Hedge Fund Performance

My approach to developer productivity metrics has changed a lot in the last few years. I used to recommend that leaders go deep in the research — SPACE, DORA, DevEx — to come up with their own list of metrics that fits their leadership and business needs. But now we have more information about what’s actually working in the field, and my guidance has changed. I have a very clear answer about what to measure, and it's the DX Core 4 framework. DX Core 4 unifies SPACE, DORA, and DevEx, and gives you a prescriptive list of key metrics to track. 🔹 Robust: Four dimensions that hold each other in tension for a comprehensive view into performance. 🔹 Easy to deploy: Get a baseline in weeks, not months. 🔹 Balanced: Qualitative and quantitative data to tell you not just what’s going on, but why, so that you can improve. 🔹 Peer benchmarks: See industry 50th, 75th, and 90th percentile values, including segmentation for size, sector, and even mobile engineers. This framework is based on years of research and field experience from real companies using metrics in their day-to-day operations. This framework was developed by Abi Noda and me, with collaboration from the creators of DORA, SPACE, and DevEx, and feedback from experts and our incredible DX customers. Read more here: https://lnkd.in/dSbr8aAD

Robots on the pitch....You better believe it. Will you be able to play with this one? No more standing cones or passive drills. Athletes today are dodging dynamic robots—machines that track, move, and react in real time. These aren’t gimmicks; they’re next-gen training partners. ⚽ In football, systems like SKILLSLAB, Rezzil, and Trailblazer Training Bots are already used by top clubs to simulate high-pressure situations, improve decision-making, and measure milliseconds of reaction time. 🏀 In basketball, robotic arms help perfect shooting arcs, while AI vision tools break down footwork frame by frame. 🎾 In tennis, smart ball machines adjust spin, speed, and placement in unpredictable sequences—training the brain as much as the body. Why it matters: + Athletes improve reaction speed by up to 20% using adaptive robotic drills. + Training bots allow 3x more touches per minute compared to traditional drills. + Machine-learning platforms track thousands of data points per session—customizing feedback instantly. This isn’t just tech—it’s transformation. Robots are helping players train faster, smarter, and with a grin on their face. #Innovation #Tech #Robots

For most of football’s history, much of what we watched on the field went unmeasured. Today, nearly every player and ball movement throughout the game is measured, modeled, and analyzed in real time. This data is improving fan experiences and giving them richer sport insights. It's also changing how professionals approach the game—from improving player safety to unlocking new training environments. The results speak for themselves: a 35% reduction in lower-extremity injuries from the redesigned kickoff format, informed by Next Gen Stats data. Innovations like completion probability and rush yards over expectation that make broadcasts more engaging. And now, pose-tracking technology that captures full skeletal data 60 times per second, is opening doors to VR training that could accelerate player development from years to months. I'm proud of how we've expanded our partnership with the NFL on Next Gen Stats, powered by AI tools like Amazon SageMaker and Amazon Quick. What started as a tracking experiment in 2015 has become a critical part of the NFL’s infrastructure that uses machine learning models on AWS to process data from 22 players, generating 500-1,000 stats per play, instantly. What a win for the Hawks last night! If you're still riding the excitement, take a few minutes to read through this deep dive into the science that powers the complex stats you see on screen throughout the season. Cool look at the history of our partnership with the NFL through Next Gen Stats! https://lnkd.in/gX8Mpe7T

𝕋𝕙𝕖 𝔹𝕚𝕘 𝔹𝕠𝕪𝕤 𝕠𝕗 𝕄𝕦𝕥𝕦𝕒𝕝 𝔽𝕦𝕟𝕕𝕤 (𝔽𝕐𝟚𝟝) AMFI’s latest data on Mutual Fund Distributors (by 𝗔𝗨𝗠 & 𝗰𝗼𝗺𝗺𝗶𝘀𝘀𝗶𝗼𝗻𝘀) for FY25 highlights the institutions shaping India’s MF landscape - they are scaling up rapidly serving the ever-growing Indian investor base 𝗞𝗲𝘆 𝗛𝗶𝗴𝗵𝗹𝗶𝗴𝗵𝘁𝘀 - 𝗙𝗬𝟮𝟱 (1) Scale Leaders - NJ IndiaInvest, SBI, HDFC Bank, Prudent, Axis Bank (~65% of Top 50 AUM) (2) Growth Standouts - IDFC First (+78%), Motilal Oswal FS (+61%), IIFL Capital (+59%), HDFC Sec (+53%), IndusInd (+51%). (3) New Entrants: Wealth First (+265%) PRANITYA, Fisdom, LGT Wealth (all >35%). (4) Top Yield (>1% commissions/AUM): Wealth First, NJ IndiaInvest, Bank of Baroda, Anand Rathi Wealth, Prudent. 𝗧𝗿𝗲𝗻𝗱𝘀: • Banks dominate scale through trust & distribution muscle • IFAs/aggregators fuel retail penetration beyond metros • UHNI Boutiques show low MF AUM - focus on non-MF assets • FinTechs emerging as challengers - SIP stickiness would be the key Most of these Top 50 are - # Expanding in Tier 2 & 3 cities # Targeting NRI Wealth & # Investing heavily in digital capabilities. 𝗠𝘆 𝘃𝗶𝗲𝘄: 𝗔𝗜 𝘄𝗶𝗹𝗹 𝗯𝗲 𝘁𝗵𝗲 𝗿𝗲𝗮𝗹 𝗴𝗮𝗺𝗲 𝗰𝗵𝗮𝗻𝗴𝗲𝗿 —𝘁𝗵𝗼𝘀𝗲 𝗲𝘅𝗲𝗰𝘂𝘁𝗶𝗻𝗴 𝗳𝗮𝘀𝘁𝗲𝘀𝘁 𝘄𝗶𝗹𝗹 𝗰𝗮𝗽𝘁𝘂𝗿𝗲 𝗺𝗮𝘅𝗶𝗺𝘂𝗺 𝗺𝗮𝗿𝗸𝗲𝘁 𝘀𝗵𝗮𝗿𝗲 𝗯𝘆 𝟮𝟬𝟮𝟳. For India’s wealth management ecosystem, the next decade promises scale, innovation, and the opportunity to create value for investors and wealth managers alike. “𝒞𝓁𝒾𝑒𝓃𝓉 कमाये, हम भी कमाये.” #MutualFunds #WealthManagement #AssetManagement #InvestmentAdvisory #FinancialServices #FinTech #AIinFinance #IndianEconomy #CapitalMarkets #FutureOfFinance #DigitalWealth Karan Bhagat Feroze Azeez 🇮🇳 Apurva Sahijwani Satheesh Krishnamurthy Nitin Rao Arpita Vinay Rajesh Saluja Sandeep Das Umang Papneja Virendra Somwanshi Michael Stanhope Ashish Shanker Anuj Kapoor Shiv Gupta Sandeep Batra Himanshu Kohli Richa Tripathi Aditya M. Nitin Jain Bhupinder Singh A. Balasubramanian Nilesh Shah Navneet Munot Swarup Mohanty Radhika Gupta Kailash Kulkarni Aashish P Sommaiyaa Vikas Sharma Sunil Singhania State Bank of India NJ Group HDFC Bank Prudent Corporate Advisory Services Ltd. Axis Bank Kotak Mahindra Bank ICICI Bank ICICIDirect Anand Rathi Wealth Limited 360 ONE Wealth IDFC FIRST Bank

Beta of 1.0 with Alpha That Compounds Investment managers live and die by their numbers: Performance, Performance, Performance. Top performers over a short period may feel good at the time, but more critical is consistency, a strong, repeatable process where there is an identifiable pattern of out-performance. Is the manager max-limit long, risk on with respect to duration or concentrated bets? Are the results noise, is beta masquerading as alpha? Measuring Sharpe ratio and Information ratio helps evaluate the quality of alpha that the manager generates against the benchmark. Sharpe Ratio measures the portfolio's excess return over risk-free rate divided by return volatility. Information Ratio measures the portfolio's excess return over benchmark divided by tracking error volatility. Leading capital allocators typically need a minimum of 3-years track record is recommended because any shorter period typically does not capture necessary data points. Savvy institutional clients and consultants ideally require a 5-year track record, whereby daily performance results over a long period of time capture a cycle of risk-on, risk-off, dislocation and recovery. eVestment maintains a great database where asset managers, consultants, and allocators can measure performance, Sharpe ratio, and Information ratio for any specific investment mandate. Transparent peer benchmarking per strategy such as: 1) HY Bonds vs. ICE BofA US High Yield Index 2) EM Credit vs. J.P. Morgan EMBI Global Diversified 3) BSL vs. Morningstar LSTA US Leveraged Loan Index. Go to Nasdaq's eVestment to see how each manager stacks up against the competition. Credit selection, index arbitrage, relative value and active management are critical when managing money that is benchmarked to an index as durable, repeatable alpha is the bright light that stands out.

In Q1 2025, LTI (Ongoing Equity) Programs Had 4x the “Pay for Performance” Differentiation for Promoted Employees Vs. Salary Raises Companies generally reward top performers through three types of compensation programs: [A] Salary Raises [B] Long Term Incentives (LTI)–often ongoing equity grants [C] Short Term Incentives (STI)–often called a bonus program Today, let’s compare how much differentiation there is across the market for top performers between [A] and [B]. ________________ 𝗠𝗲𝘁𝗵𝗼𝗱𝗼𝗹𝗼𝗴𝘆: We recently took a look at Q1 2025 merit cycle data across 46k+ employees from Pave's dataset. 1st, our data science team grouped and analyzed employees across four groups:  • [1] Promoted  • [2] Above expectations (no promo)  • [3] Meets Expectations or equivalent (no promo)  • [4] Below Expectations (no promo) 2nd, our data science team looked at two dimensions across salary and ongoing equity grants  • [1] What % of employees received a compensation update?  • [2] For those who received, what was the size of the increase? Note that for equity, this was measured by the % increase in net equity value compensation vesting over the next 12 months 3rd, our data science team multiplied “participation” with “amount” to find the “𝗲𝘅𝗽𝗲𝗰𝘁𝗲𝗱 𝘃𝗮𝗹𝘂𝗲 𝗼𝗳 𝗶𝗻𝗰𝗿𝗲𝗮𝘀𝗲” as a method of measuring pay for performance. ________________ The Results: ✅ 𝗣𝗿𝗼𝗺𝗼𝘁𝗲𝗱  => Salary: +9.7% expected value increase => Ongoing Equity: +38.6% expected value increase ✅ 𝗔𝗯𝗼𝘃𝗲 𝗘𝘅𝗽𝗲𝗰𝘁𝗮𝘁𝗶𝗼𝗻𝘀 (𝗡𝗼 𝗣𝗿𝗼𝗺𝗼)  => Salary: +4.5% => Ongoing Equity: +11.0% ✅ 𝗠𝗲𝗲𝘁𝘀 𝗘𝘅𝗽𝗲𝗰𝘁𝗮𝘁𝗶𝗼𝗻𝘀 𝗼𝗿 𝗘𝗾𝘂𝗶𝘃𝗮𝗹𝗲𝗻𝘁 (𝗡𝗼 𝗣𝗿𝗼𝗺𝗼)  => Salary: +3.1% => Ongoing Equity: +3.8% ✅ 𝗕𝗲𝗹𝗼𝘄 𝗘𝘅𝗽𝗲𝗰𝘁𝗮𝘁𝗶𝗼𝗻𝘀 (𝗡𝗼 𝗣𝗿𝗼𝗺𝗼)  => Salary: +0.3% => Ongoing Equity: +0.0% expected value increase ________________ 𝗠𝘆 𝗧𝗮𝗸𝗲𝗮𝘄𝗮𝘆𝘀: 1️⃣ 𝗣𝗿𝗼𝗺𝗼𝘁𝗲𝗱 𝗲𝗺𝗽𝗹𝗼𝘆𝗲𝗲𝘀 𝗿𝗲𝗰𝗲𝗶𝘃𝗲 𝗮 𝗺𝗲𝗱𝗶𝗮𝗻 𝗲𝘅𝗽𝗲𝗰𝘁𝗲𝗱 𝘃𝗮𝗹𝘂𝗲 𝟯𝟴.𝟲% “𝗲𝗾𝘂𝗶𝘁𝘆 𝗿𝗮𝗶𝘀𝗲” 𝘃𝘀 𝗮 𝟵.𝟳% 𝘀𝗮𝗹𝗮𝗿𝘆 𝗿𝗮𝗶𝘀𝗲. This means that for promoted employees, the equity comp is ~4x as outsized from a pay for performance standpoint. 2️⃣ 𝗠𝗲𝗮𝗻𝘄𝗵𝗶𝗹𝗲, 𝘁𝗵𝗲 “𝗲𝗾𝘂𝗶𝘁𝘆 𝗿𝗮𝗶𝘀𝗲𝘀” (𝟯.𝟴%) 𝗮𝗿𝗲 𝗺𝘂𝗰𝗵 𝗰𝗹𝗼𝘀𝗲𝗿 𝘁𝗼 𝘀𝗮𝗹𝗮𝗿𝘆 𝗿𝗮𝗶𝘀𝗲𝘀 (𝟯.𝟭%) 𝗳𝗼𝗿 “𝗺𝗲𝗲𝘁 𝗲𝘅𝗽𝗲𝗰𝘁𝗮𝘁𝗶𝗼𝗻𝘀” 𝗲𝗺𝗽𝗹𝗼𝘆𝗲𝗲𝘀. This suggests that the real LTI/ongoing equity comp differentiation is happening for top performers (both those in the “promoted” and “above expectations (no promo)” buckets. ________________ 𝗣𝗿𝗮𝗰𝘁𝗶𝗰𝗮𝗹 𝗦𝘂𝗴𝗴𝗲𝘀𝘁𝗶𝗼𝗻 𝗳𝗼𝗿 𝗖𝗼𝗺𝗽𝗲𝗻𝘀𝗮𝘁𝗶𝗼𝗻 & 𝗛𝗥 𝗟𝗲𝗮𝗱𝗲𝗿𝘀: Analyze your company’s “expected value” salary and equity raise amounts. How do your outcomes compare to the Q1 2025 benchmarks from this post? And where + how should you consider tweaking your "recommendation logic” to guide your company towards more or less merit cycle differentiation for different cohorts of employees?

New managers think they need to have all the answers. The smart ones ask all the right questions. The pressure is real:  - You just got promoted and everyone's watching.  - Your old peers are now your direct reports.  - Your boss expects immediate results. So you do what feels natural:  - You try to outwork everyone.  - You try not to let your impostor syndrome show. - You try to be the smartest person in every meeting. But what if what got you promoted is what's holding you back? The 8 skills that separate great managers from everyone else: Active Listening  ❌ Wait for your turn to talk  ✅ Summarize their points before replying  → Builds trust and surfaces hidden issues Clear Communication  ❌ Assume people understand your vision  ✅ Use video updates for important messages  → Drives alignment and prevents confusion Explicit Expectations  ❌ Hope people figure out what you want  ✅ Involve your team in planning commitments  → Prevents guesswork and misalignment Productive Feedback  ❌ Save feedback for performance reviews  ✅ Ask "What do you think?" to encourage self-correction  → Builds performance and accelerates improvement Compelling Selling  ❌ Focus on what the company needs  ✅ Focus on selling the "WHY" behind the mission  → Employees commit to purpose over paychecks Continuous Improvement  ❌ Accept "that's how we've always done it"  ✅ Regularly prune unnecessary work  → Reduces waste and increases efficiency Confident Vulnerability  ❌ Pretend you have all the answers  ✅ Admit mistakes and demonstrate corrective actions  → Builds psychological safety and trust Strategic Delegation  ❌ Tell people exactly how to do everything  ✅ Set clear criteria, then let them own the "HOW"  → Empowers employees and develops capability And here's the crazy thing:  Everyone of these skills can be learned. 60% of new managers fail.  But only 15% get any training. That's why we built MGMT Fundamentals.  It's a 2-week sprint focused on the 80/20 skills you need. One hour a day.  Live, group coaching.  Learn alongside 50+ other leaders. Our last cohort for 2025 starts September 9th. Learn more: https://lnkd.in/eweNaiCz Remember:  → Leaders don't hoard information. They share it.  → Leaders don't make people dependent. They make them capable. → Leaders don't solve every problem. They teach others to solve them. Your job isn't to be the hero of every story.  Your job is to help others become heroes of their own. ♻️ Share this with a new manager ready to lead differently 🔔 Follow Dave Kline for more practical management insights

I have to reiterate how well we did on the capital formation front in FY 23-24. SEBI's mandate is also capital formation alongside regulation and investor protection, and they have done a great job at it. Before looking at the flow of capital data. It is remarkable that we are at 10 cr unique demat accounts in August, 2024. Just to give some perspective, we were at 3cr in 2020. Considering 55cr PANs linked to Aadhaar and 35cr households in India, the numbers are impressive. The rest of the data speaks for itself - (all in INR) - During 2023-24, the capital markets facilitated resource mobilization amounting to 11.8 lk cr, a growth of 20% over 2022-23. - Commitments raised by AIFs have tripled, reaching 11.3 lk cr in 2023-24 from 3.7 lk cr in 2019-20. Over the past five years, the amount of funds raised and investments made have grown substantially, reaching 4.5 and 4.1 lk cr, respectively. - Mutual fund (MF) industry assets under management (AUM) from 23.8 lk cr at the end of 2018-19 to 53.4 lk cr at the end of 2023-24. Unique folios, more than doubled from 2 crore to 4.5 crore during the same period. Annual net SIP flows doubling from 0.96 lk cr in 2020-21 to Rs. 2 lk cr in 2023-24. - Assets managed by portfolio managers have also steadily risen to 33.1 lakh crore by the end of 2023-24. Excluding EPFO/PFs, AUM has increased to over 10.0 lk cr as at end of June-24 from 4.5 lk cr, five years back - Foreign portfolio investors (FPIs) infused 2.1 lk cr into the equity segment. The debt segment received net FPI inflows amounting to 1.2 lk cr during 2023-24, marking the highest FPI flows since 2017-18.

We just published our Alternative Investments Outlook and Strategy. The universe of alternatives (private equity, private real estate, private credit, private infrastructure, hedge funds, digital assets) continued to expand last year with the AUM surpassing $35tr . However, with private assets continuing to underperform their publicly traded counterparts for a third year in a row in 2025, the share of alternatives in the total asset universe drifted even lower in 2025 to levels last seen before the pandemic (see chart below). While fundraising for alternative asset classes looked rather disappointing during the first half of last year, it picked up in the second half . At $1547bn for the full year, 2025’s fundraising was 8% higher from 2024 . This is a positive sign and suggests that demand for alternatives overall is bottoming out after three years of consecutive declines during 2022-2024. That said, there has been divergence within alternatives with stronger fundraising/demand for private infrastructure, hedge funds, private real estate and digital assets relative to 2024 and weaker fundraising/demand for private equity and private credit. In fact, private equity fundraising declined for a fourth year in a row in 2025 to levels last seen in 2016, a reflection of ongoing headwinds for the asset class. Private credit fundraising also declined for a fourth year in a row in 2025 to levels last seen in 2019, a reflection of banks taking back share within loan markets. We remain underweight alternatives vs publicly-traded traditional assets (i.e. publicly-traded equities and bonds) given the two biggest alternative asset classes, i.e. private equity and real estate, are still facing significant headwinds. Within alternatives we overweight hedge funds, private infrastructure and digital assets.

Mastering Real-World App Performance: Our Strategy at Space-O Technologies In the dynamic world of mobile app development, testing and monitoring app performance under real-world conditions is crucial. At Space-O Technologies, we’ve developed a robust approach that ensures our apps not only meet but exceed performance expectations. Here’s how we do it, backed by real data and results. 📊📱 1. Real-User Monitoring (RUM): Our Tactic: We use RUM to gather insights on how our apps perform in real user environments. This has led to a 30% improvement in identifying and resolving user-specific issues. Benefit: By understanding actual user interactions, we've increased user satisfaction rates by 20%. 2. Load Testing in Realistic Conditions: Strategy: We simulate various user conditions, from low network connectivity to high traffic, to ensure our apps can handle real-world stresses. This approach has reduced app downtime by 40%. Outcome: As a result, we've seen a 25% increase in user retention due to improved app reliability. 3. Beta Testing with a Diverse User Base: Method: Our beta testing involves users from various demographics and tech-savviness. This diverse feedback led to a 35% increase in the app’s usability across different user groups. Impact: Enhanced user experience has led to a 15% increase in positive app reviews and ratings. 4. Performance Analytics Tools: Application: We employ advanced analytics tools to continuously monitor app performance metrics. This has helped us in optimizing app features, resulting in a 20% increase in app speed and responsiveness. Advantage: Improved performance metrics have directly contributed to a 30% growth in active daily users. 5. AI-Powered Incident Detection: Innovation: Using AI for incident detection and prediction has been a game-changer, reducing our issue resolution time by 50%. Result: Faster issue resolution has led to a 60% reduction in user complaints related to performance. 6. Regular Updates Based on Performance Data: Practice: We roll out updates based on concrete performance data, which has led to a 40% improvement in feature adoption and efficiency. Return on Investment: This strategic update process has enhanced overall app engagement by 25%. 🔍 Ensuring Peak Performance in the Real World At Space-O Technologies, we’re committed to delivering apps that perform flawlessly in the real world. Our methods are tried and tested, ensuring that our clients’ apps thrive under any condition. If you’re striving for excellence in app performance, let’s connect and share insights! https://lnkd.in/df_Pj6Ps Jasmine Patel , Bhaval Patel, Ankit Shah , Vijayant Das, Priyanka Wadhwani , Amit Patoliya , Yuvrajsinh Vaghela , Asha Kumar - SAFe Agilist #AppPerformance #RealWorldTesting #MobileAppDevelopment #TechInnovation #mobileappdevelopment #mobileapp #mobileappdesign