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 |
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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 $7.4 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 30/06/2026Market Review and Outlook
June brought a decisive unwinding of the energy-driven risk premium that had dominated markets since the late-February outbreak of the Middle East conflict. A ceasefire framework between the U.S. and Iran, signed mid-month and paired with the agreed reopening of the Strait of Hormuz, sent oil sharply lower, with Brent and WTI both down roughly 20% to near pre-war levels. Against this easing geopolitical backdrop, attention turned to monetary policy. At its June meeting, the first under new Chair Kevin Warsh, the Federal Reserve kept its policy rate unchanged but struck a more hawkish tone, seeking to reassure markets of its commitment to price stability and leaving open the possibility of rate hikes if warranted. Notably, despite the sharp fall in oil, concerns about the lagged inflationary impact of the earlier energy shock, reinforced by the tone of Warsh’s first press conference, led markets to price in some probability of a rate hike later this year. That repricing supported the U.S. dollar, which strengthened over the month. Equity performance was mixed, with U.S. large-cap technology under pressure even as more cyclical and international indices advanced. Against this backdrop, the Fund (I USD Acc) returned approximately +0.18% in June.
In terms of return streams, EM hard-currency sovereign bonds led performance with a return of +0.72% as the market rallied on the holding ceasefire, driven by high yield (+0.97%) ahead of investment grade (+0.45%). EM hard-currency corporate bonds returned +0.42%, with high yield (+0.63%) likewise outpacing investment grade (+0.27%). EM local-currency sovereign bonds lagged the complex with a gain of 0.20%, as renewed dollar strength weighed on the segment.
Fund
The Fund’s modest underperformance in June reflected positioning relative to the index rather than broad market direction. Security selection and an overweight in Brazil were the largest contributors, benefiting both local-currency and hard-currency exposure, while selection within local-currency markets, notably Poland, the Czech Republic, and Thailand, added further value. The Fund’s structural underweights to the largest Asian index constituents had offsetting effects: the underweight to China contributed positively as that market lagged, whereas the absence of local-currency exposure in India detracted as Indian local bonds rallied. Elsewhere, positioning in the belly of the Mexican local-currency curve detracted. Underweights in Colombia, Peru, and Turkey also weighed modestly, as all three continued to rally despite our lighter positioning on valuation grounds in the first two and on fundamentals in Turkey, where lower oil prices eased top-down pressure even as bottom-up signs of stress persisted.
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