Gramercy Funds Management LLC — Q4 2016 13F Holdings

Name: Gramercy Funds Management LLC — 13F Holdings, Q4 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	36.48%	—	+215.79%
2	YPF	Ypf S.a.-sponsored Adr	Stock-Other	8.97%	—	+23.68%
3	BAK	Braskem Sa-class A- Adr	Stock-Other	5.91%	—	-31.71%
4	CSAN	Cosan S.A.	Stock-Other	4.38%	—	—
5	EDC	Dir Da Ms Em Ma Bul 3x Etf-u	ETF-Other	4.21%	—	+675.00%
6	STEW	Srh Total Return Fund INC	Stock-Other	3.69%	—	-45.46%
7	RVT	Royce Small-cap Trust INC	Stock-Other	3.65%	—	-66.52%
8	ADX	Adams Diversified Equity	Stock-Other	2.73%	—	-74.84%
9	CET	Central Securities CORP	Stock-Other	2.66%	—	-67.50%
10	THFG	Thai Fund INC	Stock-Other	2.22%	—	-3.12%
11	TY	Tri-continental CORP	Stock-Other	2.16%	—	-80.35%
12	KF	Korea Fund INC	Stock-Other	1.86%	—	-13.19%
13	XCAFX	Morgan Stanley China A Share	Stock-Other	1.47%	—	—
14	MMT	Aberdeen Multi-Market Income Fund	Stock-Other	1.36%	—	-23.57%
15	✓	Jpmorgan China Region Fd INC	Stock-Other	1.19%	—	+27.93%
16	EEM	Ishares Msci Emerging Market	ETF-Emerging Markets	1.08%	—	—
17	RSX1USD	Vaneck Vectors Russia ETF	ETF-Other	1.08%	—	-19.15%
18	TWN	Taiwan Fund Inc/th/md-us INC	Stock-Other	1.03%	—	+6.97%
19	PAG	Penske Automotive Group INC	Stock-Consumer Disc	0.99%	—	—
20	USA	Liberty All Star Equity Fund	Stock-Other	0.94%	—	-91.49%
21	GAM	General American Investors	Stock-Other	0.93%	—	-90.94%
22	✓	Singapore Fund	Stock-Other	0.88%	—	-7.09%
23	✓	Korea Equity Fund	Stock-Other	0.87%	—	—
24	✓	Banro CORP	Stock-Other	0.79%	—	—
25	PINE	Alpine Income Property Trust, Inc.	Stock-Other	0.78%	—	—
26	XJEQX	Abrdn Japan Equity Fund INC	Stock-Other	0.66%	—	-52.60%
27	✓	Aberdeen Israel Fund INC	Stock-Other	0.65%	—	—
28	RMT	Royce Micro-cap Trust INC	Stock-Other	0.64%	—	-76.56%
29	MXE	Mexico Equity And Income Fd	Stock-Other	0.61%	—	-20.76%
30	IIF	Morgan Stanley India Invest	Stock-Other	0.55%	—	+118.17%
31	XXCHNXX	China Fund INC	Stock-Other	0.53%	—	+3.97%
32	✓	Aberdeen Indonesia Fd INC	Stock-Other	0.47%	—	—
33	GREKUSD	Global X Msci Greece ETF	ETF-Other	0.40%	—	—
34	✓	Asia Pac Fd INC	Stock-Other	0.40%	—	+22.00%
35	✓	Stone Hbr Emerg Mkts Tl INC	Stock-Other	0.39%	—	—
36	VALE	Vale S.A.	Stock-Materials	0.37%	—	+100.00%
37	TDF	Templeton Dragon Fund INC	Stock-Other	0.34%	—	+15.58%
38	UBR	Proshares Ultra Msci Brazil	ETF-Other	0.28%	—	-32.14%
39	AEF	Abrdn Emerging Markets Ex Ch	Stock-Other	0.25%	—	—
40	EZA	Ishares Msci South Africa Et	ETF-Other	0.21%	—	-43.85%
41	✓	Turkish Invt Fd INC	Stock-Other	0.20%	—	-46.02%
42	✓	Aberdeen Gtr China Fd INC	Stock-Other	0.20%	—	—
43	✓	Morgan Stanley Asia Pac Fd I	Stock-Other	0.15%	—	-90.71%
44	IFN	Aberdeen India Fund INC	Stock-Other	0.11%	—	—
45	✓	Adecoagro SA	Stock-Other	0.11%	—	—
46	XFEOX	First Trust/abrdn Emerging O	Stock-Other	0.08%	—	—
47	✓	Latin Amern Discovery Fd INC	Stock-Other	0.04%	—	-65.67%
48	MMT	Aberdeen Multi-Market Income Fund	Stock-Other	0.02%	—	-91.24%
49	✓	Asia Tigers Fund	Stock-Other	0.01%	—	—
50	✓	Herzfeld Credit Income Fund	Stock-Other	0.01%	—	-91.14%

Holding changes this quarter

Position changes disclosed by Gramercy Funds Management LLC for the quarter ending Q4 2016, including ticker, issuer, weight change, shares change, and action
#	Ticker	Issuer	Weight Change	Shares Change	Action
1	ACWI	Ishares Msci Acwi ETF	+28.7%	+215.79%	Add
2	EDC	Dir Da Ms Em Ma Bul 3x Etf-u	+3.8%	+675.00%	Add
3	YPF	Ypf S.a.-sponsored Adr	+3.6%	+23.68%	Add
4	BAK	Braskem Sa-class A- Adr	+1.7%	-31.71%	Trim
5	THFG	Thai Fund INC	+0.6%	-3.12%	Trim
6	✓	Jpmorgan China Region Fd INC	+0.5%	+27.93%	Add
7	XCAFX	Morgan Stanley China A Share	+0.4%	—	Unchanged
8	PAG	Penske Automotive Group INC	+0.4%	—	Unchanged
9	IIF	Morgan Stanley India Invest	+0.4%	+118.17%	Add
10	RSX1USD	Vaneck Vectors Russia ETF	+0.3%	-19.15%	Trim
11	KF	Korea Fund INC	+0.2%	-13.19%	Trim
12	✓	Singapore Fund	+0.2%	-7.09%	Trim
13	✓	Korea Equity Fund	+0.2%	—	Unchanged
14	VALE	Vale S.A.	+0.2%	+100.00%	Add
15	✓	Asia Pac Fd INC	+0.2%	+22.00%	Add
16	GREKUSD	Global X Msci Greece ETF	+0.2%	—	Unchanged
17	XXCHNXX	China Fund INC	+0.2%	+3.97%	Add
18	✓	Stone Hbr Emerg Mkts Tl INC	+0.1%	—	Unchanged
19	MMT	Aberdeen Multi-Market Income Fund	+0.1%	-23.57%	Trim
20	MXE	Mexico Equity And Income Fd	0%	-20.76%	Trim
21	UBR	Proshares Ultra Msci Brazil	0%	-32.14%	Trim
22	✓	Latin Amern Discovery Fd INC	0%	-65.67%	Trim
23	✓	Herzfeld Credit Income Fund	-0.1%	-91.14%	Trim
24	EZA	Ishares Msci South Africa Et	-0.1%	-43.85%	Trim
25	✓	Turkish Invt Fd INC	-0.1%	-46.02%	Trim
26	✓	Banro CORP	-0.1%	—	Unchanged
27	MMT	Aberdeen Multi-Market Income Fund	-0.2%	-91.24%	Trim
28	XJEQX	Abrdn Japan Equity Fund INC	-0.4%	-52.60%	Trim
29	STEW	Srh Total Return Fund INC	-0.6%	-45.46%	Trim
30	✓	Morgan Stanley Asia Pac Fd I	-1.1%	-90.71%	Trim
31	RMT	Royce Micro-cap Trust INC	-1.1%	-76.56%	Trim
32	CET	Central Securities CORP	-2.7%	-67.50%	Trim
33	RVT	Royce Small-cap Trust INC	-3.3%	-66.52%	Trim
34	ADX	Adams Diversified Equity	-4.9%	-74.84%	Trim
35	TY	Tri-continental CORP	-5.1%	-80.35%	Trim
36	GAM	General American Investors	-6.3%	-90.94%	Trim
37	USA	Liberty All Star Equity Fund	-6.5%	-91.49%	Trim
38	✓	Powershares Qqq Trust Ser 1	—	EXIT	Sold out
39	SPY	Ss Spdr S&p 500 ETF Trust-us	—	EXIT	Sold out
40	EFA	Ishares Msci Eafe ETF	—	EXIT	Sold out
41	CSAN	Cosan S.A.	—	NEW	New buy
42	SWZ	Total Return Securities Fund	—	EXIT	Sold out
43	JOF	Japan Smaller Capitalization	—	EXIT	Sold out
44	EEM	Ishares Msci Emerging Market	—	NEW	New buy
45	CEE	Central And Eastern Europe F	—	EXIT	Sold out
46	MXF	Mexico Fund INC	—	EXIT	Sold out
47	EEA	European Equity Fund Inc/the	—	EXIT	Sold out
48	✓	Adecoagro SA	—	NEW	New buy
49	✓	Macquarie	—	EXIT	Sold out
50	XFEOX	First Trust/abrdn Emerging O	—	NEW	New buy