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 $7.3 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 31/12/2025Market Review and Outlook
Global market sentiment in December was cautious and volatile, despite the Federal Reserve delivering a widely anticipated 25 bps rate cut (lowering the target range to 3.5%–3.75%). The move exposed deep splits within the FOMC—one member pushed for a larger 50 bps cut, two preferred no cut—leaving investors unsure about the path ahead; speculation that Kevin Hassett, a champion of looser policy, could be the next Fed Chair further muddled the outlook. Risk assets initially rallied on the Fed’s easing, but momentum faded amid renewed scrutiny of tech sector valuations and questions around the economic viability of large-scale AI-related capital spending. In fixed income, U.S. Treasury yields rose and the curve steepened (10-year up to ~4.17%, +8 bps; 30-year to ~4.66%, +18 bps), reflecting the uncertain Fed trajectory and renewed term-premium fears. Meanwhile, the U.S. dollar’s slide accelerated—a tailwind for EM currencies. Commodities were mixed: oil prices sank to multi-month lows despite the IEA noting a reduced supply glut, and gold briefly surged above $4,500/oz before a late 5% correction, likely amid profit-taking. Against this backdrop, emerging markets proved resilient, supported by a weaker dollar and selective risk appetite. In this context, the Fund (I USD Acc) returned +0.69% in December.
In terms of return streams, emerging market (EM) local-currency sovereign bonds led performance with a gain of 1.49% for the month, supported by broad dollar weakness and favorable technicals. EM hard-currency sovereign bonds returned 0.72%, driven by strength in the high-yield segment (+1.45%), which sharply outperformed investment grade (-0.01%) amid spread compression and improving sentiment in select distressed names. EM hard-currency corporate bonds posted a more modest 0.48% return, with high-yield corporates (+0.87%) outperforming investment grade (+0.21%) as investors selectively added risk. Sovereign spreads tightened 16 bps at the index level, led by a 27 bps move in high yield versus 8 bps in investment grade, while corporate spreads narrowed by 13 bps, with high yield compressing 20 bps compared to 11 bps for investment grade—underscoring a preference for higher-yielding (carry) assets going into 2026.
Fund
The Fund (I USD Acc) returned 0.69% in December.
Fund performance in December was supported by two primary drivers. First, security selection within local-currency sovereign credit added meaningfully to returns, with positions in South Africa and Brazil benefiting from strong investor demand and favorable technicals in local markets. Second, the Fund’s exposure to high-yield corporate and sovereign credit contributed positively, as spreads tightened and sentiment improved across select distressed names. These gains were partially offset by the Fund’s underweight positioning in lower-beta local currency assets such as the Indonesian rupiah (IDR) and Malaysian ringgit (MYR), which performed well amidst broad dollar weakness. Additionally, the Fund’s exposure to investment-grade assets was a modest drag, as these lagged in a softer rates environment where duration was negatively impacted.
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