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
C00501
CR0148
2024-02-19
Tightening
101
358
4.3
1.1
2,239,621,552
Consumer:13.8;Healthcare:23.7;Financials:30.2;Industrials:20.9;Comm:11.3
US:80.6;EU:5.2;APAC:6.9;EMEA:3.8;LATAM:3.5
AA:26.4;A:26.8;BBB:16.6;BB:20.6;CCC:9.6
1.81
46.3
142
255
12
4
20
45
35
true
true
false
false
1.01
1.75
0.2
Industrials:EW
Hedge
CDX_IG: +180bps notional
-60
5
DealerA
DealerAxed
0
100
193
-254
Region>limit
Hedge
Regional concentration above limit
112
Tighten HY exposure bands
C00502
CR8695
2024-02-08
Calm
73
310
3.4
2
880,732,813
Energy:9.8;Materials:12.0;Industrials:21.1;Financials:16.8;Utilities:19.9;RealEstate:20.5
US:68.2;EU:12.0;APAC:6.7;EMEA:5.9;LATAM:7.2
A:8.4;CCC:29.5;B:10.1;BB:31.5;BBB:20.5
1.3
33.5
239
270
10
2.5
35
35
30
false
true
true
true
0.81
0.05
0.25
Tech:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-58
9
DealerB
Electronic
3
91
-43
-362
VAR>budget
Rotate
Portfolio VAR above budget
134
Tighten HY exposure bands
C00503
CR0620
2025-03-22
Calm
96
339
3.4
2.6
2,857,706,214
Healthcare:21.8;RealEstate:13.8;Tech:26.1;Consumer:22.2;Energy:16.1
US:65.0;EU:13.6;APAC:10.7;EMEA:6.9;LATAM:3.8
A:35.0;BB:19.1;BBB:26.5;CCC:19.4
6.21
34.1
157
415
17.9
2.5
30
45
35
false
true
true
false
1.39
-0.23
0.6
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-52
1
ECN2
All2All
4
88
393
14
HYCap>limit
Reduce
High-yield share above policy cap
102
Defer adds pending macro print
C00504
CR2774
2025-09-23
Stress
220
755
5.4
0.7
456,578,424
Tech:32.2;Energy:41.1;Utilities:26.7
US:57.7;EU:14.2;APAC:13.6;EMEA:11.3;LATAM:3.2
BB:26.6;B:11.2;BBB:31.8;AAA:30.4
6.48
59.2
293
645
12.9
3.5
20
35
35
true
true
true
true
1.98
0.66
-0.22
null
Hedge
Treasury_Futures: +155bps notional
-30
-16
ECN1
Electronic
5
94
-57
-270
HYCap>limit
Hedge
High-yield share above policy cap
220
Reviewed by risk; hedges staggered
C00505
CR7169
2025-10-03
Calm
111
377
4.3
1.7
311,118,202
Energy:10.6;Comm:13.3;Utilities:28.8;Tech:21.4;Industrials:12.7;Materials:13.3
US:63.5;EU:13.5;APAC:8.0;EMEA:9.5;LATAM:5.5
AA:15.4;A:16.5;BBB:35.4;B:12.0;BB:20.7
1.47
60.6
203
375
15
2
35
45
25
false
true
true
true
0.4
0.6
0.29
Materials:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-28
33
DealerC
Electronic
7
97
9
-182
HYCap>limit
Hedge
High-yield share above policy cap
162
Defer adds pending macro print
C00506
CR3569
2025-12-01
Stress
255
655
5.4
-1.2
1,972,008,519
Materials:25.0;Consumer:12.7;Financials:15.9;RealEstate:10.8;Utilities:27.6;Industrials:8.0
US:79.3;EU:8.0;APAC:7.7;EMEA:5.0;LATAM:0.2
AA:24.2;BB:9.5;AAA:32.0;BBB:34.2
4.97
63.2
356
530
11.5
4
35
35
20
false
true
false
true
0.54
1.7
0.57
null
Rotate
From Energy -1.0% to Utilities +1.0%
-3
-23
DealerA
RFQ
3
86
-96
-7
Sector>limit
Hedge
Sector concentration above limit
258
Rotate into defensive sectors
C00507
CR0851
2025-02-06
Recovery
151
537
4.8
1.6
2,539,475,614
Consumer:29.4;Energy:20.7;Tech:28.1;Healthcare:21.7
US:63.6;EU:7.3;APAC:8.7;EMEA:12.1;LATAM:8.2
AA:25.9;BBB:23.5;B:10.3;AAA:16.2;BB:24.1
1.71
47.9
153
187
7.6
3
30
35
35
false
true
false
false
0.35
0.94
0.42
Tech:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-14
-9
DealerC
Electronic
6
93
320
-126
Sector>limit
Rotate
Sector concentration above limit
230
Escalate watchlist names
C00508
CR3375
2024-08-21
Stress
140
593
7.8
-0.5
1,521,054,610
Materials:16.0;Comm:10.4;Utilities:8.7;Healthcare:19.2;Financials:11.3;Consumer:34.3
US:63.2;EU:10.5;APAC:13.9;EMEA:6.6;LATAM:5.8
BB:10.6;B:11.5;BBB:40.2;AA:12.8;AAA:24.9
6.87
36.2
299
300
8.3
2
25
35
20
true
true
true
true
-0.25
1.77
-0
Healthcare:EW;Consumer:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-20
26
ECN1
All2All
2
90
267
-10
HYCap>limit
Reduce
High-yield share above policy cap
104
Defer adds pending macro print
C00509
CR6750
2024-04-11
Recovery
151
508
5.5
1.8
1,917,859,170
Comm:47.1;RealEstate:39.6;Materials:13.4
US:72.6;EU:9.7;APAC:7.6;EMEA:3.7;LATAM:6.4
BB:12.8;B:8.8;A:14.4;BBB:31.9;AA:32.2
4.97
25.5
156
215
6.2
3
25
45
20
true
true
true
false
2.02
0.09
0.58
Materials:EW
Hedge
Treasury_Futures: +104bps notional
18
27
ECN1
All2All
0
95
-54
-25
Sector>limit
Hedge
Sector concentration above limit
100
Tighten HY exposure bands
C00510
CR3785
2024-04-05
Calm
109
405
3.8
2.5
563,147,198
Healthcare:33.9;Energy:10.5;Consumer:41.7;Comm:14.0
US:72.1;EU:12.1;APAC:5.1;EMEA:7.0;LATAM:3.8
A:19.8;CCC:36.8;AA:13.5;AAA:7.2;BBB:22.8
5.34
20.1
201
228
4.4
2
30
45
35
true
true
true
true
2.16
0.8
-0.04
Comm:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-57
1
ECN1
DealerAxed
3
87
15
75
HYCap>limit
Rotate
High-yield share above policy cap
135
Defer adds pending macro print
C00511
CR2004
2025-12-24
Calm
72
290
3.6
2.9
943,346,689
RealEstate:20.6;Financials:42.2;Comm:37.2
US:67.0;EU:13.5;APAC:10.7;EMEA:7.2;LATAM:1.6
BB:46.9;A:12.7;BBB:29.8;AAA:10.5
4.91
25.3
209
288
17.1
2
20
55
30
true
true
true
true
0.64
1.72
0.08
Financials:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-46
-22
ECN2
Electronic
9
92
111
-286
VAR>budget
Rotate
Portfolio VAR above budget
163
Rotate into defensive sectors
C00512
CR5443
2025-03-06
Recovery
128
478
6.3
-0
1,485,751,569
Utilities:12.1;RealEstate:26.5;Consumer:18.0;Tech:33.2;Industrials:10.2
US:66.3;EU:11.0;APAC:10.4;EMEA:8.1;LATAM:4.1
BBB:17.5;A:8.2;BB:12.8;CCC:17.8;AAA:13.3;B:30.4
5.42
60.8
177
359
6.7
2
30
45
35
true
true
true
false
0.93
1.75
0.24
Industrials:EW
Hedge
CDX_IG: +135bps notional
-19
-4
DealerB
RFQ
12
91
75
14
Region>limit
Reduce
Regional concentration above limit
144
Rotate into defensive sectors
C00513
CR9114
2025-04-24
Tightening
142
384
4.7
1.7
1,910,288,248
Financials:12.1;Materials:38.6;Energy:16.0;Industrials:33.3
US:63.2;EU:15.5;APAC:14.2;EMEA:6.1;LATAM:1.0
BBB:44.4;B:10.1;CCC:14.5;A:30.9
5.94
48
120
278
2.8
2.5
20
55
30
true
true
false
false
-0.48
1.52
-0.37
null
Rotate
From Energy -1.0% to Utilities +1.0%
-13
-20
DealerC
RFQ
8
90
-136
-395
Region>limit
Reduce
Regional concentration above limit
188
Rotate into defensive sectors
C00514
CR3503
2024-07-14
Stress
221
810
5.6
-0.5
2,566,631,081
Consumer:16.6;Utilities:18.7;Industrials:20.3;Energy:22.4;Tech:8.3;Comm:13.8
US:70.5;EU:15.7;APAC:7.2;EMEA:5.2;LATAM:1.4
B:6.6;CCC:10.7;BBB:23.2;AA:35.0;A:24.6
2.14
26.4
287
278
8.1
2
30
35
20
false
true
false
true
1.43
1.13
0.47
Utilities:EW
Hedge
CDX_IG: +118bps notional
-26
1
DealerC
RFQ
6
98
45
-50
Sector>limit
Hedge
Sector concentration above limit
170
Escalate watchlist names
C00515
CR7124
2025-04-07
Calm
95
349
4
2.6
1,774,604,986
Utilities:14.8;RealEstate:38.8;Financials:25.0;Consumer:21.4
US:66.4;EU:6.8;APAC:9.9;EMEA:9.8;LATAM:7.2
AAA:19.3;CCC:18.0;B:9.7;BBB:21.6;A:31.4
5.56
50.7
176
432
12.2
3
20
35
30
true
true
false
false
0.64
-0.04
-0.31
Industrials:EW
Rotate
From Energy -1.0% to Utilities +1.0%
14
-10
DealerC
RFQ
7
95
53
-176
Region>limit
Reduce
Regional concentration above limit
196
Escalate watchlist names
C00516
CR0739
2024-05-30
Stress
248
743
7.7
-0.5
745,051,860
Energy:23.2;Financials:9.5;Healthcare:28.2;Tech:18.9;Industrials:20.2
US:66.0;EU:8.4;APAC:10.9;EMEA:8.1;LATAM:6.6
AA:45.2;B:7.2;CCC:17.2;A:30.3
5.82
42.5
177
515
7.8
2.5
20
45
35
true
true
false
false
1.61
0.67
0.26
Industrials:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-32
-24
ECN1
DealerAxed
3
85
-106
-285
VAR>budget
Rotate
Portfolio VAR above budget
210
Tighten HY exposure bands
C00517
CR9690
2024-12-12
Calm
116
296
3.4
2.8
2,668,662,157
Comm:11.9;Industrials:28.2;Energy:24.9;Utilities:9.7;Consumer:25.4
US:68.5;EU:7.0;APAC:13.3;EMEA:4.8;LATAM:6.4
AA:18.1;BB:15.7;AAA:36.3;B:12.9;BBB:17.0
6.29
51.9
143
163
15.7
2
20
35
20
true
true
true
false
0.47
0.69
0.35
Tech:EW
Rotate
From Energy -1.0% to Utilities +1.0%
10
42
DealerB
Electronic
8
98
110
-389
HYCap>limit
Rotate
High-yield share above policy cap
215
Escalate watchlist names
C00518
CR8302
2025-07-28
Calm
92
348
4.1
2.9
2,772,199,739
RealEstate:13.1;Consumer:16.2;Energy:29.1;Financials:32.0;Comm:9.5
US:71.3;EU:7.6;APAC:6.0;EMEA:11.0;LATAM:4.1
BBB:15.1;B:32.1;AAA:28.4;CCC:9.9;BB:14.4
3.25
37
81
317
8.4
2.5
35
45
20
false
true
true
false
0.69
1.5
-0.05
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
13
-15
ECN2
DealerAxed
12
93
146
-72
Region>limit
Hedge
Regional concentration above limit
180
Defer adds pending macro print
C00519
CR4229
2025-08-10
Tightening
94
423
5.1
1.7
1,418,451,147
Industrials:12.1;Tech:15.5;Healthcare:27.1;Financials:22.0;Consumer:23.3
US:69.3;EU:15.0;APAC:11.4;EMEA:2.8;LATAM:1.4
BBB:17.9;AAA:32.0;A:15.2;BB:34.8
1.3
20.1
176
238
9.4
2.5
30
55
35
false
true
false
false
-0.24
-0.02
-0.21
null
Hedge
SingleName_CDS: +161bps notional
-12
9
DealerC
RFQ
12
89
212
-409
Region>limit
Rotate
Regional concentration above limit
217
Tighten HY exposure bands
C00520
CR3630
2024-01-19
Stress
171
720
5.1
-1.5
1,011,252,253
Materials:24.6;Tech:24.6;Healthcare:35.6;Energy:15.2
US:57.2;EU:11.0;APAC:14.5;EMEA:12.0;LATAM:5.3
BB:14.0;AAA:18.2;B:25.0;AA:17.8;A:6.6;BBB:18.5
0.84
64.5
242
473
8.3
3.5
20
35
30
true
true
true
true
1.2
0.49
0.24
Utilities:EW
Hedge
CDX_HY: +157bps notional
12
-9
ECN2
All2All
12
95
172
159
Region>limit
Rotate
Regional concentration above limit
97
Defer adds pending macro print
C00521
CR3989
2024-10-28
Calm
70
315
3.3
1.9
320,550,515
RealEstate:10.7;Financials:30.2;Utilities:31.7;Tech:27.3
US:67.5;EU:12.9;APAC:12.1;EMEA:6.7;LATAM:0.7
B:31.7;AA:11.7;A:29.2;BB:27.4
1.36
33.7
248
165
5.2
2.5
35
55
30
false
true
true
true
1.83
1.78
-0.05
null
Hedge
CDX_HY: +196bps notional
-39
1
DealerB
Electronic
2
98
-161
-35
VAR>budget
Reduce
Portfolio VAR above budget
213
Reviewed by risk; hedges staggered
C00522
CR2245
2025-11-10
Tightening
136
500
4.1
0.9
580,874,311
Industrials:20.4;Consumer:29.8;Comm:33.1;Utilities:16.8
US:69.3;EU:12.1;APAC:8.8;EMEA:7.1;LATAM:2.7
BB:20.8;B:26.3;BBB:19.4;AA:33.5
4.12
37
93
193
6
3.5
25
35
30
true
true
true
false
0.02
-0.03
0.2
Materials:EW
Hedge
CDX_HY: +173bps notional
-23
33
DealerB
All2All
5
91
-18
-238
Sector>limit
Rotate
Sector concentration above limit
111
Tighten HY exposure bands
C00523
CR8193
2024-03-28
Recovery
102
457
5.3
-0.2
2,699,437,765
Utilities:40.3;Comm:10.8;Financials:48.9
US:59.8;EU:17.6;APAC:10.7;EMEA:9.9;LATAM:1.9
A:39.5;BB:12.5;B:7.7;BBB:40.3
2
59.9
248
438
9
3.5
25
55
30
true
true
false
true
1.32
-0.01
0.24
null
Hedge
Treasury_Futures: +124bps notional
-25
35
ECN2
DealerAxed
12
91
82
-262
VAR>budget
Rotate
Portfolio VAR above budget
216
Defer adds pending macro print
C00524
CR8918
2024-07-02
Recovery
103
511
5.5
1
1,559,551,073
Comm:53.7;Healthcare:14.7;Utilities:31.6
US:64.7;EU:14.1;APAC:11.3;EMEA:5.4;LATAM:4.5
BB:21.3;BBB:19.9;A:18.7;AA:19.7;AAA:20.4
5.07
30.2
248
219
7.6
2
20
45
25
true
true
false
true
0.69
1.49
0.49
Materials:EW;Consumer:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-21
18
DealerC
RFQ
10
94
139
-421
HYCap>limit
Reduce
High-yield share above policy cap
187
Tighten HY exposure bands
C00525
CR1684
2024-03-22
Recovery
180
435
6
1
106,955,272
Utilities:12.4;Consumer:21.6;Industrials:22.3;RealEstate:10.9;Comm:32.8
US:69.6;EU:6.7;APAC:6.8;EMEA:12.9;LATAM:4.0
CCC:9.0;A:36.9;BBB:28.4;AA:25.7
0.57
52.7
116
517
12
3.5
35
55
30
false
true
false
false
1.27
1
-0.08
Industrials:EW;Materials:EW
Hedge
Options_Payer: +127bps notional
-22
-19
ECN1
Electronic
9
90
-115
-338
HYCap>limit
Hedge
High-yield share above policy cap
166
Escalate watchlist names
C00526
CR2115
2025-12-01
Tightening
108
480
4.3
2
562,316,799
Industrials:38.2;Tech:38.7;Financials:23.1
US:74.8;EU:11.2;APAC:5.8;EMEA:7.8;LATAM:0.3
AA:28.0;BB:8.6;A:43.1;BBB:14.0;CCC:6.2
5.68
52
87
197
11.2
2.5
20
45
20
true
true
false
false
1.26
-0.25
0.38
Industrials:EW;Consumer:EW
Hedge
CDX_IG: +62bps notional
15
19
DealerC
All2All
12
97
323
-213
VAR>budget
Hedge
Portfolio VAR above budget
217
Defer adds pending macro print
C00527
CR9417
2024-09-29
Recovery
175
606
5.7
0.5
1,030,291,599
Materials:19.6;Financials:14.7;Industrials:10.7;Consumer:20.0;RealEstate:15.2;Energy:19.7
US:63.0;EU:16.0;APAC:9.1;EMEA:10.1;LATAM:1.8
AA:50.6;B:8.1;AAA:22.8;BBB:18.5
2.85
24
229
387
2.3
3.5
30
45
35
false
true
false
true
2.18
0.3
0.06
RealEstate:EW
Hedge
iTraxx_MAIN: +163bps notional
-31
23
DealerC
DealerAxed
10
92
216
-180
HYCap>limit
Reduce
High-yield share above policy cap
176
Defer adds pending macro print
C00528
CR2082
2024-04-29
Stress
255
648
5.2
-1.1
1,222,335,237
Financials:23.2;Tech:20.3;Utilities:16.2;Materials:8.9;RealEstate:31.4
US:71.1;EU:16.1;APAC:8.4;EMEA:3.7;LATAM:0.7
BB:7.7;AAA:30.0;B:10.8;AA:23.0;BBB:15.2;CCC:13.3
4.95
24.5
208
360
22.1
2
30
35
25
true
true
true
true
1.17
-0.21
-0.11
Utilities:EW
Hedge
CDX_IG: +103bps notional
-44
1
DealerC
All2All
9
87
254
-101
HYCap>limit
Hedge
High-yield share above policy cap
248
Escalate watchlist names
C00529
CR9967
2025-06-03
Stress
153
728
8.2
-1.4
791,554,409
Healthcare:31.8;Consumer:39.6;Comm:16.5;RealEstate:12.1
US:71.4;EU:11.8;APAC:7.3;EMEA:3.7;LATAM:5.9
BBB:17.6;CCC:20.1;AAA:15.4;AA:12.4;B:8.2;BB:26.3
1.92
50.6
332
521
7.4
2.5
20
55
30
true
true
true
true
-0.16
-0.11
0.6
Healthcare:EW;Energy:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-56
-4
DealerC
Electronic
11
93
-73
-269
VAR>budget
Hedge
Portfolio VAR above budget
260
Tighten HY exposure bands
C00530
CR7094
2025-10-19
Calm
106
293
3.8
2.9
1,679,895,773
Energy:30.8;Healthcare:40.8;RealEstate:28.4
US:71.9;EU:8.0;APAC:8.8;EMEA:7.1;LATAM:4.1
BB:30.0;AAA:9.1;CCC:37.6;B:23.2
3.56
58.7
81
163
3.2
2.5
30
35
25
true
true
true
false
1.39
0.25
-0.05
Tech:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-10
-18
DealerC
RFQ
8
88
275
71
HYCap>limit
Hedge
High-yield share above policy cap
133
Rotate into defensive sectors
C00531
CR9428
2024-11-21
Stress
251
691
6
-0.2
1,976,866,279
Utilities:57.7;Healthcare:22.8;Financials:19.5
US:68.5;EU:16.8;APAC:10.3;EMEA:3.9;LATAM:0.5
AAA:20.4;AA:11.0;B:30.8;BB:37.7
2.24
37.7
357
316
13.4
2.5
20
35
30
true
true
true
true
0.1
0.3
0.45
null
Rotate
From Energy -1.0% to Utilities +1.0%
-17
5
ECN1
RFQ
7
98
36
-170
Region>limit
Reduce
Regional concentration above limit
204
Rotate into defensive sectors
C00532
CR3375
2024-08-28
Calm
68
394
3.4
2.4
497,980,976
Healthcare:36.6;Materials:22.9;Industrials:40.6
US:66.2;EU:8.3;APAC:15.4;EMEA:6.6;LATAM:3.5
BB:25.2;AA:24.1;BBB:23.3;CCC:27.4
4.61
51.9
215
502
10.8
4
25
35
30
true
true
true
true
1.34
0.32
-0.13
null
Rotate
From Energy -1.0% to Utilities +1.0%
-12
17
DealerB
All2All
2
97
353
-385
HYCap>limit
Rotate
High-yield share above policy cap
215
Reviewed by risk; hedges staggered
C00533
CR3791
2024-12-23
Calm
80
420
4.2
1.7
2,493,108,143
Comm:21.9;Consumer:25.5;Tech:29.4;Materials:23.2
US:68.8;EU:8.3;APAC:8.7;EMEA:10.1;LATAM:4.0
BB:12.6;BBB:21.2;AAA:17.9;A:32.3;AA:15.9
3.17
38.2
200
440
13.2
3.5
20
45
35
true
true
false
false
-0.08
1.66
0.03
Consumer:EW;Energy:EW
Hedge
Treasury_Futures: +57bps notional
-58
45
DealerA
RFQ
4
85
-124
-305
HYCap>limit
Reduce
High-yield share above policy cap
241
Tighten HY exposure bands
C00534
CR9550
2024-05-10
Tightening
116
406
4
0.9
1,842,387,625
Tech:13.6;RealEstate:30.1;Healthcare:13.5;Comm:42.9
US:69.3;EU:11.1;APAC:6.4;EMEA:11.1;LATAM:2.0
A:38.1;BB:18.0;AAA:35.5;B:8.3
3.61
40.1
84
478
4.5
4
30
35
25
true
true
true
false
1.79
-0.06
-0.36
Consumer:EW
Hedge
Options_Payer: +198bps notional
-56
9
ECN2
RFQ
12
91
-36
-264
VAR>budget
Rotate
Portfolio VAR above budget
97
Tighten HY exposure bands
C00535
CR3818
2025-02-12
Stress
246
605
7
0.6
2,376,211,590
Energy:18.5;Utilities:28.6;Comm:37.1;RealEstate:15.8
US:61.1;EU:8.0;APAC:11.0;EMEA:13.3;LATAM:6.6
CCC:18.9;A:15.9;BB:21.6;B:34.5;AA:9.1
0.67
47.7
167
454
13.1
2
30
55
20
true
true
true
false
-0.28
1.59
-0.39
Energy:EW;Materials:EW;Financials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-13
-6
DealerC
All2All
6
89
122
149
HYCap>limit
Hedge
High-yield share above policy cap
207
Tighten HY exposure bands
C00536
CR3549
2025-04-03
Recovery
172
621
5
0.4
499,215,903
Materials:19.4;Comm:16.6;RealEstate:17.8;Tech:33.0;Utilities:13.2
US:66.2;EU:17.8;APAC:11.5;EMEA:3.4;LATAM:1.2
BB:10.9;A:15.8;B:32.6;CCC:23.3;AAA:17.4
6.65
46.3
215
470
10.5
2.5
30
45
25
true
true
true
true
1.16
0.16
-0.28
Healthcare:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-36
16
DealerA
All2All
8
96
370
-295
VAR>budget
Rotate
Portfolio VAR above budget
93
Tighten HY exposure bands
C00537
CR7924
2025-10-06
Stress
240
586
8.3
-1
1,528,400,214
Materials:20.1;Tech:44.1;RealEstate:35.9
US:66.7;EU:10.7;APAC:11.9;EMEA:9.0;LATAM:1.6
B:34.0;BB:26.9;AA:23.1;BBB:16.1
6.25
50.1
179
550
7.9
4
25
35
30
true
true
true
false
0.81
0.28
0.16
null
Rotate
From Energy -1.0% to Utilities +1.0%
-56
16
DealerB
Electronic
12
95
40
-246
HYCap>limit
Reduce
High-yield share above policy cap
128
Tighten HY exposure bands
C00538
CR3787
2024-06-05
Calm
89
402
4.2
1.7
285,948,531
Comm:48.6;Healthcare:26.0;Materials:25.4
US:69.8;EU:17.1;APAC:9.3;EMEA:3.3;LATAM:0.5
B:31.1;A:16.5;CCC:24.7;BB:27.7
2.89
28.7
156
415
11.7
3
30
55
35
true
true
true
false
0.25
0.61
0.04
Healthcare:EW
Hedge
CDX_IG: +172bps notional
19
-4
DealerC
Electronic
3
97
-22
-187
HYCap>limit
Reduce
High-yield share above policy cap
127
Reviewed by risk; hedges staggered
C00539
CR6360
2025-03-26
Calm
66
295
4.2
2.9
1,909,862,966
Energy:19.6;RealEstate:23.4;Utilities:20.3;Healthcare:11.9;Financials:12.6;Consumer:12.2
US:57.8;EU:18.9;APAC:8.2;EMEA:9.4;LATAM:5.7
A:20.7;B:25.9;AAA:22.0;AA:18.0;BBB:13.4
4.77
44.6
170
259
15.7
2
35
55
30
false
true
false
false
2.15
1.63
0.03
Energy:EW
Hedge
SingleName_CDS: +150bps notional
17
33
ECN2
Electronic
12
88
-192
-354
Sector>limit
Rotate
Sector concentration above limit
126
Tighten HY exposure bands
C00540
CR6114
2025-01-22
Calm
93
416
4.2
2.5
1,990,499,238
Financials:29.8;Materials:23.1;Utilities:47.2
US:63.0;EU:10.7;APAC:13.1;EMEA:5.1;LATAM:8.1
B:12.8;BB:10.1;BBB:38.0;A:14.1;CCC:25.0
7.22
27.4
123
277
5.7
4
25
45
30
true
true
true
false
0.92
0.37
-0.24
Healthcare:EW
Rotate
From Energy -1.0% to Utilities +1.0%
14
41
DealerC
All2All
12
91
71
-69
Sector>limit
Hedge
Sector concentration above limit
260
Reviewed by risk; hedges staggered
C00541
CR5769
2025-12-11
Calm
67
396
3.3
2.1
1,318,561,374
Consumer:36.9;RealEstate:15.7;Utilities:9.6;Healthcare:37.8
US:65.1;EU:16.1;APAC:7.8;EMEA:8.4;LATAM:2.6
AAA:21.8;A:24.6;BB:4.8;AA:18.4;B:15.1;CCC:15.3
3.38
45.1
221
244
16.6
3
25
55
20
true
true
true
true
2.32
1.36
-0.3
RealEstate:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-9
0
DealerC
DealerAxed
7
94
-124
-253
HYCap>limit
Rotate
High-yield share above policy cap
140
Reviewed by risk; hedges staggered
C00542
CR9519
2024-11-30
Calm
110
393
4.3
2.8
1,034,733,999
Utilities:18.3;Consumer:22.3;Industrials:18.9;Comm:40.5
US:67.3;EU:11.0;APAC:5.9;EMEA:9.1;LATAM:6.7
BB:20.1;CCC:18.2;AA:18.5;AAA:13.2;BBB:30.0
5.89
29.5
218
123
16.4
3
30
55
25
true
true
true
true
1.42
0.91
0.31
null
Hedge
CDX_IG: +186bps notional
4
33
DealerB
All2All
8
94
197
-379
VAR>budget
Hedge
Portfolio VAR above budget
163
Reviewed by risk; hedges staggered
C00543
CR2911
2025-03-24
Stress
196
760
6
-1.3
507,308,268
Materials:19.9;RealEstate:16.2;Financials:25.4;Healthcare:7.1;Industrials:8.9;Consumer:22.4
US:70.1;EU:11.1;APAC:13.7;EMEA:3.6;LATAM:1.5
CCC:21.4;BB:29.0;A:15.8;B:33.9
2.41
26.1
283
308
4.9
2
25
55
25
true
true
true
true
1.23
0.93
0.54
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-38
37
DealerA
RFQ
10
96
8
-352
HYCap>limit
Hedge
High-yield share above policy cap
234
Tighten HY exposure bands
C00544
CR8734
2025-11-17
Stress
166
563
5.4
-1.6
1,594,717,334
Industrials:9.6;Financials:9.3;Tech:9.6;Energy:23.8;Healthcare:21.8;Materials:25.9
US:59.1;EU:10.8;APAC:14.0;EMEA:11.4;LATAM:4.6
B:7.5;A:17.9;BBB:19.0;BB:5.6;AA:29.9;AAA:20.1
1.84
62.5
323
441
16.4
2.5
35
55
20
false
true
false
true
-0.41
0.11
-0.26
null
Hedge
Options_Payer: +99bps notional
18
-20
ECN1
Electronic
7
99
-71
78
Sector>limit
Hedge
Sector concentration above limit
162
Tighten HY exposure bands
C00545
CR5200
2025-11-27
Calm
103
388
3.5
1.7
2,150,999,541
Comm:15.2;RealEstate:29.1;Tech:31.2;Energy:24.6
US:57.9;EU:15.5;APAC:13.0;EMEA:8.7;LATAM:4.9
AA:18.2;CCC:20.7;BBB:17.1;A:22.6;AAA:16.0;B:5.5
6.52
58.2
154
410
8.7
2.5
35
55
35
false
true
false
false
-0.07
1.09
0.54
null
Hedge
iTraxx_MAIN: +149bps notional
-53
-23
DealerC
RFQ
10
99
162
-361
Sector>limit
Reduce
Sector concentration above limit
255
Escalate watchlist names
C00546
CR4888
2024-02-14
Recovery
135
644
6.1
0.7
1,715,449,194
Comm:59.5;Healthcare:14.9;Utilities:25.6
US:63.4;EU:16.1;APAC:7.5;EMEA:7.3;LATAM:5.7
A:20.3;CCC:20.7;BB:33.4;AAA:25.6
4.83
51.5
250
176
16.9
3.5
25
55
35
true
true
true
true
-0.38
-0.19
0.24
null
Hedge
SingleName_CDS: +65bps notional
-31
-2
ECN1
Electronic
11
89
308
-10
Region>limit
Hedge
Regional concentration above limit
145
Rotate into defensive sectors
C00547
CR8011
2024-04-27
Stress
144
615
7.7
-1.3
253,029,741
Industrials:25.7;Utilities:25.2;RealEstate:21.5;Tech:6.7;Healthcare:20.9
US:57.0;EU:17.2;APAC:14.8;EMEA:3.6;LATAM:7.5
CCC:12.7;BB:12.0;AAA:9.9;A:26.9;B:14.3;BBB:24.2
1.03
37
237
669
6.8
3.5
25
45
30
true
true
true
true
0.35
-0.15
-0.08
null
Hedge
CDX_IG: +186bps notional
-9
-16
DealerC
All2All
8
92
-64
-74
VAR>budget
Hedge
Portfolio VAR above budget
161
Tighten HY exposure bands
C00548
CR1545
2024-03-26
Calm
107
311
4.4
2.6
1,459,822,451
Materials:25.5;Consumer:59.8;Comm:14.8
US:72.2;EU:7.6;APAC:12.6;EMEA:5.0;LATAM:2.5
BBB:44.7;AA:31.5;B:11.8;CCC:12.0
5.91
56.3
235
211
4
3.5
20
35
30
true
true
false
true
-0.47
-0.1
-0.07
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
4
21
ECN2
Electronic
11
97
288
-170
Region>limit
Hedge
Regional concentration above limit
257
Tighten HY exposure bands
C00549
CR1880
2025-02-07
Calm
78
351
3.7
2.4
1,826,384,698
Consumer:30.5;Financials:17.6;Healthcare:27.8;Utilities:15.4;Industrials:8.7
US:65.7;EU:11.3;APAC:12.0;EMEA:10.2;LATAM:0.9
AAA:13.1;CCC:17.6;BBB:13.3;B:11.3;A:44.7
0.86
20.8
186
178
12.6
3
25
45
35
true
true
false
false
2.41
1.69
-0.23
Financials:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-24
-19
ECN1
Electronic
11
88
-180
113
Sector>limit
Hedge
Sector concentration above limit
193
Escalate watchlist names
C00550
CR1021
2025-05-10
Recovery
142
433
5.2
0.6
107,224,567
RealEstate:32.6;Consumer:11.7;Healthcare:22.3;Industrials:33.5
US:67.7;EU:8.2;APAC:11.1;EMEA:4.4;LATAM:8.6
BB:9.0;A:19.5;CCC:7.6;B:39.0;AA:13.1;AAA:11.8
2.75
42.4
154
444
12.9
2.5
20
45
30
true
true
true
false
0.04
0.53
-0.28
Energy:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-19
9
ECN2
DealerAxed
9
94
-123
-297
Sector>limit
Hedge
Sector concentration above limit
174
Escalate watchlist names
C00551
CR5446
2025-06-29
Tightening
113
513
5.2
1.7
1,393,149,585
Tech:24.8;RealEstate:28.5;Financials:11.7;Energy:18.2;Industrials:16.8
US:61.6;EU:18.9;APAC:12.0;EMEA:3.1;LATAM:4.4
B:19.5;AAA:23.1;A:22.8;AA:23.6;BBB:11.0
1.28
26
233
126
17.4
2
35
45
20
false
true
false
true
0.89
-0.01
0.49
Industrials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-4
0
ECN2
DealerAxed
11
86
228
-107
Sector>limit
Rotate
Sector concentration above limit
110
Rotate into defensive sectors
C00552
CR4592
2024-10-05
Tightening
132
493
4
1.6
1,313,067,044
Energy:49.1;Healthcare:11.1;Utilities:39.9
US:73.1;EU:5.3;APAC:11.8;EMEA:3.5;LATAM:6.3
A:20.1;BBB:18.1;AA:17.9;CCC:15.6;AAA:12.8;B:15.5
5.23
57.2
140
393
12.6
2.5
25
55
30
true
true
true
false
0.52
-0.11
-0.22
Industrials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-52
18
ECN2
DealerAxed
12
85
334
-269
Sector>limit
Hedge
Sector concentration above limit
96
Rotate into defensive sectors
C00553
CR6383
2025-05-05
Recovery
101
487
6.5
0.1
2,032,348,004
RealEstate:45.9;Healthcare:12.9;Comm:41.2
US:73.0;EU:14.2;APAC:7.0;EMEA:3.1;LATAM:2.7
BB:6.0;BBB:22.4;A:17.5;B:9.8;AAA:11.0;AA:33.3
4.23
47.9
256
136
2
4
30
35
20
true
true
false
true
1.89
1.24
0.54
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-13
43
DealerB
All2All
4
97
390
5
Sector>limit
Hedge
Sector concentration above limit
109
Reviewed by risk; hedges staggered
C00554
CR8301
2024-02-23
Recovery
172
561
4.6
0.9
485,329,904
Tech:22.2;RealEstate:22.3;Comm:26.5;Materials:29.0
US:72.4;EU:6.8;APAC:12.5;EMEA:4.6;LATAM:3.7
AA:28.2;BBB:22.0;B:20.7;BB:5.7;AAA:14.9;CCC:8.4
7.29
61.7
130
234
17.6
3
35
35
20
false
true
true
false
-0.12
0.26
-0.16
Healthcare:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-31
2
ECN2
Electronic
0
93
261
-36
Region>limit
Rotate
Regional concentration above limit
136
Reviewed by risk; hedges staggered
C00555
CR2830
2024-03-04
Calm
112
380
3.4
2.4
1,592,310,207
Energy:11.3;RealEstate:9.2;Consumer:14.3;Utilities:25.6;Industrials:12.5;Comm:27.2
US:63.3;EU:14.7;APAC:8.7;EMEA:10.7;LATAM:2.5
BBB:29.7;CCC:12.4;B:8.8;AAA:19.9;AA:19.9;BB:9.4
1.67
30.6
90
207
16.4
4
35
55
30
false
true
true
false
1.68
0.89
0.04
null
Hedge
Options_Payer: +65bps notional
-11
-16
DealerA
All2All
1
86
4
44
Region>limit
Hedge
Regional concentration above limit
230
Tighten HY exposure bands
C00556
CR9468
2024-03-01
Tightening
135
380
4
1.8
1,074,862,667
Utilities:20.6;Consumer:17.7;Financials:9.6;Materials:19.2;RealEstate:23.5;Healthcare:9.3
US:65.0;EU:12.0;APAC:5.6;EMEA:12.2;LATAM:5.3
BBB:17.2;B:14.7;BB:41.7;AAA:26.4
1.45
54.1
270
164
16.4
2
20
45
20
true
true
true
true
1.52
0.31
-0.36
Materials:EW
Hedge
CDX_HY: +98bps notional
20
22
ECN2
RFQ
7
91
-71
-197
Sector>limit
Hedge
Sector concentration above limit
136
Rotate into defensive sectors
C00557
CR2506
2024-01-25
Recovery
134
476
6.2
0.7
2,504,917,935
Healthcare:35.9;Financials:33.8;Energy:30.3
US:53.8;EU:18.7;APAC:12.5;EMEA:10.3;LATAM:4.7
BBB:19.9;B:15.6;BB:26.9;AAA:10.7;A:13.6;AA:13.3
4.99
49.7
147
296
2.9
2.5
25
35
20
true
true
true
false
1.48
0.21
-0.24
Consumer:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-21
3
ECN1
All2All
7
92
188
41
HYCap>limit
Hedge
High-yield share above policy cap
238
Reviewed by risk; hedges staggered
C00558
CR2215
2024-06-05
Tightening
125
480
3.9
1.1
1,132,128,025
Consumer:27.4;Comm:58.4;Energy:14.1
US:68.1;EU:6.3;APAC:11.9;EMEA:6.6;LATAM:7.2
BBB:42.3;BB:18.0;A:25.2;CCC:14.5
0.57
46.8
225
270
8.2
3.5
20
35
25
true
true
true
true
1.27
1.22
-0.19
Tech:EW
Rotate
From Energy -1.0% to Utilities +1.0%
14
-4
ECN2
DealerAxed
6
90
81
-214
HYCap>limit
Reduce
High-yield share above policy cap
252
Reviewed by risk; hedges staggered
C00559
CR2410
2025-09-07
Calm
107
371
3.4
2
1,178,742,756
Healthcare:30.3;Industrials:28.0;Utilities:22.8;Materials:18.9
US:68.8;EU:18.2;APAC:7.2;EMEA:4.1;LATAM:1.8
AAA:35.3;BBB:20.8;A:20.9;B:6.5;AA:16.6
1.06
62
261
188
15.3
3.5
20
55
30
true
true
false
true
0.14
0.77
-0.31
RealEstate:EW
Rotate
From Energy -1.0% to Utilities +1.0%
12
-11
DealerA
All2All
10
98
136
-177
Sector>limit
Reduce
Sector concentration above limit
117
Rotate into defensive sectors
C00560
CR7354
2024-04-20
Calm
78
418
3.8
2.5
2,479,895,830
Consumer:34.7;Tech:20.3;Materials:22.5;Energy:22.5
US:62.5;EU:20.0;APAC:11.9;EMEA:3.2;LATAM:2.3
BB:6.1;CCC:13.2;B:10.8;AAA:37.4;BBB:32.5
5.09
47.3
162
282
3.9
2.5
25
55
35
true
true
false
false
0.79
1.16
-0.23
null
Rotate
From Energy -1.0% to Utilities +1.0%
-6
6
ECN1
Electronic
9
87
280
-211
HYCap>limit
Reduce
High-yield share above policy cap
191
Escalate watchlist names
C00561
CR1076
2025-08-13
Tightening
106
461
4
0.9
445,739,952
Industrials:22.6;Comm:25.5;Consumer:39.7;RealEstate:12.2
US:62.4;EU:11.9;APAC:9.0;EMEA:9.9;LATAM:6.8
CCC:24.4;B:23.6;BBB:13.2;AAA:12.0;AA:16.2;A:10.6
3.76
56
92
438
3.3
4
25
55
30
true
true
true
false
0.08
1.34
-0.15
Consumer:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
19
-25
DealerA
RFQ
1
85
126
-39
Sector>limit
Reduce
Sector concentration above limit
165
Rotate into defensive sectors
C00562
CR2227
2024-05-02
Calm
103
319
3.6
2.8
2,049,973,877
Industrials:27.1;RealEstate:39.9;Utilities:33.1
US:55.9;EU:14.6;APAC:13.6;EMEA:8.7;LATAM:7.2
AAA:41.2;A:24.6;AA:17.7;BB:9.0;CCC:7.4
6.73
45.6
180
236
12.1
3
30
55
20
true
true
false
false
-0.1
-0.04
-0.4
null
Hedge
Treasury_Futures: +117bps notional
9
27
DealerC
Electronic
7
87
-99
-138
Region>limit
Reduce
Regional concentration above limit
248
Rotate into defensive sectors
C00563
CR7288
2024-04-25
Recovery
168
645
5.4
-0
2,938,032,947
Consumer:33.1;Industrials:31.2;Utilities:35.7
US:72.9;EU:10.6;APAC:10.2;EMEA:5.9;LATAM:0.4
A:10.8;B:33.5;BB:28.2;AAA:13.6;CCC:13.8
6.58
34.2
146
350
10.9
2
35
55
35
true
true
true
false
0.55
0.21
-0.07
RealEstate:EW;Financials:EW;Comm:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
0
43
DealerA
Electronic
8
87
353
88
HYCap>limit
Hedge
High-yield share above policy cap
237
Rotate into defensive sectors
C00564
CR9199
2025-07-02
Calm
85
319
4.4
1.5
1,821,259,195
Financials:21.7;Tech:17.9;Consumer:11.6;Comm:19.7;Energy:8.6;RealEstate:20.5
US:66.1;EU:15.1;APAC:10.4;EMEA:3.4;LATAM:5.0
BB:21.4;BBB:19.6;AA:20.3;B:27.1;AAA:11.6
1.84
44.6
258
337
16.5
3.5
25
55
20
false
true
true
true
2.27
1.54
-0.06
Tech:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-22
45
DealerA
RFQ
10
94
175
-433
Sector>limit
Rotate
Sector concentration above limit
92
Reviewed by risk; hedges staggered
C00565
CR1408
2024-06-20
Recovery
159
484
5.7
1.6
2,981,148,463
Comm:13.0;Energy:19.6;RealEstate:17.7;Industrials:33.4;Materials:16.2
US:62.5;EU:15.3;APAC:12.9;EMEA:8.0;LATAM:1.4
AA:26.1;BBB:20.1;B:11.3;BB:4.7;A:29.8;CCC:8.0
1.47
45.4
222
445
7
2
30
35
20
true
true
true
true
-0.45
1.2
-0.39
RealEstate:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-8
45
ECN2
DealerAxed
9
100
-126
-94
HYCap>limit
Hedge
High-yield share above policy cap
151
Rotate into defensive sectors
C00566
CR2752
2024-01-28
Tightening
113
385
4.3
0.8
507,795,466
Utilities:22.4;Materials:14.6;RealEstate:25.4;Financials:37.6
US:67.8;EU:15.1;APAC:6.9;EMEA:9.6;LATAM:0.6
BB:8.0;AAA:31.9;BBB:23.8;CCC:9.0;B:27.4
6.26
35.6
128
238
2.7
2.5
25
55
25
true
true
true
false
-0.13
1.79
0.53
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-37
-3
ECN2
All2All
4
97
130
-60
VAR>budget
Rotate
Portfolio VAR above budget
246
Defer adds pending macro print
C00567
CR5554
2024-08-11
Tightening
93
371
4.2
0.6
2,487,564,905
Healthcare:28.3;Industrials:17.8;Energy:15.8;Comm:29.8;Tech:8.2
US:64.3;EU:16.6;APAC:6.4;EMEA:9.9;LATAM:2.8
BB:14.4;BBB:13.7;AAA:35.1;B:23.8;A:13.0
7.26
44.2
146
479
11.4
3
20
45
35
true
true
true
false
1.25
1.14
0.29
Comm:EW;Industrials:EW;Consumer:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-51
-13
DealerA
DealerAxed
4
96
378
11
Sector>limit
Hedge
Sector concentration above limit
112
Reviewed by risk; hedges staggered
C00568
CR9147
2024-11-23
Tightening
102
419
4.2
1.9
675,510,053
Utilities:16.1;Comm:14.4;Industrials:12.7;Tech:29.6;Materials:8.0;Healthcare:19.2
US:64.4;EU:15.9;APAC:9.1;EMEA:8.1;LATAM:2.5
AA:29.3;CCC:9.0;BBB:17.0;A:24.1;B:15.6;BB:5.0
6.49
31.8
182
344
14.1
3
25
45
35
true
true
false
false
2.35
1.5
0.35
Utilities:EW;Consumer:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
4
-10
ECN1
Electronic
9
100
168
22
VAR>budget
Hedge
Portfolio VAR above budget
203
Rotate into defensive sectors
C00569
CR9328
2025-12-16
Calm
85
329
3.8
2.7
1,631,804,200
Healthcare:38.5;Utilities:44.5;Materials:17.0
US:70.3;EU:6.7;APAC:11.6;EMEA:7.0;LATAM:4.4
A:42.6;AAA:36.6;BBB:17.4;BB:3.4
7.08
40.4
205
327
2.9
4
25
35
35
true
true
false
true
-0.43
1.18
-0.21
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-51
35
ECN1
Electronic
4
92
48
-275
HYCap>limit
Rotate
High-yield share above policy cap
99
Reviewed by risk; hedges staggered
C00570
CR2368
2025-02-09
Calm
82
288
3.9
2.3
2,053,675,117
RealEstate:18.1;Industrials:21.7;Tech:19.0;Financials:14.9;Energy:14.3;Utilities:12.0
US:69.0;EU:10.2;APAC:8.4;EMEA:8.9;LATAM:3.4
AA:16.8;A:43.0;BB:17.4;AAA:22.9
3.34
38.7
234
374
6.7
2
35
35
30
false
true
false
true
0.2
0.75
0.59
Healthcare:EW
Rotate
From Energy -1.0% to Utilities +1.0%
20
-25
DealerA
All2All
10
98
282
-193
Region>limit
Reduce
Regional concentration above limit
124
Defer adds pending macro print
C00571
CR4727
2024-11-21
Recovery
135
460
6.4
1.8
983,341,007
Energy:17.2;Consumer:14.4;Industrials:30.5;RealEstate:7.2;Financials:30.7
US:64.1;EU:15.3;APAC:8.6;EMEA:4.1;LATAM:7.8
BBB:21.2;AAA:21.7;AA:19.3;CCC:11.2;A:26.6
2.23
38.8
164
143
15.9
3.5
20
45
20
true
true
false
false
2.39
-0.17
-0.08
Industrials:EW
Hedge
iTraxx_XOVER: +196bps notional
-48
-25
DealerC
RFQ
6
90
38
-45
VAR>budget
Hedge
Portfolio VAR above budget
258
Defer adds pending macro print
C00572
CR3012
2024-05-31
Tightening
112
461
4.2
0.7
2,447,191,342
Materials:28.7;Utilities:20.1;Healthcare:16.7;Energy:34.5
US:65.4;EU:14.5;APAC:6.2;EMEA:11.9;LATAM:2.0
A:31.2;BBB:34.8;B:12.4;AAA:18.0;CCC:3.6
1.93
21.7
275
285
3.1
3.5
35
35
35
false
true
false
true
2.43
1.78
-0.07
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-16
31
ECN2
DealerAxed
11
98
-66
-72
Sector>limit
Reduce
Sector concentration above limit
188
Defer adds pending macro print
C00573
CR3498
2025-10-23
Stress
149
835
6.2
-1.1
2,683,867,381
Utilities:31.1;Healthcare:18.9;Financials:30.8;Materials:19.2
US:66.2;EU:9.8;APAC:10.2;EMEA:10.0;LATAM:3.8
BB:15.0;AA:10.5;CCC:15.5;B:15.9;AAA:22.7;A:20.4
5.08
38
354
495
19.4
4
35
35
20
false
true
true
true
2.42
1.25
0.28
Financials:EW
Hedge
Treasury_Futures: +190bps notional
-17
9
DealerB
RFQ
12
95
383
-369
HYCap>limit
Hedge
High-yield share above policy cap
201
Defer adds pending macro print
C00574
CR7720
2025-07-14
Tightening
109
470
3.8
1.2
432,633,999
Tech:18.6;Healthcare:21.4;Consumer:60.0
US:62.7;EU:7.2;APAC:15.9;EMEA:12.6;LATAM:1.4
CCC:28.1;AA:30.5;AAA:36.2;B:5.3
4.56
59.9
172
350
17.7
2
35
55
25
true
true
true
false
0.68
1.56
-0.36
null
Hedge
iTraxx_XOVER: +102bps notional
-33
-14
DealerA
Electronic
8
92
90
-218
HYCap>limit
Hedge
High-yield share above policy cap
106
Rotate into defensive sectors
C00575
CR2546
2025-04-29
Calm
66
299
4.2
2.5
1,923,761,998
Energy:46.8;Industrials:16.4;Comm:36.8
US:57.4;EU:19.6;APAC:7.0;EMEA:9.6;LATAM:6.4
B:11.8;CCC:27.6;AAA:31.8;A:28.8
3.15
64
143
161
7.3
2
20
55
35
true
true
true
false
1.25
1.24
0.52
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-8
27
DealerA
All2All
2
89
-117
-252
HYCap>limit
Reduce
High-yield share above policy cap
133
Defer adds pending macro print
C00576
CR0208
2025-09-18
Calm
75
295
3.3
2.6
605,204,213
Healthcare:29.4;Comm:19.8;Energy:33.8;Utilities:16.9
US:62.6;EU:15.9;APAC:11.3;EMEA:7.4;LATAM:2.8
CCC:29.5;BBB:22.3;A:14.9;AA:10.7;B:22.6
2.75
27
117
403
9.2
4
35
35
20
false
true
true
false
1.32
-0.13
0.5
Comm:EW
Hedge
Treasury_Futures: +79bps notional
-38
5
ECN1
RFQ
8
86
272
-51
VAR>budget
Reduce
Portfolio VAR above budget
129
Tighten HY exposure bands
C00577
CR4829
2025-02-04
Stress
246
658
6.4
0.5
1,932,486,454
Comm:14.2;Utilities:35.1;Consumer:22.3;Energy:28.5
US:62.1;EU:12.1;APAC:13.4;EMEA:11.4;LATAM:1.0
BBB:8.6;AAA:7.8;BB:31.0;A:13.6;CCC:19.4;B:19.6
0.76
58.1
174
682
7.5
3.5
30
45
20
true
true
true
false
-0.14
0.96
0.02
Industrials:EW
Hedge
iTraxx_XOVER: +59bps notional
17
6
ECN2
Electronic
5
92
351
-264
HYCap>limit
Hedge
High-yield share above policy cap
185
Tighten HY exposure bands
C00578
CR3650
2025-07-08
Stress
196
722
7.1
-0.4
1,119,708,186
Consumer:12.3;Utilities:25.5;Healthcare:26.9;Comm:14.9;RealEstate:20.5
US:61.8;EU:15.0;APAC:9.8;EMEA:7.4;LATAM:6.1
AA:12.2;B:19.3;BBB:16.2;A:10.0;AAA:25.8;BB:16.4
1.14
37.7
322
658
9.4
3.5
25
35
25
true
true
true
true
1.63
-0.22
0.21
Financials:EW;Energy:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-37
2
DealerC
RFQ
9
94
-48
-266
VAR>budget
Rotate
Portfolio VAR above budget
229
Escalate watchlist names
C00579
CR3489
2024-12-22
Stress
248
698
7.1
-2
1,854,344,997
Tech:14.7;Industrials:11.6;Consumer:13.8;Financials:21.4;Materials:18.3;Comm:20.2
US:67.6;EU:8.9;APAC:5.8;EMEA:10.6;LATAM:7.0
BBB:24.4;CCC:26.6;BB:11.3;AAA:10.8;B:26.8
4.8
26.1
269
397
21.9
2.5
20
55
25
true
true
true
true
0.91
-0.3
0.5
null
Hedge
CDX_HY: +108bps notional
-25
1
DealerC
DealerAxed
7
90
-76
-192
HYCap>limit
Rotate
High-yield share above policy cap
139
Reviewed by risk; hedges staggered
C00580
CR5364
2024-06-08
Recovery
100
456
6.1
0.9
1,725,580,995
Industrials:13.2;Energy:15.0;Utilities:25.3;Healthcare:46.6
US:73.3;EU:10.8;APAC:7.4;EMEA:5.0;LATAM:3.4
A:19.6;BB:27.4;BBB:18.9;AAA:15.6;CCC:18.5
7.38
41.9
216
125
10.8
4
20
45
20
true
true
true
true
-0.35
-0.2
0.21
RealEstate:EW;Consumer:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
4
4
DealerB
RFQ
11
93
152
125
HYCap>limit
Rotate
High-yield share above policy cap
247
Escalate watchlist names
C00581
CR9242
2024-02-27
Calm
87
402
4.4
2.1
302,110,173
Consumer:25.0;Healthcare:36.5;Tech:20.9;Comm:17.7
US:68.5;EU:13.9;APAC:10.7;EMEA:2.6;LATAM:4.3
B:18.4;BBB:22.6;AA:17.2;CCC:22.8;A:19.1
3.35
41.6
280
271
7.5
3.5
35
45
30
true
true
true
true
0.43
-0.24
-0.03
null
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
11
1
DealerB
RFQ
2
89
39
52
VAR>budget
Rotate
Portfolio VAR above budget
119
Reviewed by risk; hedges staggered
C00582
CR2891
2025-03-03
Tightening
125
361
4
1.9
973,792,679
Materials:16.4;Energy:12.3;Comm:23.1;Utilities:14.3;Tech:16.0;Industrials:17.8
US:62.3;EU:10.9;APAC:12.2;EMEA:11.2;LATAM:3.3
BBB:21.2;CCC:29.6;B:14.3;BB:22.3;AA:12.6
0.64
22.6
229
335
9.6
3
35
55
20
false
true
true
true
2.43
0.2
0.41
Materials:EW;Tech:EW
Hedge
Options_Payer: +103bps notional
-59
18
DealerA
All2All
12
89
66
-9
Sector>limit
Rotate
Sector concentration above limit
159
Defer adds pending macro print
C00583
CR3042
2024-11-29
Tightening
109
501
4.2
0.6
216,974,286
Comm:6.6;RealEstate:17.7;Utilities:17.7;Consumer:8.9;Financials:18.0;Tech:31.1
US:63.0;EU:18.3;APAC:7.9;EMEA:3.0;LATAM:7.8
A:34.9;B:23.0;BBB:10.9;BB:31.2
6.54
26.3
128
413
13.7
2
20
55
30
true
true
true
false
0.63
1.11
-0.21
Tech:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-54
-25
DealerB
RFQ
5
99
15
-129
HYCap>limit
Hedge
High-yield share above policy cap
134
Escalate watchlist names
C00584
CR5573
2025-10-27
Calm
101
390
3.5
1.6
1,378,972,482
Tech:39.5;Comm:33.2;RealEstate:27.4
US:65.4;EU:18.5;APAC:11.9;EMEA:4.0;LATAM:0.2
CCC:17.3;BB:19.3;B:18.6;AAA:44.9
4.71
26.2
152
189
16.7
3
35
35
25
true
true
true
false
-0.25
1.67
0.51
Healthcare:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-1
21
DealerC
RFQ
11
92
302
-263
Region>limit
Reduce
Regional concentration above limit
192
Reviewed by risk; hedges staggered
C00585
CR0963
2024-10-06
Recovery
176
459
5.8
0.5
502,769,990
Comm:30.4;Materials:46.8;Healthcare:22.7
US:64.5;EU:14.3;APAC:7.7;EMEA:10.1;LATAM:3.4
B:25.7;BB:11.1;BBB:10.4;AA:16.0;CCC:18.5;AAA:18.3
1.07
52.6
260
482
11.6
2.5
25
35
20
true
true
true
true
1.16
0.38
0.23
Comm:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-19
-15
DealerB
All2All
2
95
-111
-41
Sector>limit
Reduce
Sector concentration above limit
101
Defer adds pending macro print
C00586
CR8485
2024-04-13
Stress
191
736
8.4
-0.4
446,201,652
Materials:11.8;Tech:25.8;Energy:9.2;Healthcare:9.0;RealEstate:25.4;Utilities:18.9
US:65.8;EU:17.8;APAC:7.4;EMEA:8.2;LATAM:0.8
B:15.0;A:7.9;CCC:28.2;AA:14.8;BBB:15.9;AAA:18.2
4.18
53.8
390
569
16.5
2.5
30
55
30
false
true
true
true
2.35
-0.19
0.14
Healthcare:EW;Tech:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
8
14
DealerA
RFQ
2
94
141
-370
Sector>limit
Rotate
Sector concentration above limit
184
Escalate watchlist names
C00587
CR8444
2025-06-18
Calm
73
324
3.9
2.5
756,116,710
Industrials:14.5;Energy:20.4;Comm:15.5;Healthcare:13.2;RealEstate:22.5;Financials:13.8
US:74.9;EU:7.1;APAC:6.1;EMEA:9.4;LATAM:2.6
CCC:9.7;AAA:8.3;A:20.0;BB:24.1;B:19.6;AA:18.3
3.1
48.4
253
313
10
2
35
55
20
false
true
true
true
1.06
1.02
0.33
Materials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-49
16
ECN2
All2All
7
85
169
6
HYCap>limit
PauseAdds
High-yield share above policy cap
99
Reviewed by risk; hedges staggered
C00588
CR7224
2024-08-15
Calm
116
290
3.5
2.4
2,760,009,599
Tech:9.0;Healthcare:25.8;Utilities:21.1;Materials:25.2;Industrials:10.0;Consumer:8.9
US:63.8;EU:9.4;APAC:11.5;EMEA:8.2;LATAM:6.9
CCC:16.2;BB:12.4;BBB:22.4;B:13.8;AAA:35.2
2.61
61.6
104
370
9.5
3.5
20
55
25
true
true
true
false
0.89
0.96
-0.19
Financials:EW;Industrials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-13
41
ECN1
DealerAxed
8
91
40
53
Sector>limit
Rotate
Sector concentration above limit
90
Reviewed by risk; hedges staggered
C00589
CR2616
2024-05-23
Tightening
152
367
4.8
1.7
701,116,726
Tech:20.1;Energy:21.6;Consumer:21.7;Utilities:23.0;Materials:13.7
US:71.7;EU:6.9;APAC:7.7;EMEA:5.3;LATAM:8.5
CCC:8.7;BB:28.3;B:26.0;AAA:20.3;A:16.7
0.89
41
89
337
10.3
3.5
25
55
25
false
true
true
false
-0.36
1.3
0.32
Consumer:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-37
-16
DealerA
RFQ
8
98
58
116
Sector>limit
Rotate
Sector concentration above limit
160
Escalate watchlist names
C00590
CR9524
2025-01-09
Calm
110
388
4.1
2.6
1,074,080,866
Utilities:12.3;RealEstate:10.9;Industrials:10.1;Consumer:34.5;Tech:32.3
US:64.3;EU:9.9;APAC:10.8;EMEA:10.0;LATAM:5.0
AAA:39.7;B:12.7;CCC:9.1;BB:8.0;A:30.6
1.06
23
84
515
15.7
4
25
55
20
true
true
true
false
1.45
-0.02
0.01
Comm:EW;Materials:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-48
45
DealerB
All2All
3
92
96
-24
Sector>limit
Reduce
Sector concentration above limit
253
Escalate watchlist names
C00591
CR3292
2025-06-06
Calm
82
373
4.4
1.9
1,397,509,744
Consumer:16.9;RealEstate:12.0;Financials:9.8;Tech:12.1;Energy:25.7;Healthcare:23.6
US:64.9;EU:15.6;APAC:8.2;EMEA:5.0;LATAM:6.3
BB:6.5;A:18.7;B:18.6;AA:14.6;BBB:21.4;AAA:20.2
2.45
56.4
105
225
10.5
4
20
35
20
true
true
true
false
0.36
0.61
-0.07
Utilities:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-51
22
ECN1
All2All
9
96
377
-29
VAR>budget
Reduce
Portfolio VAR above budget
237
Reviewed by risk; hedges staggered
C00592
CR9801
2024-03-23
Stress
255
653
5.8
-1.8
520,997,114
Consumer:20.6;Industrials:23.6;Tech:7.2;Energy:7.7;Comm:19.9;Financials:21.0
US:57.0;EU:18.7;APAC:16.4;EMEA:7.2;LATAM:0.6
BB:16.5;B:5.6;A:35.5;AAA:20.3;CCC:10.6;AA:11.5
2.29
48.4
316
395
14.7
3
25
35
35
false
true
false
true
-0.01
0.7
-0.36
Materials:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-12
38
DealerC
All2All
12
97
-7
58
Sector>limit
PauseAdds
Sector concentration above limit
96
Reviewed by risk; hedges staggered
C00593
CR1354
2024-11-30
Stress
257
718
7.5
-2
2,899,373,481
Healthcare:14.1;Materials:25.2;RealEstate:20.4;Comm:10.8;Industrials:29.5
US:55.8;EU:21.2;APAC:11.9;EMEA:9.6;LATAM:1.5
AA:8.6;A:24.3;AAA:9.4;CCC:21.5;BBB:6.6;BB:29.6
3.68
60.2
189
593
11.6
3
30
35
25
false
true
true
false
1.18
0.24
-0.2
Comm:EW;Energy:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-25
13
ECN2
RFQ
5
86
-211
-147
Region>limit
Hedge
Regional concentration above limit
176
Defer adds pending macro print
C00594
CR5954
2025-05-16
Stress
251
783
5.9
0.1
2,316,733,432
Comm:11.2;Consumer:21.6;Industrials:13.4;Utilities:26.3;Materials:27.6
US:65.8;EU:17.0;APAC:6.5;EMEA:4.5;LATAM:6.1
AAA:7.5;BB:15.8;BBB:19.1;AA:22.8;A:22.9;B:11.9
5.94
54.8
307
533
21.7
2
25
35
30
true
true
false
true
1.97
1.67
-0.19
RealEstate:EW
Rotate
From Energy -1.0% to Utilities +1.0%
10
35
ECN2
Electronic
4
100
123
100
Sector>limit
Hedge
Sector concentration above limit
128
Defer adds pending macro print
C00595
CR8735
2025-03-15
Stress
239
676
7.4
-1.5
2,412,749,295
Financials:25.4;RealEstate:9.8;Materials:13.1;Healthcare:21.1;Energy:7.2;Utilities:23.4
US:59.2;EU:18.3;APAC:6.7;EMEA:10.6;LATAM:5.3
CCC:11.6;A:32.7;BBB:13.1;BB:24.1;AA:18.6
2.47
55.1
308
375
19.2
2
35
35
35
false
true
true
true
0.22
1.08
0.52
Comm:EW
Hedge
iTraxx_MAIN: +190bps notional
-2
8
DealerC
RFQ
3
90
364
-115
HYCap>limit
Reduce
High-yield share above policy cap
137
Rotate into defensive sectors
C00596
CR6701
2025-03-05
Stress
196
799
5.6
-1
815,837,518
Industrials:48.2;Consumer:18.0;Energy:33.9
US:56.1;EU:16.2;APAC:12.5;EMEA:9.2;LATAM:6.0
B:15.6;BBB:39.3;A:33.8;CCC:11.3
2.86
28.4
268
280
10.5
3.5
35
35
35
true
true
false
true
-0.43
0.71
0.37
Industrials:EW
Hedge
Options_Payer: +81bps notional
-22
-24
DealerA
DealerAxed
10
90
-170
-25
Region>limit
Hedge
Regional concentration above limit
119
Reviewed by risk; hedges staggered
C00597
CR2962
2025-10-30
Calm
116
389
3.3
2.9
532,244,832
Consumer:23.6;Utilities:27.6;Healthcare:19.4;Comm:6.7;RealEstate:22.7
US:67.8;EU:15.6;APAC:7.5;EMEA:3.6;LATAM:5.5
AA:14.8;B:23.1;BB:23.6;BBB:8.2;CCC:18.4;AAA:12.0
0.79
58.9
89
470
12.2
2
20
45
25
true
true
true
false
0.62
0.24
0.5
Materials:EW;Financials:EW;Healthcare:EW
Rotate
From Energy -1.0% to Utilities +1.0%
-52
4
DealerA
RFQ
0
90
59
-149
VAR>budget
Hedge
Portfolio VAR above budget
232
Tighten HY exposure bands
C00598
CR9307
2024-08-22
Calm
87
292
4.2
2
1,819,735,448
Materials:7.2;RealEstate:25.2;Tech:14.3;Energy:19.8;Healthcare:16.1;Industrials:17.3
US:73.3;EU:9.7;APAC:8.4;EMEA:7.6;LATAM:1.0
BBB:21.3;B:21.2;BB:17.1;AAA:23.3;A:17.0
0.56
27
158
359
2.6
4
30
45
30
false
true
true
false
2.41
1.24
0.45
Energy:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-30
-22
DealerA
All2All
5
100
-128
35
Region>limit
Hedge
Regional concentration above limit
167
Rotate into defensive sectors
C00599
CR7741
2024-10-08
Tightening
100
470
5.1
1.7
2,208,696,145
Consumer:18.8;Industrials:9.7;Healthcare:17.4;Financials:10.8;RealEstate:14.0;Comm:29.3
US:67.1;EU:9.0;APAC:10.0;EMEA:7.1;LATAM:6.8
AAA:21.3;BB:11.0;CCC:8.6;AA:23.4;B:11.4;BBB:24.2
4.03
57.5
244
407
7.6
2.5
25
55
35
true
true
false
true
2.5
1.55
-0.24
Tech:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-6
7
DealerC
Electronic
5
94
195
112
HYCap>limit
Reduce
High-yield share above policy cap
202
Reviewed by risk; hedges staggered
C00600
CR6705
2025-05-09
Recovery
164
527
6.5
-0.3
247,248,537
Industrials:41.6;Comm:19.0;Healthcare:39.4
US:58.1;EU:15.5;APAC:13.3;EMEA:7.8;LATAM:5.3
A:20.7;AA:22.1;BBB:24.6;AAA:14.9;BB:17.7
1.61
28.6
172
344
11.7
3.5
30
35
25
true
true
false
false
-0.05
1.59
0.56
Healthcare:EW
Reduce
Cut HY -1.0%; Trim stretched sector -0.5%
-8
-8
DealerA
RFQ
4
96
118
-218
Sector>limit
Hedge
Sector concentration above limit
141
Rotate into defensive sectors