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 $7.1 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 28/11/2025Market Review and Outlook
In November, investor sentiment was mixed as U.S. equity volatility rose and expectations for Federal Reserve rate cuts shifted sharply. October FOMC minutes revealed “strongly differing views” on the possibility of a December cut, and the subsequent release of delayed U.S. macro data highlighted ongoing crosscurrents in the labor market. By month-end, the 10- and 30-year Treasury yields stood at 4.0% and 4.6%, respectively. The U.S. dollar index and S&P 500 were broadly flat, while gold rebounded and oil prices moderated. European data was similarly uneven, showing firmer PMIs and third-quarter GDP alongside soft retail sales, weaker industrial production, and rising inflation expectations. In China, high-frequency indicators remained subdued, with contracting exports, weak property activity, and sideways retail sales. A late-month call between Presidents Trump and Xi helped ease recent tensions involving Japan and Taiwan and reaffirmed progress on the Busan agreement. In this environment, the Fund (I USD Acc) returned 0.63% versus 0.67% for the JPM Equal Weight Index.
Emerging market fixed income proved resilient, with local-currency assets outperforming as markets increasingly priced in a December rate cut. EM local-currency sovereign bonds (GBI-EM Global Diversified) returned 1.35%, while hard-currency sovereigns (EMBI Global Diversified) gained 0.41%, driven entirely by high yield (+0.82%). Hard-currency corporates (CEMBI Broad Diversified) posted a more modest 0.24% return, with investment grade (+0.30%) outperforming high yield (+0.15%). Sovereign spreads widened 7 bps—largely due to investment-grade names—while corporate spreads widened 14 bps, led by a 17 bps move in high yield. This divergence underscored differing risk preferences: investors remained constructive on high-yield sovereign opportunities amid improving EM fundamentals and event-driven catalysts, while maintaining a more cautious stance toward lower-quality corporate credit.
Fund
The Fund (I USD Acc) returned 0.63% in November.
Fund performance in November was driven by two key contributors. First, security selection within local-currency sovereign credit added meaningfully to returns, particularly positions in South Africa and Brazil, both of which benefited from strong risk appetite for local markets during the month. Second, exposure to select idiosyncratic high-yield sovereign situations also created value, most notably the Fund’s position in Venezuela, which rallied on sustained optimism around the prospects for political transition as the U.S. increased pressure on the current government. Partially offsetting these gains, the Fund’s corporate high-yield holdings were a modest drag, reflecting continued investor caution heading into year-end. Additionally, exposure to certain high-yield sovereign credits weighed on performance: Argentine bonds retraced some of their recent strength following a period of outsized gains, while Suriname lagged peers due to technical pressures stemming from the country’s poorly executed return to market, which capped upside for existing bonds.
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