Breaking News: MPF obliterates investment earnings records

7th October 2025

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

10 major milestones illustrate why MPF members are seeing an unprecedented level of wealth

Key points are as follows:

MPF Ratings’ MPFR All Fund Performance Index was up 3.56% for September, resulting in a 6.41% Q3 2025 and 15.83% year-to-date return; MPF’s best 9-month performance since 2009. (See Table 1)
In absolute dollar terms, September’s investment gain was $52.5bn (or $10,942 per MPF’s 4.79m members) to take Q3 2025 investment gains to $91.8bn (or $19,150 per member) and year-to-date gains to $207.0bn (or $43,225 per member); an all-time record annual gain.
Hong Kong and China equities continues to lead MPF’s strong 2025 annual results. Its 8.47% monthly return takes HK and China equities’ Q3 and year-to-date returns to 15.85% and 37.28% respectively. Its YTD performance ranks as its 3rd best 9-month performance ever, and best since 2009. (Also see Table 1)
After factoring contributions, total MPF assets end September at an unprecedented 5th consecutive monthly record high of approximately $1.53tr (up $55.46bn from August) and equivalent to an average MPF account balance of $319,201 per MPF’s 4.79m members (up approximately $11,568 from August and $49,869 since the beginning of 2025).
MPF’s “Top 10”: Unprecedented wealth created for MPF members on the back of numerous new records achieved so far in 2025.(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 has reached an all-time record size of approximately $1.530tr on the back of an all-time record $207bn in investment earnings and a slew of performance milestones, each one highlighted by MPF Ratings when it released its September MPF Performance Survey. September saw the MPF system deliver an investment return of 3.56%, resulting in a quarterly return of 6.41% and year-to-date return of 15.83%, MPF’s best 9-month performance since 2009. After factoring contributions, MPF’s record total asset size is now equivalent to a record average account balance of $319,201 for each of MPF’s 4.79m members.

Quotes:

MPF has never recorded $200bn in annual investment earnings, let alone in just 9 months

“Since MPF’s establishment, the system has never achieved $200bn in annual investment earnings. $207bn in investment earnings is a record result that delivers an unprecedented wealth to MPF members. Average MPF account balances now equal $319,201 for each of its 4.79m members.”

Francis Chung, leading independent MPF commentator, warns against complacency during MPF’s record run as local equities leads MPF’s annual results

“Hong Kong and China equities is leading MPF’s annual results with year-to-date returns of 37.28%. An exceptional result which may make members believe strong results will continue. While this may happen, we warn members against complacency. Our message to MPF members is to remain well diversified and invest for the long term.”

For the vast number of MPF members DIS is an excellent option

We remind members that every MPF scheme offers Default Investment Strategy (DIS) funds. For the vast number of MPF members DIS is an excellent option where members benefit from both low fees and good diversification.”

MPF’s 2025 “Top 10”: Milestones in a milestone year will leave a lasting legacy

“Whether it’s delivering record earnings or achieving record average account balances and total asset sizes, MPF’s 25th year of operation is delivering numerous milestones, all of which will leave a positive retirement legacy for all Hong Kong workers.”

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