Key Highlights: 

1. Total MPF market assets fell 1.3% in September to about HK$1.684 trillion, mainly due to investment losses of about HK$25.2 billion.
2. U.S. Equity Funds recorded net switching-in for a sixth consecutive month, with about HK$3.14 billion in September and more than HK$15 billion year-to-date.
3. Members remained relatively cautious on Hong Kong equities. Hong Kong Equity Funds recorded net switching-out of about HK$1.04 billion in September; year-to-date, Hong Kong Equity Funds and Hong Kong Equity Funds (Index Tracking) recorded combined net switching-out of about HK$10.97 billion.

GUM's Strategy and Investment Analytics Director, Martin Wan, pointed out, “The market retreated in September, but members did not turn conservative. Instead, they continued switching into equity funds, with U.S. equities the most popular, attracting more than HK$15 billion year-to-date. Members should be mindful of the risk of over-concentrating their assets in a single market and review their portfolios regularly.”

 

[Hong Kong, 16 October 2026] GUM released its MPF Market Analysis Report for September 2026. As of 30 September 2026, total MPF market assets fell 1.3% to HK$1.684 trillion. In September, members continued to prefer risk assets: equity funds recorded estimated net switching-in of HK$3.26 billion, mainly into U.S. Equity Funds. Fixed income funds recorded net switching-out of HK$2.10 billion, mainly from MPF Conservative Funds. [See Table 1,2,3]

 

Table 1：Est. Net Fund Switching in Major Asset Categories over the past 12 months (HK$B)

                                                                                                                             Figures may not sum up to the total due to rounding

During September, volatile U.S.–Iran tensions and surging oil prices, together with the U.S. Federal Reserve's first rate hike in over three years, pushed global bond yields to multi-year highs. The Hang Seng Index fell about 3.7% over the month and the Hang Seng TECH Index dropped nearly 8%, with Hong Kong equity funds bearing the brunt. In September 2026, the top five asset classes by net switching-out were, in order: MPF Conservative Fund, Hong Kong Equity Fund, Mixed Asset Fund (80%–100% Equities), Greater China Equity Fund, and Mixed Asset Fund (60%–80% Equities). Hong Kong Equity Funds recorded net switching-out of about HK$1.04 billion in September, while Hong Kong Equity Funds (Index Tracking) recorded net switching-in of about HK$0.34 billion, giving combined net switching-out of about HK$0.70 billion for the two categories. Year-to-date, the two categories recorded combined net switching-out of about HK$10.97 billion, making them the equity fund category with the largest member reductions this year. [See Table 2]

In the same month, the top five asset classes by net switching-in were, in order: U.S. Equity Fund, Asian Equity Fund, DIS – Core Accumulation Fund, Global Equity Fund, and Japan Equity Fund. U.S. Equity Funds again led monthly net switching-in at HK$3.14 billion, and remained the equity fund category with the largest member increases year-to-date at about HK$15.2 billion. Although U.S. equities were mixed overall, AI-related large-cap technology stocks bucked the trend, driving the Nasdaq Composite to a record high during the month, and members' enthusiasm for U.S. equities showed no sign of cooling. The market is now focused on U.S. inflation data and whether the Federal Reserve will raise rates further, as well as the potential impact of the November midterm election results on the markets.

[See Table 3]

Table 2: Top Five Asset Types for Net Fund switching out for the September 2026 and 2026 YTD (in Million HKD)

 

Table 3: Top Five Asset Types for Net Fund switching-in for the September 2026 and 2026 YTD (in Million HKD)

 

On market share, Manulife led with 28.0%, followed by HSBC (18.0%) and BCT (11.5%). Together with Sun Life (11.1%) and AIA (9.6%) in fourth and fifth place, the top five providers accounted for about 78.2% of the MPF market.

 

As of end-September, BCT recorded the largest year-to-date market-share gain at 4.50 percentage points, mainly reflecting the smooth completion in July of the transition of Principal-related MPF schemes, with BCT becoming the sponsor of all relevant Principal MPF schemes. [See Table 4]

 

Table 4: 2026 YTD Market Share Change of MPF Providers (Top 10)

			2026 YTD Change in Market Shares
Market Share Rank	Provider	Market Shares	Due to Net Switching	Due to Investment Return	Total change
1	Manulife	28.0%	0.03%	0.12%	0.15%
2	HSBC	18.0%	0.22%	-0.26%	-0.04%
3	BCT	11.5%	4.50%	0.00%	4.50%
4	Sun Life	11.1%	0.12%	0.07%	0.19%
5	AIA	9.6%	-0.05%	0.32%	0.27%
6	BOC-Prud	7.4%	0.02%	-0.15%	-0.13%
7	Hang Seng	5.7%	-0.04%	-0.12%	-0.16%
8	Fidelity	4.3%	0.01%	0.02%	0.03%
9	BEA	2.4%	-0.02%	0.01%	-0.01%
10	BCOM	0.6%	-0.01%	-0.01%	-0.02%

 

－ The End －