Characteristics

  • As of Sep 30, 2024

Investment Philosophy

The team focuses on small and micro-cap companies with characteristics such as inefficiently valued assets, turnarounds, accelerating growth and overlooked leaders, that can potentially benefit from catalysts such as new management, a more favorable business cycle, product innovation, and/or margin improvement. The team believes fundamental research can uncover opportunities to invest in companies that are attractively valued and have the potential to benefit from catalysts for future earnings recovery.

  • True Small Cap Specialists

    The seasoned management team has deep experience leveraging opportunities offered by small and micro-cap companies across market cycles.

  • Catalyst-Driven Value

    The Small Cap Opportunity Fund employs in-house fundamental research in an effort to identify temporarily mispriced companies with potential catalysts for earnings-growth normalization.

  • Volatility Leads to Potential Opportunity

    Small cap market inefficiencies can create attractive opportunities for disciplined active investors, and broad portfolio diversification helps mitigate potential downside in a volatile investment universe.

  1. *Price/Earnings Ratio is calculated using weighted median method.

  2. **Active share measures the percentage of a fund’s portfolio holdings differing from its benchmark. Active share can range from 0% (index fund) to 100% (no commonality with the benchmark index).

Characteristics

  • As of Sep 30, 2024

Our Process

The team uses a bottom-up process, building the portfolio stock by stock.

  • 01

    Narrow the Universe

    The team narrows the approximately 3,000 US Small Cap Stock Universe using their historical investment experience, by attending management meetings, conference calls, investment conferences, and by following industry trade journals.

  • 02

    Conduct Fundamental Research

    The team aims to identify companies that have low multiples and a potential catalyst for improvement.

    Low Multiples
    • The team seeks to uncover companies that they believe are trading at a significantly discounted price/book or price/sales.
    • Holdings typically fall into at least one category below:
      • Turnarounds
      • Inefficiently valued assets
      • Accelerating growth
      • Overlooked leaders

    Catalyst for Improvement
    • Utilizing the team’s analysis and deep institutional knowledge of competitors, industry and existing holdings used for comparisons, they seek to determine the likelihood of execution success.
    • Some potential catalysts the team look for that could lead to a company’s return to normalized earnings are:
      • New management
      • More favorable business cycle
      • Margin improvement
      • Product innovation

  • 03

    Construct Portfolio

    • Diversified with approximately 180–300 holdings
    • Typical holdings less than $3bn market cap (at purchase)
    • Annual turnover expected 35%–45%

Competitive Advantage

  • Seasoned team of true small cap specialists
  • Time-tested, catalyst-driven value approach
  • Experience to find opportunity in short- and long-term dislocations due to volatility

  1. Disclosures

  2. Diversification does not guarantee investment returns and does not eliminate the risk of loss.

  3. The above are not investment guidelines or restrictions and are subject to change without notice.

  4. Not all companies held in this Fund will meet the criteria listed.

  5. Small Cap Opportunity Fund Inception dates: A Shares 07/01/2021, I Shares 04/27/2021, R6 Shares 07/01/2021.

  6. Inception date shown for the Russell 2000 Value and Russell 2000 Indices matches the Small Cap Opportunity Class I shares, which have the oldest since inception date for the Small Cap Opportunity Fund.

  1. Definitions

  2. Russell 2000® Index: The Russell 2000® Index is an unmanaged index that measures the performance of the 2000 smallest companies in the Russell 3000 Index and is not available for purchase.

  3. Russell 2000® Value Index: Russell 2000® Value Index measures the performance of small-cap value segment of the US equity universe. It includes those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values.

Average Annual Returns

TickerClassYTD %1 MO3 MO1 YR3 YR5 YR10 YRINCEPT %Expense Ratio
GrossNet
FESAX A w/out load   4.98%  -2.82%  -5.49%  26.69%   2.06% -- --   0.75%   1.33%   1.26%
FESAX A w/load  -0.29%  -7.69% -10.25%  20.37%   0.34% -- --  -0.78%   1.33%   1.26%
Russell 2000 Value Index (since inception based on I Shares)   7.51%  -1.56%  -3.35%  31.77%   1.95%      --      --   2.38%      --      --
Russell 2000 Index (since inception based on I Shares)   9.56%  -1.44%  -2.24%  34.07%  -0.05%      --      --   0.09%      --      --
FESAX A w/out load   8.03%  -0.19%   5.25%  20.78%   4.04% -- --   1.66%   1.33%   1.26%
FESAX A w/load   2.61%  -5.17%   0.00%  14.69%   2.28% -- --   0.08%   1.33%   1.26%
Russell 2000 Value Index (since inception based on I Shares)   9.22%   0.06%  10.15%  25.88%   3.77%      --      --   2.91%      --      --
Russell 2000 Index (since inception based on I Shares)  11.17%   0.70%   9.27%  26.76%   1.84%      --      --   0.52%      --      --
FESCX I   5.27%  -2.81%  -5.38%  26.95%   2.30% -- --   1.82%   1.10%   1.01%
Russell 2000 Value Index (since inception based on I Shares)   7.51%  -1.56%  -3.35%  31.77%   1.95%      --      --   2.38%      --      --
Russell 2000 Index (since inception based on I Shares)   9.56%  -1.44%  -2.24%  34.07%  -0.05%      --      --   0.09%      --      --
FESCX I   8.32%  -0.19%   5.33%  21.06%   4.28% -- --   2.72%   1.10%   1.01%
Russell 2000 Value Index (since inception based on I Shares)   9.22%   0.06%  10.15%  25.88%   3.77%      --      --   2.91%      --      --
Russell 2000 Index (since inception based on I Shares)  11.17%   0.70%   9.27%  26.76%   1.84%      --      --   0.52%      --      --
FESRX R6   5.27%  -2.72%  -5.37%  27.07%   2.33% -- --   1.02%   1.03%   1.01%
Russell 2000 Value Index (since inception based on I Shares)   7.51%  -1.56%  -3.35%  31.77%   1.95%      --      --   2.38%      --      --
Russell 2000 Index (since inception based on I Shares)   9.56%  -1.44%  -2.24%  34.07%  -0.05%      --      --   0.09%      --      --
FESRX R6   8.21%  -0.28%   5.22%  21.06%   4.28% -- --   1.91%   1.03%   1.01%
Russell 2000 Value Index (since inception based on I Shares)   9.22%   0.06%  10.15%  25.88%   3.77%      --      --   2.91%      --      --
Russell 2000 Index (since inception based on I Shares)  11.17%   0.70%   9.27%  26.76%   1.84%      --      --   0.52%      --      --

Source: FactSet; data as of Sep 30, 2024.

Source: FactSet; data as of Oct 31, 2024.

  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.

  2. First Eagle Investment Management, LLC (‘‘FEIM’’) has contractually agreed to waive and/or reimburse certain fees and expenses of Classes A, I and R6 so that the total annual operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, dividend and interest expenses relating to short sales, and extraordinary expenses, if any)(‘‘annual operating expenses’’) of each class are limited to 1.25%, 1.00% and 1.00% of average net assets, respectively. Each of these undertakings lasts until February 28, 2025 and may not be terminated during its term without the consent of the Board of Trustees. The Fund has agreed that each of Classes A, I and R6 will repay FEIM for fees and expenses waived or reimbursed for the class provided that repayment does not cause annual operating expenses (after the repayment is taken into account) to exceed either: (1) 1.25%, 1.00% and 1.00% of the class’ average net assets, respectively; or (2) if applicable, the then-current expense limitations. Any such repayment must be made within three years after the year in which FEIM incurred the expense.

  1. Disclosures

  2. “With load” performance for Class A Shares gives effect to the deduction of the maximum sales charge of 5.00%.

  3. Diversification does not guarantee investment returns and does not eliminate the risk of loss.

  4. The above are not investment guidelines or restrictions and are subject to change without notice.

  5. Not all companies held in this Fund will meet the criteria listed.

  6. Small Cap Opportunity Fund Inception dates: A Shares 07/01/2021, I Shares 04/27/2021, R6 Shares 07/01/2021.

  7. Inception date shown for the Russell 2000 Value and Russell 2000 Indices matches the Small Cap Opportunity Class I shares, which have the oldest since inception date for the Small Cap Opportunity Fund.

Show More Show Less

  1. Definitions

  2. Russell 2000® Value Index: Russell 2000® Value Index measures the performance of small-cap value segment of the US equity universe. It includes those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values.

  3. Russell 2000® Index: The Russell 2000® Index is an unmanaged index that measures the performance of the 2000 smallest companies in the Russell 3000 Index and is not available for purchase.

Show More Show Less

Top Ten Holdings (%)

As of Oct 31, 2024

TTM Technologies, Inc. 0.89
Black Hills Corporation 0.88
Lincoln National Corp 0.88
Ameris Bancorp 0.86
MGIC Investment Corporation 0.86
Seacoast Banking Corp. of Florida 0.85
GXO Logistics Inc 0.85
Kemper Corp 0.84
Beazer Homes USA, Inc. 0.82
Evercore Inc. Class A 0.80
Top Ten Holdings as a Percentage of Total Net Assets 8.53

Allocation by Sector (%)

Industrials: 20.52%
Information Technology: 14.13%
Financials: 13.21%
Materials: 11.74%
Consumer Discretionary: 10.97%
Health Care: 8.49%
Energy: 6.25%
Short-Term, Cash & Cash Equivalents: 5.59%
Consumer Staples: 3.20%
Real Estate: 3.04%
Other: 2.87%
Source: FactSet; data as of Sep 30, 2024.
Industrials 20.52%
Information Technology 14.13%
Financials 13.21%
Materials 11.74%
Consumer Discretionary 10.97%
Health Care 8.49%
Energy 6.25%
Short-Term, Cash & Cash Equivalents 5.59%
Consumer Staples 3.20%
Real Estate 3.04%
Utilities 1.44%
Communication Services 1.43%
Industrials 21.10%
Information Technology 15.61%
Materials 11.81%
Financials 11.15%
Consumer Discretionary 10.60%
Health Care 9.42%
Energy 6.83%
Short-Term, Cash & Cash Equivalents 5.66%
Consumer Staples 3.00%
Real Estate 2.46%
Communication Services 1.55%
Utilities 0.80%
Industrials 21.92%
Information Technology 14.67%
Consumer Discretionary 14.40%
Materials 10.45%
Health Care 9.98%
Financials 9.76%
Energy 5.96%
Short-Term, Cash & Cash Equivalents 5.51%
Consumer Staples 2.89%
Real Estate 2.34%
Communication Services 1.37%
Utilities 0.74%
Industrials 22.49%
Information Technology 15.47%
Consumer Discretionary 14.08%
Health Care 10.89%
Materials 9.40%
Financials 9.15%
Short-Term, Cash & Cash Equivalents 6.25%
Energy 5.62%
Real Estate 2.60%
Consumer Staples 2.52%
Communication Services 0.94%
Utilities 0.60%
Industrials 23.36%
Information Technology 17.49%
Consumer Discretionary 12.54%
Health Care 11.57%
Materials 8.35%
Short-Term, Cash & Cash Equivalents 7.38%
Financials 7.03%
Energy 6.54%
Real Estate 2.27%
Consumer Staples 2.00%
Communication Services 0.93%
Utilities 0.55%
Industrials 23.53%
Information Technology 19.06%
Consumer Discretionary 16.58%
Health Care 10.73%
Short-Term, Cash & Cash Equivalents 6.56%
Materials 6.34%
Energy 6.21%
Financials 4.82%
Real Estate 2.43%
Consumer Staples 1.86%
Communication Services 1.40%
Utilities 0.47%
Industrials 23.34%
Information Technology 18.33%
Consumer Discretionary 16.20%
Health Care 10.56%
Short-Term, Cash & Cash Equivalents 7.75%
Energy 7.18%
Materials 6.39%
Financials 3.71%
Real Estate 3.35%
Consumer Staples 1.70%
Communication Services 1.50%
Industrials 22.15%
Information Technology 17.54%
Consumer Discretionary 16.45%
Health Care 11.40%
Energy 7.79%
Short-Term, Cash & Cash Equivalents 6.51%
Financials 5.71%
Materials 5.23%
Real Estate 4.15%
Communication Services 1.70%
Consumer Staples 1.37%
Industrials 20.55%
Consumer Discretionary 16.35%
Information Technology 14.58%
Health Care 12.18%
Energy 8.68%
Short-Term, Cash & Cash Equivalents 8.63%
Financials 7.04%
Real Estate 4.73%
Materials 4.15%
Communication Services 1.60%
Consumer Staples 1.51%
Industrials 22.18%
Consumer Discretionary 16.83%
Information Technology 15.62%
Health Care 11.03%
Financials 8.39%
Energy 8.16%
Short-Term, Cash & Cash Equivalents 5.95%
Real Estate 4.95%
Materials 3.60%
Consumer Staples 1.79%
Communication Services 1.50%
Industrials 20.67%
Consumer Discretionary 16.72%
Information Technology 12.54%
Energy 10.45%
Health Care 8.75%
Financials 8.16%
Short-Term, Cash & Cash Equivalents 7.61%
Materials 6.75%
Real Estate 5.08%
Consumer Staples 1.97%
Communication Services 1.30%
Industrials 22.90%
Consumer Discretionary 19.63%
Information Technology 11.36%
Health Care 9.86%
Financials 8.14%
Materials 7.09%
Energy 6.72%
Cash & Cash Equivalents 6.13%
Real Estate 4.89%
Consumer Staples 1.71%
Communication Services 1.56%

Allocation by Asset Class (%)

Equity: 94.41%
Short-Term, Cash & Cash Equivalents: 5.59%
Source: FactSet; data as of Sep 30, 2024.
Equity 94.41%
Short-Term, Cash & Cash Equivalents 5.59%
Equity 94.34%
Short-Term, Cash & Cash Equivalents 5.66%
Equity 94.49%
Short-Term, Cash & Cash Equivalents 5.51%
US Stocks 93.75%
Short-Term, Cash & Cash Equivalents 6.25%
US Stocks 92.62%
Short-Term, Cash & Cash Equivalents 7.38%
US Stocks 93.44%
Short-Term, Cash & Cash Equivalents 6.56%
US Stocks 92.25%
Short-Term, Cash & Cash Equivalents 7.75%
US Stocks 93.49%
Short-Term, Cash & Cash Equivalents 6.51%
US Stocks 91.37%
Short-Term, Cash & Cash Equivalents 8.63%
US Stocks 94.05%
Short-Term, Cash & Cash Equivalents 5.95%
US Stocks 92.39%
Short-Term, Cash & Cash Equivalents 7.61%
US Stocks 93.87%
Cash & Cash Equivalents 6.13%

  1. Short-Term, Cash & Cash Equivalents include short-term investments; e.g., short-term commercial paper (0.0% of net assets) that settles in 90 days or less, longer-term commercial paper (0.0% of net assets) that settles in 91 days or more, with the balance in US T-bills or money market funds.

  2. Portfolio holdings are subject to change and should not be considered a recommendation to buy or sell securities. Based on total fair value of investment and cash/cash equivalents. Not a guarantee of future portfolio composition. Current and future portfolio holdings are subject to risk.

  3. Percentages may not sum to 100% due to rounding.

  1. Disclosures

  2. Diversification does not guarantee investment returns and does not eliminate the risk of loss.

  3. The above are not investment guidelines or restrictions and are subject to change without notice.

  4. Not all companies held in this Fund will meet the criteria listed.

  5. Small Cap Opportunity Fund Inception dates: A Shares 07/01/2021, I Shares 04/27/2021, R6 Shares 07/01/2021.

  6. Inception date shown for the Russell 2000 Value and Russell 2000 Indices matches the Small Cap Opportunity Class I shares, which have the oldest since inception date for the Small Cap Opportunity Fund.

Investment Team

  • Suzanne Franks Headshot

    Suzanne Franks

    Associate Portfolio Manager
    Industry start:  
    2004
    Year joined:  
    2021
  • Bill Hench Headshot

    Bill Hench

    Head of Small Cap Team and Portfolio Manager
    Industry start:  
    1992
    Year joined:  
    2021
  • Adam Mielnik Headshot

    Adam Mielnik

    Senior Research Analyst
    Industry start:  
    2014
    Year joined:  
    2021

Our Process

The team uses a bottom-up process, building the portfolio stock by stock.

  • 01

    Narrow the Universe

    The team narrows the approximately 3,000 US Small Cap Stock Universe using their historical investment experience, by attending management meetings, conference calls, investment conferences, and by following industry trade journals.

  • 02

    Conduct Fundamental Research

    The team aims to identify companies that have low multiples and a potential catalyst for improvement.

    Low Multiples
    • The team seeks to uncover companies that they believe are trading at a significantly discounted price/book or price/sales.
    • Holdings typically fall into at least one category below:
      • Inefficiently valued assets
      • Turnarounds
      • Accelerating growth
      • Overlooked leaders

    Catalyst for Improvement
    • Utilizing the team’s analysis and deep institutional knowledge of competitors, industry and existing holdings used for comparisons, they seek to determine the likelihood of execution success.
    • Some potential catalysts the team look for that could lead to a company’s return to normalized earnings are:
      • New management
      • More favorable business cycle
      • Margin improvement
      • Product innovation

  • 03

    Construct Portfolio

    • Diversified with approximately 180–300 holdings
    • Typical holdings less than $3bn market cap (at purchase)
    • Annual turnover expected 35%–45%

Competitive Advantage

  • Seasoned team of true small cap specialists
  • Time-tested, catalyst-driven value approach
  • Experience to find opportunity in short- and long-term dislocations due to volatility

Share Class A (FESAX)

Expense Ratio and Shareholder Fees as of March 1, 2024

Shareholder Fee (%)

These are the fees paid directly from your investment.

 Sales ChargeDealer Re-Allowance
Less than $25,0005.004.50
$25,000 but less than $50,0004.504.25
$50,000 but less than $100,0004.003.75
$100,000 but less than $250,0003.253.00
$250,000 but less than $500,0002.502.25
$500,000 but less than $1,000,0001.501.25
$1,000,000 and over10.000.00

 

Expense Ratio (%)

These are the expenses you pay each year as a percentage of the value of your investment

Management Fees20.85
Distribution and Service (12b-1) Fees0.25
Other Expenses0.22
Acquired Fund Fees and Expenses0.01
Total Annual Operating Expenses1.33
Fee Waiver and/or Expense Reimbursement2-0.07
Total Annual Operating Expenses after Fee Waiver and/or Expense Reimbursement1.26

  1. Disclosures

  2. 1

    A contingent deferred sales charge of 1.00% may be imposed on certain redemptions of Class A shares made within 18 months following a purchase of $1,000,000 or more without an initial sales charge.

  3. 2

    First Eagle Investment Management, LLC (‘‘FEIM’’) has contractually agreed to waive and/or reimburse certain fees and expenses of Classes A, I and R6 so that the total annual operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, dividend and interest expenses relating to short sales, and extraordinary expenses, if any)(‘‘annual operating expenses’’) of each class are limited to 1.25%, 1.00% and 1.00% of average net assets, respectively. Each of these undertakings lasts until February 28, 2025 and may not be terminated during its term without the consent of the Board of Trustees. The Fund has agreed that each of Classes A, I and R6 will repay FEIM for fees and expenses waived or reimbursed for the class provided that repayment does not cause annual operating expenses (after the repayment is taken into account) to exceed either: (1) 1.25%, 1.00% and 1.00% of the class’ average net assets, respectively; or (2) if applicable, the then-current expense limitations. Any such repayment must be made within three years after the year in which FEIM incurred the expense.

  4. The average annual returns for Class A Shares “with sales charge” of the First Eagle Small Cap Opportunity Fund gives effect to the deduction of the maximum sales charge of 5.00%.

  5. The First Eagle Small Cap Opportunity Fund ("The Fund") is new and may not be successful under all future market conditions. The Fund may not attract sufficient assets to achieve investment, trading or other efficiencies.

  6. There are several ways to lower the sales charge on Class A shares: Aggregation, Rights of Accumulation and Letter of Intention. For details please refer to our prospectus.

  7. In order to claim a breakpoint or other means of reducing the sales charge, an investor should notify his or her dealer, the Distributor, or the Transfer Agent (DST) at the time of purchase.

Share Class I (FESCX)

Expense Ratio and Shareholder Fees as of March 1, 2024

Expense Ratio (%)

These are the expenses you pay each year as a percentage of the value of your investment

Management Fees10.85
Distribution and/or Service (12b-1) Fees0.00
Other Expenses0.24
Acquired Fund Fees and Expenses0.01
Total Annual Operating Expenses1.10
Fee Waiver and/or Expense Reimbursement1-0.09
Total Annual Operating Expenses after Fee Waiver and/or Expense Reimbursement1.01

  1. Disclosures

  2. 1

    First Eagle Investment Management, LLC (‘‘FEIM’’) has contractually agreed to waive and/or reimburse certain fees and expenses of Classes A, I and R6 so that the total annual operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, dividend and interest expenses relating to short sales, and extraordinary expenses, if any)(‘‘annual operating expenses’’) of each class are limited to 1.25%, 1.00% and 1.00% of average net assets, respectively. Each of these undertakings lasts until February 28, 2025 and may not be terminated during its term without the consent of the Board of Trustees. The Fund has agreed that each of Classes A, I and R6 will repay FEIM for fees and expenses waived or reimbursed for the class provided that repayment does not cause annual operating expenses (after the repayment is taken into account) to exceed either: (1) 1.25%, 1.00% and 1.00% of the class’ average net assets, respectively; or (2) if applicable, the then-current expense limitations. Any such repayment must be made within three years after the year in which FEIM incurred the expense.

  3. The First Eagle Small Cap Opportunity Fund ("The Fund") is new and may not be successful under all future market conditions. The Fund may not attract sufficient assets to achieve investment, trading or other efficiencies.

  4. Class I Shares require $1MM minimum investment and are offered without sales charge. There is no minimum subsequent investment amount for Class I Shares.

  5. In order to claim a breakpoint or other means of reducing the sales charge, an investor should notify his or her dealer, the Distributor, or the Transfer Agent (DST) at the time of purchase.

Share Class R6 (FESRX)

Expense Ratio and Shareholder Fees as of March 1, 2024

Expense Ratio (%)

These are the expenses you pay each year as a percentage of the value of your investment

Management Fees10.85
Distribution and/or Service (12b-1) Fees0.00
Other Expenses0.17
Acquired Fund Fees and Expenses0.01
Total Annual Operating Expenses1.03
Fee Waiver and/or Expense Reimbursement1-0.02
Total Annual Operating Expenses after Fee Waiver and/or Expense Reimbursement1.01

  1. Disclosures

  2. 1

    First Eagle Investment Management, LLC (‘‘FEIM’’) has contractually agreed to waive and/or reimburse certain fees and expenses of Classes A, I and R6 so that the total annual operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, dividend and interest expenses relating to short sales, and extraordinary expenses, if any)(‘‘annual operating expenses’’) of each class are limited to 1.25%, 1.00% and 1.00% of average net assets, respectively. Each of these undertakings lasts until February 28, 2025 and may not be terminated during its term without the consent of the Board of Trustees. The Fund has agreed that each of Classes A, I and R6 will repay FEIM for fees and expenses waived or reimbursed for the class provided that repayment does not cause annual operating expenses (after the repayment is taken into account) to exceed either: (1) 1.25%, 1.00% and 1.00% of the class’ average net assets, respectively; or (2) if applicable, the then-current expense limitations. Any such repayment must be made within three years after the year in which FEIM incurred the expense.

  3. The First Eagle Small Cap Opportunity Fund ("The Fund") is new and may not be successful under all future market conditions. The Fund may not attract sufficient assets to achieve investment, trading or other efficiencies.

  4. In order to claim a breakpoint or other means of reducing the sales charge, an investor should notify his or her dealer, the Distributor, or the Transfer Agent (DST) at the time of purchase.

  1. 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.

Capital Gains Distributions

Record DateEx & Reinvestment DatePayable DateOrdinary IncomeShort Term Capital GainsLong Term Capital GainsLong Term Capital Gains - 28%Total Distribution
12/04/2023 12/05/2023 12/06/2023 $0.040 $0.000 $0.000 $0.000 $0.040
11/30/2022 12/01/2022 12/02/2022 $0.000 $0.000 $0.000 $0.000 $0.000
11/30/2021 12/01/2021 12/02/2021 $0.000 $0.000 $0.000 $0.000 $0.000
12/04/2023 12/05/2023 12/06/2023 $0.059 $0.000 $0.000 $0.000 $0.059
11/30/2022 12/01/2022 12/02/2022 $0.009 $0.000 $0.000 $0.000 $0.009
11/30/2021 12/01/2021 12/02/2021 $0.000 $0.000 $0.000 $0.000 $0.000
12/04/2023 12/05/2023 12/06/2023 $0.059 $0.000 $0.000 $0.000 $0.059
11/30/2022 12/01/2022 12/02/2022 $0.009 $0.000 $0.000 $0.000 $0.009
11/30/2021 12/01/2021 12/02/2021 $0.000 $0.000 $0.000 $0.000 $0.000

  1. Ordinary income distributions are distributed at the class level and will vary by class.

  2. "Reinvested at" is the share price used to calculate the number of shares added to an account if a shareholder reinvests dividends or capital gains.

  3. Collectibles gains, such as gains from gold bullion, held for greater than one year currently are subject to a 28% tax rate. Collectibles gains held for less than one year are taxable to U.S. shareholders as short-term gains.

  4. 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.

Fund Information

Portfolio Composition
Holdings
Fact Sheet
Investor Guide
Annual Report
Semi Annual Report
Dealer Fact Guide

Commentaries

Quarterly Commentary

  1. The prospectus and summary prospectus may be viewed online or by calling us at 800-747-2008. Please read our prospectus carefully before investing.  Investments are not FDIC insured or bank guaranteed and may lose value.

  2. 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.

  1. Risk Disclosures

  2. The First Eagle Small Cap Opportunity Fund is new and may not be successful under all future market conditions. The Fund may not attract sufficient assets to achieve investment, trading or other efficiencies.

  3. The value and liquidity of portfolio holdings may fluctuate in response to events specific to the companies or markets, as well as economic, political or social events in the United States or abroad. During periods of market volatility, the value of individual securities and other investments at times may decline significantly and rapidly. The securities of small and micro-size companies can be more volatile in price than those of larger companies and may be more difficult or expensive to trade.

  4. There are risks associated with investing in foreign investments (including depositary receipts). Foreign investments, which can be denominated in foreign currencies, are susceptible to less politically, economically and socially stable environments, fluctuations in the value of foreign currency and exchange rates, and adverse changes to government regulations.

  5. A principal risk of investing in value stocks is that the price of the security may not approach its anticipated value or may decline in value. “Value” investments, as a category, or entire industries or sectors associated with such investments, may lose favor with investors as compared to those that are more “growth” oriented.

  6. All investments involve the risk of loss of principal.

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Corporate Headquarters

1345 Avenue of the Americas

New York, NY 10105

212-698-3300

  1. 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.

  2. 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.

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

  4. 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