GUM: The total scale of MPF assets has surpassed HKD 1.6 trillion for the first time

GUM released the Mandatory Provident Fund (MPF) market report for January 2026. As of January 31, the total assets of the MPF market increased by 3.6% to HKD 1.61 trillion. In terms of market share, Manulife leads with a 27.7% share, followed by HSBC (18%) and Sun Life (10.9%), with the top five providers collectively holding over 73.6% of the MPF market.

In January, the stock fund category saw an estimated net outflow of approximately HKD 580 million, primarily from Hong Kong stock funds (including index tracking funds). The mixed asset funds experienced an estimated net inflow of about HKD 90 million, mainly into the preset investment strategy - Core Accumulation Fund. Fixed income funds saw an estimated net inflow of HKD 490 million, primarily into the MPF Conservative Fund.

In January 2026, the top five asset categories with the highest net outflows were "Hong Kong Stock Funds (Index Tracking)," "Hong Kong Stock Funds," "Mixed Asset Funds (80% to 100% Stocks)," "Mixed Asset Funds (60% to 80% Stocks)," and "Global Bond Funds."

Members showed a clear preference when selecting stock funds. Hong Kong stock funds (including index tracking funds) had an estimated total net outflow of about HKD 2.8 billion; in contrast, members preferred U.S. funds, Japanese funds, and European funds, which collectively saw an estimated net inflow of about HKD 1.8 billion. In the same month, the top five asset categories with the highest net inflows were "Preset Investment Strategy - Core Accumulation Fund," "MPF Conservative Fund," "U.S. Stock Funds," "Japanese Stock Funds," and "European Stock Funds." The MPF Conservative Fund and DIS Core Accumulation Fund were the top two fund categories with the highest net inflow amounts for the entire year of 2025, and this trend continued into 2026, with both remaining the fund categories with the highest net inflow amounts in January 2026, totaling HKD 1.79 billion.

GUM's Director of Strategy and Investment Analysis, Yun Tianhui, stated that the Hang Seng Index continued its strong performance from the previous year in January, with a monthly increase of about 6.8%, significantly outperforming U.S., European, and Japanese stock funds. However, Hong Kong stock funds (including index tracking funds) recorded a net outflow of about HKD 2.8 billion, which may indicate that some members prefer to gradually lock in profits or diversify their allocations during market upswings