Alma Gramercy Emerging Markets Debt
Overview
Alma Gramercy Emerging Markets Debt is a long-only emerging markets debt fund.
The fund’s management is delegated to Gramercy Funds Management.
Share Class
NAV
Cumulative Performance (%)
Fund Inception 3 November 2022
| Daily | Monthly | Ytd | 1Yr | 3Yr | 5Yr | Incept. | Incept.Date |
|---|
The performance data shown represents past performance. Past performance is not a guarantee of future results. Current performance may be lower or higher than the performance quoted. The investment return and the principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.
Strategy & Manager
Fund Strategy
The Strategy seeks to outperform emerging market debt (EMD) markets by applying Gramercy’s symbiotic top-down / bottom-up approach to build a blended portfolio of hard currency sovereign debt, local currency sovereign debt and hard currency corporate debt.
The EM Debt investment team led by Portfolio Managers Philip Meier and Belinda Hill, each with over 15 years’ experience managing EM debt funds and a team of experienced dedicated analysts. The two Portfolio Managers also benefit from the support of a dedicated top-down view group led by Mohamed A. El-Erian, which builds investment themes and directional market views.
Investment Manager
Gramercy Funds Management is a $7.2 billion asset management firm dedicated to emerging markets, founded in 1998 by CIO Robert Koenigsberger and chaired by Mohamed A. El-Erian. The firm is headquartered in Greenwich, CT with offices in London, Buenos Aires and Mexico City.
Key Persons
Philip Meier
Managing Director, Head of Emerging Markets Debt, Multi-Asset Portfolio Manager
Mr. Meier brings more than 19 years of investment experience to Gramercy. He is Head of EM Debt and Portfolio Manager of Gramercy’s Multi-Asset Strategies. Prior to joining Gramercy, Mr. Meier spent nearly five years at Legal & General Investment Management (LGIM) where he was a senior member of the Emerging Markets Debt Portfolio Management Team. In addition to LGIM, Mr. Meier’s emerging markets credit experience includes time with AXA Investment Managers as Senior Portfolio Manager, Emerging Markets Fixed Income, in London. He began his emerging markets credit investing career with Deutsche Asset Management in Frankfurt. Mr. Meier graduated from the European Business School in Germany and holds an MBA-equivalent (“Diplom-Kaufmann”) in Finance & Banking.
Belinda Hill
Managing Director, Emerging Markets Debt Portfolio Manager
Ms. Hill has 22 years of investment and research experience in emerging markets. She is a Co-Portfolio Manager for Gramercy’s long-only EMD strategies and a Senior Research Analyst for the firm’s alternative portfolios. Prior to joining Gramercy, Ms. Hill spent three years as an Emerging Markets Analyst at Apollo Global Management. At Apollo, she analyzed sovereign, quasi-sovereign, and corporate issuers across all sectors and was also responsible for sourcing and evaluating new strategic initiatives and private opportunities. Prior to Apollo, Ms. Hill worked at Schroders Investment Management for two years as an Emerging Markets Corporate Credit Analyst. Ms. Hill also worked at HPP, PepsiCo and Credit Suisse. Ms. Hill received her BA in Business Administration from Georgetown University where she graduated Cum Laude. Additionally, Ms. Hill is a CFA Charterholder.
Statistics & Commentary
Performance
The performance data shown represents past performance. Past performance is not a guarantee of future results. Current performance may be lower or higher than the performance data quoted. The investment return and the principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost.
Investment Manager's Commentary
as of 31/08/2026Market Review and Outlook
August provided no material relief on global energy prices relative to July, keeping inflation among the market’s dominant concerns. Brent settled near $90 at month-end, leaving both Brent and WTI higher again on the month and well above year-ago levels, sustaining upward pressure on inflation expectations and long-dated yields. The 30-year reached near two-decade highs in mid-August amid mounting concerns about the U.S. fiscal trajectory, and Secretary Bessent’s announcement of a Treasury buyback program, intended to stabilize the long end, was read as a step toward fiscal accommodation, reviving the debasement narrative and pushing the dollar lower and gold sharply higher through the third week. That raised the stakes for Jackson Hole, the month’s only significant policy event given the absence of an FOMC meeting. In his first appearance there as Chair, Kevin Warsh leaned hawkish, acknowledging that inflation remains elevated and that the Committee still had work to do, and signaling that rates could rise further. His remarks lifted market-implied odds of a September hike above 60%, firmed the dollar into month-end, and prompted gold to give back part of its gain, though the dollar still finished lower (DXY -0.49%). Long-end yields held near their highs, with the 30-year above 5.20% and the 10-year at 4.75%. Against this backdrop, the Fund (I USD Acc) returned +0.84% in August, compared with +0.80% for the JPMorgan EM Equal Weight Total Return Index.
In terms of return streams, EM local-currency sovereign bonds, represented by the GBI-EM Global Diversified Index, led performance with a gain of +0.90%, supported by a softer dollar and resilient carry across the complex. EM hard-currency sovereign bonds, tracked by the EMBI Global Diversified Index, returned +0.89%, holding up despite the move in core rates as spreads compressed and high yield (+1.06%) outperformed investment grade (+0.70%). EM hard-currency corporate bonds, as measured by the CEMBI Broad Diversified Index, returned +0.62%, with high yield (+0.84%) outpacing investment grade (+0.46%) as the rise in Treasury yields weighed on longer-duration, higher-quality paper.
Fund
Energy prices provided no relief in August, keeping inflation front of mind and driving long-dated Treasury yields to near two-decade highs amid renewed focus on the U.S. fiscal trajectory, before Chair Warsh’s hawkish debut at Jackson Hole lifted market-implied odds of a September hike above 60%. EM fixed income was resilient nonetheless, with the GBI-EM Global Diversified (+0.90%), EMBI Global Diversified (+0.89%) and CEMBI Broad Diversified (+0.62%) all delivering positive returns, and the Fund (I USD Acc) returned +0.84% versus +0.80% for the JPMorgan EM Equal Weight Total Return Index. Relative performance was driven by country positioning and security selection, led by an overweight to South Africa across sovereign and financial issuers and selection within Latin American hard-currency corporates, partly offset by Eastern European positions.
Facts & Documents
Facts
Fund Domicile: Luxembourg
Fund Type: UCITS SICAV
Fund Launch: 3 November 2022
Base Currency: USD
Depositary, Administrator, Transfert Agent: BNP Paribas SA
Dealing: Each day with a 1-day notice
Cut-off time: 12 pm CET
Management Company: Alma Capital Investment Management
Investment Manager: Gramercy Funds Management LLC (US)
Countries where the fund is registered:
Luxembourg, Austria, Germany, France, UK, Italy, Ireland, Switzerland
Sustainability-related disclosures:
The information related to the integration of sustainability risks and to the potential adverse sustainability impacts at the sub-fund level can be found in the prospectus of the Fund.
Identifiers:
Institutional USD Capitalisation share class
ISIN: LU2485348770
Ticker: ALGIIUC LX
Launch: 3 Nov 2022
Institutional USD Distribution share class
ISIN: LU2485348853
Ticker: ALGMIUD LX
Launch: 6 Feb 2023
Institutional EUR hedged Distribution share class
ISIN: LU2485349232
Ticker: ALGIEHD LX
Launch: 6 Feb 2023
Institutional GBP hedged Distribution share class
ISIN: LU2485348937
Ticker: ALGIGHD LX
Launch: 6 Feb 2023