episode_id
stringlengths
6
6
portfolio_id
stringlengths
6
6
as_of_date
stringdate
2024-01-06 00:00:00
2025-12-26 00:00:00
regime
stringclasses
4 values
ig_spread_bps
int64
65
260
hy_spread_bps
int64
280
850
unemployment_pct
float64
3.2
8.5
gdp_yoy_pct
float64
-2
3
nav_usd
int64
50.1M
3B
sector_exposure_pct
stringlengths
31
94
region_exposure_pct
stringlengths
42
45
rating_mix_pct
stringlengths
27
49
avg_pd_pct
float64
0.4
7.5
avg_lgd_pct
float64
20
65
var_95_bps
int64
80
400
stress_loss_bps
int64
120
710
drawdown_60d_pct
float64
2
23.7
policy_max_name_pct
float64
2
4
policy_max_sector_pct
int64
20
35
policy_max_region_pct
int64
35
55
policy_hy_cap_pct
int64
20
35
breach_sector_flag
bool
2 classes
breach_region_flag
bool
2 classes
breach_hy_cap_flag
bool
2 classes
breach_var_flag
bool
2 classes
ews_dsr_jump_pp
float64
-0.5
2.5
ews_delinq30d_jump_pp
float64
-0.3
1.8
ews_rating_drift_notches
float64
-0.4
0.6
ews_sector_alerts
stringclasses
426 values
action_type
stringclasses
5 values
action_payload
stringlengths
23
41
expected_loss_delta_bps
int64
-60
20
expected_yield_delta_bps
int64
-25
45
execution_venue
stringclasses
5 values
execution_mode
stringclasses
4 values
slippage_bps
int64
0
12
fill_ratio_pct
int64
0
100
pnl_30d_bps
int64
-220
457
credit_loss_90d_bps
int64
-480
210
self_correction_trigger
stringclasses
4 values
self_correction_action
stringclasses
4 values
self_correction_reason
stringclasses
5 values
post_correction_var_bps
int64
90
260
audit_notes
stringclasses
5 values
C00401
CR7941
2024-12-13
Recovery
105
449
6.4
0.3
1,368,657,794
Financials:6.4;Utilities:15.1;Comm:17.6;Healthcare:26.0;Materials:13.2;Consumer:21.6
US:65.9;EU:6.4;APAC:11.9;EMEA:10.3;LATAM:5.5
A:10.4;B:32.0;AAA:25.2;CCC:32.4
6.38
30.5
138
464
17.3
2
25
45
20
true
true
true
false
2.47
1.61
-0.08
RealEstate:EW;Utilities:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
13
-19
DealerA
All2All
7
92
-6
-229
VAR>budget
Hedge
Portfolio VAR above budget
90
Rotate into defensive sectors
C00402
CR2846
2024-05-03
Stress
202
771
8.4
0.3
2,946,496,127
Consumer:8.4;Tech:20.8;Energy:23.5;Materials:15.9;Comm:15.4;Industrials:16.0
US:60.5;EU:6.2;APAC:13.9;EMEA:12.4;LATAM:7.0
BBB:15.8;BB:12.3;AAA:29.9;CCC:42.0
5.43
35.7
385
468
8.9
2.5
20
35
20
true
true
true
true
2
1.34
-0.21
Comm:EW;Tech:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-55
6
ECN2
All2All
2
92
-75
42
Sector>limit
Hedge
Sector concentration above limit
253
Rotate into defensive sectors
C00403
CR5120
2025-12-10
Calm
101
308
4
2.2
235,859,736
Utilities:29.1;Industrials:27.6;Consumer:34.6;RealEstate:8.8
US:68.0;EU:12.8;APAC:5.5;EMEA:6.7;LATAM:6.9
AA:10.6;A:32.5;CCC:17.5;BB:8.0;BBB:31.5
3.35
39.9
172
423
12.1
3.5
30
55
35
true
true
false
false
-0.35
1.42
0.27
Industrials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
6
25
DealerC
DealerAxed
11
100
-2
-459
Sector>limit
Hedge
Sector concentration above limit
255
Tighten HY exposure bands
C00404
CR9578
2024-07-09
Recovery
102
457
5.2
1.5
2,957,720,748
Industrials:13.0;Financials:28.0;Comm:32.0;RealEstate:10.1;Utilities:9.2;Consumer:7.7
US:80.5;EU:7.8;APAC:5.5;EMEA:5.7;LATAM:0.5
BBB:25.8;A:30.4;BB:34.3;B:9.6
3.68
31.3
81
482
2.3
2
30
35
25
true
true
true
false
-0.32
0.75
-0.1
Healthcare:EW;Utilities:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
17
-11
ECN2
Electronic
11
93
360
-334
VAR>budget
Reduce
Portfolio VAR above budget
146
Defer adds pending macro print
C00405
CR5510
2024-10-31
Tightening
137
430
3.9
1.8
357,781,376
Financials:45.3;Healthcare:21.5;Energy:33.1
US:68.0;EU:9.4;APAC:9.7;EMEA:12.5;LATAM:0.4
BB:10.0;A:28.8;AAA:38.8;CCC:4.8;AA:17.7
0.57
52
262
506
6.6
4
25
55
25
true
true
false
true
2.46
1.3
0.06
Tech:EW
Hedge
CDX_IG: +167bps notional
-48
27
ECN2
DealerAxed
10
89
-23
-51
VAR>budget
Hedge
Portfolio VAR above budget
222
Tighten HY exposure bands
C00406
CR3375
2025-08-15
Stress
196
822
5.1
-0.8
721,392,174
Comm:28.3;Energy:31.7;Tech:21.7;Consumer:18.4
US:64.3;EU:6.3;APAC:14.9;EMEA:9.6;LATAM:4.9
CCC:18.0;B:16.0;BBB:18.2;A:17.9;AAA:29.9
6.48
64.5
193
517
16.5
3.5
20
35
25
true
true
true
false
-0.34
0.97
0
Financials:EW
Hedge
iTraxx_MAIN: +178bps notional
-13
2
DealerC
All2All
5
98
8
-85
HYCap>limit
Rotate
High-yield share above policy cap
96
Defer adds pending macro print
C00407
CR6226
2025-11-08
Tightening
157
477
4.6
0.8
2,348,118,581
Consumer:20.8;RealEstate:26.7;Tech:20.2;Comm:32.2
US:66.4;EU:5.8;APAC:13.9;EMEA:8.0;LATAM:6.0
BBB:9.0;B:23.7;BB:21.5;AAA:21.7;AA:24.0
0.46
43.5
146
259
9.9
3.5
25
35
25
true
true
true
false
1.14
-0
0.55
null
Hedge
CDX_IG: +51bps notional
-39
-6
ECN2
Electronic
4
85
28
172
HYCap>limit
Reduce
High-yield share above policy cap
222
Defer adds pending macro print
C00408
CR3028
2025-04-17
Calm
87
315
4.4
2.3
1,862,022,347
Financials:22.3;Tech:23.0;RealEstate:7.6;Industrials:10.4;Energy:25.6;Consumer:11.1
US:70.4;EU:9.6;APAC:5.7;EMEA:9.7;LATAM:4.6
BBB:22.4;A:21.7;B:8.4;BB:4.9;AA:23.5;AAA:19.2
3.49
47.7
216
201
16.7
3.5
20
35
30
true
true
false
true
1.32
0.02
0.35
Industrials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-14
4
ECN1
Electronic
1
96
-60
78
Region>limit
PauseAdds
Regional concentration above limit
126
Rotate into defensive sectors
C00409
CR9859
2024-12-21
Recovery
144
616
6.5
0.3
1,994,118,622
Energy:13.6;RealEstate:24.2;Materials:12.2;Utilities:25.7;Industrials:24.3
US:62.2;EU:15.0;APAC:13.3;EMEA:3.0;LATAM:6.5
A:18.7;BB:16.6;B:12.6;CCC:3.3;AAA:29.1;AA:19.8
1.14
31.2
221
494
17.8
2.5
35
45
30
false
true
true
true
1.23
0.44
0.17
Industrials:EW;Energy:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
15
-10
ECN1
RFQ
10
97
46
-208
VAR>budget
Reduce
Portfolio VAR above budget
133
Rotate into defensive sectors
C00410
CR2124
2024-06-30
Stress
196
585
5.7
-0.7
2,059,767,538
Consumer:11.4;Energy:9.4;Comm:20.4;Materials:30.8;Financials:12.7;Industrials:15.2
US:59.8;EU:18.9;APAC:10.0;EMEA:3.8;LATAM:7.4
BBB:21.2;B:50.2;CCC:9.2;AA:19.5
3.72
58.6
313
412
15.4
2
35
35
30
false
true
true
true
1.72
0.42
-0.22
Financials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-27
-10
ECN1
Electronic
3
87
318
-253
HYCap>limit
Rotate
High-yield share above policy cap
91
Tighten HY exposure bands
C00411
CR5331
2025-09-21
Calm
78
410
4.2
2.8
2,371,171,882
Consumer:26.1;Tech:31.3;Utilities:23.1;Energy:19.6
US:67.4;EU:16.4;APAC:9.5;EMEA:6.0;LATAM:0.7
BB:12.9;AA:18.8;B:27.4;AAA:40.9
4.88
22.3
269
221
13.2
2.5
25
55
35
true
true
true
true
-0.32
1.24
0.24
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-55
-11
ECN2
DealerAxed
1
97
166
-105
Region>limit
Reduce
Regional concentration above limit
179
Escalate watchlist names
C00412
CR6793
2024-08-08
Calm
86
295
4.2
1.6
1,122,297,471
Utilities:22.7;Energy:24.4;Comm:24.6;Tech:11.7;Healthcare:16.5
US:66.6;EU:12.1;APAC:13.0;EMEA:4.7;LATAM:3.5
CCC:23.1;BBB:22.4;AA:14.6;A:20.0;BB:12.8;AAA:7.2
5.95
54.7
201
295
16.6
2
35
55
35
false
true
true
true
1.21
1.69
-0.39
RealEstate:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-29
-8
ECN1
All2All
3
95
94
43
VAR>budget
Hedge
Portfolio VAR above budget
234
Reviewed by risk; hedges staggered
C00413
CR8560
2024-11-06
Stress
191
779
8.4
-1.2
571,340,443
Comm:8.5;Consumer:30.2;Utilities:17.8;Energy:8.9;Industrials:14.4;Financials:20.2
US:64.2;EU:9.1;APAC:11.6;EMEA:6.6;LATAM:8.5
CCC:17.4;A:24.4;B:21.1;BB:37.1
6.62
23.9
164
633
11.4
3
30
35
30
true
true
true
false
2.14
0.77
0.47
Consumer:EW
Hedge
CDX_HY: +185bps notional
-30
4
DealerB
RFQ
4
95
39
91
VAR>budget
Rotate
Portfolio VAR above budget
165
Rotate into defensive sectors
C00414
CR9020
2025-07-08
Calm
77
379
4.2
2.8
2,174,713,506
Materials:15.3;Energy:34.5;RealEstate:18.9;Tech:31.2
US:68.9;EU:15.6;APAC:9.9;EMEA:4.0;LATAM:1.6
AA:39.4;B:13.1;A:39.7;BB:7.9
4.84
61.5
129
465
13.9
4
35
35
20
false
true
true
false
1.15
0.38
-0.32
Tech:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-60
32
ECN1
RFQ
6
85
303
-348
VAR>budget
Rotate
Portfolio VAR above budget
173
Rotate into defensive sectors
C00415
CR4443
2024-11-11
Stress
240
721
7.7
-2
1,903,316,068
Healthcare:39.7;Comm:22.5;Financials:37.8
US:61.3;EU:17.4;APAC:11.1;EMEA:8.2;LATAM:2.0
A:29.7;BB:15.9;BBB:34.0;B:20.4
3.02
22.8
329
479
19.7
4
25
45
25
true
true
true
true
-0.16
0.45
0.41
Energy:EW;Consumer:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-44
2
DealerB
RFQ
7
90
147
148
Sector>limit
Rotate
Sector concentration above limit
208
Reviewed by risk; hedges staggered
C00416
CR8724
2024-01-17
Tightening
118
400
4
1.9
2,060,883,572
Consumer:45.2;Utilities:42.5;Healthcare:12.3
US:72.7;EU:10.5;APAC:6.8;EMEA:9.8;LATAM:0.1
AAA:26.2;A:11.5;AA:21.8;CCC:2.5;BBB:31.2;BB:6.8
6.63
24.6
191
121
8.8
2.5
35
45
30
true
true
false
false
-0.33
0.13
-0.3
null
Rotate
From Energy -1.0% to Utilities +1.0%
-52
17
ECN2
DealerAxed
10
87
317
-306
VAR>budget
Hedge
Portfolio VAR above budget
195
Escalate watchlist names
C00417
CR3864
2025-02-02
Calm
90
296
3.5
2.9
1,275,662,366
Financials:17.8;Tech:10.8;Industrials:8.2;Energy:32.4;Consumer:16.5;Comm:14.3
US:63.2;EU:20.4;APAC:9.1;EMEA:6.7;LATAM:0.6
AA:24.9;CCC:17.1;BBB:24.9;B:19.8;AAA:13.3
3.51
54.3
168
392
4.1
3
35
55
35
false
true
true
false
0.37
0.98
-0.4
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-22
3
DealerA
DealerAxed
10
93
-158
-476
HYCap>limit
Hedge
High-yield share above policy cap
224
Reviewed by risk; hedges staggered
C00418
CR8796
2024-06-12
Calm
86
410
4
2.4
1,933,151,306
Comm:21.4;Consumer:53.6;Energy:25.0
US:61.1;EU:7.2;APAC:12.8;EMEA:12.4;LATAM:6.6
BBB:21.0;B:34.0;A:22.5;BB:22.5
4.23
63
251
432
10.4
3
25
45
25
true
true
true
true
1.98
1.06
-0.31
Tech:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-53
-19
DealerA
All2All
10
93
-5
-342
Sector>limit
Rotate
Sector concentration above limit
163
Rotate into defensive sectors
C00419
CR4978
2025-10-31
Stress
251
810
5.5
-0
1,573,709,875
RealEstate:24.7;Materials:22.3;Consumer:23.3;Comm:29.7
US:59.2;EU:17.6;APAC:8.9;EMEA:9.6;LATAM:4.6
AA:17.2;BB:15.1;CCC:29.7;B:8.9;BBB:29.0
0.8
44.6
168
662
16.6
3
20
35
35
true
true
true
false
0.75
1.21
-0.19
Healthcare:EW;Industrials:EW
Hedge
SingleName_CDS: +154bps notional
-52
0
DealerC
RFQ
8
96
152
-155
VAR>budget
Reduce
Portfolio VAR above budget
129
Tighten HY exposure bands
C00420
CR0201
2024-08-18
Stress
260
776
6
0.7
1,158,952,058
Industrials:23.6;RealEstate:23.1;Comm:6.9;Healthcare:16.5;Utilities:21.5;Consumer:8.5
US:67.7;EU:9.9;APAC:9.5;EMEA:10.4;LATAM:2.4
B:18.7;AA:29.7;A:30.5;BBB:11.2;BB:9.9
1.76
54.6
351
293
20
3
35
55
35
false
true
false
true
1.46
1.1
0.03
Utilities:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-23
38
ECN1
All2All
12
95
41
-88
Sector>limit
Reduce
Sector concentration above limit
117
Reviewed by risk; hedges staggered
C00421
CR4955
2025-04-01
Recovery
142
474
5
0.6
135,718,707
Utilities:21.8;Financials:19.6;Consumer:28.6;RealEstate:30.0
US:63.2;EU:14.6;APAC:4.7;EMEA:10.7;LATAM:6.8
A:29.9;AA:12.2;AAA:10.5;CCC:21.3;BBB:26.0
4.43
38.7
99
454
5.8
3.5
25
45
25
true
true
false
false
1.92
-0.12
0.28
Financials:EW
Hedge
CDX_IG: +179bps notional
-26
-20
DealerC
DealerAxed
3
95
408
-50
HYCap>limit
Reduce
High-yield share above policy cap
222
Tighten HY exposure bands
C00422
CR4397
2025-01-29
Tightening
101
490
4.4
1.4
2,815,678,319
RealEstate:23.4;Consumer:13.9;Energy:33.1;Materials:11.7;Comm:17.9
US:67.8;EU:8.1;APAC:11.7;EMEA:10.6;LATAM:1.8
B:29.4;AA:16.5;CCC:18.0;AAA:36.1
6.46
36
152
326
12.4
4
35
35
25
false
true
true
false
0.95
0.19
-0.33
Tech:EW
Hedge
iTraxx_MAIN: +101bps notional
-43
44
DealerC
RFQ
11
92
213
-205
VAR>budget
Hedge
Portfolio VAR above budget
251
Rotate into defensive sectors
C00423
CR1749
2025-02-14
Calm
66
383
3.7
2.9
1,986,937,689
Tech:25.5;RealEstate:14.4;Financials:12.2;Consumer:21.9;Materials:12.6;Industrials:13.5
US:67.3;EU:6.8;APAC:12.3;EMEA:8.2;LATAM:5.3
BB:16.1;B:26.5;AA:42.4;BBB:15.1
6.7
37.6
158
243
3.8
2
20
35
25
true
true
true
false
1.09
1.62
-0.06
RealEstate:EW
Hedge
SingleName_CDS: +122bps notional
-54
35
ECN2
DealerAxed
6
88
-8
19
HYCap>limit
Hedge
High-yield share above policy cap
217
Reviewed by risk; hedges staggered
C00424
CR3252
2024-06-22
Recovery
169
632
5.8
1.3
1,091,809,479
Energy:10.2;Tech:30.5;Comm:34.3;Consumer:25.0
US:72.3;EU:10.8;APAC:8.0;EMEA:5.7;LATAM:3.2
BBB:22.1;AAA:20.9;BB:25.1;AA:6.8;A:6.8;B:18.4
7.01
39.2
266
165
3
4
20
45
30
true
true
true
true
2.28
0.82
0.38
Tech:EW
Hedge
CDX_HY: +141bps notional
12
15
DealerB
RFQ
8
94
-41
-217
Sector>limit
Hedge
Sector concentration above limit
204
Defer adds pending macro print
C00425
CR6510
2025-06-11
Recovery
126
567
5.1
1.6
2,449,406,039
Consumer:37.0;Comm:13.1;Tech:18.9;Financials:31.0
US:72.2;EU:6.2;APAC:6.2;EMEA:11.7;LATAM:3.7
B:17.6;BBB:21.2;AAA:43.4;BB:17.8
0.74
62.1
274
121
10.6
2
25
45
35
true
true
true
true
-0.12
1.3
0.56
null
Rotate
From Energy -1.0% to Utilities +1.0%
-13
3
DealerB
Electronic
5
92
55
126
Region>limit
Rotate
Regional concentration above limit
216
Tighten HY exposure bands
C00426
CR6367
2024-09-03
Tightening
122
392
4.8
1.9
341,666,050
RealEstate:41.7;Materials:12.3;Healthcare:46.1
US:59.5;EU:17.4;APAC:5.8;EMEA:12.1;LATAM:5.3
BBB:18.2;AAA:8.1;BB:10.4;A:19.0;AA:12.3;B:32.0
5.12
57.7
113
125
7.1
3
25
55
35
true
true
true
false
0.57
0.74
0.13
Utilities:EW;Financials:EW;Energy:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-30
5
ECN2
All2All
10
94
409
-8
HYCap>limit
Hedge
High-yield share above policy cap
222
Escalate watchlist names
C00427
CR0601
2025-04-20
Recovery
114
597
4.6
1.1
1,921,253,519
RealEstate:20.3;Energy:51.3;Financials:28.4
US:61.3;EU:16.8;APAC:13.7;EMEA:5.4;LATAM:2.9
AA:35.0;A:18.6;CCC:9.8;BBB:36.7
1.78
59.6
110
506
12.2
2
35
45
25
true
true
false
false
-0.24
1.17
-0.08
Tech:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-1
-3
DealerC
RFQ
0
95
55
89
Region>limit
Hedge
Regional concentration above limit
242
Escalate watchlist names
C00428
CR8003
2025-09-15
Calm
119
341
4.4
1.5
675,287,889
Consumer:24.4;Financials:26.5;Energy:33.2;Materials:15.9
US:74.9;EU:6.8;APAC:6.2;EMEA:7.9;LATAM:4.3
AA:30.0;BB:37.3;A:13.7;AAA:19.0
4.8
56.5
146
174
2.5
3.5
20
35
25
true
true
true
false
0.14
0.94
0.42
Utilities:EW;Consumer:EW
Rotate
From Energy -1.0% to Utilities +1.0%
13
-3
ECN1
Electronic
4
89
83
-43
HYCap>limit
Reduce
High-yield share above policy cap
146
Defer adds pending macro print
C00429
CR7006
2025-11-12
Calm
74
356
4.2
1.9
1,772,229,570
Utilities:14.7;Comm:21.1;Energy:17.9;Consumer:18.9;Tech:21.4;Materials:6.0
US:60.5;EU:9.8;APAC:16.1;EMEA:9.8;LATAM:3.8
B:13.6;AAA:29.3;CCC:34.2;BB:22.8
0.82
42.5
167
183
12.9
2.5
30
35
30
false
true
true
false
0.24
0.78
0.28
Energy:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-53
3
ECN2
All2All
3
90
280
-227
Sector>limit
Rotate
Sector concentration above limit
183
Defer adds pending macro print
C00430
CR2042
2025-03-09
Stress
166
599
5.7
-1.9
2,903,195,123
RealEstate:23.2;Consumer:15.0;Materials:25.6;Financials:36.1
US:68.5;EU:16.0;APAC:5.4;EMEA:5.2;LATAM:4.8
AA:15.0;BBB:28.9;CCC:16.1;A:28.1;B:6.7;BB:5.2
4.66
21.8
174
310
11.3
4
20
55
25
true
true
true
false
0.52
0.96
0.48
Materials:EW;Energy:EW;Consumer:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-11
16
DealerA
RFQ
9
98
156
139
Region>limit
Hedge
Regional concentration above limit
196
Tighten HY exposure bands
C00431
CR2806
2025-11-25
Calm
90
318
4.2
2.3
770,355,018
Materials:37.5;Comm:16.9;Utilities:15.5;Financials:30.0
US:57.6;EU:17.9;APAC:11.1;EMEA:9.7;LATAM:3.7
AAA:32.2;CCC:17.5;AA:37.9;BB:8.3;B:4.1
4.99
29.1
213
383
10.2
3.5
35
55
30
true
true
false
true
2.42
0.6
0.51
Tech:EW
Hedge
CDX_HY: +62bps notional
3
42
DealerA
RFQ
1
99
261
-274
HYCap>limit
Rotate
High-yield share above policy cap
155
Tighten HY exposure bands
C00432
CR4917
2025-03-24
Tightening
106
455
3.8
0.9
1,078,731,682
Energy:42.3;Utilities:21.2;RealEstate:36.5
US:65.2;EU:11.6;APAC:12.4;EMEA:8.8;LATAM:2.0
CCC:15.8;AAA:41.4;BB:4.4;BBB:38.4
4.13
45.2
155
252
17.1
4
25
45
25
true
true
false
false
0.45
1.52
0.32
Materials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-50
5
DealerB
Electronic
1
97
396
-182
VAR>budget
Hedge
Portfolio VAR above budget
168
Reviewed by risk; hedges staggered
C00433
CR6028
2024-04-03
Recovery
100
630
4.7
-0
2,899,141,917
RealEstate:26.1;Materials:15.0;Healthcare:39.3;Tech:19.6
US:66.1;EU:10.1;APAC:10.8;EMEA:12.1;LATAM:0.9
CCC:4.3;AA:55.6;BB:16.7;AAA:23.4
1.69
24.3
131
283
6
2.5
35
55
20
true
true
true
false
0.28
1.18
-0.15
RealEstate:EW
Rotate
From Energy -1.0% to Utilities +1.0%
10
19
DealerC
RFQ
6
92
109
-107
VAR>budget
Reduce
Portfolio VAR above budget
240
Tighten HY exposure bands
C00434
CR7293
2025-08-17
Calm
92
325
3.4
2.4
1,176,390,872
RealEstate:16.1;Energy:40.5;Industrials:43.5
US:67.4;EU:13.5;APAC:12.0;EMEA:6.0;LATAM:1.1
A:36.7;AA:32.1;CCC:11.3;AAA:19.9
6.97
21.4
104
476
5.2
3
35
45
30
true
true
false
false
1.72
0.21
0.2
Healthcare:EW;Financials:EW
Hedge
Options_Payer: +152bps notional
-60
-13
DealerA
Electronic
4
90
338
-310
Sector>limit
Hedge
Sector concentration above limit
194
Reviewed by risk; hedges staggered
C00435
CR5659
2025-07-08
Stress
172
666
5.5
-0.7
995,966,042
Utilities:18.6;Energy:27.9;Industrials:25.4;Comm:28.2
US:64.7;EU:12.6;APAC:11.3;EMEA:7.5;LATAM:3.8
BBB:27.4;AAA:39.0;BB:18.5;B:9.2;CCC:5.8
6.08
54.4
326
473
7.3
2
25
45
25
true
true
true
true
1.2
0.63
-0.11
Energy:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-26
12
ECN2
All2All
9
92
95
123
Region>limit
Rotate
Regional concentration above limit
107
Rotate into defensive sectors
C00436
CR7407
2025-04-21
Recovery
113
547
4.9
-0.3
835,546,915
Industrials:21.0;Energy:20.6;Healthcare:14.5;Consumer:23.0;RealEstate:21.0
US:65.5;EU:10.7;APAC:9.4;EMEA:9.7;LATAM:4.7
AAA:11.2;A:25.3;AA:27.1;BBB:21.7;B:7.3;BB:7.4
4.54
54.9
180
519
4.3
3
25
35
20
false
true
false
false
0.32
0.26
0.2
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-13
21
DealerA
DealerAxed
5
97
156
-164
VAR>budget
Reduce
Portfolio VAR above budget
143
Rotate into defensive sectors
C00437
CR5923
2024-07-07
Calm
116
415
3.5
2.2
1,087,495,830
Comm:8.6;Energy:30.7;RealEstate:24.3;Industrials:26.8;Financials:9.5
US:51.3;EU:18.7;APAC:14.3;EMEA:8.6;LATAM:7.2
AAA:21.1;CCC:25.2;A:17.4;AA:7.1;BBB:13.3;B:16.0
1.06
61.1
182
375
11.7
3
35
45
25
false
true
true
false
2.48
0.2
0.14
Energy:EW
Hedge
SingleName_CDS: +197bps notional
14
-25
DealerA
RFQ
3
95
-36
100
HYCap>limit
Reduce
High-yield share above policy cap
111
Escalate watchlist names
C00438
CR1672
2025-03-30
Recovery
143
645
5.4
0.4
501,294,369
Materials:14.3;RealEstate:14.0;Financials:48.8;Consumer:22.9
US:67.8;EU:8.1;APAC:12.8;EMEA:4.7;LATAM:6.6
CCC:10.7;AAA:46.5;BB:18.0;BBB:24.8
4.22
52.6
264
300
13.6
4
20
35
20
true
true
true
true
-0.39
-0.18
0.31
Tech:EW
Hedge
iTraxx_XOVER: +138bps notional
-18
-8
DealerA
Electronic
12
87
178
-218
Region>limit
Rotate
Regional concentration above limit
185
Reviewed by risk; hedges staggered
C00439
CR6330
2024-07-15
Recovery
176
525
5.1
0.1
2,370,242,314
Energy:19.5;Consumer:21.3;Utilities:18.7;Industrials:5.4;Materials:15.7;RealEstate:19.5
US:73.6;EU:8.5;APAC:8.6;EMEA:3.1;LATAM:6.3
CCC:14.9;BBB:30.9;AAA:28.0;AA:26.3
3.14
24.4
280
357
9.8
4
25
45
25
false
true
false
true
-0.21
0.11
-0.18
Materials:EW;RealEstate:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-4
18
DealerB
Electronic
7
91
-11
-67
Region>limit
Reduce
Regional concentration above limit
119
Rotate into defensive sectors
C00440
CR9451
2025-09-01
Calm
77
378
3.4
2
1,120,363,083
Utilities:8.6;Consumer:20.9;Tech:9.2;Energy:14.1;Industrials:23.7;RealEstate:23.5
US:66.2;EU:14.0;APAC:7.7;EMEA:3.5;LATAM:8.6
CCC:26.8;A:23.0;BB:29.4;BBB:20.9
0.62
44.8
95
389
10.9
2
30
35
30
false
true
true
false
-0.44
1.74
0.34
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-58
23
DealerC
All2All
9
99
-170
-280
HYCap>limit
Reduce
High-yield share above policy cap
260
Rotate into defensive sectors
C00441
CR2526
2025-07-05
Calm
95
363
4.2
2.3
672,988,794
Comm:25.0;Energy:15.1;Industrials:25.3;Materials:9.4;Healthcare:25.2
US:72.8;EU:7.2;APAC:6.6;EMEA:6.6;LATAM:6.7
AA:7.2;BBB:24.6;BB:13.8;AAA:13.6;B:18.4;CCC:22.4
6.29
30.7
138
307
5.7
2
25
45
30
true
true
true
false
0.25
-0.13
-0.2
null
Rotate
From Energy -1.0% to Utilities +1.0%
-18
19
DealerA
All2All
2
91
402
-382
Sector>limit
Rotate
Sector concentration above limit
215
Reviewed by risk; hedges staggered
C00442
CR8073
2025-02-05
Calm
82
328
4.1
2.8
2,499,700,331
Consumer:15.6;Industrials:35.4;Healthcare:18.0;Financials:31.0
US:62.5;EU:10.0;APAC:12.5;EMEA:10.6;LATAM:4.4
BB:5.3;BBB:21.7;AA:33.2;CCC:13.1;A:26.7
5.05
60.1
176
457
8
4
25
55
20
true
true
false
false
2.03
-0.22
0.15
RealEstate:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-59
-5
DealerC
DealerAxed
1
90
410
-286
HYCap>limit
Hedge
High-yield share above policy cap
133
Tighten HY exposure bands
C00443
CR9654
2024-04-15
Stress
153
642
7.6
-1.9
798,402,053
Consumer:27.0;Healthcare:21.5;Financials:34.7;Energy:16.8
US:65.0;EU:9.0;APAC:14.9;EMEA:5.6;LATAM:5.4
BB:8.5;BBB:16.8;AA:22.0;CCC:7.9;B:8.9;AAA:36.0
0.83
62.4
259
549
19.7
3.5
35
35
20
false
true
true
true
2.37
1.8
0.3
Tech:EW
Hedge
SingleName_CDS: +200bps notional
-59
-23
ECN1
All2All
11
99
204
-372
HYCap>limit
Reduce
High-yield share above policy cap
211
Defer adds pending macro print
C00444
CR8473
2024-08-29
Recovery
141
432
5
-0
595,866,750
Materials:18.5;RealEstate:21.2;Consumer:27.9;Industrials:32.3
US:63.4;EU:10.7;APAC:16.4;EMEA:6.8;LATAM:2.7
BB:34.5;BBB:26.7;AA:21.9;A:16.9
1.87
53.1
90
430
14.7
2.5
30
35
25
true
true
true
false
-0.32
1.51
0.59
Consumer:EW;Materials:EW
Hedge
Treasury_Futures: +83bps notional
8
31
DealerC
Electronic
11
90
-78
-317
VAR>budget
Rotate
Portfolio VAR above budget
180
Defer adds pending macro print
C00445
CR0842
2024-01-09
Tightening
127
394
4.6
0.7
532,750,259
Healthcare:31.6;Utilities:9.3;Financials:28.1;RealEstate:31.0
US:64.2;EU:9.7;APAC:13.6;EMEA:10.0;LATAM:2.5
B:11.5;A:21.7;AAA:27.9;CCC:3.4;AA:35.5
3.15
22.4
100
326
15.1
2.5
25
45
20
true
true
false
false
2.15
0.86
0.27
Tech:EW
Hedge
CDX_HY: +66bps notional
-47
27
ECN1
DealerAxed
12
96
-102
-50
HYCap>limit
Rotate
High-yield share above policy cap
214
Tighten HY exposure bands
C00446
CR6611
2024-08-10
Recovery
107
603
5.9
1.4
1,791,048,302
Energy:28.2;Materials:19.1;Comm:14.0;Consumer:12.0;RealEstate:26.7
US:63.0;EU:18.3;APAC:10.1;EMEA:7.1;LATAM:1.5
BB:10.1;CCC:5.5;A:33.6;AAA:34.9;BBB:15.9
7
38.7
102
391
15.4
2
30
35
20
false
true
false
false
2.12
1.44
-0.38
Utilities:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-33
42
ECN1
RFQ
2
85
113
-98
HYCap>limit
Hedge
High-yield share above policy cap
168
Tighten HY exposure bands
C00447
CR9457
2024-04-19
Recovery
150
505
6.4
-0.5
2,811,964,478
Utilities:16.5;Financials:21.7;Energy:9.1;Materials:11.9;Consumer:22.5;RealEstate:18.2
US:61.3;EU:17.0;APAC:12.4;EMEA:8.4;LATAM:0.9
AAA:31.1;BBB:20.5;BB:22.3;CCC:26.2
3.31
63.6
86
196
3
2.5
35
45
25
false
true
true
false
0.98
0.56
0.32
Materials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
20
28
DealerC
RFQ
1
97
-216
-374
VAR>budget
Rotate
Portfolio VAR above budget
162
Reviewed by risk; hedges staggered
C00448
CR5778
2024-11-15
Tightening
126
365
4.7
1.5
2,228,633,652
Utilities:11.9;Industrials:40.9;Tech:47.2
US:72.4;EU:7.4;APAC:12.9;EMEA:5.8;LATAM:1.5
BB:31.7;B:18.7;AA:17.4;BBB:18.6;CCC:13.6
1.08
58
152
217
3.7
2
25
45
25
true
true
true
false
-0.36
1.37
0.36
Healthcare:EW;Energy:EW
Hedge
iTraxx_XOVER: +63bps notional
-52
-7
DealerB
All2All
12
91
-90
-38
Sector>limit
Rotate
Sector concentration above limit
180
Tighten HY exposure bands
C00449
CR1680
2024-12-27
Tightening
105
380
4
0.7
1,776,452,898
Consumer:14.1;Materials:15.7;Comm:29.5;Industrials:27.6;Financials:6.9;Utilities:6.2
US:66.0;EU:14.6;APAC:8.7;EMEA:8.5;LATAM:2.2
AAA:15.1;BBB:31.4;BB:39.1;B:14.5
2.1
40
203
170
9.4
2.5
35
45
20
false
true
true
true
1.43
-0.22
-0.15
Tech:EW
Hedge
Treasury_Futures: +59bps notional
16
-12
DealerA
DealerAxed
1
97
-103
-260
Sector>limit
Reduce
Sector concentration above limit
215
Tighten HY exposure bands
C00450
CR2760
2025-01-09
Tightening
91
451
3.9
1.7
2,854,812,054
Energy:32.9;Tech:28.2;Industrials:38.9
US:56.6;EU:16.7;APAC:8.9;EMEA:10.0;LATAM:7.8
BBB:22.9;AA:15.2;B:16.6;CCC:13.0;BB:18.0;A:14.2
7.36
54.5
133
218
12.8
4
25
55
25
true
true
true
false
0.18
1.72
-0.34
null
Hedge
CDX_IG: +91bps notional
-31
-4
DealerA
All2All
5
96
101
-194
HYCap>limit
Hedge
High-yield share above policy cap
203
Tighten HY exposure bands
C00451
CR6495
2024-03-20
Tightening
145
418
5.1
0.9
2,824,536,862
Energy:18.5;Healthcare:19.5;RealEstate:15.9;Consumer:18.1;Utilities:28.0
US:66.0;EU:10.2;APAC:8.4;EMEA:11.2;LATAM:4.1
BB:22.0;AA:23.3;A:26.7;BBB:28.0
2.88
58.4
241
289
5.9
2.5
25
35
25
true
true
false
true
-0.21
1.39
0.5
null
Hedge
iTraxx_MAIN: +152bps notional
-31
-2
DealerA
DealerAxed
12
85
279
-436
HYCap>limit
Reduce
High-yield share above policy cap
206
Escalate watchlist names
C00452
CR1772
2024-07-05
Calm
106
414
3.7
1.5
1,286,071,965
Industrials:13.6;Financials:14.3;Energy:24.1;Healthcare:33.2;Utilities:14.8
US:64.4;EU:9.0;APAC:17.2;EMEA:5.2;LATAM:4.2
BBB:37.5;AAA:22.6;BB:15.5;CCC:17.3;B:7.1
2.7
26.6
157
423
14
4
35
45
25
false
true
true
false
1.52
0.28
-0.28
Financials:EW;Comm:EW
Hedge
CDX_IG: +164bps notional
15
12
DealerB
RFQ
7
95
227
-95
Sector>limit
Hedge
Sector concentration above limit
92
Tighten HY exposure bands
C00453
CR1706
2025-05-26
Tightening
115
478
4.7
0.6
244,481,399
Healthcare:5.7;Materials:18.6;Comm:22.1;Consumer:16.2;RealEstate:18.7;Utilities:18.7
US:64.5;EU:11.7;APAC:6.2;EMEA:10.2;LATAM:7.4
A:19.8;BB:9.5;AA:31.6;AAA:11.4;CCC:6.2;BBB:21.6
6.49
22.4
260
396
4.6
3.5
30
35
20
false
true
false
true
1.07
0.58
0.39
RealEstate:EW
Hedge
Treasury_Futures: +97bps notional
17
44
DealerB
DealerAxed
3
99
-103
-464
HYCap>limit
Hedge
High-yield share above policy cap
240
Defer adds pending macro print
C00454
CR6164
2024-09-21
Calm
72
288
3.4
2
286,872,461
Healthcare:21.8;Tech:16.5;Industrials:14.6;Materials:8.2;RealEstate:26.4;Energy:12.5
US:72.3;EU:6.6;APAC:6.8;EMEA:8.4;LATAM:5.9
A:27.1;AA:19.8;AAA:15.0;BB:3.8;BBB:34.4
5.17
25.7
109
216
17.4
2.5
30
35
35
false
true
false
false
0.86
0.7
-0.09
Comm:EW;Tech:EW;Healthcare:EW
Hedge
iTraxx_XOVER: +50bps notional
-21
11
DealerA
Electronic
9
87
59
-199
Sector>limit
Reduce
Sector concentration above limit
201
Tighten HY exposure bands
C00455
CR0992
2024-10-03
Recovery
130
515
5.9
0.8
1,890,281,243
Utilities:20.8;Healthcare:27.4;Materials:6.0;RealEstate:7.5;Tech:23.4;Industrials:14.9
US:68.8;EU:12.5;APAC:6.3;EMEA:10.4;LATAM:1.9
AAA:38.2;B:12.2;BBB:12.5;AA:37.1
6.87
59
94
510
5.8
3.5
30
35
35
false
true
false
false
2.12
1.47
0.07
Utilities:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
9
24
DealerB
All2All
8
88
137
-148
Region>limit
Reduce
Regional concentration above limit
163
Reviewed by risk; hedges staggered
C00456
CR9315
2025-10-18
Tightening
145
422
4.8
0.8
859,368,818
Comm:47.2;Tech:30.8;Healthcare:22.0
US:65.6;EU:12.9;APAC:11.9;EMEA:6.9;LATAM:2.7
A:30.6;CCC:5.0;AA:21.7;BB:13.4;BBB:29.4
6.31
50.4
116
289
17.4
3
35
55
30
true
true
false
false
0.3
1.48
0.12
Tech:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
15
19
ECN2
RFQ
8
98
8
-202
Sector>limit
Hedge
Sector concentration above limit
234
Defer adds pending macro print
C00457
CR3410
2024-05-02
Calm
104
348
3.4
2.6
1,388,927,681
Consumer:19.8;Energy:24.7;Materials:22.4;Tech:33.2
US:61.5;EU:15.4;APAC:6.9;EMEA:10.2;LATAM:6.0
AAA:31.9;BB:15.3;A:43.5;B:9.3
2.32
50.5
279
308
3.8
4
20
35
35
true
true
false
true
0.32
0.79
-0.11
Industrials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-50
1
ECN2
Electronic
6
88
342
146
Sector>limit
Hedge
Sector concentration above limit
101
Escalate watchlist names
C00458
CR1822
2024-12-26
Tightening
133
415
4.8
1.1
2,987,583,974
Utilities:18.1;Industrials:17.9;Healthcare:23.1;Energy:10.7;Tech:13.9;Comm:16.3
US:62.5;EU:15.6;APAC:7.4;EMEA:10.5;LATAM:4.1
BBB:24.7;BB:10.0;A:14.0;AAA:35.5;CCC:10.6;B:5.2
0.51
63.5
122
370
5.4
3.5
35
35
30
false
true
false
false
0.09
0.1
-0.04
Utilities:EW
Hedge
iTraxx_MAIN: +54bps notional
-52
-14
ECN1
DealerAxed
0
97
349
-340
Region>limit
Hedge
Regional concentration above limit
200
Escalate watchlist names
C00459
CR5943
2025-06-18
Recovery
140
544
6
0.6
1,335,224,645
Materials:35.2;Utilities:34.5;Energy:30.3
US:68.2;EU:15.0;APAC:9.1;EMEA:3.6;LATAM:4.1
BB:31.2;AA:13.3;CCC:30.0;AAA:14.8;A:10.7
6.09
49.8
127
342
6.5
3
35
55
35
true
true
true
false
0.36
0.81
0.22
null
Rotate
From Energy -1.0% to Utilities +1.0%
-5
10
DealerC
All2All
6
86
396
140
Region>limit
Hedge
Regional concentration above limit
251
Escalate watchlist names
C00460
CR5796
2025-04-13
Recovery
178
619
5.6
0.4
1,385,610,434
Financials:20.0;Tech:21.8;RealEstate:7.2;Consumer:20.9;Energy:18.5;Materials:11.6
US:68.8;EU:6.7;APAC:9.8;EMEA:12.0;LATAM:2.7
BB:15.7;AAA:21.2;CCC:13.7;B:3.4;BBB:21.1;A:24.8
6.32
23.1
81
484
9.5
3.5
30
55
20
false
true
true
false
0.91
1.11
-0.01
null
Rotate
From Energy -1.0% to Utilities +1.0%
-32
-14
DealerB
Electronic
10
93
297
134
HYCap>limit
Reduce
High-yield share above policy cap
142
Rotate into defensive sectors
C00461
CR0450
2024-01-13
Tightening
145
462
5.1
0.7
212,278,622
Energy:23.2;Comm:23.4;Tech:22.9;Healthcare:30.4
US:74.5;EU:10.6;APAC:8.4;EMEA:5.4;LATAM:1.1
A:22.4;BBB:13.1;B:24.0;BB:24.9;CCC:15.6
1.38
47.4
125
405
14.1
2
25
45
20
true
true
true
false
1.47
1.35
0.45
Energy:EW;Tech:EW
Hedge
iTraxx_MAIN: +112bps notional
-53
-10
ECN2
DealerAxed
8
91
342
130
Region>limit
Reduce
Regional concentration above limit
194
Escalate watchlist names
C00462
CR7464
2025-10-31
Recovery
121
564
4.9
0.5
1,067,669,382
Comm:21.1;Consumer:44.4;Tech:34.4
US:67.5;EU:9.9;APAC:10.0;EMEA:9.4;LATAM:3.3
AA:13.6;AAA:19.0;CCC:25.1;BB:20.2;BBB:15.2;B:6.9
4.02
31.8
119
493
16.9
2.5
20
45
25
true
true
true
false
-0.32
1.51
-0.29
Comm:EW;Materials:EW
Hedge
CDX_IG: +84bps notional
-16
10
DealerC
RFQ
6
86
-213
-70
VAR>budget
Hedge
Portfolio VAR above budget
179
Escalate watchlist names
C00463
CR8552
2025-10-18
Tightening
154
449
4.1
1.9
2,287,296,867
Financials:10.7;Energy:23.8;Materials:12.2;Utilities:19.3;Healthcare:33.9
US:59.9;EU:19.6;APAC:9.6;EMEA:8.4;LATAM:2.5
A:14.8;B:23.2;AA:16.0;CCC:34.9;BB:11.2
5.73
51.6
162
315
9.7
2
30
45
35
true
true
true
false
0.88
0.49
0.31
Industrials:EW;Healthcare:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-47
41
ECN2
RFQ
12
96
387
-211
Region>limit
Hedge
Regional concentration above limit
193
Defer adds pending macro print
C00464
CR4381
2024-03-16
Calm
87
387
4.3
2.5
2,805,888,130
Industrials:36.6;RealEstate:29.3;Materials:26.4;Utilities:7.7
US:72.0;EU:11.2;APAC:6.8;EMEA:6.9;LATAM:3.0
A:26.5;B:12.7;CCC:27.6;BB:14.2;BBB:19.1
3.09
60.1
189
440
5.9
2
25
55
35
true
true
true
false
0.69
0.31
-0.15
Utilities:EW
Hedge
CDX_IG: +80bps notional
-14
8
DealerA
DealerAxed
7
87
315
-270
VAR>budget
Reduce
Portfolio VAR above budget
137
Tighten HY exposure bands
C00465
CR0611
2024-12-05
Calm
74
359
4.1
2.1
1,575,717,982
Energy:39.4;RealEstate:37.8;Financials:22.8
US:62.7;EU:14.5;APAC:11.1;EMEA:11.0;LATAM:0.7
A:26.9;BBB:20.5;AAA:27.5;AA:14.3;CCC:10.8
0.91
59.5
220
508
12.6
3.5
25
35
35
true
true
false
true
0.55
0.77
0.4
Tech:EW;Comm:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-1
11
DealerC
All2All
2
98
178
-321
Sector>limit
Hedge
Sector concentration above limit
165
Rotate into defensive sectors
C00466
CR2592
2024-03-11
Calm
94
391
4.3
2.7
2,698,937,418
Consumer:22.1;Tech:38.3;Comm:39.7
US:66.5;EU:17.6;APAC:8.5;EMEA:4.4;LATAM:3.0
BB:8.5;CCC:24.4;AAA:20.7;B:31.4;AA:15.0
5.79
59.7
241
288
14
2.5
35
45
30
true
true
true
true
0.12
-0.22
-0.2
Comm:EW
Rotate
From Energy -1.0% to Utilities +1.0%
20
12
ECN2
Electronic
1
95
366
-400
HYCap>limit
Hedge
High-yield share above policy cap
152
Escalate watchlist names
C00467
CR1681
2024-03-03
Calm
65
343
3.3
2
1,101,258,995
Financials:16.9;Comm:30.4;Healthcare:23.9;RealEstate:28.8
US:57.2;EU:14.6;APAC:11.3;EMEA:11.6;LATAM:5.3
AA:20.5;CCC:14.6;AAA:15.9;BBB:26.8;B:22.3
3.41
36.4
157
387
7.6
2.5
20
45
25
true
true
true
false
1.22
-0.2
0.43
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
17
15
ECN2
RFQ
4
89
321
-120
Region>limit
Hedge
Regional concentration above limit
120
Escalate watchlist names
C00468
CR6739
2024-05-15
Recovery
158
624
5.2
1
87,293,385
RealEstate:23.5;Comm:42.4;Materials:22.3;Energy:11.8
US:62.9;EU:16.2;APAC:10.3;EMEA:6.1;LATAM:4.5
AA:14.3;CCC:5.6;A:12.6;BB:32.4;BBB:20.5;B:14.6
3.93
27.2
180
184
5.5
2
30
35
30
true
true
true
false
0.37
0.89
-0.14
null
Rotate
From Energy -1.0% to Utilities +1.0%
-16
29
DealerB
Electronic
0
95
320
-41
HYCap>limit
Rotate
High-yield share above policy cap
192
Defer adds pending macro print
C00469
CR0301
2024-06-08
Tightening
91
409
4.8
1
425,990,119
Financials:32.6;Tech:26.8;Utilities:9.3;Industrials:31.3
US:66.2;EU:17.6;APAC:9.5;EMEA:5.1;LATAM:1.6
AAA:8.7;CCC:20.1;A:16.1;B:33.4;BBB:21.8
1.72
27.5
171
515
8.3
3.5
20
35
20
true
true
true
false
1.56
0.99
0.03
Consumer:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-11
-3
ECN1
Electronic
5
95
120
104
VAR>budget
Hedge
Portfolio VAR above budget
221
Tighten HY exposure bands
C00470
CR8841
2024-08-16
Recovery
111
542
6.2
-0.1
446,186,968
Industrials:25.5;Materials:21.4;RealEstate:9.5;Consumer:19.5;Tech:10.4;Healthcare:13.7
US:55.5;EU:18.0;APAC:13.2;EMEA:6.1;LATAM:7.2
A:40.1;BBB:29.7;BB:21.3;B:8.8
1.23
60.6
108
273
11
3
25
55
35
true
true
false
false
2.27
0.07
0.15
null
Hedge
CDX_HY: +93bps notional
-27
40
DealerA
DealerAxed
3
88
-41
8
Sector>limit
Rotate
Sector concentration above limit
109
Tighten HY exposure bands
C00471
CR1667
2025-05-21
Stress
196
660
7.1
-1
1,063,076,752
Materials:9.5;Industrials:16.6;Tech:16.5;RealEstate:38.0;Energy:19.4
US:60.0;EU:14.4;APAC:7.4;EMEA:9.7;LATAM:8.4
CCC:25.5;AA:24.2;AAA:29.9;BBB:20.4
7.08
60.8
199
545
9.5
2
30
45
30
true
true
false
false
1.08
1.29
0.54
Tech:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-19
11
DealerB
All2All
1
96
95
81
HYCap>limit
Hedge
High-yield share above policy cap
90
Rotate into defensive sectors
C00472
CR1729
2025-12-03
Calm
65
371
3.7
1.7
2,869,379,017
Financials:33.9;Healthcare:32.7;Industrials:15.9;Tech:17.5
US:62.4;EU:14.6;APAC:7.5;EMEA:10.7;LATAM:4.8
BB:22.9;AA:36.9;B:25.4;BBB:14.8
4.87
58.6
182
266
3.2
3
35
35
25
false
true
true
false
1.62
0.91
-0.25
null
Hedge
CDX_IG: +174bps notional
-60
-16
DealerC
Electronic
11
88
282
-42
VAR>budget
Hedge
Portfolio VAR above budget
210
Rotate into defensive sectors
C00473
CR0417
2025-10-07
Recovery
146
490
5.3
1.9
1,346,532,643
Financials:41.2;Tech:17.7;Comm:21.9;Healthcare:19.1
US:61.8;EU:9.6;APAC:14.2;EMEA:11.7;LATAM:2.8
B:22.8;AA:19.1;AAA:40.0;BBB:18.1
2.83
54.6
209
137
17.7
3
35
35
30
true
true
false
true
2.33
0.34
0.33
null
Hedge
iTraxx_XOVER: +198bps notional
-8
-4
ECN2
All2All
7
86
111
96
HYCap>limit
Reduce
High-yield share above policy cap
177
Escalate watchlist names
C00474
CR4512
2025-05-25
Recovery
111
563
6.2
1.1
957,039,750
Energy:31.0;Consumer:12.0;Industrials:24.8;RealEstate:32.2
US:59.0;EU:16.9;APAC:15.2;EMEA:8.8;LATAM:0.1
AAA:11.5;B:12.2;BB:25.0;A:24.3;CCC:18.3;BBB:8.7
4.38
30.8
101
395
5.5
2
25
35
30
true
true
true
false
-0.49
0.43
0.56
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-53
31
DealerC
RFQ
6
98
-26
-189
HYCap>limit
PauseAdds
High-yield share above policy cap
148
Reviewed by risk; hedges staggered
C00475
CR0558
2024-05-22
Tightening
124
417
4.9
1.6
1,892,516,689
Materials:14.1;Financials:27.2;Comm:9.3;Utilities:27.0;Energy:22.4
US:59.0;EU:11.5;APAC:11.4;EMEA:12.1;LATAM:5.9
B:32.0;BB:27.6;A:18.1;BBB:12.5;AAA:9.8
2.15
30.9
235
120
4.8
2
35
45
30
false
true
true
true
-0.37
0.56
0.53
null
Rotate
From Energy -1.0% to Utilities +1.0%
-36
-11
DealerA
Electronic
1
88
256
-83
HYCap>limit
Rotate
High-yield share above policy cap
177
Escalate watchlist names
C00476
CR5445
2024-07-02
Recovery
139
560
5.2
0.8
199,408,164
Healthcare:6.1;Financials:23.2;Tech:11.3;RealEstate:26.5;Materials:20.4;Consumer:12.6
US:60.0;EU:21.4;APAC:5.7;EMEA:5.4;LATAM:7.4
BBB:20.7;CCC:38.8;B:22.9;AA:17.5
3.97
60.4
116
219
6.7
2.5
20
35
20
true
true
true
false
-0.11
0.31
-0.13
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-11
24
DealerB
Electronic
6
90
265
-76
HYCap>limit
Reduce
High-yield share above policy cap
150
Escalate watchlist names
C00477
CR0104
2025-04-22
Tightening
107
404
4.1
0.7
2,076,585,833
Financials:37.5;Comm:15.1;Tech:12.5;Industrials:34.9
US:68.2;EU:11.8;APAC:10.0;EMEA:6.7;LATAM:3.3
AAA:30.7;BBB:30.8;B:10.1;CCC:10.5;A:18.0
0.93
55.5
129
419
9.3
4
35
55
35
true
true
false
false
0.15
0.56
-0.25
null
Hedge
Treasury_Futures: +134bps notional
-17
20
ECN2
All2All
8
90
362
-323
VAR>budget
Hedge
Portfolio VAR above budget
94
Rotate into defensive sectors
C00478
CR6057
2024-02-08
Calm
96
321
3.3
2.4
2,461,413,762
Industrials:18.2;Materials:10.4;Utilities:31.5;RealEstate:28.6;Healthcare:11.3
US:65.7;EU:6.9;APAC:16.7;EMEA:7.0;LATAM:3.6
BBB:20.6;AA:33.5;CCC:18.6;B:27.3
7.45
52.9
273
297
10
2
20
55
35
true
true
true
true
1.81
1.03
0.53
Financials:EW;Materials:EW
Hedge
iTraxx_XOVER: +177bps notional
-21
-20
DealerA
All2All
6
94
-101
-371
HYCap>limit
Hedge
High-yield share above policy cap
159
Rotate into defensive sectors
C00479
CR8182
2024-07-30
Recovery
143
643
5.7
-0.2
1,009,261,555
Healthcare:12.3;Tech:34.1;RealEstate:53.6
US:67.8;EU:12.3;APAC:7.6;EMEA:8.3;LATAM:4.1
B:12.7;BB:5.9;CCC:10.9;A:21.6;BBB:26.3;AAA:22.7
2.63
58.6
180
167
2.8
2
20
55
20
true
true
true
false
2.13
1.32
-0.38
null
Hedge
CDX_IG: +166bps notional
-32
25
DealerA
Electronic
1
88
374
-415
Region>limit
Hedge
Regional concentration above limit
141
Defer adds pending macro print
C00480
CR6228
2024-01-09
Tightening
134
440
4.5
1.9
337,781,899
Industrials:19.7;Energy:32.6;Materials:24.3;Healthcare:23.3
US:66.0;EU:9.7;APAC:10.7;EMEA:10.0;LATAM:3.6
AAA:19.9;AA:15.1;B:20.2;BBB:15.6;CCC:29.2
0.49
46.7
248
216
15.7
4
35
35
25
false
true
true
true
0.42
1.28
-0.26
null
Hedge
SingleName_CDS: +182bps notional
-45
19
DealerB
RFQ
10
88
327
-198
VAR>budget
Hedge
Portfolio VAR above budget
220
Rotate into defensive sectors
C00481
CR3417
2024-07-14
Calm
106
360
3.9
1.7
159,674,931
Financials:42.3;RealEstate:20.4;Tech:37.3
US:60.3;EU:16.9;APAC:10.0;EMEA:7.6;LATAM:5.3
AA:16.2;BB:35.6;AAA:8.1;A:10.1;B:16.5;BBB:13.5
5.69
41.6
184
185
8.8
3.5
30
35
20
true
true
true
false
2.33
1.14
0.03
Healthcare:EW;Comm:EW
Hedge
iTraxx_XOVER: +197bps notional
-18
-2
DealerB
RFQ
5
90
-28
-266
VAR>budget
Reduce
Portfolio VAR above budget
198
Defer adds pending macro print
C00482
CR7704
2024-04-13
Recovery
111
631
6.2
0.8
900,105,708
Energy:28.8;Comm:42.2;Consumer:29.0
US:64.5;EU:14.0;APAC:10.5;EMEA:7.6;LATAM:3.5
CCC:14.0;A:21.2;BB:11.4;AA:53.4
4.54
20.2
238
166
9.2
2.5
20
45
20
true
true
true
true
2
1.27
0.16
null
Hedge
CDX_IG: +88bps notional
-14
5
ECN2
Electronic
9
92
241
-46
Region>limit
Hedge
Regional concentration above limit
138
Reviewed by risk; hedges staggered
C00483
CR1812
2025-07-01
Recovery
168
601
6
0.3
687,174,920
Materials:35.2;Utilities:34.5;Industrials:30.2
US:59.5;EU:18.3;APAC:7.9;EMEA:11.1;LATAM:3.1
A:11.4;CCC:26.3;AAA:25.7;B:7.3;BBB:13.2;BB:16.1
3.87
63.3
109
128
6.3
3
30
55
35
true
true
true
false
0.13
1.22
0.21
Tech:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-27
36
ECN1
Electronic
8
97
-84
-57
HYCap>limit
Reduce
High-yield share above policy cap
225
Tighten HY exposure bands
C00484
CR2130
2025-05-02
Tightening
121
513
4.4
1.5
868,968,636
RealEstate:19.6;Comm:9.2;Financials:19.2;Healthcare:5.8;Materials:23.8;Utilities:22.4
US:61.9;EU:11.8;APAC:8.6;EMEA:11.0;LATAM:6.7
BBB:22.6;A:22.7;BB:21.6;AA:13.1;AAA:20.1
6.96
48.9
90
412
6.4
3.5
25
55
25
false
true
false
false
0.11
0.85
0.41
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
2
16
DealerA
DealerAxed
0
90
315
-345
HYCap>limit
Hedge
High-yield share above policy cap
187
Escalate watchlist names
C00485
CR1321
2024-12-18
Calm
101
283
3.9
2.6
2,638,964,142
Financials:16.6;Utilities:11.7;Materials:26.3;Energy:22.4;Healthcare:23.0
US:70.3;EU:14.5;APAC:10.2;EMEA:4.5;LATAM:0.5
A:31.8;B:7.2;BBB:17.0;AAA:18.6;AA:13.5;BB:11.9
6.36
35.6
229
331
9.2
2
25
35
20
true
true
false
true
0.45
0.08
-0.19
Healthcare:EW
Hedge
SingleName_CDS: +183bps notional
15
17
DealerC
Electronic
5
88
-115
-214
VAR>budget
Rotate
Portfolio VAR above budget
189
Defer adds pending macro print
C00486
CR3165
2025-11-13
Recovery
166
632
4.5
0.5
949,555,047
Tech:24.7;RealEstate:27.3;Energy:6.3;Utilities:7.8;Materials:15.1;Industrials:18.7
US:61.0;EU:12.7;APAC:8.9;EMEA:11.2;LATAM:6.2
AA:14.7;BB:21.4;A:15.1;BBB:14.8;CCC:12.5;B:21.6
5.5
51.9
94
266
6.8
3.5
35
35
35
false
true
true
false
1.36
0.49
0.08
null
Hedge
Treasury_Futures: +80bps notional
17
39
DealerC
All2All
8
97
-114
-34
Region>limit
Hedge
Regional concentration above limit
188
Tighten HY exposure bands
C00487
CR4607
2025-02-07
Recovery
141
533
6.3
1
1,937,221,863
Tech:30.5;RealEstate:43.6;Utilities:25.9
US:72.1;EU:11.3;APAC:9.0;EMEA:5.3;LATAM:2.3
BBB:21.2;B:28.7;CCC:12.8;AAA:6.4;A:17.4;AA:13.6
7.13
27.2
183
416
12.6
2
25
35
30
true
true
true
false
-0.03
1.02
-0.04
null
Rotate
From Energy -1.0% to Utilities +1.0%
-24
-18
DealerA
Electronic
1
90
130
-257
HYCap>limit
Hedge
High-yield share above policy cap
136
Tighten HY exposure bands
C00488
CR7627
2025-04-24
Calm
97
323
3.9
2.1
695,154,432
Materials:20.1;RealEstate:23.7;Utilities:12.3;Healthcare:20.8;Industrials:7.4;Comm:15.6
US:64.2;EU:15.1;APAC:5.8;EMEA:8.8;LATAM:6.1
BBB:28.0;CCC:19.4;AA:28.6;A:23.9
0.83
57.2
212
208
7.1
4
25
35
30
false
true
false
true
2.24
0.72
0.58
Energy:EW;Financials:EW;Healthcare:EW
Hedge
iTraxx_XOVER: +95bps notional
-16
20
ECN2
RFQ
4
92
174
87
Region>limit
Rotate
Regional concentration above limit
199
Defer adds pending macro print
C00489
CR3745
2025-11-17
Calm
76
320
4.2
1.8
2,905,882,595
Industrials:40.0;Comm:35.4;RealEstate:24.6
US:60.8;EU:15.8;APAC:12.4;EMEA:7.8;LATAM:3.3
BB:8.4;BBB:15.0;AA:21.8;CCC:11.6;A:19.4;AAA:23.8
4.59
62.7
106
337
9.8
4
30
55
30
true
true
false
false
0.25
0.97
0.32
null
Hedge
iTraxx_XOVER: +120bps notional
18
21
DealerB
Electronic
6
88
-9
-14
VAR>budget
Rotate
Portfolio VAR above budget
176
Defer adds pending macro print
C00490
CR6445
2024-12-21
Stress
164
844
5.1
-1.6
801,891,369
Materials:20.2;Financials:17.6;Industrials:16.5;Utilities:14.6;RealEstate:20.2;Energy:10.9
US:65.4;EU:5.5;APAC:9.4;EMEA:11.8;LATAM:7.9
AAA:19.7;A:22.2;CCC:27.0;BBB:12.7;BB:18.4
2.78
58.3
318
565
17.8
3
35
35
35
false
true
true
true
2.49
1.52
0.51
Utilities:EW;Tech:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
10
-8
DealerA
DealerAxed
11
85
-124
155
HYCap>limit
Reduce
High-yield share above policy cap
92
Reviewed by risk; hedges staggered
C00491
CR7228
2025-12-11
Tightening
155
432
4
1.6
808,607,972
Utilities:35.6;Materials:15.5;Comm:16.6;Industrials:13.1;Consumer:9.7;Tech:9.6
US:65.3;EU:16.9;APAC:10.5;EMEA:4.1;LATAM:3.2
AA:16.9;AAA:16.8;BB:21.8;A:16.9;CCC:6.9;B:20.7
6.2
25
196
365
6.5
2
35
35
30
true
true
true
false
1.12
0.36
0.19
null
Hedge
CDX_HY: +180bps notional
-45
19
ECN1
All2All
6
100
-101
-169
HYCap>limit
Hedge
High-yield share above policy cap
162
Escalate watchlist names
C00492
CR4036
2025-06-24
Calm
98
333
4.4
2.3
992,334,881
Tech:28.1;Consumer:22.8;Comm:20.9;Energy:28.3
US:68.3;EU:16.3;APAC:6.2;EMEA:7.4;LATAM:1.7
A:25.0;CCC:40.9;BB:11.8;AAA:22.3
1.35
43.5
189
135
3
4
20
55
25
true
true
true
false
0.87
1.56
0.08
null
Hedge
Options_Payer: +67bps notional
-42
31
ECN1
All2All
3
97
354
-146
HYCap>limit
Hedge
High-yield share above policy cap
168
Defer adds pending macro print
C00493
CR1282
2025-09-27
Recovery
162
573
5.2
1.2
418,784,928
Industrials:15.2;Comm:48.0;Consumer:36.8
US:77.3;EU:6.3;APAC:6.9;EMEA:4.0;LATAM:5.5
AAA:36.0;CCC:16.7;AA:24.3;BBB:11.3;A:11.6
4.82
42.4
226
205
12.5
3.5
20
55
25
true
true
false
true
1.52
-0.06
-0.31
null
Rotate
From Energy -1.0% to Utilities +1.0%
5
45
DealerB
Electronic
4
90
136
-366
VAR>budget
PauseAdds
Portfolio VAR above budget
192
Defer adds pending macro print
C00494
CR9425
2025-12-13
Stress
250
800
5.7
0.4
1,994,279,558
Consumer:25.4;RealEstate:20.4;Materials:22.1;Tech:8.4;Industrials:6.9;Healthcare:16.9
US:63.4;EU:14.0;APAC:13.4;EMEA:8.3;LATAM:0.9
BB:14.1;AA:37.8;AAA:11.4;BBB:32.2;CCC:4.5
6.57
52.2
336
464
19
2.5
35
55
20
false
true
false
true
-0.02
0.56
0.51
Energy:EW
Hedge
Treasury_Futures: +66bps notional
-41
26
ECN1
All2All
10
100
28
-202
Sector>limit
Rotate
Sector concentration above limit
257
Defer adds pending macro print
C00495
CR5841
2024-12-05
Tightening
139
492
5.2
1.3
2,144,188,593
Utilities:14.1;Tech:25.4;Consumer:23.3;Materials:24.5;Industrials:12.6
US:64.0;EU:12.2;APAC:8.8;EMEA:10.3;LATAM:4.6
B:12.1;AAA:10.2;BB:12.9;CCC:8.4;A:34.0;BBB:22.5
4.19
41.1
233
350
3.8
2
30
35
25
false
true
true
true
0.38
1.5
-0.06
Comm:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-45
26
ECN2
DealerAxed
4
89
-100
128
VAR>budget
Hedge
Portfolio VAR above budget
97
Rotate into defensive sectors
C00496
CR8532
2025-11-29
Calm
71
315
4.2
2.1
2,011,833,669
Materials:35.5;Tech:25.3;RealEstate:39.2
US:68.0;EU:11.4;APAC:13.4;EMEA:5.3;LATAM:1.9
BBB:23.0;AAA:29.7;A:19.3;BB:28.0
3.46
44.1
251
149
6.7
2.5
25
35
25
true
true
true
true
1.48
1.16
0.51
Healthcare:EW
Rotate
From Energy -1.0% to Utilities +1.0%
15
37
ECN2
RFQ
11
91
70
-416
Sector>limit
Reduce
Sector concentration above limit
145
Reviewed by risk; hedges staggered
C00497
CR2710
2024-05-01
Calm
115
361
3.8
1.7
2,174,130,610
Industrials:20.5;Utilities:27.8;RealEstate:27.9;Tech:23.8
US:73.9;EU:9.1;APAC:8.5;EMEA:7.3;LATAM:1.2
BBB:15.1;A:22.3;B:12.3;AA:15.5;CCC:34.7
6.61
21
177
345
11.1
3
20
45
25
true
true
true
false
-0.33
0.25
0.03
Consumer:EW;Utilities:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
2
-16
DealerA
RFQ
6
93
38
-247
HYCap>limit
Rotate
High-yield share above policy cap
232
Defer adds pending macro print
C00498
CR8321
2025-05-03
Tightening
139
425
3.9
1.3
2,189,885,678
Tech:13.6;RealEstate:22.6;Industrials:21.8;Materials:10.3;Consumer:10.7;Financials:21.1
US:71.8;EU:10.9;APAC:10.5;EMEA:3.3;LATAM:3.5
BB:18.6;AAA:12.9;BBB:13.9;CCC:13.0;A:13.0;AA:28.6
2.3
30.2
172
515
2.3
2
20
45
30
true
true
true
false
1.07
1.38
-0.01
Energy:EW
Rotate
From Energy -1.0% to Utilities +1.0%
8
17
ECN2
Electronic
0
97
401
39
HYCap>limit
Rotate
High-yield share above policy cap
114
Defer adds pending macro print
C00499
CR4832
2025-06-07
Recovery
113
501
5.7
1.1
1,594,226,951
Consumer:45.7;Materials:18.0;Financials:36.3
US:77.7;EU:7.9;APAC:6.5;EMEA:7.1;LATAM:0.7
CCC:6.9;BBB:13.1;A:16.4;B:23.6;BB:14.6;AAA:25.5
4.15
26.4
260
474
8.4
2.5
35
55
30
true
true
true
true
1.24
0.19
0.48
Consumer:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
17
17
ECN1
All2All
7
97
146
-52
VAR>budget
Hedge
Portfolio VAR above budget
170
Rotate into defensive sectors
C00500
CR7793
2025-11-06
Calm
78
342
3.3
1.7
827,615,476
RealEstate:8.8;Consumer:30.1;Healthcare:15.7;Comm:24.6;Utilities:9.8;Tech:11.0
US:60.4;EU:21.2;APAC:7.7;EMEA:3.9;LATAM:6.9
BB:7.1;CCC:6.0;AAA:26.5;BBB:30.8;AA:23.6;B:6.0
5.75
32.1
119
485
16.5
3.5
30
45
25
true
true
false
false
0.41
1.16
0.23
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
19
10
DealerB
DealerAxed
3
86
-100
52
HYCap>limit
Rotate
High-yield share above policy cap
207
Tighten HY exposure bands