Fundamentals Anchor Opportunity Amid Tariff Tantrum

John Miller, head and chief investment officer of the Municipal Credit team, discusses why he believes the recent tariff tantrum has created an attractive entry point for municipal bonds, his outlook on Fed policy and inflation, and why he expects fundamentals to remain stable.

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Fundamentals Anchor Opportunity Amid Tariff Tantrum

John Miller, head and chief investment officer of the Municipal Credit team, discusses why he believes the recent tariff tantrum has created an attractive entry point for municipal bonds, his outlook on Fed policy and inflation, and why he expects fundamentals to remain stable.

Learn more

First Eagle at a Glance

As of JUN 30, 2025

$161B*
in assets under management
Private and independent asset management firm with a heritage that dates to
1864
612
employees including 154 investment professionals
Global offices, headquartered in New York
8
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  1. All figures related to assets under management (AUM) are preliminary figures based on management’s estimates and as such are subject to change.

    * 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 as of 30-Jun-2025. It includes $1.0 billion of committed and other non-fee-paying capital from First Eagle Alternative Credit, LLC and $2.6 billion of committed and other non-fee-paying capital from Napier Park Global Capital, inclusive of assets managed by Regatta Loan Management LLC.

     

     

Who We Are

A Heritage Since 1864

First Eagle applies disciplined, unconventional thinking and a global view to pursue real returns while prioritizing downside risk mitigation.

Strategies at a Glance

Aims to deliver attractive returns through disciplined, unconventional thinking and a global perspective, with a focus on downside protection.

Our Culture

We believe in empowering our people, celebrating diverse perspectives, and creating an environment where everyone thrives.

Best Places to Work

First Eagle’s high-performance culture within a collaborative and supportive environment ultimately allows our team members to do their life’s best work on behalf of our clients.

First Eagle Investments Recognized Among “Best Place to Work in Money Management"  

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aerial bridge

Disciplined, unconventional thinking. Global perspective. Long-term alignment.

With a heritage dating back to 1864, First Eagle Investments has served as a prudent steward of client capital across market cycles, macroeconomic conditions and disruptive events.

Investment Culture
aerial bridge

Disciplined, unconventional thinking. Global perspective. Long-term alignment.

With a heritage dating back to 1864, First Eagle Investments has served as a prudent steward of client capital across market cycles, macroeconomic conditions and disruptive events.

Investment Culture

  1. 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

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