For those that use IBKR and run several strategies, do you manually segregate performance offline in something like excel, or do you have a different IBKR account for each strategy?
Link IB with portfolio live strategy and portfolio will do the job for you. Other way is create subaccounts in IB for each strategy
I use one IBKR account and track each strategy's performance via its P123 port record only — I don't attribute actual execution (fills, fees, FX) per strategy, though I probably should. I wrote an app that imports the P123 holdings files each week, does the currency conversions, consolidates overlapping tickers across strategies into a single set of account-level targets, and rebalances both within each strategy and across strategies once drift exceeds threshold bands I set. I also do a lot of hedging, so it sizes that automatically off the hedge-signal readings and tells me whether to sell futures and/or reduce exposure. It works well for my purposes, but it has a few shortcomings others may not be comfortable with.
The Manage function is great for this. I run quite a few strategies using one linked IBKR account. Can rebalance everything in a few clicks and it tracks each strategy. I think this is an under appreciated feature of P123.
Thanks All. How is cash handled if there is only 1 IBKR account but multiple P123 strategies? For example, in the IBKR account there may be $10K available. How is this allocated as seen in the P123 side in the various P123 strategies? What if you have a random ETF in the IBKR account like SPY? Is this considered its own strategy in P123?
You allocate the size of each strategy that you follow(live book or live sim) when you add them in manage. For non-P123 strategies, use the manual strategy. This doesn’t have an initial size allocation - you just buy and sell stocks/etfs manually. For example, I have a manual strategy named “Hedging”, where I manually buy/sell my hedging instruments, as I hedge across my entire portfolio which contains multiple strategies. You can move a stock/etf between strategies also.
Cash which unallocated to a strategy shows as just cash.