Hedge fund compensation experienced mixed trends in 2015 as a challenging performance environment in the third quarter offset industry-wide gains from the first three months of the year, according to the 2016 Glocap Compensation Report. The report, which is published in conjunction with HFR, suggest that volatile Q3 performance will likely contribute to lower bonuses for the most highly compensated, performance-sensitive roles including senior portfolio managers, traders and executives. Partially offsetting this trend, compensation and base salaries for mid- to lower-tiered employees, including analysts, operations and technology, increased in 2015, consistent with broader trends in US employment.