Press and Announcements

First Eagle Continues to Build out High Yield Municipal Credit Team

Team adds two new credit analysts following recent fund introductions

New York, January 10, 2024 — First Eagle Investments (“First Eagle”) today announced the addition of two credit analysts to its growing High Yield Municipal Credit team. John Suh and Andrew Belsky—based in New York and Chicago, respectively—will join as credit analysts in the coming weeks and will be responsible for multi-sector underwriting, credit monitoring and portfolio analysis. Reporting to John Miller, Head and Chief Investment Officer of the High Yield Municipal Credit Team, Suh and Belsky will be the newest members of the team that also includes Bryce Pickering, Head of Municipal Trading, and Carl Katerndahl, Chief Operating Officer.

Established in October 2023, the High Yield Municipal Credit team broadens the range of differentiated investment solutions First Eagle provides clients alongside the offerings of its Global Value, Small Cap, First Eagle Alternative Credit and Napier Park teams. The recently introduced First Eagle High Yield Municipal Fund, formerly the First Eagle High Income Fund, (A Shares: FEHAX; I Shares: FEHIX; C Shares: FEHCX; R6 Shares: FEHRX) and the First Eagle Short Duration High Yield Municipal Fund (A Shares: FDUAX; I Shares: FDUIX; R6 Shares: FDURX) are the first two strategies introduced by the team. First Eagle intends to make its municipal capabilities available to mass-affluent and high-net-worth retail investors and institutions in the US through a variety of product structures, including mutual funds, closed-end funds and separately managed accounts.

“I am thrilled to welcome John and Andrew to our expanding team,” said Miller. “The municipal bond market is large but highly fragmented, and the extensive credit experience John and Andrew bring to the team will help us uncover the attractive investment opportunities that often result from this fragmentation.”

Most recently, Suh was a dual trader/analyst on the high yield desk in JPMorgan’s public finance division. Prior to his 12 years at JPMorgan, he held similar public finance positions at Barclays Capital and Bear Stearns. Suh earned a BS in mathematics from Hanyang University, an MS in mathematics from the University of Illinois at Urbana-Champaign and an MS in computational finance from Carnegie Mellon University’s Tepper School of Business.

Belsky joins from Barclays Capital, where he was director on the municipal trading desk, focused on high yield credit. Before that, he held buyside credit research roles at Whitebox Advisors and Rosemawr Management, as well as banking, trading and credit roles at various firms. Belsky earned both a BS and MS in public affairs from Indiana University.


About First Eagle Investments

First Eagle Investments is an independent, privately owned investment management firm headquartered in New York with approximately $128 billion in assets under management as of September 30, 2023.* Dedicated to providing prudent stewardship of client assets, the firm focuses on active, fundamental and benchmark-agnostic investing, with a strong emphasis on downside mitigation. With a heritage dating back to 1864, First Eagle strives to help clients avoid permanent impairment of capital and earn attractive returns through widely varied economic cycles. The firm’s investment capabilities include equity, fixed income, alternative credit and multi-asset strategies. For more information, please visit

* 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. The total AUM includes $0.9 billion of committed and other non-fee-paying capital from FEAC, and $1.0 billion of committed and other non-fee-paying capital from Napier Park.

First Eagle Investments is the brand name for First Eagle Investment Management, LLC and its subsidiary investment advisers.  First Eagle Alternative Credit and Napier Park are brand names for the two subsidiary investment advisers engaged in the alternative credit business.

Risk Disclosures

First Eagle High Yield Municipal Fund Risks:

There will be increased operational risks associated with the transition of the First Eagle High Income Fund to the First Eagle High Yield Municipal Fund ("the Fund"), which is expected to require new and additional trading and counterparty relationships, new and additional borrowing and leverage arrangements, and new and additional capabilities for the management of derivatives. Beyond the inherent risks of transition and associated complexity, there is the possibility that not all of the required or desirable operational capabilities and investment and counterparty arrangements will be fully implemented by on or about December 27, 2023. Until that time, the Fund's flexibility to fully implement its new objective and strategies may be limited.

During the transition period, it is expected that the Fund will not be as invested in income-producing securities that are exempt from regular federal income taxes as will be the case once the transition is complete. As a result, a higher percentage of the Fund's dividends are expected to be ordinary dividends rather than "exempt-interest dividends" during the transitional phase.

First Eagle High Yield Municipal Fund and the First Eagle Short Duration High Yield Municipal Fund Risks:

Funds that invest in bonds are subject to interest-rate risk and can lose principal value when interest rates rise, while they typically increase their principal values when interest rates decline. Bonds are also subject to credit risk, in which the bond issuer may fail to pay interest and principal in a timely manner, or that negative perception of the issuer's ability to make such payments may cause the price of that bond to decline.

The Fund invests in high yield, fixed income securities that, at the time of purchase, are non-investment grade. High yield, lower rated securities involve greater price volatility and present greater risks than high rated fixed income securities. High yield securities are rated lower than investment-grade securities because there is a greater possibility that the issuer may be unable to make interest and principal payments on those securities. High yield securities involve greater risk than higher rated securities and portfolios that invest in them may be subject to greater levels of credit and liquidity risk than portfolios that do not.

Municipal bonds are subject to credit risk, interest rate risk, liquidity risk, and call risk. However, the obligations of some municipal issuers may not be enforceable through the exercise of traditional creditors' rights. The reorganization under federal bankruptcy laws of a municipal bond issuer may result in the bonds being cancelled without payment or repaid only in part, or in delays in collecting principal and interest.

All investments involve the risk of loss of principal.

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 obtained by visiting our website at or calling us at 800-334-2143 . Please read the prospectus carefully before investing.

Investments are not FDIC insured or bank guaranteed and may lose value.

FEF Distributors, LLC (“FEFD”) (SIPC), a limited purpose broker-dealer, distributes certain First Eagle products. FEFD does not provide services to any investor, but rather provides services to its First Eagle affiliates. As such, when FEFD presents a fund, strategy, or other product to a prospective investor, FEFD and its representatives do not determine whether an investment in the fund, strategy or other product is in the best interests of, or is otherwise beneficial or suitable for, the investor. No statement by FEFD should be construed as a recommendation. Investors should exercise their own judgment and/or consult with a financial professional to determine whether it is advisable for the investor to invest in any First Eagle fund, strategy, or product.

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

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

©2024 First Eagle Investment Management, LLC.  All rights reserved.


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