Putting sleeve performance on resume
My fund didn't do well last year, despite stellar performance for my sleeve (PM has discretion on sizing and if he wants to put the name in the portfolio) so here I am updating my resume. Wondering what is the best way to put the sleeve performance for your recommended names in the portfolio? Right now I am doing it like the below but I have no clue about industry standards / accepted norms so looking for some advice.
- 2024 Performance ($50M sleeve allocation): +X%
Based on the most helpful WSO content, when including sleeve performance on your resume, it's important to present it in a way that highlights your individual contribution while maintaining clarity and professionalism. Here's a recommended approach:
Be Specific About Your Role and Impact: Clearly state your involvement in the sleeve's performance. For example:
Contextualize the Performance: If possible, compare your sleeve's performance to relevant benchmarks or the overall fund's performance to showcase your outperformance:
Highlight Key Contributions: Mention specific actions or strategies that led to the performance:
Avoid Overloading with Details: Keep it concise and focused on your achievements. Avoid unnecessary technical jargon unless it's relevant to the role you're applying for.
This format ensures that your resume reflects your individual contributions effectively while adhering to industry norms.
Sources: PE GPA on cycle, https://www.wallstreetoasis.com/forum/hedge-fund/advice-on-hf-recruiting?customgpt=1, More classics from resumes/cover letters, Family Office Private Equity, Q&A: Former MBB Consultant
You can only call it a "sleeve" if it is a separate pool of capital where you have all the trading discretion.
If it's the names you recommended that the PM put on the main book under his discretion... in all honesty most don't pay much attention to those types of numbers because you don't fully own them.
Exactly. That's why I am very confused about how to reference those numbers on my resume? I didn't have full trading discretion, but I pitched those names and they went into the portfolio because of me. I recommended doubling down, owning more or less of it etc going into the print etc. I wasn't a PM so I didn't have full discretion, I had to convince the PM act on my recommendation. Sometimes I had to push more aggressively.
I do want to quote those numbers, but without "exaggerating" them. I don't want to ruin a job opportunity because people think I'm being dishonest. Would something like the below be a bit more suitable?
I don't call it a sleeve but show that this is the $ value of the positions directly recommended by me.
I don't know about other PMs, but I can tell you that when I see analyst resumes quoting P&L dollars, I completely disregard the number. And if it sounds too good to be true, it's even a negative in terms of first impression because it comes across as BS or taking too much risk or factor tilts. So, I wouldn't include it. But that's just me.
If you have pseudo discretion w/ infrequent vetos (PM fad’s to trader, sometimes votes say 15%), but formulaic comp & specific attribution does that fly? Can you quote like ~xx%+ hit rate & +ve xx% ROI on GMV. Or xx% +ve months, no 7% drawdowns?
My personal view...
There's a pragmatic middle ground. I'd think most PMs who hire understand analyst track records exist on a spectrum - it's not binary between pure idea generation and full PM discretion. I'd frame it as: "Managed analyst coverage universe with stock selection discretion, blended with PM overlay on sizing/timing to fit book constraints." Then include your hit rate stats and attribution metrics if you have them.
Shows you can drive ideation on book level rather then just single names, appreciation for portfolio context, and avoids overselling your discretion.
Most would get that risk-taking authority is earned gradually rather then just black & white autonomy at the analyst level. No need to oversell or undersell - experienced people will understand the nuance.
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