First Eagle Investment Management today is trumpeting the five-year anniversary of the First Eagle High Yield Fund (FEHIX).
With $668 million in assets as of the end of November, the fund has returned 13% annually since it was launched in November 2007 at Dwight Asset Management. Portfolio managers Ed Meigs and Sean Slein and their team of analysts left Dwight Asset Management, an Old Mutual affiliate, for First Eagle last October.
"We have felt at home at First Eagle from the very beginning, due to our philosophical alignment and our belief in the importance of absolute returns rather than relative returns," stated Meigs and Slein, in a joint statement.
"We remain optimistic about high yield, and with active management and security selection, we feel it can be an evergreen asset class for an investor's portfolio."
The First Eagle High Yield Fund Class I Shares are rated five stars overall by Morningstar, and was named the 2011 Best High Current Yield Fund by Lipper.
First Eagle currently manages some $71 billion in assets.
