The best foods I have found in terms of growth, color, and health are sinking crumble type foods from HBH mills that are typically sold for the pet fish food market as "Cichlid Attack" and "Crab and Lobster Bites". The Protein percentage is about 46% and the feed conversion rate is fantastic.
In side by side comparisons I can get 50% more growth during the period from 3 weeks to about 3 months of age when compared to other fish hatched at the same time frame.
The foods can be purchased in bulk ( I still wish there was a less expensive option) by following the links from the HBH website -
African Cichlid Attack!
To feed this type of food efficiently you must adopt a feeding table or feeding platform method. I use a large piece of flagstone that is propped on cinder blocks so that it rests about 6 to 10 inches below the surface. Feed onto the rock and the babies will graze it off. As soon as the the table rock is clean feed more as long as you have at least a few hours left before sundown.
You can technically feed the food and let it sink to the bottom but it is hard to observe feeding and determine when enough is enough.
I have fed the crumbled to adults as a spawning prep food and it is interesting to watch the fish literally vaccum it up off the bottom of the pond. I have to temporarily turn off the bottom drains for about 30 minutes in order to keep the food in the fish instead of straight into the filter.