London-based Qube Research & Technologies’ flagship hedge fund delivered gains of around 30% in 2025, broadly in line with its long-term performance record, according to a report by Bloomberg citing unnamed people familiar with the matter.

The systematic manager’s other strategies also generated positive returns during the year, with its Torus fund gaining 20.4%, while the Prism fund returned 7.4%, Bloomberg's sources said. The figures are net of fees and have not been publicly disclosed.

Qube’s flagship strategy relies on high-frequency, model-driven trading to assess market risk, pricing and timing across asset classes, deploying capital at significant scale. Prior to last year’s performance, the fund had produced annualised returns of approximately 31% since launch. The firm is led by co-founders Pierre-Yves Morlat and Laurent Laizet.

Torus, which combines futures and equity trading, and Prism, which incorporates macro and futures strategies, were expected to be merged into a single vehicle by the end of 2025, according to previous reports.

Qube Research, which manages around $38bn in assets, has expanded rapidly since being spun out from Credit Suisse in 2018 following a management buyout. In addition to its core systematic strategies, the firm operates a market-making business, trades physical commodities and allocates capital to external hedge fund managers.