7th January 2026
System delivers $219bn in investment gains as leading industry commentator expects further value-for-money gains in 2026.
Key points are as follows:
- A 0.55% December gain marked MPF’s 9th positive monthly return in 2025, contributing to an annual return of 16.73% according to MPF Ratings’ MPFR All Fund Performance Index, slightly exceeding the provisional result published by the MPFA. This makes it MPF’s 4th best annual performance since its inception in December 2000 (see Table 1).
- Despite a Q4 loss of -4.38%, Hong Kong and China equities emerged as MPF’s best-performing asset class in 2025, with a 31.27% annual return (as measured by MPF Ratings’ MPFR Index – Equity Fund (HK & China))—its best result since 2017.
- In absolute terms, the MPF system delivered a record total investment gain of $219.2bn in 2025, equating to an average gain of $45,728 per member, the highest ever recorded for MPF.
- Record investment gains and contributions brought total MPF assets to an all-time high of $1.554tr by the end of 2025. This corresponds to an average account balance of $324,081 per member—an increase of $54,749 since the start of the year.
- MPF’s unprecedented 2025 wealth creation has set several new milestones, with Hong Kong and China equities playing a pivotal role. Manulife Global Select’s Manulife MPF China Value Fund was the top-performing Hong Kong and China equity fund in 2025 (see Tables 2 and 5).
Francis Chung (叢川普), Chairman of MPF Ratings Ltd, Hong Kong’s independent provider of MPF research, insights, and education, today released MPF Ratings’ 2025 Full Year MPF Performance Survey. He revealed that, on the back of Hong Kong and China equities’ strongest performance since 2017, MPF enters its 25th-anniversary year with record highs. According to Mr Chung, MPF recorded a 0.55% return for December, contributing to a Q4 2025 return of 0.78% and an annual return of approximately 16.73%. This translates to a record-breaking $219.2bn in annual earnings, equivalent to $45,728 per member for MPF’s 4.79m members. The combination of these gains and contributions saw the system hit a record asset size of $1.554tr by year-end, with an average account balance of $324,081 per member.
Quotes:
“In MPF’s 25 years of operation, annual investment earnings have never reached $219bn.”
“$219bn in annual investment earnings is unprecedented. This record is the result of strong investment gains and cost savings achieved through the introduction of eMPF. These collective benefits mean MPF’s 4.79m members enter 2026 with an average account balance of $324,081.”
“The foundation of MPF’s record-breaking result lies in Hong Kong and China equities’ performance.”
“The foundation of MPF’s record annual result was Hong Kong and China equities’ strong performance. With a 37.73% return by Manulife Global Select’s Manulife MPF China Value Fund, the Hong Kong and China equities category delivered an estimated full-year return of 31.27%—its best result since 2017.”
“Unprecedented MPF member wealth creates numerous new records.”
“MPF will start its 25th anniversary year in its best-ever shape. Record account balances, eMPF efficiency gains, and strong MPFA leadership focused on ensuring best member outcomes gives MPF Ratings confidence that MPF schemes will continue to deliver value-for-money to MPF members next year.”
Table 1: MPF Ratings’ MPFR Index returns by asset class (as of 31st December 2025)
Source: MPF Ratings
Table 2: MPF’s major 2025 milestones (as of 31st December 2025)
Source: MPF Ratings
Table 3: Top 10 best performing MPF constituent funds for the month of December 2025
Source: MPF Ratings
Table 4: Top 10 best performing MPF constituent funds for Q4 2025
Source: MPF Ratings
Table 5: Top 10 best performing MPF constituent funds for 2025
Source: MPF Ratings
