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 31/10/2025Market Review and Outlook
October’s tone was cautiously constructive, supported by incremental policy accommodation, tentative geopolitical de-escalation, and still-contained inflation pressures. The month was defined by a second consecutive 25bps Fed rate cut, bringing the funds rate to 3.75–4.00% and accompanied by the announcement that quantitative tightening will end on December 1st, marking another step in the policy recalibration that began in September. The decision revealed widening divisions within the FOMC and came amid mixed U.S. data—softening consumer confidence, delayed inflation releases due to the government shutdown, and still-resilient activity indicators—leaving investors uncertain about the policy path ahead. The Fed’s more cautious tone dimmed prospects for a December cut, with the 10-year Treasury ending the month at 4.1%, just 5bps lower. The U.S. dollar index strengthened 2.1%, and gold
retreated to around $4,000 after touching a high near $4,400 as investors leaned into the soft-landing narrative. Abroad, the ECB and BoJ held steady, reinforcing global policy divergence, while China’s weak manufacturing data prompted renewed calls for support even as Presidents Trump and Xi struck a tactical détente on trade. In this context the Fund (I USD Acc) returned 0.88% in October.
Emerging market (EM) fixed income delivered mixed but positive performance in October, with sovereigns outperforming corporates and hard-currency assets leading local markets amid shifting global rate expectations and selective risk appetite. EM hard-currency sovereign bonds, as led returns at 2.13%, bringing year-to-date gains to nearly 13%. Performance was driven by the high-yield segment (+3.12%), which sharply outpaced investment grade (+1.15%). EM hardcurrency corporates advanced 0.56%, with investment grade (+0.59%) slightly outperforming high yield (+0.53%). On a spread basis, sovereign spreads tightened 21bps at the index level—led by a 43bps compression in high yield—while corporate spreads widened 2bps, driven by a 9bps widening in high yield. This divergence underscored contrasting risk preferences: investors added exposure to sovereign high yield amid improving macro sentiment and eventdriven opportunities, while remaining more cautious toward lower-quality corporate credit. EM local-currency sovereign bonds posted a more modest 0.46% gain as renewed U.S. dollar strength tempered returns.
Fund
The Fund (I USD Acc) returned 0.88% in October.
Fund performance in October was supported by two primary drivers. First, the Fund’s selection within sovereign high yield credit—most notably its exposure to Argentina, where bonds rallied nearly 20% following stronger-than-expected midterm election results for President Milei’s coalition—was a key contributor. Second, the Fund’s selection of longer-dated investment-grade sovereign credit added value as markets responded favorably to the Fed’s rate cut and strong demand for high-quality assets. Offsetting these gains, the Fund’s allocation to local-currency sovereign bonds modestly detracted from performance, as the segment underperformed amid renewed U.S. dollar strength. Additionally, exposure to corporate high yield was a slight drag, reflecting temporary weakness following a few idiosyncratic credit events in Brazil that weighed on sentiment across the broader segment.
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