Gramercy was founded in 1998 to exploit distressed investment opportunities in the emerging markets where value could be realized through active involvement in a restructuring. The roots of the firm pre-date its founding by over 10 years. The Partners have been active investors in emerging markets for over 20 years. This extensive experience provides them with a unique perspective in that they witnessed the birth of the asset class when JPMorgan created an index to track what they knew to be “lesser developed debt”. Gramercy research professionals have gone through the exercise of adding ten years of history to the JPMorgan EMBI+ Index and the long term risk / reward profile is drastically different than the record of the index as it is known today. It becomes apparent that to deliver alpha for investors, a fund manager must be hands-on in their investment process, and not be content to adopt a buy and hold strategy that, in the long term, offers little more than market return. Our global investment team continues to be true to our roots in seeking opportunities where we can be actively involved in a distressed situation. The local application of our process is relevant in any inefficient market, and we will continue to apply our expertise where we identify opportunities for our investors.