July brought sharp losses across China’s quantitative private fund sector.
Private fund tracker Simu Paipai shows large, broad drawdowns at several quants
some funds managers flipped from YTD gains to losses and single-month
drops exceeded 20%. As of July 31, 2026, of nine Magic Square Quant flagship
products, only Jiuzhang–Magic Square CSI 500 Quant Multi-Strategy No.2 retained
a marginal YTD gain of 0.04%; the other eight are YTD negative. Magic Square
Quant Xinhuai 500 Index Special No.19 is down 3.84% year-to-date. All nine Magic
Square products fell more than 20% in July; the largest monthly decline was
Magic Square CSI 500 Quant Aggressive No.1, down 22.15% in July.
