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 $5.9 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 31/03/2025Market Review and Outlook
In March, global markets were roiled by heightened concerns over trade tensions, economic growth risks, and inflationary pressures. The Trump
administration’s escalating tariffs—culminating in new levies on steel, aluminum, and vehicles—fueled fears of stagflation and a potential U.S. recession.
Economic data presented a mixed picture: while U.S. growth forecasts were downgraded, labor markets remained resilient, and inflation expectations
continued to rise. The Federal Reserve’s March meeting took a cautious tone, leaving rates unchanged while lowering growth projections and acknowledging
mounting inflation risks. Amid these developments, both consumer and business confidence in the U.S. eroded, underscoring mounting worries over
economic stability in the face of persistent inflation and trade uncertainty. In Europe, Germany’s plans to ease fiscal constraints, including significant spending
on military and infrastructure, bolstered the euro and improved growth prospects for the region. Meanwhile, the UK lowered its growth forecast amid broader
global uncertainty. The tit-for-tat tariff headlines led to a volatile month for U.S. equities, with the S&P 500 finishing down 5.8%. The 10-year U.S. Treasury
yield remained steady at 4.21%, while gold surged by 9.30%, surpassing $3,100 for the first time. Simultaneously, the U.S. dollar weakened as the narrative of
U.S. exceptionalism came under increasing scrutiny. In this context the Fund (I USD ACC) returned -0.45%, underperforming the benchmark.
In terms of return streams, emerging market (EM) hard currency sovereigns underperformed, largely driven by a sell-off in the high-yield segment, compared
to a more modest decline in the investment-grade segment. EM hard currency corporates showed more resilience, supported by a gain in the investmentgrade
segment, while the high-yield segment saw a slight decline. In a surprising turn, despite the more general risk-off sentiment, EM local currency
sovereigns outperformed in March, delivering a strong total return as local currencies benefited from a weaker U.S. dollar.
Fund
The Fund (I USD ACC) returned -0.45%.
In March, performance was primarily influenced by our underweight position in emerging market local currency sovereigns, which saw gains due to a weaker
dollar during the period. Lower-beta Central European credits, such as Poland, notably benefited from a stronger euro, driven by optimism about Europe’s
growth prospects fueled by increased fiscal spending on defense and infrastructure. The Fund’s exposure to certain high-yield sovereign credits also detracted
from performance as investors scaled back risk. However, these headwinds were partially mitigated by our positions in Brazilian local currency sovereign
bonds, our overweight exposure to defensive sectors like TMT and Utilities, and our strategic selection of investment-grade corporate credits in the Middle
East.
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