Developed vs total market (including emerging)

Hi everyone, I know this is a common topic around here, but I have basically been debating whether to go with a total market global fund (including emerging markets) or just a developed country one. In theory I guess emerging markets should have higher expected returns, but: 1. Those returns have actually not been that great historically, particularly if risk adjusted 2. The obvious reason for having exposure to EMs (higher GDP growth) has also been found not to be that straightforward as there are other factors that impact earnings per share and returns (namely dilution and lower corporate profitability). In fact, the correlation between returns and GDP growth has been found to be close to 0. 3. There is also the argument that developed market companies also do business and are exposed to growth in EMs 4. Finally, there is the argument that if those markets become developed enough and more investible, they will automatically be added to developed market indices Taking this into consideration (and other potential “against” arguments), what could be the arguments in favour of including a EM allocation? Do those outweighs the arguments against? Thank you!