The curated database of hedge funds that publish investor letters. Research by geography, strategy, and schools of thought.
| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Mar 31, 2026
The Gramercy Emerging Markets Debt Fund navigated significant market volatility in March 2026 as Middle East conflict escalated following U.S. and Israeli strikes on Iran, creating broad regional war and delivering shocks to global markets. The resulting energy price surge rekindled inflation concerns and prompted sharp reassessment of monetary policy across developed and emerging economies, with U.S. Treasury yields rising materially. The Fund's performance was driven by strategic asset allocation and security selection across regions and credit quality. Positive contributions came from underweight allocation to Asia, which faced the most direct exposure to oil price dislocation and higher rates, idiosyncratic distressed Brazilian corporate positions that benefited from positive technicals and constructive bondholder discussions, and absence of exposure to Turkish sovereign bonds. Detracting factors included local currency positions, particularly overweight South African local currency and Thai local curve positioning, long-end investment grade allocation impacted by Treasury selloff, and Middle East allocation directly affected by regional conflict.
The Fund focuses on emerging markets debt across local currency sovereign bonds, hard currency sovereign bonds, and hard currency corporate bonds, with active asset allocation and security selection across regions and credit quality to navigate geopolitical risks and market volatility.
Neutral / Balanced
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