$115bn investment gain propels MPF to all-time record size

7th July 2025

“Super 8” MPF milestones drive the unprecedented growth, says leading MPF commentator

MPF Ratings’ June MPF Performance Survey has now been uploaded.

Key points are as follows:

MPF Ratings’ MPFR All Fund Performance Index is up 2.93% for the month of June, 6.00% in Q2 (the best Q2 performance since 2020 and the 4th best Q2 result since MPF’s inception), and 8.85% year-to-date, the best first half and 3rd best performance since 2017 and since MPF’s inception respectively. (See Table 1)
In absolute dollar terms, June’s investment gain was the equivalent to $40.6bn (or $8,500 per MPF’s 4.79m members) to take Q2 2025 investment gains to $80.6bn (or $16,800 per member) and year-to-date gains to $115.4bn (or $24,100 per member).
All asset classes produced positive returns in the first half of 2025, with the results being led by Hong Kong and China equities, and European equities. (Also see Table 1)
Total MPF assets inclusive of contributions will end June at an all-time record high of approximately $1.429tr (up $43.8bn from May, up $91.5bn for Q2 and up $137.8bn for year-to-date), and equivalent to an average MPF account balance of $298,100 (up $9,100 from May, up $19,100 in Q2, and up $28,800 for year-to-date).
MPF’s “Super 8”: MPF’s 2025 performance milestones (See Table 2)

Francis Chung (叢川普), Chairman of MPF Ratings Ltd, Hong Kong’s independent provider of MPF research, views and education today announced that MPF will reach an all-time record size of approximately $1.429tr on the back of $115bn in investment earnings and a slew of performance milestones, each one which MPF Ratings highlighted when it released its June MPF Performance Survey, a month which saw the MPF system record an investment return of 2.93% for the month, which contributed to a quarterly return of 6.00% and year-to-date return of 8.85%, MPF’s 3rd best first half result since the system’s inception in 2000. After factoring contributions, MPF’s total assets are now at a record high of $1.429tr, the equivalent to an average MPF account balance of $298,100 for each of MPF’s 4.79m members.

Quotes:

MPF’s resilience is key to its record run

“Historically, the global dysfunction seen in the first half of 2025 would have negatively impacted MPF, yet through all of this, MPF has remained resilient, and by remaining so has broken records and achieved milestones; most notably, $115bn in investment gains contributing to an all-time record size of $1.429tr, equivalent to a record average account balance of $298,100 for MPF’s 4.79 members.”

Forget the “Magnificent 7”, let’s talk about MPF’s “Super 8”

“Forget about Apple, Amazon and the other ‘Magnificent 7’. Thanks to record returns by asset classes such as Hong Kong and China equities, European equities, and MPF’s overall performance consistency so far this year, MPF can lay claim to having its own ‘Super 8’, 8 major performance milestones that MPF’s 2025 record run is being built on.”

Record results are great news for MPF members, but investment fundamentals do not change

“MPF’s record result is clearly good news for MPF members. Average account balances are now a very meaningful $298,100, and with markets rebounding, it may be tempting for members to chase markets, but MPF Ratings reiterates that diversification and long-term investing are the keys to long term wealth creation. Every MPF scheme offers Default Investment Strategy (DIS) funds. They’re low fee ready-made diversified fund options and remain an excellent option for MPF members to consider.”

Table 1: MPF Ratings’ MPFR Index returns by asset class (as at 30th June 2025)