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Asia Pacific

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Europe

Important Disclosure for UK/EEA Regulated Financial Professionals

The material on this website is for professional investors only.

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This website is operated by FEIM. This section of the website is only directed at UK/EEA professional investors (within the meaning of Directive 2014/65/EU or Directive 2014/65/EU as it forms part of United Kingdom law pursuant to the European Union (Withdrawal) Act 2018 and the Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018) and is not suitable for individual investors, as this section of the website contains information on certain advisory products and services. If you are an individual investor, please leave this section of the website immediately.

This website contains information about the First Eagle Funds (Ireland) ICAV, certain funds of which have been notified for marketing in certain EEA jurisdictions under Directive 2009/65/EC (the UCITS Directive) and the UK national private placement regime, as applicable, and are available for public distribution to professional investors. It is your responsibility to be aware of and to observe all applicable laws and regulations of any relevant jurisdiction. Certain of the funds and advisory products and services referenced on this website may be managed or offered/provided by subsidiaries of FEIM, certain of which may be registered or otherwise licensed to conduct business in the relevant jurisdiction. Additionally, certain of the funds described in the following pages may be marketed in certain jurisdictions only.

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. First Eagle recommends that you seek independent financial and tax advice before making any investment decisions. Investment in any of the funds described on this website should only be made on the basis of the terms and conditions of the most recent applicable offering documents (including any relevant supplements). Investment in any of the advisory products or services described in this website should only be made on the basis of the terms and conditions of the related investment management agreement.

All material has been obtained from sources believed to be reliable, but its accuracy is not guaranteed. Some of the content on this website may contain certain statements that may be deemed forward-looking statements. Please note that any such statements are not guarantees of any future performance and actual results or developments may differ materially from those projected. From time to time, First Eagle may also make additional features available to users on this website on such terms and conditions as may be set forth in a modification to this attestation or otherwise on the First Eagle website.

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If you are accessing this website from the UK, you qualify as a person having professional experience in matters relating to investments under Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended) (the “FPO”), and/or as a high net worth body corporate, partnership, unincorporated association or trust falling within Article 49 of the FPO.

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If you are accessing this website from the UK, you qualify as a person having professional experience in matters relating to investments under Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended) (the “FPO”), and/or as a high net worth body corporate, partnership, unincorporated association or trust falling within Article 49 of the FPO.

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This website is operated by First Eagle Investment Management. This section of the website is only directed at non-US and non-UK/EEA regulated financial professionals and is not suitable for individual investors, as this section of the website contains information on certain advisory products and services. If you are an individual investor, please leave this section of the website immediately.

It is your responsibility to be aware of and to observe all applicable laws and regulations of any relevant jurisdiction. Certain of the funds and advisory products and services referenced on this website may be managed or offered/provided by affiliates of First Eagle Investment Management, certain of which may be registered or otherwise licensed to conduct business in the relevant jurisdiction. Additionally, certain of the funds described in the following pages may be marketed in certain jurisdictions only.

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 Investment Management 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. First Eagle Investment Management recommends that you seek independent financial and tax advice before making any investment decisions. Investment in any of the funds described in this website should only be made on the basis of the terms and conditions of the most recent applicable offering documents (including any relevant supplements). Investment in any of the advisory products or services described in this website should only be made on the basis of the terms and conditions of the related investment management agreement.

All material has been obtained from sources believed to be reliable, but its accuracy is not guaranteed. Some of the content on this website may contain certain statements that may be deemed forward-looking statements. Please note that any such statements are not guarantees of any future performance and actual results or developments may differ materially from those projected. From time to time, First Eagle Investment Management may also make additional features available to users on this website on such terms and conditions as may be set forth in a modification to this Agreement or otherwise on the First Eagle Investment Management website.

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If you are accessing this website from the UK, you qualify as a person having professional experience in matters relating to investments under Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended) (the “FPO”), and/or as a high net worth body corporate, partnership, unincorporated association or trust falling within Article 49 of the FPO.

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Important Disclosure for UK/EEA Regulated Financial Professionals

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If you are accessing this website from the UK or the EEA, you are a regulated financial professional within the meaning of Directive 2014/65/EU or Directive 2014/65/EU as it forms part of United Kingdom law pursuant to the European Union (Withdrawal) Act 2018 and the Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018; and
If you are accessing this website from the UK, you qualify as a person having professional experience in matters relating to investments under Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended) (the “FPO”), and/or as a high net worth body corporate, partnership, unincorporated association or trust falling within Article 49 of the FPO.

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Important Disclosure for UK/EEA Regulated Financial Professionals

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If you are accessing this website from the UK or the EEA, you are a regulated financial professional within the meaning of Directive 2014/65/EU or Directive 2014/65/EU as it forms part of United Kingdom law pursuant to the European Union (Withdrawal) Act 2018 and the Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018; and
If you are accessing this website from the UK, you qualify as a person having professional experience in matters relating to investments under Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended) (the “FPO”), and/or as a high net worth body corporate, partnership, unincorporated association or trust falling within Article 49 of the FPO.

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If you are accessing this website from the UK or the EEA, you are a regulated financial professional within the meaning of Directive 2014/65/EU or Directive 2014/65/EU as it forms part of United Kingdom law pursuant to the European Union (Withdrawal) Act 2018 and the Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018; and
If you are accessing this website from the UK, you qualify as a person having professional experience in matters relating to investments under Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended) (the “FPO”), and/or as a high net worth body corporate, partnership, unincorporated association or trust falling within Article 49 of the FPO.

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This website is operated by FEIM. This section of the website is only directed at Swiss investors and is not suitable for investors outside of Switzerland, as this section of the website contains information on certain advisory products and services. If you are located outside of Switzerland, please leave this section of the website immediately.

This website contains information about the First Eagle Funds (Ireland) ICAV, certain funds of which have been registered for marketing in Switzerland with the Swiss Financial Market Supervisory Authority (FINMA) pursuant to Article 120 Collective Investment Services Act (CISA) and are available for public distribution. It is your responsibility to be aware of and to observe all applicable laws and regulations of Switzerland. Certain of the funds and advisory products and services referenced on this website may be managed or offered/provided by subsidiaries of FEIM, certain of which may be registered or otherwise licensed to conduct business in Switzerland.

The representative and paying agent in Switzerland is NPB Neue Privat Bank AG and copies of relevant documentation may be obtained free of charge from the representative in Switzerland.

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Australia

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If you are accessing this website from the UK, you qualify as a person having professional experience in matters relating to investments under Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended) (the “FPO”), and/or as a high net worth body corporate, partnership, unincorporated association or trust falling within Article 49 of the FPO.

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Quarterly Views from First Eagle Municipal Credit Team: 1Q26

Feb 11, 2026

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John Miller, head and chief investment officer of Municipal Credit, provides his 2026 outlook for the muni market and explains why they are well positioned for attractive opportunities amid heavy new issuance and a steepening yield curve.

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If you are accessing this website from the UK, you qualify as a person having professional experience in matters relating to investments under Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended) (the “FPO”), and/or as a high net worth body corporate, partnership, unincorporated association or trust falling within Article 49 of the FPO.

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