23th September 2025
Record investment gains and asset growth will leave legacy for MPF members according to leading MPF commentator
Key points are as follows:
- An expected monthly gain of 2.93% (as measured by MPF Ratings’ MPFR All Fund Performance Index) puts MPF on track for a 5.77% and 15.13% Q3 and year-to-date return respectively – MPF’s best 9 month calendar year-to-date performance since 2009. (See table 1)
- In absolute dollar terms, September could see investment gains of approximately $43.3bn (or $9,030 per MPF’s 4.79m members), which if achieved would take 2025’s current total investment gains to almost $200bn, at $198bn – an all-time high result.
- Hong Kong and China equities continues to lead MPF’s strong annual results. Its 6.68% monthly return takes HK and China equities’ forecasted Q3 and year-to-date returns to 13.95% and 35.02% respectively. (Also see table 1)
- Total MPF assets inclusive of contributions are expected to end September at an unprecedented 5th consecutive monthly total record high of approximately $1.521tr (up $46.27bn from August) and equivalent to an average MPF account balance of $317,285 per MPF’s 4.79m members (up approximately $9,652 from August and $47,953 since the beginning of 2025).
Francis Chung (叢川普), Chairman of MPF Ratings Ltd, Hong Kong’s independent provider of MPF research, views and education today announced that on the back of an all-time record $200bn annual investment gain he expects MPF total assets to reach $1.521tr, and by doing so, exceed its all-time record size for a 5th consecutive month, an unprecedented MPF milestone. Factoring both contributions and investment gains, the average MPF account balance for MPF’s 4.79m members should end September at approximately $317,285 which would also be an all-time record.
According to Mr. Chung, MPF’s current results are amongst the system’s best, and with records being repeatedly broken he believes that 2025, MPF’s 25th year of operation, will leave a positive retirement legacy for MPF members.
Quotes:
Record investment earnings underpin an unprecedented 5th consecutive month of asset growth
“On the back of an expected all-time high $198bn of investment earnings, MPF is on target to reach $1.521tr by the end of September, a fifth and unprecedented consecutive monthly record asset size, the equivalent of $317,285 for each of MPFs 4.79m members.”
Milestones in MPF’s milestone year to leave a lasting legacy
“Delivering record earnings while achieving record total asset and average account balance sizes will ensure MPF’s milestone 25th year of operation leaves a positive retirement legacy for members.”
Hong Kong and China equities continues to lead MPF annual results
“Hong Kong and China equities continues to lead MPF annual results. Its current 6.68% monthly return takes HK and China equities’ year-to-date returns 35.02%. An exceptional result which could tempt members to chase returns, but MPF Ratings’ message to members is clear, remain well diversified and invest for the long term. We remind members that every MPF scheme offers Default Investment Strategy (DIS) funds. They’re low-fee ready-made diversified fund options. For the vast number of MPF members DIS remains an excellent option to consider.”
Table 1: MPF Ratings’ MPFR Index returns by asset class (as at 18th September 2025)
Source: MPF Ratings
