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


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 $6.1 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 15 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 20 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


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 31/01/2024

Market Review and Outlook

The new year brought with it a return of interest rate volatility as the 10-yr U.S. Treasury widened 30bps and then made a full U-turn in the last week of the month to end January at 3.9% (only 3bps wide to the December 2023 level). The widening came as Fed speakers pushed back on the early timing and extent of Fed rate cuts that the market had priced in after the December pivot and gained traction with stronger-than-expected U.S. GDP growth of 3.3% and strong global PMIs, where U.S. services and manufacturing rose to seven-month and fifteen-month highs, respectively. Declining core PCE, the Fed’s preferred inflation metric, likely tempered the move higher in rates and contributed to a quick change in sentiment at the end of the month when the Treasury released lower than expected financing estimates for 1Q 2024 and 2Q 2024, thereby temporarily alleviating some of the supply concerns related to the U.S. Treasury market.



The Fund outperformed its benchmark in January, returning -0.02% (I USD ACC) compared to the JPM Equal Weight Index return of -0.65%.

In terms of return streams, EM local currency sovereign was the weakest performer, down 1.5% in January as the U.S. dollar strengthened during the month (DXY was up 1.9% in January). The EM hard currency sovereign sub-asset class was also down 1%, with the IG component down 1.4% vs. the HY component down only 0.7% on the back of its longer duration profile (8 years vs 5 years, respectively). EM hard currency corporates were the best performing sub-asset class during January, with a positive return of 0.6%, primarily coming from the HY corporate segment which returned +1.4% due to a combination of its low duration profile of 4.5 years and high carry.

Performance for the Fund during the month of January was driven by (1) our overweight allocation to hard currency EM corporates, (2) our underweight allocation to EM local currency sovereigns, (3) our selection and positioning in EM HY corporates, particularly in Latin America, and (4) our selection of and participation in attractive and well-placed new issues that performed well in the secondary market.

Facts & Documents


Fund Domicile: Luxembourg


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.


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


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