27th April 2026
Stunning 31-day reversal could end with MPF total assets at a record $1.635 trillion
Key points are as follows:
- As we enter the final week of April, MPF is currently showing an investment gain of approximately 6.35% (as measured by the MPFR All Fund Performance Index as at 22nd of April); on track to recover April’s -6.27% loss. (See table 1)
- In absolute dollar terms, MPF’s investment gain as at 22nd April is approximately $97.6tr (or $20,341.1 per MPF’s 4.79m members).
- Having all led losses in March, equity fund categories have led April’s rebound however MPF members who tried to time their entry into the Japanese equity market would be disappointed to know that Japan equities is currently only April’s 7th best performing MPF asset class, trailing both Global equities, and Hong Kong and China equities. (See table 1)
- After factoring in contributions and based on current investment results, total MPF assets are forecasted to end April at approximately $1.635tr (up $100.5bn from end of March), and equivalent to an average MPF account balance of $341,075 (up $20,967 from end of March) per MPF’s 4.79m members.
As markets head into April’s final trading week, Francis Chung (叢川普), Chairman of MPF Ratings Ltd, Hong Kong’s independent provider of MPF research, views and education today said MPF is on track to not only erase MPF’s record -$102bn loss recorded in March, but it’s also on track to end April at a new total MPF asset record size too. According to Mr. Chung, this rebound will bring relief to MPF members, but he also reiterated his warning that in volatile markets MPF members who use their MPF money to speculate on short term market results rather than diversifying and investing for the long term have no one to blame but themselves if they are not able to generate consistent long term returns.
Quotes:
An incredible turnaround – recovering a record loss and reaching a new all-time asset size.
“Last month the MPF system recorded a loss of $102bn, its largest loss by dollar value. This month, the system is on track to not only recover almost all of March’s losses, but after factoring contributions, it is likely that MPF total assets will reach a new all-time high asset size of $1.653 trillion. If achieved, it would be an incredible turnaround”
Should MPF members be worried about the Incredible turnaround?
“Earlier this month I urged MP members to ‘stop speculating and start investing’. A potential turnaround from all-time largest MPF investment loss to a new record MPF total asset size of 1.635 trillion in just 30 days shows how volatile markets are presently. I again urge members against trying to second guess markets. The cost of getting it wrong is a price MPF members’ retirement money cannot afford.”
DIS funds doesn’t always shine brightly, but it always shines.
“Last month when MPF recorded its largest monthly investment loss the DIS’ Core Accumulation fund category ranked 13th in performance out of 24 categories. This month, with the system on track to reach a new record total asset size, it ranks 11th. On a monthly basis DIS will never be the best performing but it will never be the worst either. What it will be however is the most consistent over the long term. The keys to successful long term investing are diversification and consistency, and DIS delivers both.”
Table 1: MPF Ratings’ MPFR Index returns by asset class (as of 22nd April 2026)
Source: MPF Ratings
