I am way overweight ELD because I do not believe that the US Dollar will be quite as strong as the talking heads are saying. Perhaps against the Yen or Euro, but not against the emerging market currencies. I'm very happy with holding bonds from emerging market countries that are growing and have less debt.
This is really a buying opportunity because of the fear of inflation in emerging markets - which may hurt bonds. The main inflation is in the United States due to devaluing its currency against the emerging market currencies. The emerging market currencies have done a better job of holding value against commodities.
And finally, if the world recovers, the emerging markets will still outperform the developed world - meaning stronger currencies. And if the global economy slows (as I suspect it will) - then the current bonds ELD is holding will appreciate in value.