5th November 2025
Final week rebound takes MPF into (almost) unchartered territory
MPF Ratings’ October MPF Performance Survey has now been uploaded.
Key points are as follows:
- A final week market rebound saw MPF Ratings’ MPFR All Fund Performance Index gain a modest 0.25% for October to take MPF to a 6th consecutive month of gains, its best 10-month performance since 2009, but still 7 months short of MPF’s all-time record of 13 consecutive months achieved between January 2017 and January 2018. (See table 1)
- In absolute dollar terms, October’s investment gain was $3.9bn (or $810 per MPF’s 4.79m members) and takes 2025 year-to-date gains to $211.1bn (or $44,035 per member); an all-time record annual gain.
- Despite a negative system worst -3.31% October return, Hong Kong and China equities continues to lead MPF’s 2025 annual results with a year-to-date return of 32.74%, its best 10-month gain since 2009. (Also see table 1)
- After factoring contributions, total MPF assets end October at an unprecedented 6th consecutive monthly record high of approximately $1.537tr (up $6.88bn from September) and equivalent to an average MPF account balance of about $320,545 per MPF’s 4.79m members (up approximately $1,436 from September and $51,213 for the year).
- If MPF maintains its current trend, the system is forecasted to end 2025 up over 19%, which would be MPF’s best yearly result since 2009, and a 3rd consecutive positive annual return, a trend MPF has only achieved on 2 other occasions, beginning in 2003 and 2012.
Francis Chung (叢川普), Chairman of MPF Ratings Ltd, Hong Kong’s independent provider of MPF research, views and education today announced that a final week rebound in equity markets in October enabled MPF to extend its current monthly winning streak to six months, and in doing so contributed an additional $3.9bn in investment earnings during the month. MPF’s year-to-date accumulated earnings now total $211.1bn while the system’s total asset size has now reached approximately $1.537tr, the highest level ever recorded by the MPF system.
After factoring contributions, MPF’s record total asset size is equivalent to an unprecedented average account balance of $320,545 for each of MPF’s 4.79m members, and if MPF maintains its current annual trajectory, the system could end 2025 with approximately $253bn in annual investment earnings and a total fund size of $1.59tr, equivalent to an average MPF account balance of $330,800.
Quotes:
MPF on target to end 2025 with a $253bn in investment earnings, a total asset size of $1.59tr, and an average member account balance of $330,800 – all unprecedented levels in MPF’s 25th year
“If MPF maintains its current 2025 trend, the system could end the year at $1.59tr in size, accrue $253bn in investment earnings, and deliver an average member account balance of $330,800 for MPF’s 4.79m. These unprecedented numbers would be fitting milestones to celebrate the system’s 25-year anniversary.”
Putting 2025 into perspective: Interesting facts and figures
“While record investment earnings have contributed to all-time best asset and average MPF account balance levels, MPF’s current streak of 6consecutive monthly gains is dwarfed by the 13 consecutive months seen from January 2017 to January 2018. By the end of that period average MPF member account balances grew to approximately $186,200 while total MPF asset size reached $813.02bn. MPF’s significant growth since then shows how far the system has come in a relatively short space of time.”
As markets move higher the risks could get bigger
“Despite an October loss, Hong Kong and China equities continues to lead MPF’s annual results with a year-to-date return of 32.74% which is well above its long-term average annual return. Additionally, US equities are on track to record a third consecutive calendar year of positive performance, however history tells us a 4th consecutive positive annual result is unusual, so while MPF’s 2025 results are delivering extraordinary wealth to members, caution needs to be exercised because as markets move higher risks can get bigger.”
MPF Ratings reinforces the importance of diversification and DIS funds
“MPF Ratings reinforces the importance of diversification and reminds MPF members that the low-fee ready-made diversified Default Investment Strategy (DIS) funds options remains an excellent investment and diversification option for most MPF members.”
Table 1: MPF Ratings’ MPFR Index returns by asset class (as at 31st October 2025)
Source: MPF Ratings
Table 2: 10 best performing MPF constituent funds for the month of October 2025
Source: MPF Ratings
Table 3: 10 best performing MPF constituent funds year-to-date
Source: MPF Ratings
