You will learn to perform a hierarchical bond performance attribution analysis (sector and sub-sector).
Understanding Bond Portfolio Performance is a two-part course designed to demystify the often complex process of evaluating bond portfolios and bond funds, both on their own and in comparison to market benchmarks. Unlike traditional academic or professional training, this course offers a straightforward, practical approach grounded in how real bond managers make decisions—empowering financial advisors to better interpret, explain, and communicate portfolio performance to clients.
Part 1 introduces a decision-focused framework for analyzing bond portfolio returns. You'll learn to break down performance into key drivers such as income, interest rate exposure, and credit positioning—providing a relevant and easy-to-understand explanation of results.
Part 2 takes this further by applying a hierarchical performance attribution model to uncover sector-level and sub-sector-level contributions to performance. By using the Four Factors of Bond Performance—Income, Treasury Return, Spread Return, and Selection—you’ll learn to “peel the onion” and produce a robust yet accessible analysis of both return and excess return versus a benchmark.
Investment Consultant, Author and Mentor
I have a long record of success in client-centered investment management, with experience in all phases of the investment process: analytics, research, asset allocation, investment selection, performance evaluation and communicating results that are relevant, robust and understandable. I have managed bond portfolios for insurance companies and multi-asset portfolios for endowments, foundations, pension plans and high-net worth individuals. This experience has helped me develop a holistic perspective focused on helping clients to achieve a secure financial future. Using this perspective, I have helped to transform several investment organizations from followers to leaders in the industry, who now measure success in terms of their clients’ financial outcomes, rather than simply beating benchmarks. I have also dedicated myself to mentoring and training investment staff, many of whom have moved their careers forward as a result of this training. For over a decade I was an adjunct faculty member for a university MBA program, and an instructor for investment professionals taking the Chartered Financial Analyst (CFA) exams. Toward this end, I have published many articles, both in public investment journals, with the CFA Institute and also on LinkedIn. This has allowed me to advance the body of knowledge within the industry. I believe that trustworthiness, diligence and capability are essential values for those who take responsibility for client assets.
Provincial regulators of CPAs in Canada do not require that independent providers of CPD be approved to offer courses. Instead, individual CPAs are responsible for assessing whether a CPD activity meets their requirements, and may take activities from any source provided those requirements are met.
Every course offered on LearnFormula is delivered by a qualified subject matter expert or learning organization, and advances learning objectives that are relevant to the responsibilities or professional competencies of Canadian CPAs. All activities on LearnFormula are quantifiable in terms of hours, and are also verifiable, in that users receive documented evidence of their attendance via a certificate of completion after finishing a course (and this certificate is stored by LearnFormula indefinitely). Nearly 100,000 Canadian CPAs successfully satisfy their CPD requirements via LearnFormula on an annual basis.
