3rd December 2025
Contributions play a key role as MPF Ratings reveals the numbers needed for MPF to break annual records
MPF Ratings’ November MPF Performance Survey has now been uploaded.
Key points are as follows:
- Despite a strong final week rally, the MPF system (as measured by MPF Ratings’ MPFR All Fund Performance Index) fell agonizingly short of a 7th consecutive month of positive investment returns, recording a very modest -0.02% decline. (See table 1)
- In absolute dollar terms, November’s modest -0.02% investment decline will have a very minimal effect on member account balance, equivalent to only approximately -$0.3bn (or only -$63 per MPF’s 4.79m members) meaning 2025 investment gains continue to stand above $210bn at $210.8bn (equivalent to approximately $43,972 per MPF’s 4.79m members).
- The MPFR Equity Fund (Other) category is up 9.46% in November. This exceptional performance was driven almost entirely by the Manulife MPF Healthcare Fund, which posted a 10.02% return, a 5x better return than the 2nd best performing constituent fund in November – underscoring the diversification benefits of the healthcare sector. (See tables 1 and 2)
- 2025 has been a strong investment year for the MPF system, producing an average monthly return of 1.46%. If this continues in December, it will translate to an annual return of approximately 17.6% which would be MPF’s 4th best result, 12% ahead of MPF’s average annual return, but behind MPF’s best result of approximately 24.61% recorded in 2009.
- Despite not achieving a November investment gain, MPF total assets reached a record 7th consecutive all-time high due to monthly contributions. After factoring contributions MPF total assets now stand at $1.54tr, equivalent to an average MPF account balance of $321,337 per MPF’s 4.79m members.
Francis Chung (叢川普), Chairman of MPF Ratings Ltd, Hong Kong’s independent provider of MPF research,views and education today highlighted some key annual milestones MPF could achieve if it maintains its current trajectory in December as he revealed that MPF fell agonizingly short of achieving a 7th consecutive month of positive investment performance in November. Despite the minor setback, a combination of disproportionately strong performance from the Manulife MPF Healthcare Fund and contributions into MPF saw the system achieve a 7th straight monthly all-time asset level. MPF is now $1.54tr in size (up from $1.29tr at the beginning of the year), equivalent to an average account balance of $321,337 (up from $269,332) for each of MPF’s 4.79m members.
Quotes:
The importance of MPF contributions were highlighted in MPF’s November’s results
“Despite falling short of a 7th consecutive monthly investment gain MPF still achieved a 7th consecutive all-time total asset size thanks to MPF contributions. Contributions are often overlooked, but they not only underpin the system’s asset growth, they’re also a key consistent retirement savings pillar.”
Putting 2025 into perspective: Interesting facts and figures
“MPF’s average monthly return this year is approximately 1.46%. If the system achieves this in December it will translate to an annual return of around 17.6%, marking it as MPF’s 4th best annual result, behind 2003, 2017 and 2009 (when MPF recorded a 24.61% result). Just like this year, in those previous years, Hong Kong and China equities were the best yearly performing fund category.”
Manulife MPF Healthcare Fund was MPF’s biggest winner in November
“While we always hope that funds deliver good performance the magnitude of the Manulife MPF Healthcare fund’s November performance was extraordinary, up approximately 10.02% and 5x better than the next best performing MPF constituent fund. Clearly an excellent result that also highlights the importance of long-term diversified investing.”
Table 1: MPF Ratings’ MPFR Index returns by asset class (as at 30st November 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
The information contained in this press release is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from a financial adviser.
