Hong Kong’s MPF sees largest-ever monthly dollar loss in March 2026, with over HK$21,000 wiped off per member

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A March investment loss of approximately -HK$102bn – equivalent to nearly half of 2025’s annual gain – has been recorded.

Hong Kong’s Mandatory Provident Fund (MPF) suffered its largest-ever monthly dollar loss in March 2026, according to new data from independent MPF research firm MPF Ratings. MPF investment losses in March are estimated at -HK$102.2bn in absolute dollar terms, or -HK$21,326.5 for each of the system’s 4.79mn members. This loss is equivalent to almost half of the MPF system’s annual gain in 2025. It also contributed to a Q1 2026 investment loss of -HK$31.2bn, or -HK$6,506 per member.

Based on the MPFR All Fund Performance Index as at 31 March 2026, the system recorded a monthly loss of -6.27%, marking its worst performance month since September 2022 and ending a record streak of 10 consecutive positive months.

As a result, the MPF system closed the first quarter of 2026 with a -1.98% loss – its first negative Q1 since 2022.

Among asset classes, Asian equities were dragged down by substantial declines in Korean equities. Korean and Japanese equities were the poorest performers in March, but despite these declines, US equities remain MPF’s worst performing asset class so far in 2026.

After factoring in contributions, total MPF assets stood at approximately HK$1.532tr at the end of March, down
-HK$99.2bn from February and -HK$21.8bn for Q1 2026. This equates to an average MPF account balance of HK$319,561 per member, down -HK$20,701 compared with end-February and -HK$ 4,556 for Q1 2026.

10 best performing MPF constituent funds for the month of March 2026

10 best performing MPF constituent funds of Q1 2026

MPF Ratings Chairman Francis Chung stressed that the setback “was not the fault of the MPF system, rather the result of the vortex of Middle East military intervention by the US Israel that has seen energy prices, market volatility, and inflation and recession concerns spike significantly”.

Chung emphasised that the MPF system is a resilient retirement safety net, urging MPF members to remain focused on long-term diversified investing rather than attempting to second guess market movements through market timing.

All images / MPF Ratings

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