fees paid directly from your investment.

 Sales ChargeDealer Re-Allowance
Less than $25,0005.004.50
$25,000 but less than $50,0004.504.25
$50,000 but less than $100,0004.003.75
$100,000 but less than $250,0003.253.00
$250,000 but less than $500,0002.502.25
$500,000 but less than $1,000,0001.501.25
$1,000,000 and over10.000.00

 

Expense Ratio (%)

These are the expenses you pay each year as a percentage of the value of your investment

Management Fees0.85
Distribution and Service (12b-1) Fees0.25
Other Expenses20.20
Acquired Fund Fees and Expenses40.01
Total Annual Operating Expenses1.31
Fee Waiver and/or Expense Reimbursement3-0.05
Total Annual Operating Expenses after Fee Waiver and/or Expense Reimbursement1.26
  1. Disclosures

  2. 1

    A contingent deferred sales charge of 1.00% may be imposed on certain redemptions of Class A shares made within 18 months following a purchase of $1,000,000 or more without an initial sales charge.

  3. 2

    "Other Expenses" are based on estimated expenses for the current fiscal year; actual expenses may vary.

  4. 3

    First Eagle Investment Management, LLC (‘‘FEIM’’) has contractually agreed to waive and/or reimburse certain fees and expenses of Classes A, I and R6 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 each class are limited to 1.25%, 1.00% and 1.00% of average net assets, respectively. Each of these undertakings lasts until February 28, 2023 and may not be terminated during its term without the consent of the Board of Trustees. The Fund has agreed that each of Classes A, I and R6 will repay FEIM 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 either: (1) 1.25%, 1.00% and 1.00% of the class’ average net assets, respectively; or (2) if applicable, the then-current expense limitations. Any such repayment must be made within three years after the year in which FEIM incurred the expense.

  5. 4

    Acquired Fund Fees and Expenses (“AFFE”) are fees and expenses incurred by the Fund in connection with its investments in other investment companies. Total Annual Operating Expenses shown will not correlate to the Fund’s ratio of expenses to average net assets appearing in the Financial Highlights table, which does not include AFFE. AFFE is based on an estimate for the current fiscal year; actual expenses may vary.

  6. The average annual returns for Class A Shares “with sales charge” of the First Eagle Small Cap Opportunity Fund gives effect to the deduction of the maximum sales charge of 5.00%.

  7. The First Eagle Small Cap Opportunity Fund ("The Fund") is new and may not be successful under all future market conditions. The Fund may not attract sufficient assets to achieve investment, trading or other efficiencies.

  8. There are several ways to lower the sales charge on Class A shares: Aggregation, Rights of Accumulation and Letter of Intention. For details please refer to our prospectus.

  9. In order to claim a breakpoint or other means of reducing the sales charge, an investor should notify his or her dealer, the Distributor, or the Transfer Agent (DST) at the time of purchase.

Share Class I (FESCX)

Expense Ratio and Shareholder Fees as of March 1, 2022

Expense Ratio (%)

These are the expenses you pay each year as a percentage of the value of your investment

Management Fees0.85
Distribution and/or Service (12b-1) Fees0.00
Other Expenses10.20
Acquired Fund Fees and Expenses30.01
Total Annual Operating Expenses1.06
Fee Waiver and/or Expense Reimbursement2-0.05
Total Annual Operating Expenses after Fee Waiver and/or Expense Reimbursement1.01
  1. Disclosures

  2. 1

    "Other Expenses" are based on estimated expenses for the current fiscal year; actual expenses may vary.

  3. 2

    First Eagle Investment Management, LLC (‘‘FEIM’’) has contractually agreed to waive and/or reimburse certain fees and expenses of Classes A, I and R6 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 each class are limited to 1.25%, 1.00% and 1.00% of average net assets, respectively. Each of these undertakings lasts until February 28, 2023 and may not be terminated during its term without the consent of the Board of Trustees. The Fund has agreed that each of Classes A, I and R6 will repay FEIM 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 either: (1) 1.25%, 1.00% and 1.00% of the class’ average net assets, respectively; or (2) if applicable, the then-current expense limitations. Any such repayment must be made within three years after the year in which FEIM incurred the expense.

  4. 3

    Acquired Fund Fees and Expenses (“AFFE”) are fees and expenses incurred by the Fund in connection with its investments in other investment companies. Total Annual Operating Expenses shown will not correlate to the Fund’s ratio of expenses to average net assets appearing in the Financial Highlights table, which does not include AFFE. AFFE is based on an estimate for the current fiscal year; actual expenses may vary.

  5. The First Eagle Small Cap Opportunity Fund ("The Fund") is new and may not be successful under all future market conditions. The Fund may not attract sufficient assets to achieve investment, trading or other efficiencies.

  6. Class I Shares require $1MM minimum investment and are offered without sales charge. There is no minimum subsequent investment amount for Class I Shares.

  7. In order to claim a breakpoint or other means of reducing the sales charge, an investor should notify his or her dealer, the Distributor, or the Transfer Agent (DST) at the time of purchase.

Share Class R6 (FESRX)

Expense Ratio and Shareholder Fees as of March 1, 2022

Expense Ratio (%)

These are the expenses you pay each year as a percentage of the value of your investment

Management Fees0.85
Distribution and/or Service (12b-1) Fees0.00
Other Expenses10.21
Acquired Fund Fees and Expenses30.01
Total Annual Operating Expenses1.07
Fee Waiver and/or Expense Reimbursement2-0.06
Total Annual Operating Expenses after Fee Waiver and/or Expense Reimbursement1.01
  1. Disclosures

  2. 1

    "Other Expenses" are based on estimated expenses for the current fiscal year; actual expenses may vary.

  3. 2

    First Eagle Investment Management, LLC (‘‘FEIM’’) has contractually agreed to waive and/or reimburse certain fees and expenses of Classes A, I and R6 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 each class are limited to 1.25%, 1.00% and 1.00% of average net assets, respectively. Each of these undertakings lasts until February 28, 2023 and may not be terminated during its term without the consent of the Board of Trustees. The Fund has agreed that each of Classes A, I and R6 will repay FEIM 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 either: (1) 1.25%, 1.00% and 1.00% of the class’ average net assets, respectively; or (2) if applicable, the then-current expense limitations. Any such repayment must be made within three years after the year in which FEIM incurred the expense.

  4. 3

    Acquired Fund Fees and Expenses (“AFFE”) are fees and expenses incurred by the Fund in connection with its investments in other investment companies. Total Annual Operating Expenses shown will not correlate to the Fund’s ratio of expenses to average net assets appearing in the Financial Highlights table, which does not include AFFE. AFFE is based on an estimate for the current fiscal year; actual expenses may vary.

  5. The First Eagle Small Cap Opportunity Fund ("The Fund") is new and may not be successful under all future market conditions. The Fund may not attract sufficient assets to achieve investment, trading or other efficiencies.

  6. In order to claim a breakpoint or other means of reducing the sales charge, an investor should notify his or her dealer, the Distributor, or the Transfer Agent (DST) at the time of purchase.

  1. FEF Distributors, LLC (Member SIPC) distributes certain First Eagle products; it does not provide services to investors. As such, when FEF Distributors, LLC presents a strategy or product to an investor, FEF Distributors, LLC  does not determine whether the investment is in the best interests of, or is suitable for, the investor. Investors should exercise their own judgment and/or consult with a financial professional prior to investing in any First Eagle strategy or product.

Capital Gains Distributions

Record DateEx & Reinvestment DatePayable DateOrdinary IncomeShort Term Capital GainsLong Term Capital GainsLong Term Capital Gains - 28%Total Distribution
11/30/2021 12/01/2021 12/02/2021 $0.000 $0.000 $0.000 $0.000 $0.000
11/30/2021 12/01/2021 12/02/2021 $0.000 $0.000 $0.000 $0.000 $0.000
11/30/2021 12/01/2021 12/02/2021 $0.000 $0.000 $0.000 $0.000 $0.000
  1. Ordinary income distributions are distributed at the class level and will vary by class.

  2. "Reinvested at" is the share price used to calculate the number of shares added to an account if a shareholder reinvests dividends or capital gains.

  3. Collectibles gains, such as gains from gold bullion, held for greater than one year currently are subject to a 28% tax rate. Collectibles gains held for less than one year are taxable to U.S. shareholders as short-term gains.

  4. FEF Distributors, LLC (Member SIPC) distributes certain First Eagle products; it does not provide services to investors. As such, when FEF Distributors, LLC presents a strategy or product to an investor, FEF Distributors, LLC  does not determine whether the investment is in the best interests of, or is suitable for, the investor. Investors should exercise their own judgment and/or consult with a financial professional prior to investing in any First Eagle strategy or product.

Fund Literature

Fund Information

Portfolio Composition
Holdings
Fact Sheet

Commentaries

Quarterly Commentary
  1. The prospectus and summary prospectus may be viewed online or by calling us at 800-747-2008. Please read our prospectus carefully before investing.  Investments are not FDIC insured or bank guaranteed and may lose value.

  2. FEF Distributors, LLC (Member SIPC) distributes certain First Eagle products; it does not provide services to investors. As such, when FEF Distributors, LLC presents a strategy or product to an investor, FEF Distributors, LLC  does not determine whether the investment is in the best interests of, or is suitable for, the investor. Investors should exercise their own judgment and/or consult with a financial professional prior to investing in any First Eagle strategy or product.

  1. Risk Disclosures

  2. The First Eagle Small Cap Opportunity Fund is new and may not be successful under all future market conditions. The Fund may not attract sufficient assets to achieve investment, trading or other efficiencies.

  3. The value and liquidity of portfolio holdings may fluctuate in response to events specific to the companies or markets, as well as economic, political or social events in the United States or abroad. During periods of market volatility, the value of individual securities and other investments at times may decline significantly and rapidly. The securities of small and micro-size companies can be more volatile in price than those of larger companies and may be more difficult or expensive to trade.

  4. There are risks associated with investing in foreign investments (including depositary receipts). Foreign investments, which can be denominated in foreign currencies, are susceptible to less politically, economically and socially stable environments, fluctuations in the value of foreign currency and exchange rates, and adverse changes to government regulations.

  5. A principal risk of investing in value stocks is that the price of the security may not approach its anticipated value or may decline in value. “Value” investments, as a category, or entire industries or sectors associated with such investments, may lose favor with investors as compared to those that are more “growth” oriented.

  6. All investments involve the risk of loss of principal.

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212-698-3300

  1. Investors should consider investment objectives, risks, charges and expenses carefully before investing. The prospectus and summary prospectus contain this and other information about the Funds and may be viewed online or calling us at 800.747.2008. Please read the prospectus carefully before investing. Investments are not FDIC insured or bank guaranteed and may lose value.

  2. FEF Distributors, LLC (Member SIPC) distributes certain First Eagle products; it does not provide services to investors. As such, when FEF Distributors, LLC presents a strategy or product to an investor, FEF Distributors, LLC  does not determine whether the investment is in the best interests of, or is suitable for, the investor. Investors should exercise their own judgment and/or consult with a financial professional prior to investing in any First Eagle strategy or product.

  3. The First Eagle Funds are offered by FEF Distributors, LLC, a subsidiary of First Eagle Investment Management, LLC, which provides advisory services.

  4. Check the background of FEF Distributors, LLC (Member SIPC) on FINRA's BrokerCheck.