Thanks, Thomas, a very good point.  To the degree it is true, it perhaps must be netted against interrelated factors, such as currency exchange rates,  relative economic growth and inflationary comparisons with the US, sovereign credit revisions, etc to see what the combined effect is for  US based investors.

Second, there is the issue as to whether investors should be searching for opportunities reasonably assured of near term profit or  also attempting to manage portfolio risk through attention to asset class correlation.   If the first, the investor seems more a market timer than one trying to build in alpha through portfolio diversification.  Over the long haul (ten year track records) the emerging market debt CEF I follow have excellent total returns of 13-15% annualized.

The third issue has to do with discounts. I believe it is the case that these CEF have fallen in market value significantly more than in NAV, a factor possibly reflecting investment sentiment perhaps peculiar to CEF. This discount excursion from the funds' norm tends to suggest a buying opportunity even if the cyclic bottom for EMD has not  yet been reached. 

My original question was prompted by  mid year rebalancing, in which, after DD, some profits might be taken to add to under-performers in behalf of the "buy low, sell high" theory. I don't mind being early, but not too early.  Thanks again for your opinion,  the fact that EDD has little track record is certainly one of importance, as are the comments above by others. Bill.