Figures as of 2026-06-30 · Hong Kong Money Market Fund
Independent view
Straight talk on this fund
Up 1.4% over the past year — 22 out of 23 money market MPF funds. near the bottom of the group. Over 5 years it's made 2% a year.
Management fee 0.82% a year — middle of the range (peers: 0.56%–1.19%).
Risk class 1. Worst calendar year on record: 2021 (0%).
Top 10 holdings (Sumitomo & Mitsui Banking Corporation, Dah Sing Bank Ltd, Bank of Tokyo-Mitsubishi UFJ Ltd…) are 83.4% of the fund — over half the fund in ten names. The manager is betting big on a few stocks rather than owning the whole market. The top three (Sumitomo & Mitsui Banking Corporation, Dah Sing Bank Ltd, Bank of Tokyo-Mitsubishi UFJ Ltd) alone are 26.9%: when those names move, the fund moves with them. That 1.4% one-year gain didn't come from owning the whole market — it came from those big concentrated bets paying off.
In its best calendar year (2023) it made 3.4%; in its worst (2021) it made 0% — that range tells you what you're signing up for.
Built for stability, not growth — it won't make you rich, but it shouldn't keep you up at night. The question is whether 0.82% a year is a fair price for a parking spot.
Independent commentary for information only — not investment advice. Fund figures: provider fact sheet via mpf.hk. Peer comparison: latest available figures on mpf.hk.
Performance
Investment Objective
To achieve a minimum rate of return while maintaining stability of the principal amount invested.
Trailing Returns
1 Year
3 Years
5 Years
10 Years
Since Launch
Cumulative
+1.39%
+8.06%
+10.23%
+14.50%
+44.68%
Annualised
+1.39%
+2.62%
+1.97%
+1.36%
+1.45%
Calendar Year Returns
2025
2024
2023
2022
2021
Return (%)
+1.92%
+3.41%
+3.42%
+0.35%
+0.01%
Returns are net of fees. Past performance is not indicative of future returns.
Dollar Cost Averaging Return
Cumulative Return
1 Year
3 Years
5 Years
10 Years
Since Launch
Return (%)
+0.07%
+1.41%
+1.82%
+1.98%
+10.54%
Annualised Return
1 Year
3 Years
5 Years
10 Years
Since Launch
Return (% p.a.)
+0.07%
+0.47%
+0.36%
+0.20%
+0.39%
Calendar Year Return
2021
2022
2023
2024
2025
YTD
Return (%)
+0.00%
+0.06%
+0.79%
+0.77%
+0.19%
N/A
Fund Commentary
Seasonal factors, including quarter-end funding demand and dividend distribution periods, tightened HKD money market liquidity temporarily, driving up short-term funding costs. Nonetheless, the HKMA’s banking system aggregate balance remained stable at around HKD 54 billion, maintaining adequate liquidity. HKD interest rates are expected to remain below USD rates, while the HKD exchange rate is likely to stay within the weak-side band.
Allocation
Portfolio Allocation
Deposits
95.4%
Bond
1.4%
Cash & Others
3.2%
Top 10 Holdings
Top 10 Holdings
#
Security name
Holdings Weight
1
Sumitomo & Mitsui Banking Corporation
9.00%
2
Dah Sing Bank Ltd
9.00%
3
Bank of Tokyo-Mitsubishi UFJ Ltd
8.89%
4
China Construction Bank Corporation
8.87%
5
China Everbright Bank Hong Kong Branch
8.70%
6
Credit Agricole Corporate and Investment Bank
8.65%
7
Industrial & Commercial Bank of China Asia
8.44%
8
China CITIC Bank International Ltd
8.44%
9
CMB Wing Lung Bank Ltd
6.92%
10
OCBC Wing Hang Bank
6.47%
Total
83.38%
Fees
Fees & Charges
0.82427%
Fund Expense Ratio (FER)
The fund expense ratio shows the total annual cost of running this fund as a percentage of its assets. It is already reflected in the fund price and returns. When comparing similar funds, fees are one of the few factors you can control.
A 1% fee gap can mean a very different retirement pot over 30 years.See the offering document for the full fee schedule.
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