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 $6.8 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 17 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 29/08/2025Market Review and Outlook
Markets navigated a volatile yet ultimately constructive August, with investor sentiment shaped by dovish signals from the Federal Reserve, softening U.S.
labor market data, and growing questions about Fed independence. The 10-year U.S. Treasury yield tightened 15bps to close the month at 4.23%, while the
10s30s curve steepened 17bps amid persistent long-end pressure tied to concerns over fiscal trajectory and political influence over monetary policy. Despite
this backdrop, risk assets proved resilient. The S&P 500 rose 1.91% on the month, supported by a market increasingly confident in a September rate
cut—reinforced by Chair Powell’s dovish tone at Jackson Hole and benign inflation data. Even as stagflation worries flickered in the background, investor
appetite for risk remained intact. Meanwhile, political developments—including Fed Board reshuffling and pressure from the White House—contributed to rate
volatility but did little to shake overall sentiment. A weaker dollar, stable oil prices, and signs of progress on global trade tensions added to a constructive tone.
While the macro environment remains complex, August demonstrated the market’s ability to look through short-term noise in favor of easing policy and a stillsupportive global backdrop. Against this environment, the Fund (I USD Acc) returned 1.84% in August.
In August, emerging market (EM) fixed income delivered strong performance across all sub-sectors. EM hard currency sovereign bonds also performed well,
supported by continued strength in high-yield issuers, which returned 1.93% compared to 1.34% for investment grade. EM hard currency corporate bonds
posted solid gains as well. Performance was broadly consistent across rating segments, with investment-grade corporates returning 1.22% and high-yield
corporates returning 1.37%. Spreads remained relatively stable, with only marginal tightening in sovereign credit and slight widening in corporate credit.
Fund
The Fund (I USD Acc) returned 1.84% in August.
Fund performance in August was primarily driven by three key factors. First, our selection within local currency sovereign bonds added significant value,
particularly in Brazil, South Africa, and Thailand, which outperformed during the month. Second, our allocation to and selection of BB-rated sovereign and
corporate credit benefited from strong risk appetite. Third, our overweight exposure to Saudi Arabia via quasi-sovereign issuers contributed positively,
supported by robust cross-over demand. Conversely, our underweight positions in select local currency sovereign bonds—namely Mexico, Indonesia, and
Malaysia—modestly detracted from performance.
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