First Eagle Investment Management (FEIM), a privately held asset management firm, is launching High Yield Fund, the firm’s first new fund launch in over ten years. Managed by Edward Meigs, CFA and Sean Slein, CFA, the high yield strategy can be accessed through an institutional separate account or a registered mutual fund.
"First Eagle has always aligned itself with our investors by investing alongside them. We are focused on capital preservation and we understand our clients’ needs for current income generation. We are also long-time investors in high yield," says John Arnhold, Chairman and CIO. "Adding a High Yield strategy was a logical extension of our equity offerings. We are very pleased to offer a fixed income strategy that is so closely aligned with our focus on absolute returns and bottom-up fundamental research."
The High Yield team’s approach of modifying risk exposure through various stages of the credit cycle differentiates it from many other high yield strategies.
Doug Meyer, Senior Vice President, Institutional Sales, says: "As institutional investors increasingly allocate to dedicated high yield mandates and move to disaggregate core from core-plus mandates, we believe that this strategy may offer a solution to our institutional clients.
"Furthermore, the team’s bottom-up fundamental approach, benchmark-agnostic portfolio construction, and risk rotation through the high yield cycle to manage downside risk are consistent with institutional investors’ needs.”