Astra gains its edge through thorough analysis of credit fundamentals and fair value. Wider credit spreads produce higher returns for similar risk profiles versus cash bonds despite shorter duration investment. Preference is for shorting credit indices and tranches as they provide better liquidity. Relative value opportunities between similar instruments can be attractive as it limits negative carry. The current market is less attractive for short opportunities given the supportive credit trend. There are many instruments where credit risk is not well reflected, for instance on CDX curves only a small pick-up in defaults could make a short trade profitable. Fundamental single asset short opportunities are not favourable as search for yield drives irrational investment decisions.