3.5% Growth in MPF Market Assets in February, with HK$2.3 Billion Flowing into US Equity Fund

Mar 19, 2024
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【Hong Kong, March 19, 2024】According to the MPF Market Analysis Report February 2024 released by GUM today, as of February, the total assets in the MPF market have increased 3.5% to HK$1.16 trillion. In terms of market share, Manulife remains the leader with a share of 27.9%, while HSBC (17.6%) and Sun Life (10.9%) continue to hold the second and third positions respectively.

In 2024 YTD, Manulife’s market share saw a noticeable change increasing by 0.18%, primarily driven by investment returns. HSBC increased 0.03%, while Sun Life’s market share decreased by 0.13%. Fourth-ranked AIA saw a slight increase of 0.01% in market share, reaching 9.0%. BOC-Prud secure the fifth spot with 7.3% market share. [Refer to Table 1 for details]

Table 1:2024 YTD Market Share of MPF Providers (Top 10)

 2024 YTD Change in Market Shares
Market Share RankProvidersMarket     SharesDue to Net SwitchingDue to Investment ReturnTotal change
1Manulife27.9%0.02%0.16%0.18%
2HSBC17.6%0.01%0.02%0.03%
3Sun Life10.9%0.01%-0.14%-0.13%
4AIA9.0%0.00%0.01%0.01%
5BOC-Prud7.3%0.02%-0.01%0.01%
6BCT7.2%0.00%-0.05%-0.05%
7Hang Seng5.7%-0.01%0.00%-0.01%
8Principal5.4%-0.03%0.01%-0.02%
9Fidelity4.3%0.00%-0.01%-0.01%
10BEA2.6%0.00%0.01%0.01%

In February 2024, a total of HK$1.06 billion was transferred into “Equity fund”, while HK$0.9 billion and HK$0.16 billion were transferred out from “Mixed asset fund,” and “Fixed income fund” respectively. [Refer to Table 2 for more details.]

Table 2:Net Fund Switching in Major Asset Categories

In February 2024, the top five asset types with the highest net switching out were ” Mixed Asset Fund (>80% -100% Equity) “, ” Hong Kong Equity Fund”, “Hong Kong Equity Fund (Index Tracking)”,  “Mixed Asset Fund (>60% -80% Equity)” and “Greater China Equity Fund”.

On the other hand, the top five asset types with the highest net switching in were “United States Equity Fund “, “DIS Core Accumulation Fund”, “Japanese Equity Fund “, “Global Equity Fund “, and “DIS Age 65 Plus Fund”. [Refer to Table 3 and Table 4 for details]

GUM’s Strategy and Investment Analyst , Martin Wan, pointed out, ” The overall stock market performance in 2024 is good, especially the continued strength of the US market. In February, around HK$2.3 billion flowed into the US Equity Fund, totalling nearly HK$5.5 billion YTD, surpassing half of 2023’s inflows (a total of HK$9.7 billion flowed into US equity in 2023). Members are also attracted to the DIS, Global Equity, and Japan funds, reflecting a growing preference for diversified global investment strategies. It is important for members to remember that MPF is a long-term retirement investment and to avoid trying to time the market excessively.”

Table 3: Top Five Fund Asset Types with Net Fund Switching out in Feb 2024 (in HKD million)

RankAsset ClassFebruary 2024
1Mixed Asset Fund (>80-100% Equity)(843)
2Hong Kong Equity Fund(806)
3Hong Kong Equity Fund (Index Tracking)(587)
4Mixed Asset Fund (>60-80% Equity)(579)
5Greater China Equity Fund(498)

Table 4: Top Five Fund Asset Types with Net Fund Switching in Feb 2024 (in HKD million)

RankAsset ClassFebruary 2024
1United States Equity Fund2,323
2DIS Core Accumulation Fund749
3Japanese Equity Fund697
4Global Equity Fund495
5DIS Age 65 Plus Fund238

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