9th April 2026
Almost half of 2025’s gain erased in March as MPF’s record consecutive monthly gains ends at 10
Key points are as follows:
- A March investment loss of -6.27% (as measured by the MPFR All Fund Performance Index as at 31st March), sees the MPF system record a Q1 2026 -1.98%. MPF’s first negative month after a record 10 consecutive positive months, and MPF’s first Q1 loss since 2022 (See table 1)
- A monthly loss of -6.27% is MPF’s worst performance month since September 2022, in absolute dollar terms, MPF’sis estimated at -$102.2bn (or -$21,326.5 per MPF’s 4.79m members), the system’s largest ever monthly dollar loss, equivalent to almost half of 2025’s annual gain and contributing to a Q1 2026 investment loss of -$31.2bn (or -$6,506 per MPF’s 4.79m members).
- Asian equities, on the back of substantial declines inKorean equities, and Japanese equities were MPF’s worst performing asset classes in March, but despite these declines, US equities continue to be MPF’s worst performing asset class in 2026 (See table 1).
- After factoring in contributions total MPF assets end March at approximately $1.532tr (down-$99.2bn from February, and down -$21.8bn for Q1 2026), equivalent to an average MPF account balance of $319,561 (down -$20,701 from end of February, and down -$4,556 for Q1 2026) per MPF’s 4.79m members.
- Francis Chung, Chairman of MPF Ratings Ltd, highlights the resilience of the MPF system as he urges MPF members to remain focused on long term diversified investing, and not attempt to second guess market movements through market timing.
After recording a record 10th consecutive month of asset growth in February, the MPF system saw almost half of its 2025 annual investment gain erased in March, logging a monthly investment loss of approximately -$102bn. According to Francis Chung (叢川普), Chairman of MPF Ratings Ltd, Hong Kong’s independent provider of MPF research, views and education, this significant loss was not the fault of the MPF system, rather the result of the vortex of Middle East military intervention by the US Israel that has seen energy prices, market volatility, and inflation and recession concerns spike significantly. In percentage terms, the MPF system recorded a March monthly loss of -6.27%, the consequence of which is a Q1 2026 loss of -1.98% and total MPF assets down -$99.2bn from its record peak achieved in February 2026 at $1.532tr, the equivalent of $319,561 per MPF’s 4.79m members.
Quotes
MPF’s $102bn March loss, attributed to US and Israeli military intervention, not only erases 2026’s positive start to the year but also wipes out almost half of MPF’s record 2025 gain.
“US and Israel’s Middle East military interventions have wreaked havoc on financial markets, raised energy prices and heightened economic uncertainty, and for MPF 4.79m innocent members the collective consequence is the erosion of retirement wealth. Through no fault of the MPF system, March saw MPF record its highest ever absolute loss at $102bn.”
Q1 loss is not necessarily an ominous sign for the rest of the year
“MPF’s record loss in March dragged the system to a quarterly loss but history suggests members should remain optimistic. Since MPF’s inception the system has seen a positive return 60% of the times there’s been a quarter one loss. The key is to remain disciplined and focus on long term diversified investing.
A very key lesson for MPF members – resilience of the MPF system
“What’s happening in the Middle East is unpredictable and returns can rebound quickly. The risk of trying to time markets is far greater than remaining invested. The MPF system is a resilient retirement safety net, and when coupled with the MPFA’s mandated low cost, diversified DIS funds, members are assured of a disciplined cost-effective retirement option on a highly secure and trusted platform.”
Table 1: MPF Ratings’ MPFR Index returns by asset class (as at 31st March 2026)
Source: MPF Ratings
Table 2: 10 best performing MPF constituent funds for the month of March 2026
Source: MPF Ratings
Table 3: 10 best performing MPF constituent funds of Q1 2026
Source: MPF Ratings
