I am curious what credit PMs out there do to effectively hedge, at a portfolio-level, a primarily long corp HY and LL book. Are you buying CDX HY or IG? Equity index shorts? S&P puts? What I have in mind is something that's liquid, won't quickly decay in value in low vol environments, and sized to under 500 bps of the book. The idea is not burn a hole in carry but able to offset losses in super weak moments like in March and Dec '18.
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Anything else on the corporate side?
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