How can a client determine if a portfolio manager is using a CDS for leveraging in such

Question:

How can a client determine if a manager is using a CDS for leveraging in such a way as to increase the portfolio’s risk relative to a bond index?
Portfolio
A portfolio is a grouping of financial assets such as stocks, bonds, commodities, currencies and cash equivalents, as well as their fund counterparts, including mutual, exchange-traded and closed funds. A portfolio can also consist of non-publicly...