CITIC Securities: the scale of quant funds continue to expand, and the pace of public fund quant layout is accelerating.

CITIC Securities research report states that in May 2026, we estimate that the scale of public and private equity quant funds will rise to 2.25 trillion yuan, with the public offering quant scale at approximately 495.4 billion yuan, mainly focused on index enhancement strategies. The proportion of quant managers in private placement products has slightly decreased, with quant managers in top private placement institutions still leading in product issuance; the layout of public funds in quant selection and index enhancement products is relatively balanced. In May, the excess returns of public and private funds continued to diverge, with private funds significantly outperforming in small and medium cap indices, while the excess returns of public funds maintained a dumbbell structure, with contributions from IPOs decreasing slightly month-on-month but still at a high level. In terms of public index enhancement selected portfolios, the performance of the CSI 1000 enhanced fund portfolio in May was outstanding, with Guolian An SSE 300 Index Enhanced A, Wanxiang CSI 500 Index Enhanced A, and E Fund CSI 1000 Quantitative Enhanced A among the top contributors to the excess returns of the portfolio for the month.