According to PaiPaiWang, 173 quant private funds with at least three products on record posted an average return of 22.36% through end-August 2025, beating the Shanghai Composite's 15.10% and the Shenzhen Component's 21.91%. The broader private fund average sat at 20.41%—so quant clearly ran ahead.
Among the 45 billion-yuan-plus quant firms, 38—over 80%—focus on equity strategies. Shanghai hosts 22 of them, Beijing 10. Nine firms, including Jiukun and Lingjun, have over 100 employees each, forming the top talent tier.
Of the 45, 31 have sufficient performance data. The top ten: Wenbo Investment, Abama, Tianyan Capital, Evolution Theory, Chengqi, Jingeliangrui, Nianjue, High-Flyer, Longqi, and JuKuan. Seven of these saw all their tracked products hit new highs in August, with Wenbo leading the pack.
The strong showing owes much to the market: active trading, small-cap rotations, and record turnover all play to quant's strengths. But August brought a pullback in small-caps, and only 21% of equity quant long-only products made money that month.
The winner-take-most trend continues. Bigger shops have deeper research, more compute, and faster iterations—and alpha keeps flowing their way. Smaller players will need to find a niche, not fight the giants on their own turf.
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