Can Someone help me understand how do L/S IG and HY work at MM Platforms

In MMs, we're operating with significantly more portfolio construction vs traditional L/S credit strategies. Our IG book maintains gross exposure typically hovering around 300-400% with strict net parameters of +/- 50%, emphasizing RV dislocations, not macro exposure. Like most FI guys, heavily on technical catalysts - basis trades, cap arbitrage, and event-driven special situations. You'll see funds that are actively involved in new issuance, particularly focusing on concessions versus secondary curves. The ability to actively trade around these positions with the MM cost of execution has allowed us to capture significant alpha in what many view as a compressed spread environment. We maintain strict VaR parameters, typically keeping duration exposure between 0-2 years net. 

Regarding the high yield strategy, spreads are at historically tight levels but we're identifying compelling RV opportunities across the capital structure. Rather than simple carry trades, more pair trades. Position sizing typically 200-300 basis points for core long positions, with shorts sized at 100-150 basis points. The portfolio maintains strict stop-loss parameters at both the position and portfolio level

The key differential in our platform model versus traditional credit-focused hedge funds is our ability to rapidly adjust positioning based on changing technicals while maintaining robust risk - but as this website knows, our turnover metrics significantly exceed street so yes, tend to capitalize on short-term dislocations (but by virtue also are over-exposed to it)