US Small Cap Opportunity Fund

Disclosures

The First Eagle US Small Cap Opportunity Fund (the “Fund”) is a sub-fund of First Eagle Funds (Ireland) ICAV (the “ICAV”), an Irish collective asset-management vehicle with variable capital constituted as an umbrella fund with segregated liability between its sub-funds under the laws of Ireland (registered number 445369), and is authorized and regulated by the Central Bank of Ireland as an Undertaking for Collective Investments in Transferable Securities (“UCITS”).

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

The material on this website is for professional investors only.

Holdings are for informational purposes only and are not a recommendation to buy, sell, or hold any security.

None of First Eagle Investment Management, LLC or its affiliates (collectively, “First Eagle”), makes anyno representation that the content of this website is appropriate for use in all locations, or that the transactions, securities, products, instruments or services discussed at this website are available or appropriate for sale or use in all jurisdictions or countries, or by all investors or counterparties.

The contents of this website have been prepared for informational purposes only without regard to the investment objectives, financial situation, or means of any particular person or entity, and First Eagle is not soliciting any action based upon them. No information included on this website is to be construed as investment advice or as a recommendation or a representation about the suitability or appropriateness of any fund or advisory product or service; or an offer to buy or sell, or the solicitation of an offer to buy or sell, any security, financial product, or instrument; or to participate in any particular trading strategy. YOUR CAPITAL IS AT RISK. All financial investments involve an element of risk. Therefore, the value of the investment and the income from it will vary and the initial investment amount cannot be guaranteed. First Eagle recommends that you seek independent financial and tax advice before making any investment decisions.

This is a marketing communication. Please refer to the prospectus and the Key Investor Information Document ("KIID")/Packaged Retail and Insurance-based Investment Products Key Information Document ("KID") of the Fund before making any final investment decision.

Investors should always obtain and read an up-to-date offering document or prospectus before deciding whether to invest in a fund. Any views expressed herein are those of the author(s), are based on available information, and are subject to change without notice. Individual portfolio management teams may hold different views and may make different investment decisions for different clients. There are no guarantees regarding the achievement of investment objectives, target returns, portfolio construction, allocations or measurements such as alpha, tracking error, stock weightings and other information ratios. Any performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted.

The base currency of the Fund is USD. Changes in currency and exchange rates may have an adverse effect of the value price or income of the product, as well as the costs of investing.

Products or strategies shown may not be available in certain jurisdictions and/or to certain investors. Recipients should inform themselves about and observe any applicable legal requirements. The information provided should not be considered a solicitation or an offer by First Eagle to provide any financial products or services in any jurisdiction where it is not otherwise authorized to do so. Any funds described herein are not for sale in the US or to US persons, or, in limited circumstances, otherwise in transactions that are exempt in reliance on Regulation S under the US Securities Act of 1933, as amended, and such other laws as may be applicable. Any such funds are available under the conditions of the relevant offering document(s).

Investors invest in shares of the Fund.

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

Risk Disclosures

The following are risks of investing in the Fund: 

• Small and Micro Size Company Risk: The Fund may invest in small and micro-size companies, which historically have been more volatile in price than larger company securities, especially over the short term. Positions in small and micro-size companies also may be more difficult or expensive to trade. Among the reasons for the greater price volatility are the less certain growth prospects of small and micro-size companies, the lower degree of liquidity in the markets for such securities and the greater sensitivity of small and micro-size companies to changing economic conditions.

• Investment Risk: The value of investments held in the Fund and the income from them may rise or fall. The Fund may not achieve its investment objective.

• Market Risk: As the Fund invests in company shares, it runs the risk that the market price of those shares will decline. That decline may be attributable to factors affecting the issuer of the shares or to general market conditions. 

• Liquidity Risk: The Fund may be adversely affected by a decrease in market liquidity for the securities in which it invests which may impair the Fund’s ability to execute transactions. In such circumstances, the Fund’s securities may become illiquid which may mean that the Fund may experience difficulties in selling securities at a fair price within a timely manner. Reduced liquidity of the Fund’s investment may result in a loss in value to the Fund.

• Value Investment Risk: The Fund may invest in value stocks, which presents the risk that such securities may never reach what are believed to be their full market values or may decline in value.

• For a full list of possible risk factors, please see section entitled “Risk Factors” in the Prospectus.

All investments involve the risk of loss of principal.

The Fund is recently established and may not be successful under all future market conditions. The Fund may not attract sufficient assets to achieve investment, trading or other efficiencies.

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.

There are risks associated with investing in securities of foreign countries, such as erratic market conditions, economic and political instability and fluctuations in currency exchange rates.

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.

A complete description of the risks of investing in the Fund can be found in the KIIDs/KIDs, the Prospectus and the Fund-specific supplement.

Past performance does not guarantee future results

Investing involves risk including the risk of loss of principal.

Indexes are unmanaged and one cannot invest directly in an index. 

Russell 1000® Index (Gross/Total) measures the performance of the large cap segment of the US equity universe. It includes approximately 1,000 of the largest securities in the Russell 3000® based on a combination of their market cap and current index membership. A total-return index tracks price changes and reinvestment of distribution income.

Russell 2000® Index (Gross/Total) measures the performance of the small cap segment of the US equity universe. It includes approxi­mately 2,000 of the smallest securities based on a combination of their market cap and current index membership. A total-return index tracks price changes and reinvestment of distribution income. 

Russell 2000® Value Index (Gross/Total) measures the performance of the small cap value segment of the US equity universe. It includes those Russell 2000 companies with relatively lower price-to-book ratios, lower I/B/E/S forecast medium term (2 year) growth and lower sales per share historical growth (5 years). A total return index tracks price changes and reinvestment of distribution income. 

S&P 500 Index (Gross/Total) measures the performance of 500 of the top companies in the leading industries of the US economy and is widely recognized as a proxy for the US market as a whole. A total-return index tracks price changes and reinvestment of distribution income. 

Price-to-earnings ratio (P/E ratio) compares a company’s stock price to its earnings per share.

Additional Information

Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund. This and other important information is contained in the Prospectus and KIIDs/KIDs. Read these documents carefully before you invest.

The Fund’s Prospectus can be obtained from https://www.firsteagle.com/us-small-cap-opportunity-fund#documents and is available in English.

The KIIDs can be obtained from https://www.firsteagle.com/us-small-cap-opportunity-fund#documents and are available in one of the official languages of each of the EU Member States into which each the Fund has been notified for marketing under the Directive 2009/65/EC (the "UCITS Directive").

In addition, a summary of investor rights is available below. The summary is available in English.

These materials are for institutional/broker and/or financial professional use only. Any entity forwarding this material to other parties takes full responsibility for ensuring compliance with applicable securities laws in connection with its distribution.

Summary of Investor Rights

The legal relationship between an investor and the Fund is a contractual one, governed principally by the Application Form executed by the investor when subscribing for shares in the Fund and the instrument of incorporation. As an investor in the Fund, an investor has various rights which derive from:

• The Application Form, the instrument of incorporation and other relevant documents of the Fund; and
• Applicable Law and Regulation.

Such rights may include, but are not limited to, the right to participate in changes in the net asset value of such investor’s shares; the right to a share of any dividends or distributions paid out by the Fund (if applicable); the right to attend at general meetings of the shareholders of the Fund and the ICAV itself and to vote on any motion tabled at such meetings; subject to certain conditions, the right to call a general meeting of investors in the Fund; the right to request the redemption of the investor’s shares by the Fund and certain rights in respect of how the Fund uses the investor’s personal data. The exercise by an investor of these rights is strictly subject to the terms and conditions of the relevant Fund documents and/or legislation from which these rights derive. The foregoing is only a brief summary of examples of the rights of an investor in relation to the Fund. For a more detailed description of their rights vis-à-vis the Fund, investors should consult their own legal or financial advisor.

Both the Application Form between an investor and the ICAV and the instrument of incorporation are governed by Irish law. In the event that an investor believes they have suffered loss as a result of the actions or inactions of the UCITS management company or board of directors of the ICAV, an investor may take proceedings against such parties in the Irish courts or, in certain circumstances, in the courts of another jurisdiction. Whether the judgment of a foreign court will be recognized and enforced against the UCITS management company or board of directors of the ICAV in Ireland will depend on the circumstances of the case and will be subject to the relevant national and international law that governs such matters in Ireland. At present, pending implementation of Directive (EU) 2020/1828 on representative actions for consumers, there are no recognized means, in Ireland or at EU level, by which an investor who may have suffered a loss as a result of the actions or inactions of the UCITS management company or board of directors of the ICAV may seek collective redress.

Applicable Law and Regulation in this regard includes, but is not limited to, the Irish Collective Asset-management Vehicles Act 2015, the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 and the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations 2019 and the Irish Data Protection Acts 1988 to 2018, the General Data Protection Regulation (Regulation (EU) 2016/679), the EU ePrivacy Directive 2002/58/EC, the PRIIPS Regulation (Regulation (EU) No 1286/2014, each as amended or replaced from time to time.