Gramercy Funds Management LLC — Q4 2015 13F Holdings

Name: Gramercy Funds Management LLC — 13F Holdings, Q4 2015
Creator: AlphaSMO
License: https://www.sec.gov/forms

CIK: 0001548836

Total reported value

$6.1M

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Full holdings list this quarter

#	Ticker	Issuer	Asset Subclass	Weight	Weight Change	Shares Change
1	YPF	Ypf S.a.-sponsored Adr	Stock-Other	26.84%	—	+30.45%
2	GAM	General American Investors	Stock-Other	7.18%	—	-4.94%
3	TY	Tri-continental CORP	Stock-Other	6.87%	—	-5.98%
4	ADX	Adams Diversified Equity	Stock-Other	6.80%	—	-8.08%
5	RVT	Royce Small-cap Trust INC	Stock-Other	6.50%	—	+80.63%
6	USA	Liberty All Star Equity Fund	Stock-Other	5.74%	—	—
7	CET	Central Securities CORP	Stock-Other	4.27%	—	+14.20%
8	STEW	Srh Total Return Fund INC	Stock-Other	3.50%	—	—
9	XCAFX	Morgan Stanley China A Share	Stock-Other	3.07%	—	-2.05%
10	✓	Direxion Shs ETF Tr	ETF-Other	2.51%	—	+87.33%
11	IWO	Ishares Russell 2000 Growth	ETF-Small Cap	2.11%	—	-65.07%
12	SWZ	Total Return Securities Fund	Stock-Other	1.37%	—	—
13	KF	Korea Fund INC	Stock-Other	1.36%	—	+41.25%
14	THFG	Thai Fund INC	Stock-Other	1.36%	—	+6.28%
15	IIF	Morgan Stanley India Invest	Stock-Other	1.16%	—	—
16	RMT	Royce Micro-cap Trust INC	Stock-Other	1.14%	—	+85.21%
17	XJEQX	Abrdn Japan Equity Fund INC	Stock-Other	1.06%	—	—
18	✓	Jpmorgan China Region Fd INC	Stock-Other	1.06%	—	+9.16%
19	PINE	Alpine Income Property Trust, Inc.	Stock-Other	1.02%	—	—
20	JOF	Japan Smaller Capitalization	Stock-Other	0.97%	—	+14.56%
21	✓	Morgan Stanley Asia Pac Fd I	Stock-Other	0.96%	—	—
22	CSQ	Calamos Strat Ttl Rtrn Fnd	Stock-Other	0.85%	—	—
23	MMT	Aberdeen Multi-Market Income Fund	Stock-Other	0.84%	—	+24.28%
24	MXE	Mexico Equity And Income Fd	Stock-Other	0.79%	—	+4.84%
25	GLO	Clough Global Opportunities	Stock-Other	0.74%	—	+2.74%
26	CEE	Central And Eastern Europe F	Stock-Other	0.58%	—	-1.40%
27	SMHC	VanEck China Semiconductor ETF	ETF-Emerging Markets	0.55%	—	—
28	✓	Banro CORP	Stock-Other	0.52%	—	—
29	GLV	Clough Global Dividend & INC	Stock-Other	0.52%	—	—
30	✓	Korea Equity Fund	Stock-Other	0.52%	—	—
31	TWN	Taiwan Fund Inc/th/md-us INC	Stock-Other	0.50%	—	+6.03%
32	EEA	European Equity Fund Inc/the	Stock-Other	0.46%	—	—
33	✓	Aberdeen Israel Fund INC	Stock-Other	0.45%	—	—
34	✓	Macquarie	Stock-Other	0.43%	—	—
35	✓	Singapore Fund	Stock-Other	0.39%	—	+147.01%
36	XFEOX	First Trust/abrdn Emerging O	Stock-Other	0.36%	—	+66.64%
37	✓	Turkish Invt Fd INC	Stock-Other	0.36%	—	-2.60%
38	✓	New Ireland Fund INC	Stock-Other	0.33%	—	-0.26%
39	GREKUSD	Global X Msci Greece ETF	ETF-Other	0.32%	—	—
40	ECF	Ellsworth Growth And Income	Stock-Other	0.26%	—	—
41	✓	Aberdeen Indonesia Fd INC	Stock-Other	0.25%	—	+7.99%
42	✓	Stone Hbr Emerg Mkts Tl INC	Stock-Other	0.22%	—	—
43	TDF	Templeton Dragon Fund INC	Stock-Other	0.21%	—	-67.46%
44	MMT	Aberdeen Multi-Market Income Fund	Stock-Other	0.20%	—	+33.78%
45	✓	Asia Pac Fd INC	Stock-Other	0.19%	—	+3.07%
46	AEF	Abrdn Emerging Markets Ex Ch	Stock-Other	0.19%	—	-50.46%
47	✓	Latin Amern Discovery Fd INC	Stock-Other	0.18%	—	—
48	✓	Abrdn Australia Equity Fd In	Stock-Other	0.17%	—	—
49	XOPUSD	Spdr S&p Oil & Gas Exp & Pr	ETF-Other	0.17%	—	—
50	IAE	Voya Asia Pac Hi Dvd Eq INC	Stock-Other	0.16%	—	—

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Holding changes this quarter

Position changes disclosed by Gramercy Funds Management LLC for the quarter ending Q4 2015, including ticker, issuer, weight change, shares change, and action
#	Ticker	Issuer	Weight Change	Shares Change	Action
1	YPF	Ypf S.a.-sponsored Adr	+5%	+30.45%	Add
2	RVT	Royce Small-cap Trust INC	+2.7%	+80.63%	Add
3	✓	Direxion Shs ETF Tr	+1%	+87.33%	Add
4	RMT	Royce Micro-cap Trust INC	+0.4%	+85.21%	Add
5	✓	Singapore Fund	+0.2%	+147.01%	Add
6	KF	Korea Fund INC	+0.2%	+41.25%	Add
7	XFEOX	First Trust/abrdn Emerging O	+0.1%	+66.64%	Add
8	GDL	Gdl Fund	+0.1%	+641.97%	Add
9	✓	Jpmorgan China Region Fd INC	+0.1%	+9.16%	Add
10	MMT	Aberdeen Multi-Market Income Fund	+0.1%	+24.28%	Add
11	✓	Banro CORP	+0.1%	—	Unchanged
12	JOF	Japan Smaller Capitalization	+0.1%	+14.56%	Add
13	MMT	Aberdeen Multi-Market Income Fund	0%	+33.78%	Add
14	XJEQX	Abrdn Japan Equity Fund INC	0%	—	Unchanged
15	CET	Central Securities CORP	0%	+14.20%	Add
16	RGT	Royce Global Trust INC	0%	+300.00%	Add
17	✓	Aberdeen Indonesia Fd INC	0%	+7.99%	Add
18	TWN	Taiwan Fund Inc/th/md-us INC	0%	+6.03%	Add
19	✓	Morgan Stanley Asia Pac Fd I	0%	—	Unchanged
20	EEA	European Equity Fund Inc/the	0%	—	Unchanged
21	✓	Turkish Invt Fd INC	-0.1%	-2.60%	Trim
22	MXE	Mexico Equity And Income Fd	-0.1%	+4.84%	Add
23	PINE	Alpine Income Property Trust, Inc.	-0.1%	—	Unchanged
24	THFG	Thai Fund INC	-0.1%	+6.28%	Add
25	GREKUSD	Global X Msci Greece ETF	-0.1%	—	Unchanged
26	SMHC	VanEck China Semiconductor ETF	-0.1%	—	Unchanged
27	CEE	Central And Eastern Europe F	-0.1%	-1.40%	Trim
28	EFA	Ishares Msci Eafe ETF	-0.1%	-77.92%	Trim
29	XXCHNXX	China Fund INC	-0.2%	-47.67%	Trim
30	IIF	Morgan Stanley India Invest	-0.2%	—	Unchanged
31	SWZ	Total Return Securities Fund	-0.2%	—	Unchanged
32	STEW	Srh Total Return Fund INC	-0.2%	—	Unchanged
33	USA	Liberty All Star Equity Fund	-0.2%	—	Unchanged
34	AEF	Abrdn Emerging Markets Ex Ch	-0.3%	-50.46%	Trim
35	TDF	Templeton Dragon Fund INC	-0.5%	-67.46%	Trim
36	XCAFX	Morgan Stanley China A Share	-0.8%	-2.05%	Trim
37	GAM	General American Investors	-0.8%	-4.94%	Trim
38	TY	Tri-continental CORP	-0.9%	-5.98%	Trim
39	ADX	Adams Diversified Equity	-1.2%	-8.08%	Trim
40	IWO	Ishares Russell 2000 Growth	-4.2%	-65.07%	Trim
41	CSQ	Calamos Strat Ttl Rtrn Fnd	—	NEW	New buy
42	EWZ	Ishares Msci Brazil ETF	—	EXIT	Sold out
43	✓	Stone Hbr Emerg Mkts Tl INC	—	NEW	New buy
44	TRF	Templeton Russia & East Euro	—	EXIT	Sold out
45	IAE	Voya Asia Pac Hi Dvd Eq INC	—	NEW	New buy
46	EDD	Morgan Stanley Emrg Mrk Dom	—	NEW	New buy
47	✓	Zweig Fd	—	EXIT	Sold out
48	IFN	Aberdeen India Fund INC	—	NEW	New buy
49	XLGIX	Lazard Glbl Ttl Rtrn & INC	—	NEW	New buy
50	✓	First Tr Exch Trd Alpha Fd I	—	EXIT	Sold out