Fund Evaluator:
First Eagle Short Dur Hi Yld Muncpl C (FDYCX)
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Best Performing in High Yield Muni Over the Last Year
| 8.7% | T. Rowe Price High Yield Muncpl Bd (PRFHX) |
| 8.2% | Thrivent High Yield Municipal Bond S (THMBX) |
| 8.1% | AMG GW&K Municipal Enhanced Yield N (GWMNX) |
| 8.0% | Invesco Rochester® Municipal Opps Y (ORNYX) |
| 7.9% | City National Rochdale Muni Hi Inc N (CNRNX) |
Fund Details
First Eagle Short Dur Hi Yld Muncpl C Overview
First Eagle Short Dur Hi Yld Muncpl C (FDYCX) is an actively managed Municipal Bond High Yield Muni fund. First Eagle launched the fund in 2025.
The investment seeks to provide high current income exempt from regular federal income taxes. To pursue its investment objective, the fund normally invests at least 80% of its net assets (plus any borrowings for investment purposes) in municipal bonds that pay interest that is exempt from regular federal personal income tax. Such municipal bonds may include obligations issued by U.S. states and their subdivisions, authorities, instrumentalities and corporations, as well as obligations issued by U.S. territories that pay interest that is exempt from regular federal personal income tax and may include all types of municipal bonds.
About First Eagle Short Dur Hi Yld Muncpl C (FDYCX)
There are 1 members of the management team with an average tenure of 2.58 years: John Miller (2024). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: S&P Short Duration Municipal Yld TR USD index with a weighting of 100% and S&P Municipal Bond TR index with a weighting of 100%. First Eagle Short Dur Hi Yld Muncpl C has 884 securities in its portfolio. The top 10 holdings constitute 13.9% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
First Eagle Short Dur Hi Yld Muncpl C is part of the Fixed Income global asset class and is within the Municipal Bond fund group. First Eagle Short Dur Hi Yld Muncpl C has 0.7% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 98.3% (97.6% domestic bond, 0.7% foreign bond and 0.0% convertible bond). First Eagle Short Dur Hi Yld Muncpl C has 1.7% of the portfolio in cash.
Assets Under Management
The fund has $9 million in total assets, which is below the $803 million average for the High Yield Muni category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
FDYCX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The First Eagle Short Dur Hi Yld Muncpl C expense ratio is high compared to funds in the High Yield Muni category. First Eagle Short Dur Hi Yld Muncpl C has an expense ratio of 1.59%, which is 63% higher than its category average, making the fund expense ratio grade a D. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. First Eagle Short Dur Hi Yld Muncpl C has a portfolio turnover rate of 114%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 51% for the High Yield Muni category.
Recently, in the month of July 2026, First Eagle Short Dur Hi Yld Muncpl C returned -0.8%, which earned it a grade of A, as the High Yield Muni category had an average return of -1.8%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
First Eagle Short Dur Hi Yld Muncpl C has a trailing yield of 4.57%, which is above the 4.46% category average. The fund normally distributes its income monthly.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
First Eagle Short Dur Hi Yld Muncpl C Grades
Year to date, the fund has returned 1.4%, 0.1 percentage points worse than the category, which translates into a grade of D. The fund has returned 3.7% over the past year (grade of F).
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FDYCX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| FDYCX Return (NAV) | -0.8% | 0.7% | 3.7% | na | na | na |
| FDYCX Grade | A | A | F | na | na | na |
| +/- Category | 1.0% | 0.7% | -3.2% | na | na | na |
| High Yield Muni Avg | -1.8% | 0.1% | 6.9% | 4.1% | 0.3% | 2.5% |
| FDYCX Tax Cost Ratio | na | na | 0.0% | na | na | na |
FDYCX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| FDYCX Return (NAV) | 1.4% | 0.5% | na | na | na | na | na | na | na | na | na |
| FDYCX Grade | D | F | na | na | na | na | na | na | na | na | na |
| +/- Category | -0.1% | -1.9% | na | na | na | na | na | na | na | na | na |
| High Yield Muni Avg | 1.5% | 2.5% | 5.2% | 6.8% | -13.1% | 5.5% | 3.8% | 9.2% | 2.0% | 8.0% | 1.5% |
| Risk Measures | |
| Standard Deviation: | na |
| Total Risk Index: | na |
| Category Risk Index: | na |
| Category Risk Grade: | |
| Beta: | na |
| R-Squared: | na |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | na |
| Yield: | 4.6% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | |
| Total Assets: | $2045 Mil |
| Fund Total Assets: | $ 10 Mil |
| Share Class Type: | C |
| Portfolio Turnover: | 115% |
Management Team
| Number of Managers: 1 | |||
| Longest Tenure: 2.6 years | |||
| Average Tenure: 2.6 years | |||
| Managers (Year): Miller John (2024) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 884 |
| % in Top 10 Holdings: | 13.9% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.7% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 97.6% |
| Foreign Bond: | 0.7% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 1.7% |
Purchase Information
| Fund Family: | First Eagle |
| Phone Number: | 800-334-2143 |
| Website: | www.firsteaglefunds.com |
| Status: | Open |
| Inception Date: | July 11, 2025 |
| Min. Initial Purchase: | $2,500 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | No |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 1.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 1.00% |
Expenses and Fees | |
| Expense Ratio (%): | 1.59% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.98% |
| Share Class: | First Eagle Short Dur Hi Yld Muncpl I |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
