GUM MPF Express: Stocks and Bonds Decline in April, MPF Records 1.4% Drop with an Average Loss of $3,608 per Member

Apr 18, 2024
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Table 1: Overall performance of MPF and average return in April (as of 15 April 2024)

IndexValueReturn for April 2024 (Half month)2024 YTD Return
GUM MPF Composite Index227.65-1.4%1.0%
GUM MPF Equity Fund Index297.77-1.8%1.4%
GUM MPF Mixed Asset Fund Index232.29-1.8%1.0%
GUM MPF Fixed Income Fund Index125.73-0.2%0.1%
Average MPF Gain/Loss Per Member Note 1 (HK$)-3,608+2,413

Table 2: Performance of MPF Sub-Category Funds Index with
Top 2 Assets Under Management (AUM) in Each Category (as of 15 April 2024)

CategorySub-category Fund IndexReturn for April 2024 (Half month)2024 YTD Return
Equity FundUnited States Equity Fund-3.5%6.0%
Hong Kong Equity Fund0.1%-3.1%
Mixed Asset FundMixed Asset- (>80-100% Equity) Fund1.6%2.0%
Mixed Asset Funds (60 – 80% Equity) Fund-1.6%1.0%
Fixed Income FundMPF Conservative Fund0.2%1.2%
Guaranteed Fund0.2%0.1%
DIS FundDIS Core Accumulation Fund-2.4%2.2%
DIS Age 65 Plus Fund-1.9%-0.9%

As of 15 April:

  • The MPF recorded a decline of 1.4% in April, resulting in an average loss of HKD $3,608 per member. However, the total annual gain still amounted to HKD $2,413.
  • Equity, Mixed-asset, and Fixed-income Fund indices all declined, with drops of 1.8%, 1.8%, and 0.2% respectively in mid-April.
  • Iran’s airstrikes on Israel have put pressure on global equity markets. Additionally, higher-than-expected inflation data in the US has led to a decline in the bond market.
  • Market expect Federal Reserve may further delay interest rate cuts, potentially reducing the number of rate cuts from the initial 3 to 2.
  • The US Equity Fund experienced a relatively significant decline of 3.5%, while the Hong Kong Equity Fund experienced a slight increase, rising by 0.1%.
  • DIS Fund was impacted by both equity and bond markets. The Core Accumulation Fund declined by 2.4% in April, but still experienced an overall increase of 2.2% in 2024. The Age 65 Plus Fund dropped by 1.9% in April and resulted a 0.1% decline for the year.
  • MPF Conservative Fund maintained stable returns, achieving a 0.2% gain in April and a 1.2% return for the year.


  1. Calculation based on total MPF assets HKD 1,183,036 million as of 31 March 2024, and total MPF Scheme members 4,754,000 as of 31 December 2023. The latest average assets per member was HK$248,851 as of 31 March 2024. Return of GUM MPF Composite Index is as of 15 April 2024.

*The growth of all fund categories indexes is calculated by asset-weighted point-to-point growth. The data for April 2024 return is summarized from 1 April to 15 April 2024.

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