First Eagle Investments-

US Small Caps in Focus: 2Q26

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Can Small Caps Continue to Offer Opportunity?

Head of the Small Cap team and Portfolio Manager Bill Hench explains what has been fueling the performance of small cap stocks and why he believes stronger fundamentals can continue to support long-term opportunities in small caps.

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Contacts


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First Eagle Investments is an independent, privately owned investment management firm headquartered in New York with approximately $217 billion in assets under management as of June 30, 2026.* Dedicated to providing prudent stewardship of client assets, the firm focuses on active, fundamental, and benchmark-agnostic investing, with a strong emphasis on downside mitigation. With over 15 years of experience managing assets on behalf of insurers, First Eagle is focused on meeting their unique portfolio and servicing needs through bespoke investment solutions and a dedicated insurance coverage team. The firm’s investment capabilities for the insurance market include alternative credit, fixed income, and global equities.
 

All figures related to assets under management (AUM) are preliminary figures based on management’s estimates and as such are subject to change. Some offerings may not be available in all jurisdictions.

As of 30-June-2026.

*The total AUM listed above represents the combined AUM and assets under advisement of First Eagle Investment Management, LLC, First Eagle Separate Account Management, LLC, Napier Park Global Capital (Napier Park), First Eagle Alternative Credit (FEAC), and Diamond Hill Capital Management, LLC as of 30-Jun-2026. It includes $3.1 billion in committed/non-fee-paying capital from Napier Park, inclusive of assets managed by RLM and CMV, and $0.8 billion in committed/non-fee-paying capital from FEAC. For CLO warehouses, AUM represents maximum commitment (loan par value). As of 5-Sep-2025, Napier Park and FEAC investment activities are unified under Napier Park’s brand and management. First Eagle Alternative Credit, LLC is a distinct registered investment advisor within the Napier Park platform, acting in sub-advisory capacity to a number of First Eagle’s registered funds.
 

Katie Cowan   
Head of Insurance Client Solutions
katie.cowan@firsteagle.com
(310) 893-2440
 

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