Portfolio Manager Guide¶

Role Overview¶

As a Portfolio Manager, you are responsible for:

• Managing CLO holdings and optimizing portfolio composition
• Making trade decisions that balance return and compliance
• Tracking performance against benchmarks and targets
• Communicating portfolio strategy to stakeholders

CalcBridge empowers you to simulate trades and see compliance impact before execution, eliminating the "discover a breach after the fact" problem.

Daily Workflow¶

flowchart LR
    A[Review Dashboard] --> B[Analyze Opportunities]
    B --> C[Run What-If Scenarios]
    C --> D[Compare Impact]
    D --> E[Execute Decision]

    style A fill:#DBEAFE,stroke:#3B82F6
    style B fill:#DCFCE7,stroke:#22C55E
    style C fill:#FEF3C7,stroke:#F59E0B
    style D fill:#EDE9FE,stroke:#8B5CF6
    style E fill:#FEE2E2,stroke:#EF4444

Step 1: Review Dashboard¶

Start by reviewing the portfolio dashboard for current positions, compliance status, and market opportunities.

Portfolio Overview
==================
Total Par: $500,000,000
Positions: 127
Avg Rating: BB+
WAL: 4.2 years
WAS: L+385 bps

Compliance Status: ALL PASS (25/25 tests)
Tightest Cushion: Single Obligor @ 1.25%

Step 2: Analyze Opportunities¶

Identify potential trades based on:

• Market conditions and relative value
• Portfolio optimization needs
• Compliance headroom availability
• Reinvestment period status

Step 3: Run What-If Scenarios¶

Create scenarios to test proposed trades before execution.

# Create a what-if scenario
curl -X POST https://api.calcbridge.io/api/v1/scenarios \
  -H "Authorization: Bearer $TOKEN" \
  -d '{
    "name": "Q1 Rebalancing",
    "base_workbook_id": "wb_abc123",
    "description": "Test healthcare sector reduction"
  }'

Step 4: Compare Impact¶

Review the compliance impact of your proposed trades:

• Which tests improve or deteriorate
• Cushion changes for critical thresholds
• Overall portfolio risk profile changes

Step 5: Execute Decision¶

Make informed go/no-go decisions with full visibility into consequences.

Key Features¶

What-If Scenarios¶

Create unlimited scenarios to test trading strategies without affecting production data.

Trade Simulation¶

Simulate trades with full detail:

{
  "trade_type": "buy",
  "security": {
    "cusip": "12345ABC",
    "issuer": "Acme Corp",
    "par_amount": 5000000,
    "price": 99.50,
    "spread": 425,
    "rating": "BB"
  },
  "settlement_date": "2024-02-15"
}

Impact Analysis¶

Every simulated trade shows:

• Compliance Impact: Pass/fail changes for all tests
• Cushion Impact: Quantified change to threshold headroom
• Metric Changes: WAL, WAS, WARF, diversity effects
• Concentration Changes: Industry and obligor exposure shifts

Decision Support¶

Step-by-Step Tutorials¶

Creating a What-If Scenario¶

Learn how to create and manage what-if scenarios for trade analysis.

Prerequisites¶

• CalcBridge account with Portfolio Manager role
• Base workbook with current portfolio data
• Understanding of proposed trade details

Tutorial¶

1. Navigate to Scenarios

From the main dashboard, select "What-If Scenarios" > "Create New Scenario"

2. Configure Base State

Scenario Configuration:
  name: "February Rebalancing Analysis"
  description: "Test rotation from healthcare to technology sector"
  base_workbook: "Q1 2024 Holdings"
  copy_calculations: true

3. Verify Baseline

Review the baseline compliance status before adding trades:

Baseline Compliance Summary
===========================
Total Tests: 25
Passing: 25
Failing: 0

Key Metrics:
- Single Obligor: 3.75% (Limit: 5.00%)
- Healthcare Exposure: 14.2% (Limit: 15.0%)
- Technology Exposure: 8.5% (Limit: 15.0%)

4. Add Trades to Scenario

Add proposed trades to your scenario:

{
  "trades": [
    {
      "action": "sell",
      "cusip": "HLTH001",
      "par_amount": 2500000,
      "price": 98.00
    },
    {
      "action": "buy",
      "cusip": "TECH002",
      "par_amount": 2500000,
      "price": 99.50
    }
  ]
}

5. Run Scenario Analysis

Click "Analyze Scenario" to calculate the impact:

Scenario Analysis Results
=========================

Compliance Changes:
- All tests remain PASSING

Metric Changes:
- Healthcare Exposure: 14.2% -> 13.7% (improved)
- Technology Exposure: 8.5% -> 9.0% (worsened, but within limit)
- WAS: L+385 -> L+390 (improved yield)

Recommendation: PROCEED

Simulating a Trade¶

Step-by-step guide to simulating individual trades.

Single Trade Simulation¶

1. Select Trade Type

Choose between: - Buy: Add a new position or increase existing - Sell: Reduce or eliminate a position - Switch: Simultaneous sell and buy (DM trades)

2. Enter Trade Details

{
  "action": "buy",
  "security": {
    "cusip": "12345ABC",
    "issuer": "New Investment Inc",
    "industry": "Technology",
    "par_amount": 5000000,
    "price": 99.00,
    "coupon": "L+400",
    "rating": "BB",
    "maturity": "2029-06-15"
  }
}

{
  "action": "sell",
  "security": {
    "cusip": "EXIST123",
    "par_amount": 3000000,
    "price": 101.50
  }
}

{
  "action": "switch",
  "sell": {
    "cusip": "OLD001",
    "par_amount": 5000000,
    "price": 98.00
  },
  "buy": {
    "cusip": "NEW001",
    "par_amount": 5000000,
    "price": 99.50,
    "issuer": "Better Corp",
    "rating": "BB+"
  }
}

3. Review Instant Impact

The system immediately calculates:

4. Save or Discard

• Save to Scenario: Add trade to scenario for combined analysis
• Execute: Mark as approved for execution tracking
• Discard: Remove simulation without saving

Comparing Before/After Impact¶

Learn to analyze the full impact of trading decisions.

Impact Comparison Dashboard¶

flowchart TB
    subgraph Before["BEFORE Trade"]
        A1[Tests: 25 PASS]
        A2[Cushion: 1.25% min]
        A3[WAL: 4.2 yrs]
    end

    subgraph Trade["PROPOSED Trade"]
        B1[Sell: $3M Healthcare]
        B2[Buy: $3M Technology]
    end

    subgraph After["AFTER Trade"]
        C1[Tests: 25 PASS]
        C2[Cushion: 1.50% min]
        C3[WAL: 4.1 yrs]
    end

    Before --> Trade
    Trade --> After

    style Before fill:#FEE2E2,stroke:#EF4444
    style Trade fill:#FEF3C7,stroke:#F59E0B
    style After fill:#DCFCE7,stroke:#22C55E

Detailed Comparison Report¶

Trade Impact Analysis
=====================

COMPLIANCE IMPACT
-----------------
Test                          Before    After     Impact
------------------------------------------------------------
Single Obligor (Acme)         3.75%     3.75%     No change
Healthcare Concentration      14.20%    13.70%    IMPROVED
Technology Concentration       8.50%     9.00%    Reduced cushion
OC Ratio (Class A)           125.50%   125.75%    IMPROVED
WAL Test                       4.20      4.10     IMPROVED

CUSHION IMPACT
--------------
Test                          Before    After     Change
------------------------------------------------------------
Single Obligor                 1.25%     1.25%      0.00%
Healthcare Concentration       0.80%     1.30%     +0.50%
Technology Concentration       6.50%     6.00%     -0.50%

RISK METRICS
------------
Metric                        Before    After     Change
------------------------------------------------------------
Portfolio WARF                 2,450     2,420       -30
Diversity Score                  45        46        +1
Average Price                  98.50     98.75     +0.25

FINANCIAL IMPACT
----------------
Realized P&L: -$45,000 (selling below par)
Yield Pickup: +5 bps annualized

Export and Share¶

Generate comparison reports in multiple formats:

# Export as PDF
curl -X POST https://api.calcbridge.io/api/v1/scenarios/{id}/export \
  -H "Authorization: Bearer $TOKEN" \
  -d '{"format": "pdf", "include_charts": true}'

# Export as Excel
curl -X POST https://api.calcbridge.io/api/v1/scenarios/{id}/export \
  -H "Authorization: Bearer $TOKEN" \
  -d '{"format": "xlsx"}'

Tips and Best Practices¶

Scenario Management¶

Trade Analysis Best Practices¶

1. Always check tightest cushions first: Focus on tests with least headroom
2. Consider correlation: Multiple trades may compound concentration risk
3. Model worst case: What if the trade settles at a different price?
4. Document rationale: Add notes explaining why trades are proposed

Collaboration Tips¶

• Share scenarios with compliance team for review before execution
• Request approval through the workflow system
• Export summaries for investment committee presentations
• Link to source data so reviewers can verify assumptions

Performance Optimization¶

Quick Reference¶

Scenario Status Workflow¶

stateDiagram-v2
    [*] --> Draft
    Draft --> Analyzing: Run Analysis
    Analyzing --> Reviewed: Analysis Complete
    Reviewed --> Approved: Approve
    Reviewed --> Rejected: Reject
    Approved --> Executed: Mark Executed
    Rejected --> Draft: Revise
    Executed --> [*]

API Endpoints for Portfolio Managers¶

# Create scenario
POST /api/v1/scenarios

# Add trade to scenario
POST /api/v1/scenarios/{id}/trades

# Run scenario analysis
POST /api/v1/scenarios/{id}/analyze

# Get impact comparison
GET /api/v1/scenarios/{id}/impact

# Clone scenario
POST /api/v1/scenarios/{id}/clone

# Export scenario
POST /api/v1/scenarios/{id}/export

Keyboard Shortcuts¶

Next Steps¶

• Complete this guide
• Create your first what-if scenario
• Simulate a trade
• Generate a comparison report
• Share a scenario with your team

Start Creating Scenarios View Compliance Testing