MM L/S investing - single stock alpha vs sector bets

Was wondering how much ‘good’ MM L/S equity pods focus their exposure on single stock alpha vs broader sector bets

Seems like there is a lot of ‘will this company beat / miss’ but curious how much in practice is there also an overlay of sub-sector or sector bets within portfolios, or are books usually effectively just a bunch of pair trades based on pre-positioning dispersion in estimates?

For example with COVID seems like there were a lot of COVID winners vs losers trades which would make more sense under sub-sector tilts but don’t know how MM people think about this

 

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