John Miller’s New High-Yield Muni Fund Dominates Market in 2024
- Miller’s First Eagle fund gains 11.4%, outpacing all peers
- Miller joined firm in January after three decades at Nuveen
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It’s been a banner year for high-yield municipal bonds, and in particular the category’s star money manager, John Miller, who joined First Eagle Investments in January after nearly three decades at Nuveen.
Investors have plowed almost $4.4 billion into his First Eagle High Yield Municipal Fund this year through November, or almost a third of the cash that they added to riskier muni-bond funds, according to Morningstar Direct data. The open-end fund’s 11.4% return for 2024 is also better than all of its peers, data compiled by Bloomberg show, and superior to the 5.9% gain for the Bloomberg Muni High-Yield Index.