  Local spin density approximation calculations are used to elucidate
electronic and magnetic properties of Heusler structure Fe_2VAl. The compound
is found to be a low carrier density semimetal. The Fermi surface has small
hole pockets derived from a triply degenerate Fe derived state at Gamma
compensated by an V derived electron pocket at the X point. The ideal compound
is found to be stable against ferromagnetism. Fe impurities on V sites,
however, behave as local moments. Because of the separation of the hole and
electron pockets the RKKY interaction between such local moments should be
rapidly oscillating on the scale of its decay, leading to the likelihood of
spin-glass behavior for moderate concentrations of Fe on V sites. These
features are discussed in relation to experimental observations of an unusual
insulating state in this compound.
