The GUM MPF Index closed Nov 2025 at 284.8 points, down just 0.02% for the month, yet members still averaged over HK$44K in year-to-date gains! With MPF performance closely tied to equities, GUM Chief Investment Officer Christopher reviews November’s movements and shares our year-end outlook.

Why Did November MPF Returns Ease?

US markets faced liquidity strains from the prolonged government shutdown and renewed “AI bubble” concerns, triggering a pullback.

However, the shutdown ended, third-quarter tech earnings impressed, and rate-cut expectations restored confidence, leading to a rebound. The GUM MPF Index ultimately fell only 0.02%—a resilient outcome.

Top-Performing MPF Equity Category and Schemes

Greater China Equity Funds continued to lead, posting 32% returns year-to-date. Strong performances came from Hong Kong and mainland China markets (Hang Seng +~30%, CSI 300 +~20%) plus Taiwan’s AI-driven gains.

Standouts in the category:

1. BCOM Joyful Retirement MPF Scheme — BCOM Greater China Equity (CF) Fund: 34.7%
2. Manulife Global Select (MPF) Scheme — Manulife MPF China Value Fund: 34.6%

The two were separated by just 0.1%, highlighting intense competition.

Year-End Uncertainties: Should High-Risk MPF Members Still Add Exposure?

As anticipated in Q3, we remain constructive on Q4, though gains will likely be more moderate than earlier quarters. Ongoing questions about AI profitability and deteriorating China-Japan relations have tempered sentiment.

That said, supportive rate cuts and Nvidia’s strong Q3 results point to a positive December. We are particularly bullish on China-Hong Kong equities: current P/E ratios of only 12–13× remain attractive, and substantial room for domestic AI applications should continue benefiting related sectors.

Summary

Despite November’s modest adjustment, 2025 MPF returns remain impressive. Year-end volatility is expected, but opportunities persist—high-risk tolerance members may consider measured exposure to China-Hong Kong equity funds while reviewing allocations regularly.

Planning your year-end and 2026 MPF strategy? Contact GUM’s MPF expert team today—we’ll craft a tailored investment plan to keep your retirement savings growing steadily.