First Eagle in the News

First Eagle Investment Management Establishes New Small Cap Team

NEW YORK, April 21, 2021—First Eagle Investment Management, LLC (“First Eagle”) is pleased to announce the establishment of its new Small Cap investment team, effective April 21, 2021. A distinct investment capability alongside First Eagle’s Global Value and Alternative Credit teams, the new Small Cap team expands the range of differentiated investment solutions available to retail and institutional investors globally.

First Eagle’s new Small Cap team consists of Portfolio Manager Bill Hench, Associate Portfolio Managers Suzanne Franks and Rob Kosowsky, and Senior Research Analyst Adam Mielnik. The team is well-established within the investment industry. All four were previously employed by Royce Investment Partners, where Hench was listed as one of the portfolio managers of the Small Cap Opportunistic Value strategy (including a Royce mutual fund) as of 2004, becoming lead Portfolio Manager in 2013; Franks and Kosowsky were listed as Assistant Portfolio Managers as of October 2018; and Mielnik served since 2014, most recently as a Senior Analyst. The team is located primarily at First Eagle’s New York City headquarters, with the Head of Small Cap Bill Hench reporting to Mehdi Mahmud, President and Chief Executive Officer of First Eagle.

“The universe of small cap stocks is not well covered by the investor community and therefore remains particularly inefficient. It presents a compelling opportunity for skilled, active investors to potentially generate attractive returns in excess of passive indexes through stock selection,” said Mahmud. “Bill and his team bring a proven philosophy and process in the small cap space and have a long history of delivering attractive results for investors. Together with strategies managed by our Global Value and Alternative Credit teams, our new Small Cap capability extends First Eagle’s range of compelling and differentiated investment products available to clients.”

The Small Cap team at First Eagle takes an opportunistic, bottom-up approach to identifying undervalued small cap US companies that have a potential catalyst for improved fundamentals. First Eagle intends to make its new Small Cap capability available to retail and institutional investors in the US and globally through a variety of product structures. The firm has filed a preliminary registration statement to launch a new mutual fund managed by the team and expects this fund to be available in the third quarter.



First Eagle Investment Management is an independent, privately owned investment management firm headquartered in New York with approximately $109 billion in assets under management as of March 31, 2021. 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. Over a long history dating back to 1864, First Eagle has helped its clients avoid permanent impairment of capital and earn attractive returns through widely varied economic cycles—a tradition that is central to its mission today. The firm’s investment capabilities include equity, fixed income, alternative credit and multi-asset strategies. For more information on First Eagle, please visit For information on the Alternative Credit team at First Eagle, please visit


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Hedda Nadler

First Eagle Investment Management is the brand name for First Eagle Investment Management, LLC and its subsidiary investment advisers. First Eagle Alternative Credit is the brand name for those subsidiary investment advisers engaged in the alternative credit business.