EM FX: The case for sticking to the majors over local plays

Been watching the EM FX space for a while now, particularly with the recent USD strength. It's striking how often the narrative pivots to 'picking the right EM currency' for alpha, but honestly, I'm finding it increasingly difficult to justify anything beyond tactical, short-term plays in local EM FX. The volatility is one thing, but the macro headwinds feel persistent – higher global rates, slower growth, political risks bubbling up everywhere.

My take is that for anyone not running a dedicated EM book, exposure to EM macro is better achieved through specific equity plays in sectors with clear growth catalysts, or even through a basket of developed market names with strong EM exposure in their revenue streams. For FX, sticking to the majors – $EURUSD, $USDJPY, etc. – and managing risk there feels like a much cleaner way to play global macro themes without getting tangled in the idiosyncratic risks of, say, the BRL or TRY. Is this too simplistic, or are others seeing the same? Push back on this if you're finding consistent edge in active EM FX management beyond the occasional punt.