5th August 2026
MPF rewards diversification as local equities erase all 2026 losses in July and average account balances break $350,000 barrier
MPF Ratings’ 2026 July MPF Performance Survey is now available.
Key points are as follows:
- A late July performance turnaround sees the MPF system deliver a 5th positive investment month. A 0.54% July investment gain (as measured by the MPFR All Fund Performance Index as at 31st July) takes MPF’s year-to-date return to 6.24%. (See table 1)
- Historically, MPF has produced 5 positive monthly returns by the end of July on 8 previous occasions, and in 75% of the time, the system has ended the year positively.
- While Asian equities’-5.19% was MPF’s worst loss in July it continues to be MPF’s best-performing asset class in 2026, with a 21.3% return (as measured by MPF Ratings’ MPFR Index – Equity Fund (Asia)), its 2nd best year-to-date result.
- In absolute dollar terms, MPF’s July investment gain of approximately $9.0bn (or $1,875 per MPF’s 4.79m members) takes year-to-date investment gains to $97.7bn, the system’s 2nd best on record.
- Total MPF assets inclusive of contributions end July at approximately $1.68tr (up $12.0bn from June and up $124.7bn year-to-date), and equivalent to an average MPF account balance of $350,123 (up $2,501 from June, and up $26,006 year-to-date).
Francis Chung (叢川普), Chairman of MPF Ratings Ltd, Hong Kong’s independent provider of MPF research, insights, and education, today released MPF Ratings’ 2026 July MPF Performance Survey by revealing that the MPF system delivered approximately $9.0bn in July investment gains to take MPF’s annual earnings to $97.7bn, equivalent to an average of approximately $1,875 for the month per MPF’s 4.79m members, and $20,369 year-to-date. The combination of investment gains plus contributions sees the system at an asset size of $1.68tr, equivalent to an average account balance of approximately $350,123 per member, and up 8.02% since the end of 2025.
Quotes:
MPF’s July performance builds on MPF’s strong first half year and now sees MPF total assets at $1.68tr
“MPF added 0.54% of investment returns in July to take its year-to-date return to 6.24%, the equivalent of approximately $98bn in earnings, the system’s 2nd highest 7-month result. After factoring in contributions and investment gains, MPF’s total assets are now at $1.68tr, equivalent to an average account balance of $350,123 per MPF’s 4.79m members.”
MPF’s 2026 performance has been built on strong year-to-date Asian equity performance but July downturn highlights tech sector valuation concerns and reinforces geo-political risks
“While July saw positive returns it was also a month of high market volatility as Middle East uncertainty and tech sector valuation concerns affected markets. That said, MPF continues to reward its members, generating $97.7bn in investment gains so far this year, MPF’s 2nd highest year-to-date gain ever.”
Individual asset class performance volatility highlights the importance of diversification
“While MPF’s overall July result was positive several individual asset class results highlighted the importance of diversification. Asian equities which despite being MPF’s best performing asset class year-to-date generated July’s worst performance result. Conversely, Hong Kong and China equities rebounded in July to recover all its 2026 losses. These fluctuations highlight the importance of diversification and reinforce our view that the MPFA mandated low 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 of 31st July 2026)
Source: MPF Ratings Ltd
Table 2: Top 10 best performing MPF constituent funds for the month of July 2026
Source: MPF Ratings Ltd
Table 3: Top 10 best performing MPF constituent funds year-to-date
Source: MPF Ratings Ltd
