Taking a Calculated Risk

A Veteran Investor Holds Forth On High-Yield Municipal Bonds.

John Miller, portfolio manager.

Income Matters Today recently caught up with John Miller, head and chief investment officer of the high yield municipal credit team at First Eagle Investments. Miller, 57 years old, joined the firm in January after 27 years at asset manager Nuveen, where he also focused on municipal bonds. Miller’s current duties include overseeing the fast growing $1.4 billion First Eagle High Yield Municipal Fund. Through June 7, the fund’s total return for this year was just over 7%, well ahead of the Morningstar category average of about 2%. An edited version of our conversation begins below.