BondManagerBondManager is a portfolio manager for non-callable bonds that incorporates tools for assessing interest rate sensitivity, duration, convexity, present value of coupons, etc., roughly categorized as addressing:
Bond Analytics ...
provides detailed insight into a bond's first and second order sensitivity to changes in the yield;
revalues the bond at a specified shift in yield; and computes coupons between arbitrary calendar
dates. Macaulay duration puts coupon and zero-coupon bonds on a similar footing, thus facilitating
(a first order) comparison.
Modified duration and convexity respectively scale the first and second derivatives of bond value (with respect to time) against the bond's market value, so they're readily comparable between bonds with different market values. The derivatives drive the Imputed Market Value of the bond at the given shift in Yield To Maturity, or Delta YTM. The Delta YTM applied to the current Yield To Maturity produces the What-If YTM, which is then used to to discount coupons and par value (for first order analytical purposes) in the What-If YTM Discount box.
Refer to Bond Analyzer documentation for additional details.
depicts the sensitivity of bond values with respect to yield. When the Portfolio box is
checked, it also plots a cost weighted average of all bond positions in your portfolio. The X-axis
depicts DeltaYTM values so bonds with disparate yields can be consistently compared. The Y-axis shows
the percentage change in value. Individual issues are plotted in red, green, blue, and purple, from top to
bottom and the portfolio is plotted in black. Delta YTM represents a shift in the Yield To Maturity,
so a bond with a 5% YTM is plotted from 3.5% to 7.5% with the default Delta YTM range. In this example,
the portfolio consists of 200 Belo Corp (purple) bonds and 100 Ford (red) bonds, thus presenting the
portfolio's rate sensitivity against a background of issues selected as possible trades intended to
increase or reduce the portfolio's rate sensitivity. Dialog state is stored and retrieved from its
Refer to Rate Sensitivity Explorer documentation for additional details.
offers an interactive portfolio browsing experience. The Navigator might be described as a
'folding spreadsheet' allowing you to quickly assess how your active bond positions are performing as a
group or quickly locate an isssue of interest and drill down into its constituent positions.
The manilla highlighted row depicts bond portfolio totals. Issue rows, with bond identifiers in the first column, are initially visible, but may be hidden by selecting the boxed minus button next to the manilla row summarizing the bond portfolio. Position rows, highlighted in power blue, are initially hidden, but can be made visible by clicking the boxed plus button next to the issue's symbol. In this example, Pacific Bell and Ford Mtr's positions have been made visible.
Columns for capital gain, income, net gain, annualized yield, etc. are also computed, but may be offscreen. Columns that are seldom of interest can be permanently hidden via preferences and temporarily reordered by dragging the column header to the desired position.
Refer to Portfolio Navigator documentation for additional details.
The PositionsTranscripts dialog generates a transcript of positions closed in a given year,
thereby documenting realized gains and losses for tax purposes. It will also generate a transcript of
open (active) positions, thus summarizing current paper gains and losses. In both cases it reports
annualized yields for each position and the cost weighted average return for the portfolio.
When there's only one position in the portfolio, the portfolio summary is suppressed.
Refer to Positions Transcripts documentation for additional details.