3rd June 2026
Watershed moment as May adds $47bn to MPF’s annual investment earnings
MPF Ratings’ May MPF Performance Survey has now been uploaded.
Key points are as follows:
- A May investment gain of 2.90% (as measured by the MPFR All Fund Performance Index as at 31st May) sees the MPF system record its 4th positive monthly return in 2026 to take year-to-date returns to 7.22%, MPF’s best YTD performance since 2017. (See table 1)
- In absolute dollar terms, MPF’s May investment gain of approximately $47.4bn (or $9,885 per MPF’s 4.79m members) takes year-to-date investment gains to $113.0bn.
- Japanese, and Asian equities lead, and are leading MPF’s May and year-to-date results, with the broader Asian equity markets benefitting from ongoing interest in the Taiwan and Korean technology sector. (See table 1)
- After factoring in contributions total MPF assets end May at an all-time record of approximately $1.685tr (up $50.4bn from April, and up $130.9bn for 2026), equivalent to an average MPF account balance of $351,423 (up $10,511 from end of April, and up $27,306 for 2026) per MPF’s 4.79m members.
- Francis Chung, Chairman of MPF Ratings Ltd urges members not to be complacent as history shows that while historically MPF has recorded 4 positive months in the first 5 months of the calendar year on 5 occasions, only twice did it result in a positive annual result.
MPF saw its remarkable start to 2025 continue in May, with Francis Chung (叢川普), Chairman of MPF Ratings Ltd, Hong Kong’s independent provider of MPF research, views and education, noting that the system added another $47.4bn in investment gains in May as he released MPF Ratings’ May MPF Performance Survey. The survey showed that MPF recorded a 2.90% monthly return to take year-to-date returns to 7.72%, contributing to a new MPF total asset record size of approximately $1.685tr, equivalent to an average MPF account balance of $351,423, the first time average account balances have breached $350,000. Mr. Chung also noted that the MPF system is benefiting from strong interest in Asia-Pacific, in particular Japan, and Taiwan and Korean where the technology sector is of particular interest. Asian and Japanese equities rank 1st and 2nd on both a year-to-date and monthly basis.
Quotes
$113bn in investment gains contributes to breaking the $350,000 average MPF account balance ceiling
“May saw MPF average account balances break through the $350,000 ceiling for the first time. This milestone is the result of 4 out of 5 positive investment performance months and the accumulation of almost $113bn in annual investment gains.”
A new risk for MPF members – complacency
“Producing investment gains in 4 out of 5 months is a great result but in the 5 previous times MPF delivered such a strong year-to-date start, a positive annual result was only recorded twice. Members must not be complacent especially in today’s economic and geopolitical climate.”
MPF results continue to contradict market risks
“Financial markets continue to look beyond geopolitical and economic risks. Individual MPF members cannot control these risks, but they can manage MPF portfolio risks by focusing on diversification and long-term investing. The MPFA mandated low fee Default Investment Strategy (DIS) funds remain an excellent option for MPF members to consider.”
Table 1: MPF Ratings’ MPFR Index returns by asset class (as at 31st May 2026)
Source: MPF Ratings
Table 2: 10 best performing MPF constituent funds for the month of May 2026
Source: MPF Ratings
Table 3: 10 best performing MPF constituent funds year-to-date
Source: MPF Ratings
