Our EMD team explains why an unconstrained approach makes sense for investing in the asset class. Targeting downside protection explicitly, while capturing most of the upside, can smoothen the volatility of investments over the long term. Key Points: Unconstrained strategies can unlock the full spectrum of EMD opportunity: we believe such a strategy is uniquely positioned to exploit the breadth, technical complexity and inherent inefficiency of the EMD asset class. The four pillars to consider when constructing an EMD unconstrained portfolio: full flexibility, benchmark agnostic implementation of high conviction ideas, use of hedging to manage downside, and inclusion of EM assets with return profiles that are uncorrelated to broader downside in the market. The importance of a high conviction total return approach: we believe it is only a high conviction total return approach that has the ability to combine all four elements into one well-balanced strategy, making it a better choice for investors.