6th May 2026
Extraordinary turnaround is a simultaneous relief and concern to members
MPF Ratings’ April MPF Performance Survey has now been uploaded.
Key points are as follows:
- An April investment gain of 6.31% (as measured by the MPFR All Fund Performance Index as at 30th April), sees the MPF system not only recover all March’s -6.27% loss but also results in year-to-date returns turning positive, up 4.2% which is MPF’s best YTD performance since 2019. (See table 1)
- The 6.31% gain is MPF’s best performance month since November 2022, and in absolute dollar terms is equivalent to an MPF’s is estimated at $96.8bn (or $20,199.7 per MPF’s 4.79m members), the system’s largest ever monthly dollar gain.
- Asian equities, driven by a record turnaround in Korean equities, saw a monthly gain of 16.03%, its best performance in MPF history while US equities recorded its best performance since November 2020 (See table 1).
- After factoring in contributions total MPF assets end April at an all-time record of approximately $1.634tr (up $99.8bn from March, and up $80.6bn for 2026), equivalent to an average MPF account balance of $340,934 (up $20,826 from end of March, and up $16,817 for 2026) per MPF’s 4.79m members.
- Francis Chung, Chairman of MPF Ratings Ltd highlighted the consistent returns of DIS funds as he continues to urge MPF members to remain focused on long term, diversified investing and not attempt to second guess market movements through market timing.
MPF had a remarkable turnaround in April, recovering all of March’s record losses while its 6.31% gain saw the MPF system record its largest ever monthly dollar gain to return MPF to a positive year-to-date result. The turnaround was noted by Francis Chung (叢川普), Chairman of MPF Ratings Ltd, Hong Kong’s independent provider of MPF research, views and education, as he released MPF Ratings’ April MPF Performance Survey, but according to Mr. Chung while April’s result will be relief to members he foresees ongoing market volatility and remains concerned that some MPF members continue to use their MPF to speculate on short term results rather than diversifying and investing for long term gains.
Quotes
An incredible turnaround – recovering a record loss and reaching a new all-time asset size.
“March saw the MPF system register a record loss of $102bn. 30 days later the system recovered most of March’s losses and after factoring contributions, MPF has reached a new all-time high asset size of $1.653 trillion. An incredible turnaround which will bring relief to members after March’s shock loss.”
Should MPF members be worried about the Incredible turnaround?
“Earlier this month I urged MPF members to ‘stop speculating and start investing’. MPF’s turnaround from largest MPF investment loss to a new record MPF total asset size of 1.634 trillion in 30 days indicates market volatility. I continue to urge members against second guessing 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.
“When MPF recorded its largest monthly investment loss in March the DIS’ Core Accumulation fund category ranked 13th in performance out of 24 categories. This month, with the system reaching new highs, it ranks 11th. On a monthly basis DIS will never be the best performing but it will also never be the worst. What DIS will be is the most consistent fund option 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 at 30th April 2026)
Source: MPF Ratings
Table 2: 10 best performing MPF constituent funds for the month of April 2026
Source: MPF Ratings
Table 3: 10 best performing MPF constituent funds year-to-date 2026
Source: MPF Ratings
