Other People's Money with Max Wiethe Why Emerging Markets are Finally Outperforming Developed Markets | Robert Koenigsberger | Gramercy
Apr 7, 2026
Robert Koenigsberger, founder and CIO of Gramercy and veteran emerging markets investor, discusses why EMs are finally outpacing developed markets. He covers rapid central-bank responses, currency and rate drivers, pitfalls of index-weighting, the strengths of EM private credit, restructuring playbooks, and practical hedging and governance tools used in EM debt and lending.
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Prevent Liquidity Mismatch In Private Credit
- Avoid retail-style liquidity mismatches in private credit by using institutional, locked-up fund structures.
- Gramercy keeps EM private credit funds closed-ended with synchronized capital draw and returns to prevent the DM liquidity issues.
Indices Hide Idiosyncratic EM Risk
- Buying the EM index equals a beta decision that often ignores idiosyncratic alpha and downside risks.
- Koenigsberger says indices forced investors into risky country weights like Argentina or Russia at the wrong times.
Construct EM Portfolios With A Barbell
- Build EM debt portfolios with a barbell: anchor with high-conviction yield and opportunistic distressed positions.
- The anchor yield lets you weather volatility and selectively buy asymmetric distressed opportunities.