First Eagle US Small Cap Opportunity Fund, an Irish-Domiciled UCITS (ICAV), Celebrates Three-Year Anniversary in the UK and Europe

London, 20 March 2025— First Eagle Investments (“First Eagle”), an independent, privately owned investment management firm, is proud to announce the three-year anniversary of its US Small Cap Opportunity Fund (the “fund”). The Irish-domiciled UCITS (ICAV) fund has grown to US$150 million in total assets since its launch, contributing to the team’s overall assets under management (AUM) of US$2.2 billion.¹

The fund is managed by Portfolio Manager and Head of Small Cap team Bill Hench, who has more than 20 years of experience in small cap investing, alongside Associate Portfolio Manager Suzanne Franks. The opportunistic small cap value strategy invests primarily in US-domiciled companies that the portfolio management team believes are attractively valued and poised to benefit from a catalyst—such as new management, a favourable business cycle, product innovation or margin improvements—that may drive earnings growth.

“This milestone represents one of our first forays into the UCITS world, and we are delighted with the support we have received from investors. The continued growth of the fund reflects confidence in our approach to small cap investing and our ability to identify compelling opportunities within this dynamic market segment,” said Hench.

In addition to the relative valuation advantages small cap stocks currently enjoy, the team believes improved earnings growth and stronger initial public offering and mergers and acquisition activity could potentially drive long-term expansion in the sector.

“In today’s dynamic environment, we believe small cap stocks are well positioned to capitalize on emerging opportunities,” noted Hench. “Factors such as shifting policies, regulatory reforms and improved corporate fundamentals are creating a landscape where smaller companies can thrive.” 

The fund is available for sale on 16 platforms across Austria, Belgium, France, Germany, Ireland, Italy, Luxembourg, the Netherlands, Portugal, Spain, Switzerland and the United Kingdom.

About First Eagle Investments

First Eagle Investments is an independent, privately owned investment management firm headquartered in New York with approximately $144 billion in assets under management as of December 31, 2024.² 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. With a heritage dating back to 1864, First Eagle strives to help clients avoid permanent impairment of capital and earn attractive returns through widely varied economic cycles. The firm’s investment capabilities include equity, fixed income, alternative credit and multi-asset strategies. For more information, please visit www.firsteagle.com.

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

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. As of 5 February 2025.
2. 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 31-Dec-2024. The total AUM includes $0.6 billion of committed and other non-fee-paying capital from FEAC, and $3.4 billion of committed and other non-fee-paying capital from Napier Park.  

Important Information Regarding First Eagle Funds (Ireland) ICAV First Eagle US Small Cap Opportunities Fund (the “Fund”) is a sub-fund of First Eagle Funds (Ireland) ICAV (the “ICAV”), an Irish collective asset-management vehicle with variable capital constituted as an umbrella fund with segregated liability between its sub-funds under the laws of Ireland (registered number 445369), and is authorized and regulated by the Central Bank of Ireland as an Undertaking for Collective Investments in Transferable Securities (“UCITS”). Authorization of the ICAV by the Central Bank of Ireland (the “Central Bank”) is not an endorsement or guarantee nor is the Central Bank responsible for the contents of any marketing material or the prospectus of the ICAV, as amended and/or supplemented from time to time (collectively, the “Prospectus”). Authorization by the Central Bank shall not constitute a warranty as to the performance of the ICAV and the Central Bank shall not be liable for the performance of the ICAV.

Shares of the Fund (the “Shares”) are only available for certain non-U.S. persons in select transactions outside the United States, or, in limited circumstances, otherwise in transactions which are exempt in reliance on Regulation S from the registration requirements of the United States Securities Act of 1933, as amended and such other laws as may be applicable. Nothing herein constitutes an offer to subscribe for shares in the Fund. Any offer or solicitation will only be made pursuant to the Prospectus, which qualifies in its entirety the information set forth herein. The offering or sale of Shares may be restricted in certain jurisdictions. For information regarding jurisdictions in which the Fund is registered or passported, please contact your First Eagle sales representative. Shares may be sold on a private placement basis depending on the jurisdiction. This information should not be used or distributed in any jurisdiction, other than those in which the Fund is authorized, where authorization for distribution is required. First Eagle Investment Management, Ltd. (the “Distributor”) is authorized by the ICAV to facilitate the distribution of Shares in certain jurisdictions through dealers, referral agents, sub-distributors and other financial intermediaries. Any entity forwarding this material to other parties takes full responsibility for ensuring compliance with applicable securities laws in connection with its distribution.

Nothing contained herein constitutes investment advice and neither First Eagle Investment Management, LLC nor the Distributor are carrying out any financial advisory services and not acting as the financial adviser to any investor or potential investor or in any fiduciary capacity. Any forecasts made, or opinions expressed on the economy, stock market or economic trends of the markets are definitely not indicative of future or likely performance or any guarantee of returns. First Eagle accepts no liability and responsibility, whatsoever, for any direct or consequential loss arising from any use of or reliance on this material. First Eagle believes that the information contained herein is based on underlying sources and data that are reliable but makes no guarantee as to its adequacy, accuracy, timeliness or completeness. This material is provided on an “as is” and “as available” basis and subject to change, of whatsoever form and nature, at any time without notice.

Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund. This and other important information are contained in the Prospectus and KIDs/KIIDs. Read these documents carefully before you invest.

The Fund’s Prospectus can be obtained from https://www.firsteagle.com/us-small-cap-opportunity-fund#documents and is available in English. The KIDs/KIIDs can be obtained from https://www.firsteagle.com/us-small-cap-opportunity-fund#documents and are available in one of the official languages of each of the EU Member States into which each the Fund has been notified for marketing under the Directive 2009/65/EC (the “UCITS Directive”).

In addition, a summary of investor rights is available from https://www.firsteagle.com/us-small-cap-opportunity-fund. The summary is available in English.

This is a marketing communication. This is not a contractually binding agreement. Please refer to the prospectus and Fund-specific supplement and KIDs/KIIDs of the relevant Fund before making any final investment decisions and do not base any final investment decision on this communication alone.

Any entity forwarding this material to other parties takes full responsibility for ensuring compliance with applicable securities laws in connection with its distribution.

Residents of Austria, Belgium, France, Germany, Italy, Luxembourg, Netherlands, Portugal, Spain: The Fund is registered for public offer and sale in Austria, Belgium, France, Germany, Italy, Luxembourg, Netherlands, Portugal, and Spain. Additional information about the Fund may be found in the Prospectus and Supplement (available in the English language) and applicable KIDs/KIIDs (available in the German, French, Italian, English, Dutch, Portuguese, and Spanish language). These documents, as well as the annual and semi-annual reports, may be obtained free of charge from FE fundinfo (Luxembourg) S.à.r.l., 77 Rue du Fossé, 4123 Esch-sur-Alzette, Luxembourg, email: fa_gfr@fefundinfo.com.

Residents of Ireland: The information contained herein is provided for informational purposes only and should not be considered a solicitation or offering of investment services, nor a solicitation to sell or buy any shares of any securities (nor shall any such securities be offered or sold to any person) in any jurisdiction where such solicitation or offering would be unlawful under the applicable laws of such jurisdiction. Unless otherwise indicated, no regulator or government authority has reviewed this material or the merits of the products and services referenced herein, including the Central Bank of Ireland. This material and the information contained herein have been made available in accordance with the restrictions and/or limitations implemented by any applicable laws and regulations. This material is provided on a confidential basis for informational purposes only and may not be reproduced in any form. Before acting on any information in this material, prospective investors should inform themselves of and observe all applicable laws, rules and regulations of any relevant jurisdictions and obtain independent advice if required. This material should not be relied upon as investment advice and is not a recommendation to adopt any investment strategy.

Residents of Switzerland: This is an advertising communication. The state of the origin of the ICAV is Ireland. In Switzerland, the representative is ACOLIN Fund Services AG, Leutschenbachstrasse 50, CH-8050 Zurich, and the paying agent is NPB Neue Privat Bank AG. The prospectus, the key information documents or the key investor information documents, the instrument of incorporation and the annual and semi-annual reports may be obtained free of charge from the representative. Past performance is no indication of current or future performance. The performance data do not take account of the commissions and costs incurred on the issue and redemption of units.

Residents of United Kingdom: This material is issued by First Eagle Investment Management, LLC and is lawfully distributed in the United Kingdom by First Eagle Investment Management, Ltd. First Eagle Investment Management, Ltd is authorised and regulated by the Financial Conduct Authority (FRN: 798029) in the United Kingdom. The Fund has been registered as a “recognised scheme” for the purposes of Section 272 of the Financial Services and Markets Act 2000 (FSMA) of the United Kingdom and shares in the Fund may upon such registration be promoted and sold in the United Kingdom subject to compliance with FSMA and applicable regulations under FSMA. Potential investors in the United Kingdom should be aware that most of the protections afforded by the United Kingdom regulatory system will not apply to an investment in the Fund and that compensation will not be available under the United Kingdom Financial Services Compensation Scheme.

The Fund is based overseas and is not subject to UK sustainable investment labelling and disclosure requirements.

Risk Disclosures for the Fund

The following are risks of investing in the Fund: 

Small and Micro Size Company Risk: The Fund may invest in small and micro-size companies, which historically have been more volatile in price than larger company securities, especially over the short term. Positions in small and micro-size companies also may be more difficult or expensive to trade. Among the reasons for the greater price volatility are the less certain growth prospects of small and micro-size companies, the lower degree of liquidity in the markets for such securities and the greater sensitivity of small and micro-size companies to changing economic conditions. 

Investment Risk: The value of investments held in the Fund and the income from them may rise or fall. The Fund may not achieve its investment objective.

Market Risk: As the Fund invests in company shares, it runs the risk that the market price of those shares will decline. That decline may be attributable to factors affecting the issuer of the shares or to general market conditions. 

Liquidity Risk: The Fund may be adversely affected by a decrease in market liquidity for the securities in which it invests which may impair the Fund’s ability to execute transactions. In such circumstances, the Fund’s securities may become illiquid which may mean that the Fund may experience difficulties in selling securities at a fair price within a timely manner. Reduced liquidity of the Fund’s investment may result in a loss in value to the Fund. 

Value Investment Risk: The Fund may invest in value stocks, which presents the risk that such securities may never reach what are believed to be their full market values or may decline in value. For a full list of possible risk factors, please see section entitled “Risk Factors” in the Prospectus.

All investments involve the risk of loss of principal.

Investment in the Fund involves significant risks, and there can be no assurance that the Fund’s investment objectives will be achieved. There may occur potential or actual conflicts of interest involving First Eagle Investment Management, LLC and its affiliates and the Fund and its investments. The value of investments in equity securities will fluctuate in response to general economic conditions and to changes in the prospects of particular companies, including market, liquidity, currency, and political risks. Other influential factors include pandemics and epidemics, political or economic news, company earnings and significant corporate events. Investing globally can bring additional returns and diversify risk, but currency exchange rate fluctuations may have a positive or negative impact on the value of your investment. These factors can affect Fund performance. Prospective investors should not acquire Shares if the investor anticipates that it will have a need for the funds contributed to the Fund prior to the times that redemptions are permitted. An investment in the Fund should be viewed as a long-term investment.

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

A complete description of the risks of investing in the Fund can be found in the Key Investment Information Document(s) (“KIIDs”)/ Packaged Retail and Insurance-based Investment Products Key Information Document(s) (“KIDs”), the Prospectus and the Fund-specific supplement.

Summary of Investor Rights for the Fund

The legal relationship between an investor and the Fund is a contractual one, governed principally by the Application Form executed by the investor when subscribing for shares in the Fund and the instrument of incorporation. As an investor in the Fund, an investor has various rights which derive from: The Application Form, the instrument of incorporation and other relevant documents of the Fund; and Applicable Law and Regulation.

Such rights may include, but are not limited to, the right to participate in changes in the net asset value of such investor’s shares; the right to a share of any dividends or distributions paid out by the Fund (if applicable); the right to attend at general meetings of the shareholders of the Fund and the ICAV itself and to vote on any motion tabled at such meetings; subject to certain conditions, the right to call a general meeting of investors in the Fund; the right to request the redemption of the investor’s shares by the Fund and certain rights in respect of how the Fund uses the investor’s personal data. The exercise by an investor of these rights is strictly subject to the terms and conditions of the relevant Fund documents and/or legislation from which these rights derive. The foregoing is only a brief summary of examples of the rights of an investor in relation to the Fund. For a more detailed description of their rights vis-à-vis the Fund, investors should consult their own legal or financial advisor.

Both the Application Form between an investor and the ICAV and the instrument of incorporation are governed by Irish law. In the event that an investor believes they have suffered loss as a result of the actions or inactions of the UCITS management company or board of directors of the ICAV, an investor may take proceedings against such parties in the Irish courts or, in certain circumstances, in the courts of another jurisdiction. Whether the judgment of a foreign court will be recognized and enforced against the UCITS management company or board of directors of the ICAV in Ireland will depend on the circumstances of the case and will be subject to the relevant national and international law that governs such matters in Ireland. At present, pending implementation of Directive (EU) 2020/1828 on representative actions for consumers, there are no recognized means, in Ireland or at EU level, by which an investor who may have suffered a loss as a result of the actions or inactions of the UCITS management company or board of directors of the ICAV may seek collective redress.

Applicable Law and Regulation in this regard includes, but is not limited to, the Irish Collective Asset-management Vehicles Act 2015, the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 and the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations 2019 and the Irish Data Protection Acts 1988 to 2018, the General Data Protection Regulation (Regulation (EU) 2016/679), the EU ePrivacy Directive 2002/58/EC, the PRIIPS Regulation (Regulation (EU) No 1286/2014, each as amended or replaced from time to time.

© 2025 First Eagle Investment Management, LLC. All rights reserved. 

Media Contacts
First Eagle Investments
Pholida Barclay
212-698-3208
pholida.barclay@firsteagle.com  

Lansons Team Farner
Eva Murphy
EvaM@lansons.com