The scale of the China equity fund managed by global quantitative hedge fund giant Qube Research & Technologies has surged more than tenfold over the past year to over $2 billion, 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-only equity fund, named Dao, has now surpassed $2 billion in size, a significant leap from approximately $190 million a year ago. Murray Steel, Chief Operating Officer for Asia Pacific at QRT, stated that among the four funds managed by the firm, Dao is currently the only one still open to new capital. Recent surveys from Goldman Sachs Group and BNP Paribas indicate that investors are accelerating capital allocation to China-focused funds. Marlin Naidoo, Global Head of Capital Introduction at BNP Paribas, pointed out in an interview that long-short equity strategies and quantitative strategies are investors' preferred directions in the Chinese market this year. BNP Paribas's 2026 Hedge Fund Outlook survey revealed that the proportion of surveyed investors planning to increase allocations this year has risen to 14%, higher than the 9% who actually increased allocations in 2025. Investor interest in China funds for 2026 is already nearing the level of attention paid to North American funds. The Dao fund has achieved a cumulative return of 98% from the start of its trading in November 2022 through the end of January this year, outperforming the CSI All Share Index by 57 percentage points on a US dollar basis. Steel mentioned that the fund has outperformed its benchmark index every year, though specific annual data was not provided. The fund utilizes QRT's global quantitative research capabilities to trade A-shares listed domestically and is positioned as a "gateway for international investors to access the Chinese market." QRT's overall fund complex generated a 22% return last year, a composite figure calculated on an asset-weighted basis. According to Bloomberg News calculations, driven by new inflows and investment returns, QRT's asset base has expanded by approximately 50% over the past 11 months. The firm merged its Torus and Prism funds into a single pool at the end of last year; the former traded futures strategies and equities, while the latter included macro bets and futures. QRT is co-led by Pierre-Yves Morlat and Laurent Laizet, both of whom previously worked at Société Générale before moving to Credit Suisse Group. The company became independent through a management buyout in 2018 and has since grown into one of the largest and fastest-growing institutions in the entire hedge fund industry. Apart from the Dao fund, QRT's other three funds trade globally. Currently, Dao is the only fund still accepting new capital, underscoring the firm's emphasis on investment opportunities in the Chinese market. The company significantly expanded its presence in Hong Kong last December, leasing up to 146,000 square feet of office space in the International Finance Centre Two to accommodate its growing Hong Kong team. This space will be vacated by UBS Group and is expected to be delivered in the first quarter of 2027. While awaiting the move, the company signed for four additional floors in the Central Building early last year, increasing its office space in that tower by 80%. According to a previous Bloomberg report, QRT currently employs approximately 2,000 staff globally. One-third of these are based in the Asia-Pacific region, with five of the firm's 13 global offices located in APAC. This staffing allocation highlights the core position of Asia, and particularly the Chinese market, within its global strategy.