市況風高浪急資金追捧強積金

2022年7月14日

*2022 年上半年資金流數據突顯強積金夠堅實***

積金評級 6月份季度的強積金資產類別資金流摘要現已上載至我們的網站。

重點如下：

強積金今年上半年的回報，是自 2000 年 12 月成立以來最差的，估算虧蝕 12.96%（註：由「積金評級所有基金表現指數」計算所得）。
強積金總資產現時約為 1.058 萬億港元，459 萬成員的平均賬戶結餘約為 230,700 港元（較 2022 年初跌 10.5%）。
雖然表現不濟，強積金體系在今年首 6 個月，仍錄得 4 年來最多的資金淨流入。估計 2022 年上半年約有 290 億港元淨流入（見圖一）。歸因於創記錄的「可扣稅自願性供款」令第一季淨流入尤其亮麗，儘管金融市場疲弱，資金一直湧入至第二季，見頂至約 137.1 億港元。
不出所料，在 2022 年強積金頭三位最受歡迎的資產類別當中，強積金「保守基金」很自然地成為最受歡迎的資產類別之一。特別要留意「中、港股票基金」，雖然 2022 年以來 6 個月當中輸足 4 個月，但依然獲得強勁支持，而「預設投資策略」（DIS）的「核心累積基金」亦然。反映成員在動盪的市場下，亦注意到保持投資兼分散投資的訊息。
衰退及通脹的陰霾繼續令投資者擔憂，而 6 月份「歐、美股票基金」則錄得最大的單月資金淨流出。

香港獨立的強積金研究專家積金評級主席叢川普（Francis Chung）今天發佈其 6 月份季度的強積金資產類別資金流摘要，特別指出在艱難的投資環境下，有見成員對強積金制度的信心，並呼籲推出更多退休儲蓄的激勵措施。

摘引：

市況雖不穩 強積金仍吸引創記錄的淨流入

「估算強積金在第二季吸引到大約 137.1 億港元淨流入，令 2022 年上半年淨流入金額達到約 290 億港元，即使在現時極度不穩的環球市場下，較過去三年的上半年平均淨流入仍高出幾乎達 10%。」

強積金強勁資金流入的原因

「在不穩定的時勢下，信心﹑安穩及彈性是必須的。強積金制度滿足了成員以上三項。加上成員已認識到透過『預設投資策略』（DIS）基金及『可扣稅自願性供款』（TVC），強積金已是一個成本相對地低及具稅務效益的高效儲蓄平台。」

「可扣稅自願性供款」（TVC）的影響及提供更多誘因鼓勵長線自資式的退休

「自從 2019 年引入『可扣稅自願性供款』（TVC）後，第一季見到流入 TVC 賬戶的資金比以往其它季度平均增加了超過 200%。這個情況看來似乎在今年第二季延續下去，而今年第二季資金淨流入估算亦達到約 137.1 億港元。由 TVC 帶起對強積金的需求顯示，這鼓勵儲蓄的誘因可行，我們鼓勵進一步提供誘因，以推廣自資式的退休儲蓄。」

表一：截至 2022 年 6月 30 日強積金資產類別資金流

圖一：強積金 2019 至 2022 年上半年資金淨流入

表二：截至 2022 年 6 月 30 日強積金計劃保薦人資金流

表三：2022 年 6 月份單月強積金成分基金資金流十大「贏家」

表四：2022 年第二季強積金成分基金資金流十大「贏家」

表五：2022 年上半年強積金成分基金資金流十大「贏家」

表六：2022 年 6 月份單月強積金成分基金十大「資金倒流」基金

表七：2022 年第二季強積金成分基金十大「資金倒流」基金

表八：2022 年上半年強積金成分基金十大「資金倒流」基金

14th July 2022

1H 2022’S DATA HIGHLIGHTS MPF’S STRENGTH

MPF Ratings’ June quarter MPF Asset Class Fund Flows Summary has now been uploaded.

Key points are as follows:

MPF’s estimated loss of -12.96% (as measured by MPF Ratings’ MPFR All Fund Performance Index) is worst 1H calendar year return since its December 2000 inception.
MPF total assets are currently at an estimated $1.058tr, with average account balances for MPF’s 4.59m members totalling approximately $230,700 (a decline of -10.5% since the beginning of 2022).
Despite poor performance MPF system records highest 1H calendar year net fund inflows in four years, with an estimated net inflow of $29bn (See Chart 1), driven by record TVC contributions and capped off by an estimated $13.71bn in Q2 net inflows despite soft financial markets.
Unsurprisingly MPF’s Conservative Fund is amongst the top 3 most popular asset classes. Notably HK & China equities, despite producing negative returns in 4 out of 6 months of 2022, continues to attract strong support and so too does the DIS Core Accumulation Fund as members heed the message to remain invested and well diversified during volatile markets.
European and US Equities saw the largest outflows in the month of June as inflation and recession concerns continue to worry investors.

Francis Chung (叢川普), Chairman of MPF Ratings Ltd, Hong Kong’s independent Mandatory Provident Fund (MPF) research specialist today released MPF Ratings’ June quarter MPF Asset Class Fund Flows Summary by highlighting the confidence members are placing on the MPF system in a difficult investment climate while calling for further incentives to encourage saving for retirement.

Quotes:

Despite market uncertainty MPF attracts record net inflows

“MPF has attracted an estimated $13.71bn in the June quarter, taking first half 2022 net inflows to approximately $29bn which, on average and despite the acute uncertainties currently affecting global markets, is almost 10% higher than in the past three years.”

Reasons for MPF’s strong net inflows

“Confidence, security and flexibility are essential in times of uncertainty. The MPF system offers members all three. Additionally, members are realizing that through the mandated Default Investment Strategy (DIS), and through Tax Deductible Voluntary Contributions (TVC), MPF is a relatively low cost and tax effective savings platform.”

Impact of TVC and calls for additional incentives to encourage long term self-funded retirement

“Since the introduction of Tax Deductible Voluntary Contributions (TVC) in 2019, the March quarter has seen average net inflows increase by over 200% into TVC accounts. With an estimated $13.71bn in net inflows, it appears demand has carried into the June quarter too. TVC driven demand for MPF shows savings incentives work and we encourage further incentives to promote self-funded savings for retirement.”

Table 1: MPF Asset Class Net Fund Inflows as at 30 June 2022