US Smid Cap Opportunity Strategy

US SMID Cap Opportunity Composite contains a mutual fund invested in equity securities of small- and mid-cap (“smid cap”) companies. For comparison purposes, the composite is measured against the Russell 2500 Value (Total) Index. The asset mix of the accounts in the composite may not be comparable to the Russell 2500 Value (Total) Index. Indices do not incur management fees or other operating expenses. Investments cannot be made directly into an index.

Prior to 7-Dec-2009, First Eagle Investment Management, LLC was known as Arnhold and S. Bleichroeder Advisers, LLC. First Eagle Investment Management, LLC claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. First Eagle Investment Management, LLC has been independently verified for the periods 1-Jan-1996 through 31-Dec-2022. A firm that claims compliance with the GIPS standards must establish policies and procedures for complying with all applicable requirements of the GIPS standards. Verification provides assurance on whether the firm’s policies and procedures related to composite and pooled fund maintenance, as well as the calculation, presentation, and distribution of performance, have been designed in compliance with the GIPS standards and have been implemented on a firm-wide basis. Verification does not provide assurance on the accuracy of any specific performance report. The verification report is available upon request. GIPS® is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein.

First Eagle Investment Management, LLC is an independent SEC registered investment adviser. THL Credit Advisors was acquired and made a part of First Eagle Alternative Credit since Jan-2020. As of 1-Jan-2020, First Eagle Investment Management was redefined to include the Alternative Credit division. First Eagle Separate Account Management was launched on 4-Dec-2020. As of 1-Jan-2021, First Eagle Investment management was redefined to include the Separate Account Management division. A list of composite descriptions, a list of limited distribution pooled fund descriptions, and a list of broad distribution pooled funds are available upon request.

Results are based on fully discretionary accounts under management, including those accounts no longer with the firm. The annual composite dispersion presented is an equal-weighted standard deviation calculated for the accounts in the composite for the entire year. The 3-year ex-post standard deviation is calculated using gross returns. Past performance is not indicative of future results.

The US Dollar is the currency used to express performance. Returns are presented gross and net of management fees and include the reinvestment of all income. The investment management fee schedule is 0.75% on assets. Actual investment advisory fees incurred by clients may vary. The US SMID Cap Opportunity Composite was created and has an inception date of 1-Sep-2022.

Policies for valuing investments, calculating performance, and preparing GIPS Reports are available upon request.

N.A. - Information is not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year. Composite dispersion calculated using gross returns.

Disclosures

These are not investment guidelines or restrictions and will be subject to change. Actual portfolio will differ. 

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 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. 

Benchmark Definitions

Indices are unmanaged and do not incur management fees or other operating expenses. One cannot invests directly in an index. 

Russell 2500™ Value Index (Gross/Total): measures the performance of the small to mid-cap value segment of the US equity universe. It includes those Russell 2500 companies with relatively lower price-to-book ratios, lower 1/B/E/S forecast medium term (2 year) growth and lower sales per share historical growth (5 years). The Russell 2500 Value Index is constructed to provide a comprehensive and unbiased barometer of the small to mid-cap value market. A Total Return Index tracks price changes and reinvestment of distribution income. 

Russell 2500™Index (Gross/Total): measures the performance of the small to midcap segment of the US equity universe. commonly referred to as "smid" cap. It includes approximately 2500 of the smallest securities based on a combination of choir market cap and current index membership. A TotaI Return Index tracks price changes and reinvestment of distribution income. Indices arc unmanaged and do not incur management fees or other operating expenses. One cannot invest directly in an index.