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 $7.1 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 30/09/2025Market Review and Outlook
In September, the Federal Reserve delivered a 25bps rate cut—its first since the 2024 U.S. election year—marking a key inflection point in the ongoing policy recalibration and the most consequential macro development of the month. The decision was widely expected but highlighted growing divergence within the FOMC, particularly between Chair Powell and Governor Stephen Miran. Their contrasting views on the neutral rate and the appropriate pace of easing introduced new uncertainty into the Fed’s forward guidance, even as markets interpreted the move as a continuation of the soft-landing narrative. Notably, the Fed appeared to shift its focus toward the softening labor market as a primary consideration in policy decisions, reflecting concerns about employment conditions alongside inflation dynamics. U.S. Treasury yields drifted lower early in the month before stabilizing, with the 10-year finishing near 4.15%, while the U.S. dollar retraced mid-month weakness and gold surged to record highs above $3,800 amid continued demand for inflation hedges. Global macro data remained mixed: U.S. consumption was robust, but consumer sentiment softened; the ECB held rates steady and signaled the end of its easing cycle; and China maintained a cautious policy stance amid signs of fragile stabilization. Geopolitical risks remained elevated, including renewed Middle East tensions, political turnover in Japan and France, and a growing divergence in global trade policy. Despite these crosscurrents, markets remained broadly constructive, anchored by expectations for further policy accommodation and contained inflation risks. In this context the Fund (I USD Acc) returned 1.66% in September, outperforming the JPM Equal Weight Index, which returned 1.38%.
Emerging market (EM) fixed income delivered strong performance across all major sub-sectors in September. EM hard currency sovereign bonds, as measured by the EMBI Global Diversified Index, led the asset class with a return of 1.78%, bringing year-to-date gains closer to 11%. Both investment grade and high yield segments contributed meaningfully, returning 1.86% and 1.70%, respectively. EM local currency sovereign bonds, represented by the GBI-EM Global Diversified Index, also posted solid returns of 1.40% for the month, pushing year-to-date performance to 15.7%. EM hard currency corporate bonds generated more modest gains, with the CEMBI Broad Diversified Index rising 0.95%. Performance was led by the investment grade segment with a return of 1.07% versus 0.79% for high yield. Spreads tightened across the board, with 14bps of tightening at the sovereign and corporate level. Within sovereigns, high yield drove the bulk of the compression—tightening 16bps compared to 8bps for investment grade—while spread tightening in corporates was relatively uniform across rating buckets.
Fund
The Fund (I USD Acc) returned 1.66% in September.
Fund performance in September was supported by three key drivers. First, the Fund’s overweight to duration—implemented through longer-dated investment grade credit—added value as markets responded favorably to the Fed’s rate cut and strong demand for high-quality assets. Second, local currency sovereign bond selection was a significant contributor, with notable outperformance in Brazil and South Africa. Third, the Fund’s exposure to BB-rated sovereign and corporate credit benefited from a constructive risk environment, both in terms of allocation and security selection. On the downside, our underweight in select local currency sovereign bonds—particularly Mexico—modestly detracted from returns. Additionally, our underweight in lower-beta credit in Peru also had a slight negative impact on relative 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