GFECX — Gramercy Emerging Markets Debt Fund
Data updated: 2026-08-26
GFECX — Gramercy Emerging Markets Debt Fund. Intermediate Total / Aggregate Bond · $2.20M AUM. Holdings, fees, performance and SEC filings.
GFECX Fund Overview
GFECX — Gramercy Emerging Markets Debt Fund is a US mutual fund managed by Investment Managers Series Trust, categorised as Intermediate Total / Aggregate Bond. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: Investment Managers Series Trust
- Category: Intermediate Total / Aggregate Bond
- Assets under management: $2.20M
- Ticker: GFECX
- SEC CIK: 0001318342
- SEC series ID: S000084477
- Share class ID: C000248865
GFECX Investment Objective and Strategy
Gramercy Emerging Markets Debt Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Investment Managers Series Trust.
Investment objective
The investment objective of the Gramercy Emerging Markets Debt Fund (the Fund) is to seek long -term capital appreciation.
Principal investment strategy
Under normal market conditions, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in fixed income securities economically tied to, or the performance of which is linked to, emerging markets countries. An emerging market country means a country included in the J.P. Morgan EM Equal Weight Index. The Funds fixed income securities include bonds, convertible bonds (including contingent convertible securities (CoCos) and additional tier 1 (AT1) capital securities), corporate bonds, sovereign and quasi -sovereign bonds (i.e., bonds issued by quasi -sovereign entities that are wholly -owned or 100% guaranteed by a national government), bank deposits, and other types of debt securities. CoCos are hybrid debt securities that are intended to either convert into equity at a predetermined share price or have their principal written down or written off upon the occurrence of certain triggering events.
Such triggering events are generally linked to regulatory capital thresholds or regulatory actions calling into question the issuing banking institutions continued viability as a going concern. For these purposes, the Fund considers a security or instrument to be economically tied, or its performance linked, to an emerging market country if (i) it is principally traded on the countrys securities markets or the issuer is organized or principally operates in the country, (ii) its issuer derives a majority of its income from its operations within the country, or (iii) its issuer has a majority of its assets within the country. The Fund invests in U.S. dollar -denominated securities as well as securities denominated in foreign currencies. The Fund may invest in securities of any credit rating, including below investment grade debt securities, commonly referred to as high yield securities or junk bonds and unrated securities.
The Fund may invest in securities of any maturity. The fixed income instruments in which the Fund invests may be senior in priority or subordinated to other debt instruments of an issuer. The Funds sub -adviser , Gramercy Funds Management LLC (the Sub -Adviser ) uses an active management investment approach to researching, identifying and selecting investments for the Funds portfolio. The Sub -Adviser s research process is driven by applying its thematic top -down view with its proprietary fundamental, bottom -up analysis. The Sub -Adviser seeks to identify those securities that it believes are likely to provide the greatest performance, taking account of the material risks of an investment across a spectrum of considerations, including financial metrics, regional and national conditions, industry specific factors, liquidity, and environmental, social and governance (ESG) risks.
The specific ESG risks considered will vary from issuer to issuer, but the risks evaluated may include the following (among others): environmental risks could include the potential impact on the operations of issuers or suppliers due to flood or drought, or biodiversity risks that might stem from their operations; social risks could include workers rights and the potential for child or forced labor; and governance risks could include the makeup of the board and the use of international accounting standards. As part of its overall investment process, the Sub -Adviser considers and assesses, among other things, each issuers ESG risk profile using a combination of external third -party data with internal ESG research. However, the Sub -Adviser s current assessment of an issuers ESG risk profile is only one of many factors the Sub -Adviser considers in evaluating a potential investment.
At a firm level, the Sub -Adviser does not invest in issuers that derive more than 5% of their annual revenue from the production or sale of weapons, tobacco or pornography (measured by averaging an issuers annual revenue over a rolling three -year period). The Fund may invest in derivatives for hedging purposes and for gaining risk exposures to countries, currencies and securities that are permitted investments for the Fund. Permitted derivative instruments include, but are not limited to, options, futures and options on futures, swaps, and forward currency exchange contracts. The Fund may attempt to hedge currency risk by entering into currency contracts, such as spot, forward and futures.
GFECX Performance
Total returns for GFECX (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| YTD | 1.7% |
| 1 year | 8.6% |
| 3 years (annualised) | 7.9% |
GFECX Risk Information
Risk metrics for GFECX, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 5.5%
GFECX Costs and Fees
GFECX costs about $185 per $10,000 invested per year in fund expenses.
- Net expense ratio: 1.85%
- Gross expense ratio: 2.62%
- Portfolio turnover: 72%
- Brokerage commissions: 0.01 bps of average net assets (SEC N-CEN)
GFECX Cashflows
Over the 12 months to 2026-06, Gramercy Emerging Markets Debt Fund had net outflows of $55.03M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2026-06 | −$52.00M |
| 2026-05 | −$1.47M |
| 2026-04 | $685 |
| 2026-03 | −$615.79K |
| 2026-02 | −$74.14K |
| 2026-01 | $167.73K |
GFECX Debt Constituents
No individual debt constituents are reported in Gramercy Emerging Markets Debt Fund's latest SEC N-PORT filing.
GFECX Prospectus and SEC Filings
Official Gramercy Emerging Markets Debt Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2026-04-29
- Prospectus (485BPOS) — filed 2025-04-29
- Prospectus (485BPOS) — filed 2024-03-28
- Portfolio holdings (N-PORT) — filed 2026-08-26
- Portfolio holdings (N-PORT) — filed 2026-05-27
- Portfolio holdings (N-PORT) — filed 2026-02-26
- Annual census (N-CEN) — filed 2026-03-11
- Annual census (N-CEN) — filed 2025-03-13
Related Funds
Other Intermediate Total / Aggregate Bond funds tracked on ABC INVEST:
Data Sources
ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.