Table 1: Overall performance of MPF and average return for March 2025 and Year-to-Date (As of 18 March 2025)
| Index | Value | March 2025 Return (%) As of (1 – 18 March) | 2025 YTD Return (%) As of (1 – 18 March) |
| GUM MPF Composite Index | 258.3 | +1.2% | +5.3% |
| GUMMPF Equity Fund Index | 359.9 | +1.9% | +8.2% |
| GUM MPF Mixed Asset Fund Index | 256.7 | +0.8% | +4.2% |
| GUM MPF Fixed Income Fund Index | 129.9 | +0.2% | +1.0% |
| Average MPF Gain/Loss Per Member Note 1 (HK$) | +3,300 | +14,429 | |
Table 2: Performance of MPF Sub-Category Funds Index for March 2025 and Year-to-Date (As of 18 March 2025)
| Category | Sub-category Fund Index | March 2025 Return (%) As of (1 – 18 March) | 2025 YTD Return (%) As of (1 – 18 March) |
| Equity Funds | Hong Kong Equity Fund (Index Tracking) | 8.3% | 24.1% |
| Hong Kong Equity Fund | 8.0% | 21.2% | |
| Greater China Equity Fund | 6.2% | 15.1% | |
| Japanese Equity Fund | 3.5% | 3.3% | |
| Asian Equity Fund | 3.1% | 3.5% | |
| European Equity Fund | 2.3% | 11.8% | |
| Other Equity Fund | -1.0% | 6.2% | |
| Global Equity Fund | -2.6% | -0.3% | |
| United States Equity Fund | -5.9% | -5.1% | |
| Mixed Asset Funds | Mixed Asset Fund – (>80-100% Equity) | 2.5% | 7.4% |
| Target-Date Fund | 2.2% | 6.7% | |
| Mixed Asset Fund – (>60-80% Equity) | 2.0% | 6.0% | |
| Dynamic Allocation Fund | 1.5% | 5.1% | |
| Mixed Asset Fund- (>40-60% Equity) | 1.4% | 4.7% | |
| Mixed Asset Fund – (>20-40% Equity) | 0.8% | 3.4% | |
| Other Mixed Asset Fund | 0.3% | 2.3% | |
| Fixed Income Funds | RMB bond Fund | 0.6% | 1.6% |
| RMB & HKD Money Market Fund | 0.5% | 1.4% | |
| Guaranteed Fund | 0.3% | 1.4% | |
| HKD Money Market Fund | 0.2% | 0.9% | |
| MPF Conservative Fund | 0.1% | 0.6% | |
| Hong Kong Dollar Bond Fund | 0.0% | 1.4% | |
| Global Bond Fund | 0.0% | 1.7% | |
| Asian Bond Fund | -0.3% | 2.0% | |
| DIS Funds | DIS Age 65 Plus Fund | -1.2% | 0.4% |
| DIS Core Accumulation Fund | -1.9% | 0.3% |
As of March 18, 2025:
Commentary on MPF Market Performance in March 2025
The GUM MPF Composite Index rose to 258.3 points, with a monthly return of 1.2% and a year-to-date return of 5.3%. The average MPF return per member was HKD 3,300, with a cumulative year-to-date return of HKD 14,429.
Equity Fund Performance Analysis
Equity funds performed strongly in March, especially Hong Kong Equity Fund (Index Tracking), which had a monthly return of 8.3% and a year-to-date return of 24.1%. The Greater China Equity Fund also performed well, with a monthly return of 6.2% and a year-to-date return of 15.1%. However, Global Equity Fund and US Equity Fund showed relatively weak performance, with monthly returns of -2.6% and -5.9%, respectively.
Mixed Asset Fund Performance Analysis
Mixed asset funds showed relatively stable performance in March. Mixed Asset Fund – (>80-100% Equity) had a monthly return of 2.5% and a year-to-date return of 7.4%. Target-Date Fund and Mixed Asset Fund – (>60-80% Equity) also performed well, with monthly returns of 2.2% and 2.0%, respectively.
Fixed Income Fund Performance Analysis
Fixed income funds showed steady performance in March. RMB Bond Fund had a monthly return of 0.6% and a year-to-date return of 1.6%. RMB & HKD Money Market Fund and guaranteed funds had monthly returns of 0.5% and 0.3%, respectively.
Summary
Overall, the MPF market performed well in March 2025, with notable performances from equity funds and mixed asset funds. Although fixed income funds had lower returns, they still maintained steady growth. Investors should allocate their assets based on their risk tolerance and investment goals to achieve optimal returns.
Notes:
The average MPF return per member is calculated using total MPF assets HK$1,352,279 millions of the previous month (as of 28 February 2025). The number of MPF Scheme members was 4,794,000 as of 31 December 2024. The latest average assets per member was HK$282,077 as of 28 February 2025. The GUM MPF Composite Index return for March 2025 as of March 18, 2025.
*The growth of all fund categories indexes is calculated by asset-weighted point-to-point growth. The data for March return is summarized from 1 March to 18 March 2025.
－ The End －
About GUM
GUM is a boutique consulting firm that provides solutions to corporate on MPF and employee benefits. We focus on people and that is why we put “U” in the very core of our brand “GUM”. Our priorities are always meeting the needs of our corporate clients and their employees, our strategic partners as well as all MPF members of Hong Kong. With our vast market experience and expert teams around actuarial, investment and employee communication, GUM leads the market to innovate, walking hand in hand with our clients to go faster and further.
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This document provided the information on an “AS IS” basis. The Company undertakes no obligation to update any of the information contained in this document. Some information contained in this document contains forward-looking statements. The words “believe”, “expect” and similar expressions are also intended to identify forward-looking statements. These forward-looking statements are not historical facts. Rather, these forward-looking statements are based on the current beliefs, assumptions, expectations, estimates, and projections of our management. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control and are difficult to predict. Consequently, actual results could differ materially from those expressed, implied or forecasted in these forward-looking statements. Reliance should not be placed on these forward-looking statements.