- Issuer
- First Eagle
- Inception Date
- Feb 2, 2024
- Category
- High Yield Muni
- Leveraged
- 1x (No leverage)
- Index Tracked
- No Index (Active)
- Distribution Policy
- Distributing
- Asset Class
- Bond
- Asset Class Size
- Multi-Cap
- Asset Class Style
- Blend
Share Price Chart
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Performance
FDUAX Performance Chart
First Eagle Short Duration High Yield Municipal Fund Class A (FDUAX) is up 1.7% since the beginning of the year. FDUAX is currently trading at $10 per share.
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Returns By Period
First Eagle Short Duration High Yield Municipal Fund Class A (FDUAX) has returned 1.66% so far this year and 3.87% over the past 12 months.
First Eagle Short Duration High Yield Municipal Fund Class A
- 1D
- -0.10%
- 1M
- -1.01%
- 6M
- 0.81%
- YTD
- 1.66%
- 1Y
- 3.87%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 3.74%
Benchmark (S&P 500 Index)
- 1D
- 0.70%
- 1M
- 0.09%
- 6M
- 7.94%
- YTD
- 9.41%
- 1Y
- 20.07%
- 3Y*
- 17.84%
- 5Y*
- 11.25%
- 10Y*
- 13.26%
- ALL TIME*
- 8.09%
FDUAX Monthly Returns History
Based on dividend-adjusted daily data since Jan 17, 2024, FDUAX's average daily return is +0.01%, while the average monthly return is +0.30%. At this rate, an investment would double in approximately 19.3 years.
Historically, 74% of months were positive and 26% were negative. The best month was Sep 2025 with a return of +1.5%, while the worst month was Jul 2025 at -2.5%. The longest winning streak lasted 9 consecutive months, and the longest losing streak was 2 months.
On a daily basis, FDUAX closed higher 33% of trading days. The best single day was Apr 10, 2025 with a return of +1.6%, while the worst single day was Apr 9, 2025 at -1.3%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0.84% | 0.34% | -0.97% | 0.76% | 0.65% | 1.06% | -1.01% | 1.66% | |||||
| 2025 | 0.76% | 1.04% | -0.41% | -0.80% | 0.17% | 0.47% | -2.45% | 1.02% | 1.54% | -0.16% | 0.04% | 0.04% | 1.20% |
| 2024 | 0.65% | 0.40% | 0.52% | 0.26% | 0.56% | 1.45% | 1.05% | 0.96% | 0.39% | -0.59% | 1.25% | -0.42% | 6.66% |
Benchmark Metrics
First Eagle Short Duration High Yield Municipal Fund Class A has an annualized alpha of 4.09%, beta of -0.01, and R2 of 0.01 versus S&P 500 Index. Calculated based on daily prices since January 17, 2024.
- This fund participates in less of S&P 500 Index's moves in both directions, but captures a larger share of gains (13.15%) than losses (6.99%) - typical of diversified or defensive assets.
- Beta of -0.01 may look defensive, but with R2 of 0.01 this fund is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this fund's risk.
- R2 of 0.01 means this fund moves largely independently of S&P 500 Index - capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.
- Alpha
- 4.09%
- Beta
- -0.01
- R²
- 0.01
- Upside Capture
- 13.15%
- Downside Capture
- 6.99%
Expense Ratio
FDUAX has an expense ratio of 0.87%, placing it in the medium range.
Return for Risk
Risk / Return Rank
FDUAX ranks 72 for risk / return — above 72% of mutual funds peers on PortfoliosLab. Its historical combined result is above most peers.
Risk / Return Metrics
The table below present risk-adjusted performance metrics for First Eagle Short Duration High Yield Municipal Fund Class A (FDUAX) and compare them to S&P 500 Index.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| FDUAX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.22 | ||
| Sortino ratioReturn per unit of downside risk | +0.72 | ||
| Omega ratioGain probability vs. loss probability | 1.42 | 1.25 | +0.17 |
| Calmar ratioReturn relative to maximum drawdown | 2.52 | 2.00 | +0.52 |
| Martin ratioReturn relative to average drawdown | 7.94 | 8.49 | -0.55 |
Dividends
Dividend History
First Eagle Short Duration High Yield Municipal Fund Class A provided a 4.86% dividend yield over the last twelve months, with an annual payout of $0.48 per share.
| Period | TTM | 2025 | 2024 |
|---|---|---|---|
| Dividend | $0.48 | $0.48 | $0.39 |
Dividend yield | 4.86% | 4.83% | 3.84% |
Monthly Dividends
The table displays the monthly dividend distributions for First Eagle Short Duration High Yield Municipal Fund Class A. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.00 | $0.26 | |||||
| 2025 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.48 |
| 2024 | $0.04 | $0.03 | $0.03 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.00 | $0.04 | $0.04 | $0.04 | $0.39 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the First Eagle Short Duration High Yield Municipal Fund Class A. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the First Eagle Short Duration High Yield Municipal Fund Class A was 3.96%, occurring on Jul 18, 2025. Recovery took 135 trading sessions.
The current First Eagle Short Duration High Yield Municipal Fund Class A drawdown is 1.11%.
Drawdown | Fall | Recovery | Underwater | Related event |
|---|---|---|---|---|
-3.96%Jul 2025 | 3mo 12d | 6mo 16d | 9mo 28dApr 2025 - Jan 2026 | — |
-1.71%Mar 2026 | 24d | 2mo 4d | 2mo 28dMar 2026 - May 2026 | — |
-1.25%Dec 2024 | 9d | 1mo 12d | 1mo 21dDec 2024 - Jan 2025 | — |
-1.25%Mar 2025 | 22d | 8d | 1moMar 2025 - Apr 2025 | 2025 selloff2025 |
-1.21%Jul 2026 | 16d | — | 26dJul 2026 - now | — |
Drawdown Indicators
| FDUAX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.96% | -56.78% | +52.82% |
Max Drawdown (1Y)Largest decline over 1 year | -1.71% | -9.10% | +7.39% |
Max Drawdown (3Y)Largest decline over 3 years | — | -18.90% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -25.43% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | -1.11% | -1.58% | +0.47% |
Average DrawdownAverage peak-to-trough decline | -0.69% | -10.70% | +10.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.54% | 2.14% | -1.60% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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