- First Eagle registers Core Plus Municipal Fund with SEC
- John Miller’s First Eagle high-yield muni fund hits $5 billion
First Eagle Investments plans to launch its third municipal-bond fund under John Miller, the head of its high-yield municipal credit team, according to a filing with US securities regulators.
First Eagle’s Core Plus Municipal Fund will invest mainly in in higher-quality state and local-government debt but will be permitted to invest as much as 30% of its net assets in junk or unrated securities, according to a Dec. 27 prospectus filed with the Securities and Exchange Commission.
The fund, which may employ leverage, will invest at least 80% of net assets in tax-exempt munis and generally maintain a weighted average maturity of from three to 10 years. It won’t have limits on investing in securities that generate income taxable to shareholders subject to the federal alternative minimum tax.
Bloomberg Markets
By Martin Z Braun
December 30, 2024