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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Gramercy Emerging Markets Debt Fund capitalizes on strong EM resilience and a weaker U.S. dollar, driving performance through high-yield sovereign credit and targeted local-currency selections like South Africa."
In December 2025, global markets experienced caution and volatility due to split FOMC decisions on a 25 bps rate cut and concerns over tech/AI valuations. Emerging markets, however, remained resilient. The slide of the U.S. dollar (DXY -1.14%) acted as a strong tailwind for EM currencies, with EM local-currency sovereign bonds leading performance (+1.49%). The Gramercy Emerging Markets Debt Fund benefited from security selection in local-currency sovereign credit (notably South Africa) and exposure to high-yield sovereign credit. These gains were partially offset by underweight positions in lower-beta local currencies (IDR and MYR) and a drag from investment-grade duration exposure.
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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
Market Conviction
High-conviction positioning: Gramercy Emerging Markets Debt Fund capitalizes on strong EM resilience and a weaker U.S. dollar, driving performance through high-yield sovereign credit and targeted local-currenc...
Growth Outlook
Market outlook remains above average conviction: Gramercy Emerging Markets Debt Fund capitalizes on strong EM resilience and a weaker U.S. dollar, driving performance through high-yield sovereign credit and targeted local-currenc...
Risk Appetite
Risk appetite posture is above average conviction: Gramercy Emerging Markets Debt Fund capitalizes on strong EM resilience and a weaker U.S. dollar, driving performance through high-yield sovereign credit and targeted local-currenc...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. Gramercy Emerging Markets Debt Fund capitalizes on strong EM resilience and a weaker U.S. dollar, driving performance through high-yield sovereign credit and targeted local-currenc...
Forward Guidance
Forward guidance signal: Gramercy Emerging Markets Debt Fund capitalizes on strong EM resilience and a weaker U.S. dollar, driving performance through high-yield sovereign credit and targeted local-currenc...
Language Signal
Tone analysis indicates above average conviction language: Gramercy Emerging Markets Debt Fund capitalizes on strong EM resilience and a weaker U.S. dollar, driving performance through high-yield sovereign credit and targeted local-currenc...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. Gramercy Emerging Markets Debt Fund capitalizes on strong EM resilience and a weaker U.S. dollar, driving performance through high-yield sovereign credit and targeted local-currenc...
Opportunity Density
Opportunity density index indicates above average conviction actionable entry points. Gramercy Emerging Markets Debt Fund capitalizes on strong EM resilience and a weaker U.S. dollar, driving performance through high-yield sovereign credit and targeted local-currenc...
Time Horizon
Investment time horizon reflects a above average conviction orientation. Gramercy Emerging Markets Debt Fund capitalizes on strong EM resilience and a weaker U.S. dollar, driving performance through high-yield sovereign credit and targeted local-currenc...
