Eveillard Reopens Funds

Reuters reports that First Eagle is reopening two funds managed by Jean-Marie Eveillard:

The $21 billion First Eagle Global Fund invests in a range of asset classes in the United States and overseas. That fund was closed to new investors in March 2005.

The $10 billion First Eagle Overseas Fund invests mostly in non-U.S. stocks. That fund was closed to new investors in February 2004.

The funds will reopen on January 14.

Several other value funds have been reopening. Third Avenue International Value is one, and Longleaf Partners is soliciting funds from investors in other Longleaf vehicles.

This guarantees nothing, but certainly suggests bargains are appearing on the dance cards of some top managers.