16th July 2026
Data highlights a revealing change to member investment behaviour
MPF Ratings’ Q2 2026 MPF Asset Class Fund Flows Summary has now been uploaded.
Key points are as follows:
- Q2 2026 saw MPF attract estimated net inflows of $12.05bn (See table 1), 9.41% higher than Q2 2025, and only 2.3% lower than the 5-year historical quarterly average of $12.33bn.
- US equities attracted over 78% of MPF’s net inflows in Q2 while MPF’s Conservative Funds lost 46% in net-outflows as MPF members appeared to switch to join the AI and technology wave.
- Positively, DIS funds continues to be well supported, receiving over 40% of net-inflows this quarter, and also consistently in past quarters too. (Also see table 1)
- HSBC and Sun Life were MPF’s biggest fund flow winners in Q2, with both attracting shares of net-inflow significantly higher than their overall market share, while Manulife’s MPF North American Equity Fund proved to be the most popular constituent fund, topping the Constituent Fund net-inflow table with over $1.88bn in the quarter. (See tables 2 and 3)
- At the end of June, the MPF system recorded a Q2 and year-to-date gain of 7.81% and 5.67%, with MPF total assets now at approximately$1.67tr, equivalent to an average MPF account balances of $347,500 for 4.79m MPF members.
Francis Chung (叢川普), Chairman of MPF Ratings Ltd, Hong Kong’s independent Mandatory Provident Fund (MPF) research specialist today highlighted HSBC and Sun Life as the biggest net-inflow winners over the past quarter as he revealed MPF Ratings’ Q2 2026 MPF Asset Class Fund Flow Summary. According to the statistics, the MPF system received net-inflows totalling approximately $12.05bn in Q2 2026; a solid result that is 9.41% higher than last year’s corresponding quarter and only 2.3% lower than the system’s 5-year historical quarterly average of $12.33bn.
Quotes:
The net-inflow results reveal interesting insight into MPF member attitude to investing
“While some MPF members still try and trade markets with their MPF, it does appear a growing number are exercising patience and discipline by diversifying and investing for the long term. Positively, for a second consecutive quarter the MPFA mandated low cost, well diversified DIS strategies attracted around 40% of net-inflows.”
What the net-inflow data says about MPF competition?
“Since the launch of eMPF competition between MPF scheme providers has accelerated. HSBC and Sun Life were this quarter’s biggest winners with both attracting significantly higher net-inflows relative to their respective market shares.”
Some members continue to ignore MPF’s key lesson
“While DIS funds are now consistently attracting a healthy share of MPF’s net-inflows, the reality is some members continue to trade their MPF. The past 3 months saw $5.58bn withdrawn from MPF money market funds while MPF’s US equity funds collectively attracted almost $9.5bn as members tried to jump on the AI and technology wave. MPF Ratings reiterates its view that the risk of choosing and timing markets is far greater than staying invested and diversified. Diversification is key and the MPFA’s mandated DIS funds should be considered by MPF members.”
Table 1: 2026 Q2 and Year-To-Date Asset Class Net Inflows
Source: MPF Ratings
Table 2: 2026 Q2 and Year-To-Date MPF Scheme Provider Net Inflows
Source: MPF Ratings
^ Effective 27 July 2026, the MPF Scheme Provider of the Principal MPF Schemes will be transferred to the BCT group of companies. Source: BCT Corporate Announcement
Table 3: 2026 Q2 Top 10 Highest MPF Constituent Fund Net Inflow Winners
Source: MPF Ratings
Table 4: 2026 Year-To-Date Top 10 Highest MPF Constituent Fund Net Inflow Winners
Source: MPF Ratings
