Fund Evaluator:
First Eagle Core Plus Municipal R6 (FPCPX)
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Best Performing in Muni National Interm Over the Last Year
| 6.7% | Sit Tax-Free Income (SNTIX) |
| 4.6% | Goldman Sachs Dynamic Municipal Inc Inv (GUIRX) |
| 4.6% | Putnam Strategic Intermediate Muncpl Y (PAMYX) |
| 4.3% | Brown Advisory Tax Exempt Bond Investor (BIAEX) |
| 4.2% | Victory Tax Exempt Intermediate-Term (USATX) |
Fund Details
First Eagle Core Plus Municipal R6 Overview
First Eagle Core Plus Municipal R6 (FPCPX) is an actively managed Municipal Bond Muni National Interm fund. First Eagle launched the fund in 2025.
The investment seeks to provide current income exempt from regular federal income taxes and capital appreciation. 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 Core Plus Municipal R6 (FPCPX)
There are 2 members of the management team with an average tenure of 0.78 years: David Blair (2025), John Miller (2025). Management tenure is more important for actively managed funds than passive index funds.
First Eagle Core Plus Municipal R6 has 159 securities in its portfolio. The top 10 holdings constitute 18.6% 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 Core Plus Municipal R6 is part of the Fixed Income global asset class and is within the Municipal Bond fund group. First Eagle Core Plus Municipal R6 has 0.4% 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 99.1% (98.7% domestic bond, 0.4% foreign bond and 0.0% convertible bond). First Eagle Core Plus Municipal R6 has 1.0% of the portfolio in cash.
Assets Under Management
The fund has $1 million in total assets, which is below the $1 billion average for the Muni National Interm 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.
FPCPX 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 Core Plus Municipal R6 expense ratio is average compared to funds in the Muni National Interm category. First Eagle Core Plus Municipal R6 has an expense ratio of 0.42%, which is 39% lower than its category average, making the fund expense ratio grade a B. 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. A portfolio turnover rate cannot be currently calculated for First Eagle Core Plus Municipal R6. By way of comparison, the average portfolio turnover is 38% for the Muni National Interm category.
Recently, in the month of August 2026, First Eagle Core Plus Municipal R6 returned 0.0%, which earned it a grade of A, as the Muni National Interm category had an average return of -0.1%. 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 Core Plus Municipal R6 has a trailing yield of 0.00%, which is below the 3.27% category average. The fund normally distributes its income monthly and its capital gains annually.
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 Core Plus Municipal R6 Grades
Year to date, the fund has returned 3.6%, 3.3 percentage points better than the category, which translates into a grade of A.
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FPCPX Trailing NAV Total Returns Data as of 8/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| FPCPX Return (NAV) | 0.0% | -0.4% | na | na | na | na |
| FPCPX Grade | A | A | na | na | na | na |
| +/- Category | 0.1% | 0.6% | na | na | na | na |
| Muni National Interm Avg | -0.1% | -1.0% | 3.7% | 3.5% | 0.6% | 1.7% |
| FPCPX Tax Cost Ratio | na | na | na | na | na | na |
FPCPX Annual NAV Total ReturnsData as of 8/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| FPCPX Return (NAV) | 3.6% | na | na | na | na | na | na | na | na | na | na |
| FPCPX Grade | A | na | na | na | na | na | na | na | na | na | na |
| +/- Category | 3.3% | na | na | na | na | na | na | na | na | na | na |
| Muni National Interm Avg | 0.3% | 4.2% | 2.0% | 5.7% | -8.2% | 1.7% | 4.3% | 6.7% | 0.8% | 4.7% | -0.2% |
| 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: | -- |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $28 Mil |
| Fund Total Assets: | $ 1 Mil |
| Share Class Type: | Other |
| Portfolio Turnover: | na |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 0.8 years | |||
| Average Tenure: 0.8 years | |||
| Managers (Year): Blair David (2025), Miller John (2025) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 159 |
| % in Top 10 Holdings: | 18.6% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.4% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 98.7% |
| Foreign Bond: | 0.4% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 1.0% |
Purchase Information
| Fund Family: | First Eagle |
| Phone Number: | 800-334-2143 |
| Website: | www.firsteaglefunds.com |
| Status: | Open |
| Inception Date: | December 12, 2025 |
| Min. Initial Purchase: | $ 0 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.42% ( Rating : Avg ) |
| Category Average Expense Ratio (%): | 0.69% |
| Share Class: | First Eagle Core Plus Municipal I |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
