FEHTX — First Eagle High Yield Fund
Data updated: 2026-09-28
FEHTX — First Eagle High Yield Fund. Long Corporate Bond · $7.37B AUM · 1.15% expense ratio. Holdings, fees, performance and SEC filings.
FEHTX Fund Overview
FEHTX — First Eagle High Yield Fund is a US mutual fund managed by First Eagle Funds, categorised as Long Corporate Bond. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: First Eagle Funds
- Category: Long Corporate Bond
- Assets under management: $7.37B
- Ticker: FEHTX
- SEC CIK: 0000906352
- SEC series ID: S000035180
- Share class ID: C000182929
FEHTX Investment Objective and Strategy
First Eagle High Yield Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by First Eagle Funds.
Investment objective
First Eagle High Yield Municipal Fund (High Yield Municipal Fund or the Fund) seeks to provide high current income exempt from regular federal income taxes.
Principal investment strategy
To pursue its investment objective, the First Eagle High Yield Municipal Fund normally invests at least 80% of its net assets (plus any borrowings for investment purposes) in municipal bonds that pay interest that is exempt from regular federal personal income tax. Such municipal bonds may include obligations issued by U.S. states and their subdivisions, authorities, instrumentalities and corporations, as well as obligations issued by U.S. territories that pay interest that is exempt from regular federal personal income tax and may include all types of municipal bonds. The Fund may invest without limit in securities that generate income taxable to those shareholders subject to the federal alternative minimum tax. Assuming the position pays interest income that is exempt from regular federal personal income tax, the Fund can count relevant derivative positions towards its 80% of assets allocation and, in doing so, values each position at the price at which it is held on the Funds books (generally market price, but anticipates valuing each such position for purposes of assessing compliance with this test at notional value).
While the Fund may invest in securities with any time to maturity, the Fund is a long-term bond fund and, as such, will generally maintain, under normal market conditions, an investment portfolio with an overall weighted average maturity of greater than 10 years. A debt instruments duration is a way of measuring a debt instruments sensitivity to a potential change in interest rates. The Fund invests significantly in lower-quality municipal bonds and may employ effective leverage through investments in inverse floaters, tender option bonds, total return swaps, interest rate swaps, credit default swaps, credit default swap indices, a line of credit, repurchase agreements and reverse repurchase agreements. While the Fund may invest in securities with any investment rating, under normal market conditions, the Fund invests at least 65% of its net assets in low- to medium-quality bonds rated BBB/Baa or lower at the time of purchase by at least one independent rating agency or, if unrated, judged by the Adviser to be of comparable quality.
In doing so, the Fund may invest in below investment grade municipal bonds (those rated BB+/Ba1 or lower), commonly referred to as high yield or junk bonds. The Fund may invest up to 10% of its net assets in defaulted municipal bonds. The Fund may invest up to 15% of its net assets in municipal securities whose interest payments vary inversely with changes in short-term tax-exempt interest rates (Inverse Floaters). The Funds investments in Inverse Floaters are designed to increase the Funds income and returns through this leveraged exposure. The Fund may invest in Inverse Floaters that create effective leverage of up to 30% of the Funds total investment exposure. In deciding whether to sell a security, the Adviser considers various factors related to the market and the portfolio, which may include whether: a security has become overvalued; the Adviser detects credit deterioration or modifies its portfolio strategy, such as sector and/or state allocations; or a security exceeds the portfolios diversification targets.
While the municipal issuers in which the Fund invests may be located in the same geographic area or may pay their interest obligations from revenue of similar projects, such as hospitals, airports, utility systems and housing finance agencies, as of the date of this prospectus, the Fund does not expect that it will have significant exposure to any particular geographic area. The Fund expects that it will have significant exposure to tax obligation (which may include general obligation bonds, special tax bonds and tax allocation revenue securities), education, transportation and industrial revenue securities. The Fund may invest in zero coupon bonds. The Fund may also invest (typically for hedging purposes or to manage the effective maturity or duration of the Funds portfolio or for speculative purposes in an effort to increase the Funds yield or to enhance returns) in derivative instruments such as options, futures contracts and options on futures contracts, and interest rate swaps.
For more information about the High Yield Municipal Funds principal investment strategies, please see the More Information about the Funds Investments section.
FEHTX Holdings
Top 10 holdings of First Eagle High Yield Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| Public Finance Authority | 3.07% |
| Florida Development Finance Corp. | 2.52% |
| Florida Development Finance Corp. | 1.89% |
| New Hope Cultural Education Facilities Finance Corp. | 1.69% |
| Atlanta Development Authority (The) | 1.65% |
| State of Nevada Department of Business & Industry | 1.25% |
| Public Finance Authority | 1.20% |
| City of Los Angeles Department of Airports | 0.84% |
| California Infrastructure & Economic Development Bank | 0.84% |
| Michigan State Housing Development Authority | 0.82% |
FEHTX Portfolio Allocation
Asset-class allocation of First Eagle High Yield Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Fixed Income | 114.3% |
| Cash & Equivalents | 6.3% |
FEHTX Performance
Total returns for FEHTX (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| YTD | -14.4% |
| 1 year | -21.2% |
| 3 years (annualised) | -26.4% |
| 5 years (annualised) | -33.7% |
FEHTX Risk Information
Risk metrics for FEHTX, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 5.5%
FEHTX Costs and Fees
FEHTX costs about $115 per $10,000 invested per year in fund expenses.
- Net expense ratio: 1.15%
- Gross expense ratio: 1.25%
- Portfolio turnover: 82%
- Brokerage commissions: 0.00 bps of average net assets (SEC N-CEN)
FEHTX Cashflows
Over the 12 months to 2026-07, First Eagle High Yield Fund had net inflows of $387.60M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2026-07 | $125.67M |
| 2026-06 | $74.50M |
| 2026-05 | −$62.69M |
| 2026-04 | $61.29M |
| 2026-03 | −$102.54M |
| 2026-02 | $129.36M |
FEHTX Debt Constituents
Largest debt holdings of First Eagle High Yield Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Debt holding | % of net assets |
|---|---|
| Public Finance Authority | 3.07% |
| Florida Development Finance Corp. | 1.89% |
| New Hope Cultural Education Facilities Finance Corp. | 1.69% |
| Atlanta Development Authority (The) | 1.65% |
| State of Nevada Department of Business & Industry | 1.25% |
| Public Finance Authority | 1.20% |
| City of Los Angeles Department of Airports | 0.84% |
| Michigan State Housing Development Authority | 0.82% |
| Chicago Board of Education | 0.79% |
| Florida Development Finance Corp. | 0.75% |
FEHTX Prospectus and SEC Filings
Official First Eagle High Yield Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2025-02-26
- Prospectus (485BPOS) — filed 2024-02-26
- Prospectus supplement (497) — filed 2026-05-21
- Portfolio holdings (N-PORT) — filed 2026-09-28
- Portfolio holdings (N-PORT) — filed 2026-06-25
- Portfolio holdings (N-PORT) — filed 2026-03-27
- Annual census (N-CEN) — filed 2026-01-14
- Annual census (N-CEN) — filed 2025-01-14
Related Funds
Other Long Corporate Bond funds tracked on ABC INVEST:
Data Sources
ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.