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Capital Fund Management has passed $33bn in AuM, a new record after strong inflows and double-digit gains this year by its quant range.
The French firm’s rapid expansion, which makes it the sixth-largest European hedge fund manager, has been driven by inflows into its Cumulus product, with its banner Stratus vehicles closed to new money.
Cumulus, which provides access to strategies with capacity from the Stratus program, made 10.8% through to the end of August (including a 1.5% monthly gain) and now manages $8.3bn. That represents about a quarter of the firm’s $33.2bn, up from a tenth at the end of 2025.
The quant manager passed $20bn in 2025, ranking it joint 39th on the AFI Power List ranking of $10bn+ hedge fund firms. Its new size would have placed it joint 21st on the same ranking, and means only five European hedge fund managers (Man Group, TCI, Marshall Wace, Qube and Brevan Howard) run more money.
Stratus, which with $13bn manages the biggest share of AuM, was CFM’s top performer in August, making 3.1% and extending YTD gains to 8.8%.
So far this year, its $1.4bn Systematic Global Macro product is the top performer, making 19.3%, followed by Discus, managing $3.2bn and its oldest quantitative managed futures strategy (CTA), up 17.9%.
Its other products include CFM ISTrends (IST), with $5.5bn and up 6.8% for the year, and ISTrends Equity Capped (ISTEC), down 1.3%, which manages $1bn.
Earlier this year it became the latest major quantitative hedge fund to establish a presence in China, opening a Shanghai office as investor demand for systematic strategies continues to grow globally.
CFM has launched the new office in Shanghai’s Citigroup Tower, to initially serve as a data and engineering hub designed to strengthen the firm’s ability to trade Chinese markets more effectively.
It also relocated this year from an office in the Chrysler Building to a bigger space at 510 Madison Ave, in Manhattan’s Plaza District.
The firm declined to comment.