| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 4.41% | 2.48% | 2.69% |
The First Eagle Short Duration High Yield Municipal Fund returned 2.48% in Q2 2026, outperforming its benchmark as municipal bonds demonstrated resilience amid interest rate volatility and record new issuance. The S&P Municipal Bond High Yield Index gained 3.3% during the quarter, supported by strong investor demand across vehicle types despite $299 billion in first-half issuance putting the market on track for another annual record. Healthcare bonds were consistent contributors to performance, benefiting from improved hospital operational metrics, moderating labor costs, and renegotiated reimbursement rates that better reflect rising costs. Infrastructure bonds related to Brightline West high-speed rail rebounded after a challenging first quarter as the company made progress on financing and construction. The manager continues to find opportunities in higher education bonds backed by solid collateral despite sector headwinds. Municipal fundamentals remain supportive with state revenues exceeding estimates and improved pension funding ratios. Tax-equivalent yields for high yield munis remain near the top quartile of their 10-year range, offering compelling value despite uncertainty around Fed policy under new Chair Kevin Warsh.
The First Eagle Short Duration High Yield Municipal Fund focuses on capturing attractive tax-equivalent yields in high yield municipal bonds while maintaining a short duration profile to manage interest rate risk, with particular emphasis on healthcare, infrastructure, and higher education sectors where careful credit underwriting can identify bonds backed by solid collateral at attractive prices despite broader market concerns.
The manager views municipal bond fundamentals as supportive, with state revenues exceeding estimates, improved pension funding, and 96% of S&P Global's municipal rating universe carrying stable or positive outlooks. Tax-equivalent yields for munis remain near the top quartile of their 10-year range, with high yield municipals offering even more compelling yields. While rate hikes are possible based on Fed Chair Warsh's rhetoric, the deliberate lack of formal Fed guidance makes policy trajectory difficult to assess. The manager expects continued opportunities in healthcare, higher education, and infrastructure bonds despite ongoing market volatility.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jul 27 2026 | 2026 Q2 | - | Credit quality, healthcare, high yield, infrastructure, interest rates, municipal bonds, tax-exempt | - | First Eagle's Short Duration High Yield Municipal Fund delivered 2.48% in Q2 2026, outperforming its benchmark by capitalizing on attractive tax-equivalent yields in high yield munis. Healthcare bonds drove consistent returns on improving fundamentals while infrastructure bonds rebounded on financing progress. Strong investor demand absorbed record issuance as municipal credit quality remained solid. The manager continues finding value in healthcare, infrastructure, and selectively in higher education despite sector challenges. |
| May 14 2026 | 2026 Q1 | - | energy, Fed policy, inflation, Iran, municipal bonds, rates | - | Municipal bonds showed remarkable resilience absorbing record $119 billion issuance despite Iran war creating energy shocks and inflation concerns. Returns ended flat after volatile quarter with March CPI hitting 3.3%. Issuer fundamentals remain healthy with strong state budgets and improved pension funding. Team sees persistent inflation pressures challenging Fed cuts while emphasizing research-driven approach to find opportunities. |
| Jan 5 2026 | 2025 Q4 | BIO, GMEXICOB.MX, TSM | AI, Copper, global value, gold, infrastructure, municipal bonds, private credit, small cap |
TSM BIO |
First Eagle's contrarian positioning paid off in 2025 as gold surged 60% and non-US stocks outperformed. The firm maintains focus on resilient wealth creation through scarcity assets like gold, quality equities, and defensive credit positioning. Despite market confidence, they see significant risks from sovereign debt loads and geopolitical shifts, emphasizing downside protection while positioning for long-term nominal drift participation. |
| Oct 22 2025 | 2025 Q3 | - | AI, defense, gold, Non-US, rates, risk, Valuations | - | US markets appear priced for perfection with elevated valuations creating vulnerability to disappointment, while international markets offer better value with constructive policy dynamics emerging. Gold's 50% surge alongside equities echoes 1970s stagflation conditions. The firm favors international opportunities over richly valued US assets while maintaining portfolio discipline through capital recycling. |
| Jul 22 2025 | 2025 Q2 | - | Dollar, fiscal policy, Global Markets, inflation, Labor Market, Resilience, Trade Policy | - | First Eagle warns that while markets suggest economic equilibrium, significant inflation risks from labor supply shocks and fiscal largesse remain under-appreciated. Trade policy volatility and dollar weakness favor non-US markets, with MSCI EAFE outperforming S&P 500 by over 1,300 basis points. The firm emphasizes resilient assets amid persistent uncertainty from geopolitical conflicts and policy dynamics. |
| Apr 3 2025 | 2025 Q1 | - | Defense Spending, fiscal policy, Geopolitical Risk, inflation, Market Volatility, Resilience, tariffs, Trade Policy | - | Trump's tariff policies triggered market chaos and profound global instability after initial post-election optimism faded. With persistent US inflation, structural debt challenges, and deteriorating business confidence, the investment environment faces multiple headwinds. Non-US markets outperformed amid increased fiscal spending abroad. Given elevated uncertainty and nonlinear risk, resilience becomes the priority investment objective. |
| Jan 8 2025 | 2024 Q4 | - | China, diversification, Fiscal, global, gold, inflation, value | - | First Eagle argues diversification will matter again as concentrated US tech dominance faces headwinds from US-China decoupling and fragile inflation dynamics. China's stimulus efforts may reverse disinflationary support while US faces persistent wage pressures and massive fiscal deficits. Team maintains diversified approach with strategic gold allocation rather than chasing narrative-driven concentration. |
| Oct 22 2024 | 2024 Q3 | - | China, Fed, Geopolitical, gold, inflation, rates, Stimulus, value | - | First Eagle highlights the shifting dynamics between US soft landing hopes and China's stimulus response, while advocating for quality assets with cross-cycle resilience. Gold's 12.9% quarterly gain reflects its safe haven appeal amid global risks including currency debasement and geopolitical tensions. The firm maintains focus on scarce quality and value rather than directional market positioning. |
| Jul 26 2024 | 2024 Q2 | - | emerging markets, Geopolitical, global, Macro, monetary policy, risk, value | - | First Eagle sees mounting economic risks including fiscal deficits, geopolitical tensions, and potential economic stall despite continued market advances driven by AI and GLP-1 narratives. While acknowledging macro headwinds from Fed policy uncertainty to global political instability, the firm remains constructive on quality portfolio companies with strong market positions and resilient cash generation capabilities. |
| May 7 2024 | 2024 Q1 | CLX, KO | Deficit Spending, Geopolitical, gold, inflation, Nominal Drift, Resilience, Valuations | - | First Eagle sees massive global deficit spending creating higher nominal drift, benefiting resilient companies whose performance tracks nominal growth. Gold's record highs despite rate headwinds signal potential market stress ahead. If soft landing fails or geopolitical risks escalate, markets may pivot from growth to resilience premiums, favoring defensive businesses positioned to capture nominal drift dynamics. |
| Jan 24 2024 | 2023 Q4 | - | Geopolitical, gold, inflation, Quality, risk, Valuations, value | - | First Eagle sees markets exhibiting dangerous complacency about mounting risks including Fed landing challenges, fiscal unsustainability, and geopolitical tensions. Value stocks remain historically cheap versus growth while gold offers hedge potential. Quality businesses with consistent cash flows may be the best defense when risk aversion inevitably returns to more normal levels. |
| Sep 30 2023 | 2023 Q3 | - | Federal Reserve, Fiscal, gold, inflation, monetary policy, rates, Treasury | - | Markets resist Fed's higher for longer stance despite strong economic data and improving inflation. Troubling fiscal dynamics create Treasury supply/demand imbalances while political dysfunction prevents meaningful reform. Gold's resilience amid rising real rates reflects central bank demand and geopolitical concerns. Economy remains resilient but faces mounting challenges as policy tightening effects accumulate. |
| Aug 22 2023 | 2023 Q2 | CCL, CNC, MERC, PRAA, SPLS, UNFI | Corporate Bonds, credit, distressed, Federal Reserve, fixed income, high yield, interest rates | - | First Eagle High Income Fund maintains defensive positioning in high yield credit, focusing on shorter-duration, higher-quality securities amid rising credit stress and Fed hawkishness. With over $50 billion in distressed exchanges year-to-date and expectations for an extended default cycle, the fund emphasizes selectivity and countercyclical capital allocation as spread widening creates idiosyncratic opportunities. |
| Apr 27 2023 | 2023 Q1 | - | Banking, Credit Stress, Fed policy, gold, liquidity, rates, sovereign risk, value | - | First Eagle maintains defensive positioning following Q1 banking failures, viewing them as symptoms of broader systemic vulnerabilities from Covid stimulus and Fed tightening. The team warns of potential sovereign credibility crisis given massive government debt levels. Portfolio emphasizes resilient companies with strong balance sheets, large banks over regional ones, and gold as hedge against systemic risks. |
| Jan 13 2023 | 2022 Q4 | - | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q2 |
Municipal BondsMunicipal bonds demonstrated resilience in Q2 2026 amid interest rate volatility and record new issuance. The S&P Municipal Bond High Yield Index gained 3.3% in the quarter. Despite consecutive years of record new-issue volume, investor appetite remained strong across ETFs, mutual funds, and direct holdings. First-half issuance of $299 billion has the market on track for another annual high-water mark. |
Municipal Bonds High Yield Tax-Exempt Issuance Demand |
Interest RatesShort-term US interest rate expectations shifted higher during the quarter following Kevin Warsh's appointment as Federal Reserve chair. Two-year Treasury yields broke above 4%, a level not seen consistently since early 2025. However, the manager notes that the Fed's ability to increase rates meaningfully is likely constrained by the government's need to roll over its large primary deficit at prevailing higher rates. |
Interest Rates Federal Reserve Treasury Yields Monetary Policy | |
HealthcareHealthcare bonds have been a consistent source of return in the portfolio. Hospital systems reported improved operational metrics as the sector rebounds from Covid-19 dislocations, including moderating labor costs. Renegotiated reimbursement rates from federal and state governments and private insurers now better reflect years of rising costs. Similar positive trends are seen in nursing homes and lifecare facilities, which benefit from the aging Baby Boomer demographic. |
Healthcare Hospitals Senior Care Reimbursement Rates | |
InfrastructureBonds related to Brightline West high-speed rail were among the biggest contributors to performance after a challenging first quarter. The Federal Railroad Administration expressed interest in Brightline's $6 billion loan application, and management announced additional signed construction contracts. However, Brightline Florida bonds came under pressure as the company continued searching for an equity infusion to strengthen its capital structure, though operational improvements continued to bear fruit. |
Infrastructure Rail Transportation Project Finance | |
Higher EducationThe manager likes higher education despite negative sentiment broadly associated with it in recent years. While demographic trends have weighed on enrollment and 89 nonprofit colleges have closed or merged since 2020, this creates opportunities for careful underwriters to identify bonds backed by solid collateral at attractive prices. For schools with solid enrollment numbers, opportunities exist in student housing bonds that fund dorm construction. |
Higher Education Student Housing Enrollment Collateral | |
| 2026 Q1 |
InflationWar with Iran caused energy supply shock leading to spiking energy prices and renewed inflation concerns. March CPI increased to 3.3%, highest in nearly two years, driven by gasoline up 18.9% and fuel oil up 44.2%. Fed raised core PCE inflation expectations to 2.7% from 2.4%. |
Energy CPI PCE Fed |
IranOutbreak of war with Iran created significant market volatility and energy supply shock. The conflict spawned whipsawing policy expectations, acute Treasury volatility, and challenges for policymakers with wide distribution of inflation forecasts from 2.3% to 3.4%. |
Geopolitical Energy Volatility Policy | |
RatesMunicipal bond yields followed Treasury trends, easing early in the year before rising sharply in March due to war impact. Market expectations shifted from two rate cuts to expecting a rate hike, though Fed projects one cut by year end while looking through energy shocks. |
Fed Yields Policy Treasuries | |
| 2025 Q4 |
Healthcare ITCareCloud helps smaller U.S. health practices manage data and collect payments. High switching costs lock in practices but also lock out competitors. Most RCMs have high fixed costs and too few clients, creating consolidation opportunities for CareCloud to buy cheaply and cut costs. |
EHR RCM Healthcare Consolidation Switching Costs |
CementICG owns cement plants in Kazakhstan and Tajikistan with significant energy and transport cost advantages. Newest dry process plants with heat recovery versus competitors' older wet process plants. Strategic locations 100km closer to customers than competitors. |
Energy Efficiency Transport Kazakhstan Cost Advantage Infrastructure | |
ConstructionCTR Holdings builds structural frames and handles finishing work in Singapore. Most projects are public with stable government payments guaranteeing cash flow. Company had significant net cash and signed project backlog. |
Singapore Government Cash Flow Backlog Infrastructure | |
| 2025 Q3 |
GoldGold has surged nearly 50% year-to-date, reaching an annual pace not seen in nearly 50 years as central banks and investors pile into the metal amid elevated risks and potential currency debasement. Other precious metals including silver and platinum have also broken out to the upside. |
Gold Silver Platinum Currency |
Risk AppetiteUS markets appear priced for perfection with rich equity valuations, tight high yield spreads, low implied volatility, and growth-to-value ratios near all-time highs. This environment may be particularly susceptible to disappointment amid even modest shifts in sentiment. |
Valuations Volatility Sentiment Risk | |
AIContinued artificial intelligence spending has helped support equity market rebounds and earnings expectations. AI capex cycle remains a key driver of constructive earnings growth forecasts in the US market. |
AI Capex Technology Earnings | |
Defense SpendingGermany has taken steps to leverage its ample fiscal capacity on defense projects, and NATO countries as a whole agreed to raise annual defense spending to 5% of GDP by 2035, supporting constructive dynamics in non-US economies. |
NATO Defense Germany Fiscal | |
Infrastructure SpendingGermany has leveraged its fiscal capacity notably on infrastructure projects alongside defense spending. China's multiyear debt-restructuring initiative for local governments appears to be bearing fruit and enabling infrastructure investment. |
Infrastructure Germany China Fiscal | |
| 2025 Q2 |
InflationThe manager believes the potential for resurgent inflation remains significant and under-appreciated by investors, likely emanating from the labor market. The combination of shrinking labor-force growth and ongoing fiscal largesse threatens to reignite wage pressures in still-tight labor markets. |
Wage Inflation Labor Market Fiscal Policy Interest Rates Fed Policy |
Trade PolicyTrump's April 2 announcement of reciprocal tariffs on trading partners globally caused major equity indexes to lose more than 15% in a few days. Trade issues remain unresolved with ongoing tariff drama including copper and Brazil, Canada and the European Union tariffs, making trade policy a moving target. |
Tariffs Trade War Global Trade Trump Administration Protectionism | |
DollarThe US dollar has weakened sharply year-to-date 2025, with non-US markets outperforming as a result. At levels not seen since the mid-1980s, the dollar remains exceptionally strong relative to trading partners even after recent weakening, with further weakening possible as foreign investors trim oversized US exposures. |
Currency Dollar Weakness Exchange Rates International Markets Capital Flows | |
ResilienceWith clarity in short supply amid trade policy uncertainty, labor market risks, and geopolitical strife, the manager highlights the importance of exposure to assets that have the potential to demonstrate resilience across multiple states of the world. |
Portfolio Construction Risk Management Diversification Defensive Positioning Uncertainty | |
| 2025 Q1 |
Trade PolicyTrump's sweeping global tariff package introduced profound instability to the global order, with a baseline 10% charge on all imports and steeper rates on countries deemed bad actors. The tariff announcement unleashed a rout across risk assets worldwide and significant spike in volatility. Tariffs were mentioned more than 800 times in investor events during the first quarter, the highest rate in 15 years. |
Tariffs Trade War Import Duties Protectionism Global Trade |
InflationHard economic data showed persistent economic growth alongside stubbornly above-target inflation in the US. The positive output gap indicates the economy is operating above potential, creating inflationary impulse. Easy fiscal policy creates difficult choices between containing spending to reduce inflation risk or taking action that increases recession risk. |
Price Pressures Output Gap Monetary Policy Fed Policy Economic Overheating | |
Defense SpendingDefense spending comprised just 2.9% of GDP in 2024, slightly above the all-time low. Given shifting alliances amid an increasingly shaky geopolitical landscape, this rate is unlikely to go lower. Trump announced plans to request $1 trillion for defense in fiscal 2026 budget, up from about $850 billion in 2025. |
Military Budget Geopolitical Risk NATO Security Spending Defense Contractors | |
ResilienceGiven the lack of historical comparisons and clarity around many important variables in the current environment, the aggregate impact of various risks suggests a greater likelihood of nonlinear market moves. In such an environment, resilience seems a worthy investment goal amid the chaos and instability. |
Risk Management Defensive Positioning Portfolio Protection Volatility Uncertainty | |
| 2024 Q4 |
GoldGold demonstrated remarkable resilience establishing new nominal highs despite conditions not typically associated with price appreciation. Central banks actively accumulated gold to diversify reserves, providing key price support. The team views gold as the best potential hedge against portfolio risks despite crypto enthusiasm. |
Gold Central Banks Safe Haven Currency Debasement Hedge |
ChinaChina's economy faces significant challenges including property market collapse, tech crackdown aftermath, and deflated animal spirits. The MSCI China Index finished 2024 down more than 50% from its early-2021 peak. Recent stimulus measures announced but initial fiscal package was underwhelming in size and scope. |
China Property Stimulus Deflation Economic Policy | |
InflationUS inflation battle has reached only fragile peace with wage inflation of 4.3% remaining inconsistent with Fed's 2% goal. China's manufacturing shift has provided disinflationary impulse globally, but reversal of China's fortunes could make US vulnerable to renewed inflation pressures. |
Inflation Wages Fed Policy Disinflationary Price Pressures | |
| 2024 Q3 |
GoldGold continued its strong rally during the third quarter, setting new nominal highs as it climbed 12.9%. The metal benefited from traditional tailwinds like falling real interest rates and a weaker dollar, alongside recognition of global risks including geopolitical tensions and currency debasement concerns. Gold's resilience throughout 2024 across disparate macroeconomic backdrops underscores its role as a strategic hedge against adverse market outcomes. |
Safe Haven Currency Debasement Geopolitical Risk Real Rates Dollar |
ChinaChina's policymakers were finally spurred to action in late September with a series of stimulus measures to combat mounting deflationary pressures and stabilize markets. The PBOC cut reserve requirements and benchmark rates while introducing new liquidity mechanisms to support equity markets. The MSCI China Index surged 23.6% in September, though deeper structural challenges including property market oversupply and local government debt reliance likely will persist without more targeted action. |
Stimulus Deflation Property Market PBOC Monetary Policy | |
RatesThe Federal Reserve kicked off its much-anticipated rate-cut cycle with an oversized 50 basis point cut, bringing the federal funds rate to 4.75-5.00%. Fed Chair Powell characterized this as a policy recalibration reflecting confidence in preserving labor market strength amid healthy growth and cooling inflation. However, unflagging labor strength runs the risk of sparking inflationary pressures anew, potentially forcing a premature end to the rate-cut cycle. |
Fed Rate Cuts Labor Market Inflation Monetary Policy | |
| 2024 Q2 |
InflationThe Federal Reserve continues to offer a cautious outlook despite modest progress toward inflation goals, with only one rate cut projected by year end. Stimulating an economy with no obvious slack risks triggering an unwelcome asymmetric inflationary response, particularly given troubling fiscal dynamics. |
Rates Monetary Policy Fed Fiscal Policy Economic Policy |
AIArtificial intelligence developments continue to fuel investor enthusiasm in certain companies and segments of the stock market as part of the narrative economics driving growth stock outperformance. |
Technology Growth Innovation Semiconductors | |
GLP1GLP-1 agonists represent another area of narrative economics fueling investor enthusiasm in certain companies and market segments during the quarter. |
Biotechnology Pharmaceuticals Healthcare Innovation | |
| 2024 Q1 |
GoldGold broke sharply higher in March, rallying more than 8% to finish at an all-time nominal high above $2,200 despite headwinds of higher real interest rates and a stronger dollar. Central banks have been massive buyers, with net purchases of 1,037 tonnes in 2023, led by emerging market central banks including China which has increased reserves for 16 consecutive months. |
Gold Central Banks Inflation Dollar |
InflationThe hot inflation print released in early April was above expectations and may derail the 2024 rate cuts that both the market and the Fed appear to want. Stubborn but manageable inflation appeared to bolster hopes for a soft landing, though the challenging push-pull between fiscal and monetary policies complicates the Federal Reserve's efforts to fully rein in inflation. |
Inflation Rates Monetary Policy | |
Defense SpendingDeteriorating global relations have prompted ever-rising defense budgets across the developed world, contributing to deficit spending and nominal drift. Tumultuous geopolitical conditions continue to feed into the investment environment from the top down, even without the emergence of a truly global conflagration. |
Defense Geopolitical Government Spending | |
| 2023 Q4 |
GoldGold remains undervalued relative to equities and has played its role as a hedge against adverse events despite rising real interest rates. The metal surged after Hamas' attack on Israel and continued climbing through 2023, establishing a new all-time nominal high around $2,078 per ounce in late December. |
Gold Safe Haven Geopolitical Inflation Dollar |
ValueThe Russell 1000 Value Index is about as cheap relative to its growth counterpart as it has been in many decades. Old-economy businesses associated with value indexes are pricing in a more sluggish economic reality than what is implied by valuations in the new-economy-biased growth universe. |
Value Growth Valuation Old Economy Relative | |
Risk AppetiteCurrent market dynamics imply unwarranted levels of optimism about benign outcomes to key risks facing investors. Markets appear complacent about mounting challenges and the manager believes risk aversion will at some point be higher than it is today. |
Risk Complacency Optimism Aversion Markets | |
| 2023 Q3 |
RatesFederal Reserve maintained higher for longer stance with fed funds rate at 5.25-5.5% and projections showing rates staying elevated through 2024. Rising long-term Treasury yields reflect concerns about fiscal sustainability and supply/demand dynamics as Fed reduces balance sheet. |
Federal Reserve Interest Rates Treasury Monetary Policy Yield Curve |
InflationCore PCE fell below 4% for first time since 2021, but supercore services inflation remains persistent due to wage pressures. Fed targeting final mile of disinflation with energy costs, housing prices and tight labor markets providing headwinds. |
Core PCE Supercore Wage Inflation Labor Markets Disinflation | |
GoldGold demonstrated resilience despite 300+ basis point rise in real interest rates, supported by central bank demand, fiscal concerns, and geopolitical tensions. Strong central bank purchases in 2022 were highest on record with 2023 trends suggesting continued robust demand. |
Central Banks Real Rates Safe Haven Currency Debasement Geopolitical | |
| 2023 Q2 |
Credit StressThe fund highlights increasing distressed exchanges as a forward indicator of trouble, with over $50 billion in bonds and loans defaulting or engaging in distressed exchanges year-to-date. They expect this trend to continue in what they anticipate to be a fairly extended default cycle given high levels of corporate debt and leverage. |
Distressed Defaults Leverage Corporate Debt Restructuring |
RatesThe fund discusses the Fed's hawkish rhetoric sending interest rates sharply higher, with markets focusing on the terminal fed funds rate expectations. They note the volatility in rates has weighed on issuance across leveraged credit, with issuers uncertain about rate trajectory reluctant to commit to financing at current levels. |
Federal Reserve Interest Rates Monetary Policy Terminal Rate Hawkish | |
TravelCarnival Corporation bonds performed well as the company reported improvements in demand and expenses. The company's post-Covid recovery had lagged competitors due to bigger exposure to Europe, which was slower to reopen compared to other geographies. |
Leisure Recovery Demand Post-Covid Europe | |
| 2023 Q1 |
Credit StressBanking sector failures including SVB and Signature Bank exposed vulnerabilities in the financial system stemming from Covid-era stimulus and aggressive Fed tightening. While not yet showing interconnectivity like 2008, the team believes it's premature to signal all-clear. |
Banking SVB Deposits Duration Liquidity |
RatesInterest rate trajectory remains uncertain as markets oscillate between hopes of rate hike cycle ending and hawkish data showing economic resilience. Banking turmoil has complicated Fed's balancing act between price stability and financial stability. |
Fed Monetary Policy Duration Yields Tightening | |
GoldMany portfolios hold gold-related securities as a potential hedge against a range of adverse market developments, including elevated sovereign risk. Gold positioning reflects defensive stance amid systemic vulnerabilities. |
Hedge Sovereign Risk Defense Precious Metals | |
LiquidityCentral banks continue to wring liquidity from the system after years of highly accommodative policy. The unwinding process creates potential for unintended consequences and market volatility as seen in banking sector stress. |
Central Banks Monetary Policy Volatility Tightening |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Jan 5, 2026 | Fund Letters | James Fellows | TSM | Taiwan Semiconductor Manufacturing Company Limited | Information Technology | Semiconductor Foundries | Bull | New York Stock Exchange | AI, CapEx, Foundry, scale, semiconductors | Login |
| Jan 5, 2026 | Fund Letters | James Fellows | BIO | Bio-Rad Laboratories, Inc. | Health Care | Life Sciences Tools & Services | Bull | New York Stock Exchange | diagnostics, Governance, healthcare, lifesciences, Recurringrevenue | Login |
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