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 $7.4 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 31/03/2026Market Review and Outlook
March markets were dominated by the outbreak of conflict in the Middle East, following the February 28 U.S. and Israeli strikes on Iran, which rapidly escalated into a broader regional war and delivered a significant shock to global markets. The resulting surge in energy prices rekindled inflation concerns and prompted a sharp reassessment of the monetary policy outlook across both developed and emerging economies. U.S. Treasury yields rose materially across the curve, with the 30-year rising approximately 30 basis points as markets repriced inflation risk premia. Risk assets came under broad pressure, equity markets sold off, and the U.S. dollar strengthened as investors rotated into safe-haven assets. Against this backdrop, the Fund (I USD Acc) returned -3.70% in March, compared with -3.55% for the JPMorgan EM Equal Weight Index (USD).
In terms of return streams, EM local-currency sovereign bonds, represented by the GBI-EM Global Diversified Index, led declines at -5.55, as FX weakness compounded the adverse rates move. EM hard-currency sovereign bonds, as represented by the EMBI Global Diversified Index, returned -3.27%, with high yield (-3.60%) underperforming investment grade (-2.95%). EM hard-currency corporate bonds, as measured by the CEMBI Broad Diversified Index, were the most resilient at -1.83%, with high yield (-1.69%) modestly outperforming investment grade (-1.92%) on the back of stronger technicals.
Fund
The Fund’s results in March were primarily driven by asset allocation and security selection across regions and credit quality. Positive contributions came from the Fund’s underweight allocation to Asia — the region most directly exposed to oil price dislocation and higher rates — idiosyncratic distressed Brazilian corporate positions that benefited from positive technicals and constructive developments in bondholder discussions, and the absence of exposure to Turkish local currency and hard currency sovereign bonds, as Turkey emerged as one of the clearest relative losers from the conflict given its heavy energy import dependence and elevated external financing needs. Detracting from performance were local currency positions, particularly the overweight to South African local currency, positioning on the Thai local curve, and Chilean local currency exposure, all of which faced pressure amid broad dollar strength and risk-off sentiment. The Fund’s long-end investment grade allocation also weighed on returns as the sharp selloff in the 30-year Treasury negatively impacted durationsensitive positions. Additionally, the Fund’s allocation to the Middle East detracted as the conflict directly impacted regional credit markets.
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