First Eagle High Yield Municipal Fund Q4 2025 Commentary

First Eagle Investments64 FollowersFollow5ShareSavePlay(14min)CommentsSummaryThe S&P Municipal Bond High Yield Index gained 1.5% during the fourth quarter, while the S&P Municipal Yield Index rose 1.7%.Record-setting bond issuance continued to be met by strong demand, enabling muni indexes to post positive returns for the quarter and the year.The Federal Reserve followed up its September rate cut with another in October and an additional December cut brought the federal funds rate down.High Yield Municipal Fund A Shares posted a return of -0.25% in fourth quarter 2025, underperforming the S&P Municipal Yield Index.In January 2026, Brightline announced the appointment of Nicolas Petrovic as CEO of Brightline Holdings LLC. Alex Cristi /iStock via Getty Images Market Overview During the fourth quarter, the municipal bond market continued to rebound from the challenges of the first half of 2025. Record-setting bond issuance continued to be met by strong demand, enabling muniThis article was written byFirst Eagle Investments64 FollowersFollowFirst Eagle is an independent investment management firm that manages approximately $149* billion in assets (as of 09/30/24) on behalf of institutional and individual clients. With the core purpose of providing prudent stewardship of client assets, the firm focuses on active, fundamental and benchmark-agnostic investing, with a strong focus on downside mitigation. First Eagle’s investment capabilities include equity, fixed income and multi-asset strategies. With a heritage dating back to 1864, First Eagle has helped its clients avoid permanent impairment of capital and earn attractive returns through widely varied economic cycles—a tradition that is central to its mission today.

First Eagle Investments is the brand name for First Eagle Investment Management, LLC and its subsidiary investment advisers. Note: This account is not managed or monitored by First Eagle, and any messages sent via Seeking Alpha will not receive a response. For inquiries or communication, please use First Eagle's official channels.