2Q25 Market Review: Suddenly It’s a Folk Song

Though the early-April “Liberation Day” tariffs announcement struck a discordant note, a delay in the most punitive levies proved to be sweet music to investors even as trade noise continued to reverberate throughout the quarter.

2Q25 Market Review: Suddenly It’s a Folk Song

Though the early-April “Liberation Day” tariffs announcement struck a discordant note, a delay in the most punitive levies proved to be sweet music to investors even as trade noise continued to reverberate throughout the quarter.

Who We Are

Actionable Insights for Today’s Markets

The Bird's Eye View Blog

We’re excited to share timely market insights, thoughtful perspectives and expert commentary as part of our commitment to providing modern investment solutions to modern challenges.

The Bird's Eye View Blog

We’re excited to share timely market insights, thoughtful perspectives and expert commentary as part of our commitment to providing modern investment solutions to modern challenges.

Recommended Videos

  • Could Rate Cuts Deliver More Risk than Reward?

    Portfolio Manager and Senior Research Analyst Christian Heck explains why the Global Value team believes that expectations for rate cuts suggest more potential downside than upside.

  • Munis on the Move as Supply Normalizes

    John Miller, head and chief investment officer of the Municipal Credit team, explains how the normalization of supply has been driving the recent turnaround in municipal bond performance and why ongoing technical normalization may support compelling opportunities ahead.

  • Higher Rates Could Hold Steady Amid Market Speculation

    Portfolio Manager and Senior Alternatives Strategist Larry Holzenthaler explains why higher rates could hold steady despite the disappointing jobs report that pulled forward expectations around rate cuts.

Performance & Prices

The investment principles of First Eagle Investment include in-depth fundamental analysis, a flexible, benchmark-agnostic approach, a focus on absolute returns and attempting to avoid the permanent impairment of capital. View current monthly and quarterly performance information to see our results.

Fund Performance As of Oct 07, 2025

Fund Performance, As of Oct 07, 2025
FUNDNAV1-DAY CHANGEYTD
Global Fund$80.10-0.48%
down
25.20%
up
Overseas Fund$29.68-0.44%
down
31.50%
up
Credit Opportunities Fundn/a
High Yield Municipal Fund$8.11-0.37%
down
-2.15%
down
Small Cap Opportunity Fundn/a
Gold Fund$45.39-1.15%
down
99.08%
up

Performance & Prices

The investment principles of First Eagle Investment include in-depth fundamental analysis, a flexible, benchmark-agnostic approach, a focus on absolute returns and attempting to avoid the permanent impairment of capital. View current monthly and quarterly performance information to see our results.

  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.

Webcast Replay

Muni Market Outlook with John Miller

Key Takeaways:

  • Analysis of recent muni bond market activity
  • Headwinds and tailwinds ahead for muni bond investing
  • Strategies to identify value and execute on opportunities in the market

Webcast Replay

Muni Market Outlook with John Miller

Key Takeaways:

  • Analysis of recent muni bond market activity
  • Headwinds and tailwinds ahead for muni bond investing
  • Strategies to identify value and execute on opportunities in the market

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  1. Year to date (YTD) total return is as of the previous business day without reflecting applicable sales charges for Class A Shares or CDSC fee for Class C Shares. YTD figures are not annualized.

  2. 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.

  3. 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.

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

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

    Form Customer Relationship Summary ("FORM CRS") can be accessed by clicking on this link FORM CRS