Long/Short Investment Grade Credit at a Multi Manager

I'm curious around strategies around long short IG credit roles at multimanagers. As IG is a high quality asset class, I would guess that PM's get a good amount of leverage. How much of theses groups of these pods are driven by ETF arbitrage and how much is more fundamental/rel val driven. Are PM's going picking there longs/shorts in a sector (ex. Long JPM 2030s and short Citi 2031s), or playing curve trades (long ABBV 2049s and short ABBV 2029s on the curve flattening) or a combination of both. What would the role of an analyst working with a PM/trader at one of these pods entail? Any color would be greatly appreciated.

 

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