Big US managers diverge on CDS sales

Counterparty Radar: Pimco’s sold positions surge 80%, as PGIM and others retreat

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US mutual funds have been ramping up sales of credit default swap protection in recent quarters, according to Risk.net analysis, with bond giant Pimco leading the way. But the aggregate numbers disguise a gradual retreat from the strategy by some large managers.

The top 25 managers, ranked by the notional size of index CDSs on their books, reported a total of just under $82 billion in sold protection in the first quarter, with Pimco accounting for 55% of those positions. Both figures are the

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