Foreign capital is accelerating its allocation to China! QRT's fund has expanded tenfold in one year, its scale has surpassed $2 billion, and its return rate is 98%.

Foreign capital is accelerating its allocation to China! QRT's fund has expanded tenfold in one year, its scale has surpassed $2 billion, and its return rate is 98%.

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The scale of Qube Research & Technologies' China stock fund has surged more than tenfold to over $2 billion in the past year, marking the latest sign of foreign capital returning to the Chinese market.

Headquartered in London, QRT manages over $42 billion in assets. Its China long-position stock fund Dao has now surpassed $2 billion in scale, a dramatic increase from about $190 million a year ago. Murray Steel, Chief Operating Officer of QRT Asia-Pacific, stated that among the four funds managed by the company, Dao is currently the only one still open to new capital.

Recent surveys by Goldman Sachs and BNP Paribas indicate that investors are accelerating capital injections into China funds. Marlin Naidoo, Global Head of Capital Introduction at BNP Paribas, noted in an interview that long-short equity strategies and quantitative strategies are the preferred directions for investors in China's market this year.

The BNP Paribas 2026 Hedge Fund Outlook Survey shows that the proportion of surveyed investors planning to increase capital this year has risen to 14%, higher than the actual 9% increase in 2025. By 2026, investor interest in China funds is already approaching the level of attention given to North American funds.

Quantitative strategies outperform the market by 57 percentage points

From its launch in November 2022 to the end of January this year, the Dao fund achieved a cumulative return of 98%, outperforming the CSI All Share Index by 57 percentage points in USD terms. Steel said the fund has outperformed its benchmark every year, but did not provide specific annual data. The fund leverages QRT's global quantitative research capabilities to trade A-shares listed in China and is positioned as the "gateway for international investors to enter the Chinese market."

QRT's overall funds generated a 22% return last year, a figure calculated based on asset-weighted comprehensive data. According to Bloomberg calculations, driven by new inflows and investment returns, QRT’s asset scale expanded by about 50% over the past 11 months. At the end of last year, the company merged its Torus and Prism funds into a single capital pool. The former trades futures strategies and stocks, while the latter includes macro bets and futures.

QRT is jointly led by Pierre-Yves Morlat and Laurent Laizet, both of whom previously worked at Société Générale before moving to Credit Suisse. The company became independent in 2018 through a management buyout, and since then has grown into one of the largest and fastest-growing institutions in the hedge fund industry.

Aside from the Dao fund, QRT's other three funds trade globally. Currently, Dao is the only fund still accepting new capital, highlighting the company's focus on investment opportunities in China.

Expanding presence in Hong Kong

In December last year, QRT leased up to 146,000 square feet of office space in the International Finance Centre Phase 2 in Hong Kong to accommodate its growing Hong Kong team. The space, to be vacated by UBS, is expected to be delivered in the first quarter of 2027. While waiting to move in, the company signed for four additional floors in Central Plaza early last year, expanding its office area in that building by 80%.

According to previous Bloomberg reports, QRT currently has about 2,000 employees worldwide. One-third are based in the Asia-Pacific region, with 5 out of its 13 global offices located in Asia-Pacific. This staffing structure underscores the core position of Asia, especially the Chinese market, in its global strategy.

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