August showed the resilience of fixed income markets, as Treasury, corporate and securitized bonds delivered positive
returns despite higher rates, persistent inflation concerns and heavy issuance.
Source: Federal Reserve Economic Data; data as of August 31, 2026.
1 Source: Bloomberg; data as of August 31, 2026.
2 Source: J.P. Morgan; data as of August 31, 2026.
The information contained in this material is provided by First Eagle Investment Management, LLC
(“FEIM”) and its global subsidiaries (collectively, “First Eagle”). FEIM is an investment
adviser registered with the US Securities and Exchange Commission (SEC). Registration with the SEC does not imply a
certain level of skill or training.
This material is for informational purposes only and reflects prevailing conditions and the judgment of the
author(s) as of the date of publication, all of which are subject to change. This material should not be relied upon
as investment advice; it does not constitute a recommendation to buy or sell a security or other investment; and it
is not intended to predict or depict the performance of any investment. This material is not being provided in a
fiduciary capacity and is not intended to recommend any investment policy or investment strategy or consider the
specific objectives or circumstances of any investor. We consider the information in this material to be accurate,
but we do not represent that it is complete or should be relied upon as the sole source of appropriateness for
investment.
Prospective investors should inform themselves and consult with an investment, tax or legal professional as to any
applicable legal requirements, taxation and exchange control regulations in the countries of their citizenship,
residence or domicile that may be relevant prior to investing.
THIS MATERIAL DOES NOT CONSTITUTE AN OFFER OR SOLICITATION IN ANY JURISDICTION WHERE OR TO ANY PERSON TO WHOM IT WOULD BE UNAUTHORIZED OR UNLAWFUL TO DO SO.
All investments involve the risk of loss of principal.
Past performance does not guarantee future results, which may vary. The value of investments and
the income derived from investments will fluctuate and can go down as well as up. A loss of principal may occur.
Residential mortgage-backed securities (RMBS) are debt securities whose payments of principal and
interest are backed by the cash flow generated by pools of residential mortgage loans.
Commercial mortgage-backed securities are debt securities secured by cash flows from commercial
real-estate mortgages.
Asset-backed securities (ABS) are debt securities whose payments of principal and interest are
backed by the cash flow generated by pools of income-producing credit assets.
Investment grade corporate bonds are debt securities issued by corporations perceived to have a
relatively low risk of default.
High yield bonds (also called junk bonds) are bonds deemed by rating agencies to have a higher risk
of default and thus offer investors a higher interest rate than investment grade bonds.
Indexes are unmanaged and do not incur management fees or other operating expenses. One cannot invest directly in an index.
The information presented does not reflect the performance of any fund, strategy or account managed or serviced by
First Eagle, and there is no guarantee that investors will experience the type of performance reflected. There is no
guarantee that any market forecast set forth in this material will be realized. There is no guarantee that any
historical trend referenced herein will be repeated in the future, and there is no way to predict precisely when
such a trend will begin. The mention of specific securities is not a recommendation or solicitation to buy, sell or
hold any particular security and should not be relied upon as investment advice.
Availability of the products or services described may be restricted by law in certain jurisdictions. This material
may not be distributed, published or used by any person or entity in any jurisdiction or country where such
distribution or use would be contrary to local law or regulation.
United Kingdom
Napier Park Global Capital Ltd is authorised and regulated by the Financial Conduct Authority (FRN: 541427) in the
United Kingdom.
Middle East
This material is for information purposes only and has not been, and will not be, registered with or reviewed or
approved by any regulator located in the Middle East. It does not constitute or form part of any marketing
initiative, any offer to issue or sell, or any solicitation of any offer to subscribe to or purchase, any products,
strategies or other services, nor shall it, or the fact of its distribution, form the basis of, or be relied on in
connection with, any contract resulting therefrom. In the event that the recipient of this material wishes to
receive further information regarding any products, strategies or other services, it shall specifically request the
same in writing from an authorized financial adviser.
Canada
Pursuant to the international adviser registration exemption in National Instrument 31-103, First Eagle Investment
Management, LLC. is informing you that: (i) First Eagle Investment Management, LLC. is not registered in Canada and
is advising you in reliance upon an exemption from the adviser registration under National Instrument 31-103;
(ii) First Eagle Investment Management, LLC’s jurisdiction of residence is New York, USA; (iii) there
may be difficulty enforcing legal rights against First Eagle Investment Management, LLC. because it is a resident
outside of Canada and all or substantially all of its assets may be situated outside of Canada.
FEF Distributors, LLC (“FEFD”) (SIPC), a limited purpose broker-dealer, distributes certain First Eagle
products. FEFD does not provide services to any investor but rather provides services to its First Eagle affiliates.
As such, when FEFD presents a fund, strategy or other product to a prospective investor, FEFD and its
representatives do not determine whether an investment in the fund, strategy or other product is in the best
interests of, or is otherwise beneficial or suitable for, the investor. No statement by FEFD should be construed as
a recommendation. Investors should exercise their own judgment and/or consult with a financial professional to
determine whether it is advisable for the investor to invest in any First Eagle fund, strategy or product.
First Eagle Investments is the brand name for First Eagle Investment Management, LLC and its subsidiary investment
advisers.
Diamond Hill is the brand name for Diamond Hill Capital Management, LLC, an investment adviser.
© 2026 First Eagle Investment Management, LLC. All rights reserved.