Gramercy Funds Management LLC — Q3 2016 13F Holdings

Name: Gramercy Funds Management LLC — 13F Holdings, Q3 2016
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	ACWI	Ishares Msci Acwi ETF	ETF-Other	7.80%	—	—
2	ADX	Adams Diversified Equity	Stock-Other	7.60%	—	—
3	USA	Liberty All Star Equity Fund	Stock-Other	7.48%	—	+10.73%
4	GAM	General American Investors	Stock-Other	7.26%	—	-9.80%
5	TY	Tri-continental CORP	Stock-Other	7.21%	—	-9.85%
6	RVT	Royce Small-cap Trust INC	Stock-Other	6.96%	—	-17.71%
7	✓	Powershares Qqq Trust Ser 1	Stock-Other	5.77%	—	—
8	YPF	Ypf S.a.-sponsored Adr	Stock-Other	5.41%	—	+50.33%
9	CET	Central Securities CORP	Stock-Other	5.40%	—	—
10	STEW	Srh Total Return Fund INC	Stock-Other	4.29%	—	—
11	BAK	Braskem Sa-class A- Adr	Stock-Other	4.24%	—	—
12	SPY	Ss Spdr S&p 500 ETF Trust-us	ETF-Large Cap & Growth	3.89%	—	+63.41%
13	EFA	Ishares Msci Eafe ETF	ETF-Other	3.08%	—	—
14	RMT	Royce Micro-cap Trust INC	Stock-Other	1.77%	—	—
15	THFG	Thai Fund INC	Stock-Other	1.67%	—	-9.21%
16	KF	Korea Fund INC	Stock-Other	1.64%	—	-7.61%
17	MMT	Aberdeen Multi-Market Income Fund	Stock-Other	1.29%	—	-3.74%
18	✓	Morgan Stanley Asia Pac Fd I	Stock-Other	1.21%	—	+3.08%
19	XCAFX	Morgan Stanley China A Share	Stock-Other	1.09%	—	-56.20%
20	XJEQX	Abrdn Japan Equity Fund INC	Stock-Other	1.05%	—	-12.61%
21	SWZ	Total Return Securities Fund	Stock-Other	0.98%	—	-35.16%
22	✓	Banro CORP	Stock-Other	0.92%	—	—
23	RSX1USD	Vaneck Vectors Russia ETF	ETF-Other	0.79%	—	—
24	JOF	Japan Smaller Capitalization	Stock-Other	0.79%	—	-35.03%
25	TWN	Taiwan Fund Inc/th/md-us INC	Stock-Other	0.70%	—	+7.06%
26	✓	Jpmorgan China Region Fd INC	Stock-Other	0.70%	—	-38.16%
27	✓	Singapore Fund	Stock-Other	0.69%	—	+16.47%
28	✓	Korea Equity Fund	Stock-Other	0.68%	—	—
29	PAG	Penske Automotive Group INC	Stock-Consumer Disc	0.62%	—	—
30	MXE	Mexico Equity And Income Fd	Stock-Other	0.59%	—	-32.67%
31	CEE	Central And Eastern Europe F	Stock-Other	0.54%	—	-24.09%
32	PINE	Alpine Income Property Trust, Inc.	Stock-Other	0.53%	—	-71.71%
33	✓	Aberdeen Israel Fund INC	Stock-Other	0.45%	—	—
34	EDC	Dir Da Ms Em Ma Bul 3x Etf-u	ETF-Other	0.45%	—	—
35	MXF	Mexico Fund INC	Stock-Other	0.43%	—	+5.96%
36	XXCHNXX	China Fund INC	Stock-Other	0.38%	—	—
37	✓	Aberdeen Indonesia Fd INC	Stock-Other	0.33%	—	—
38	✓	Turkish Invt Fd INC	Stock-Other	0.30%	—	-26.66%
39	UBR	Proshares Ultra Msci Brazil	ETF-Other	0.29%	—	+337.50%
40	✓	Stone Hbr Emerg Mkts Tl INC	Stock-Other	0.28%	—	-44.50%
41	EZA	Ishares Msci South Africa Et	ETF-Other	0.28%	—	-66.99%
42	GREKUSD	Global X Msci Greece ETF	ETF-Other	0.25%	—	—
43	✓	Asia Pac Fd INC	Stock-Other	0.24%	—	—
44	TDF	Templeton Dragon Fund INC	Stock-Other	0.22%	—	—
45	EEA	European Equity Fund Inc/the	Stock-Other	0.21%	—	-57.49%
46	VALE	Vale S.A.	Stock-Materials	0.21%	—	—
47	MMT	Aberdeen Multi-Market Income Fund	Stock-Other	0.20%	—	—
48	IIF	Morgan Stanley India Invest	Stock-Other	0.19%	—	-58.73%
49	AEF	Abrdn Emerging Markets Ex Ch	Stock-Other	0.17%	—	—
50	✓	Aberdeen Gtr China Fd INC	Stock-Other	0.14%	—	—

1–50 of 56

Holding changes this quarter

Position changes disclosed by Gramercy Funds Management LLC for the quarter ending Q3 2016, including ticker, issuer, weight change, shares change, and action
#	Ticker	Issuer	Weight Change	Shares Change	Action
1	SPY	Ss Spdr S&p 500 ETF Trust-us	+1.1%	+63.41%	Add
2	YPF	Ypf S.a.-sponsored Adr	+0.8%	+50.33%	Add
3	UBR	Proshares Ultra Msci Brazil	+0.2%	+337.50%	Add
4	PAG	Penske Automotive Group INC	+0.1%	—	Unchanged
5	TWN	Taiwan Fund Inc/th/md-us INC	—	+7.06%	Add
6	✓	Singapore Fund	—	+16.47%	Add
7	✓	Korea Equity Fund	-0.1%	—	Unchanged
8	✓	Morgan Stanley Asia Pac Fd I	-0.1%	+3.08%	Add
9	RSX1USD	Vaneck Vectors Russia ETF	-0.1%	—	Unchanged
10	✓	Banro CORP	-0.1%	—	Unchanged
11	✓	Macquarie	-0.1%	-57.13%	Trim
12	✓	Latin Amern Discovery Fd INC	-0.1%	-61.26%	Trim
13	✓	Turkish Invt Fd INC	-0.2%	-26.66%	Trim
14	RMT	Royce Micro-cap Trust INC	-0.3%	—	Unchanged
15	✓	Stone Hbr Emerg Mkts Tl INC	-0.3%	-44.50%	Trim
16	CEE	Central And Eastern Europe F	-0.3%	-24.09%	Trim
17	XJEQX	Abrdn Japan Equity Fund INC	-0.3%	-12.61%	Trim
18	IIF	Morgan Stanley India Invest	-0.3%	-58.73%	Trim
19	EEA	European Equity Fund Inc/the	-0.4%	-57.49%	Trim
20	USA	Liberty All Star Equity Fund	-0.5%	+10.73%	Add
21	THFG	Thai Fund INC	-0.5%	-9.21%	Trim
22	✓	Jpmorgan China Region Fd INC	-0.5%	-38.16%	Trim
23	MXE	Mexico Equity And Income Fd	-0.5%	-32.67%	Trim
24	JOF	Japan Smaller Capitalization	-0.6%	-35.03%	Trim
25	CET	Central Securities CORP	-0.7%	—	Unchanged
26	EZA	Ishares Msci South Africa Et	-0.7%	-66.99%	Trim
27	STEW	Srh Total Return Fund INC	-0.8%	—	Unchanged
28	SWZ	Total Return Securities Fund	-0.8%	-35.16%	Trim
29	ADX	Adams Diversified Equity	-1.3%	—	Unchanged
30	PINE	Alpine Income Property Trust, Inc.	-1.6%	-71.71%	Trim
31	XCAFX	Morgan Stanley China A Share	-1.8%	-56.20%	Trim
32	GAM	General American Investors	-2%	-9.80%	Trim
33	TY	Tri-continental CORP	-2.1%	-9.85%	Trim
34	RVT	Royce Small-cap Trust INC	-2.6%	-17.71%	Trim
35	ACWI	Ishares Msci Acwi ETF	—	NEW	New buy
36	✓	Powershares Qqq Trust Ser 1	—	NEW	New buy
37	BAK	Braskem Sa-class A- Adr	—	NEW	New buy
38	EFA	Ishares Msci Eafe ETF	—	NEW	New buy
39	CSQ	Calamos Strat Ttl Rtrn Fnd	—	EXIT	Sold out
40	EDC	Dir Da Ms Em Ma Bul 3x Etf-u	—	NEW	New buy
41	BCX	Blackrock Resources & Commod	—	EXIT	Sold out
42	XFEOX	First Trust/abrdn Emerging O	—	EXIT	Sold out
43	✓	New Ireland Fund INC	—	EXIT	Sold out
44	ECF	Ellsworth Growth And Income	—	EXIT	Sold out
45	VALE	Vale S.A.	—	NEW	New buy
46	PEO	Adams Natural Resources Fund	—	EXIT	Sold out
47	✓	Abrdn Australia Equity Fd In	—	EXIT	Sold out
48	IRR	Voya Natural Resources Equit	—	EXIT	Sold out
49	GF	New Germany Fund Inc/the	—	EXIT	Sold out
50	✓	Herzfeld Credit Income Fund	—	NEW	New buy