Key takeaways: In this piece, we set out apparent benefits of investing actively in emerging market debt (EMD) and the potential pitfalls of passive strategies. Whilst a low-cost passive investment strategy may seem appealing at first, we believe an active approach provides superior upside opportunity and mitigates against downside risks associated with passive vehicles. The advantages of an active approach are particularly relevant in EMD, given it is such a diverse and alpha-rich universe.