EMTL is an actively managed fund that invests in emerging market debt. Managed by DoubleLine Capital, EMTL has a broad mandate to invest in a variety of fixed income sectors using macro-economic and bottom up analysis. Self-imposed constraints include a maximum 20% allocation to any single country, and no more than 20% allocation in fixed income securities that are unrated or below investment grade. EMTL aims to lean toward USD-denominated debt, but places no bounds on any currency, and might hedge local currency debt. The fund aims to maintain a weighted average effective duration between two and eight years.