MPF June Gap Hits 17.3 Pct — Largest Divergence This Year

MPFGo released its June MPF research report. As of June 26, 2026, among the 397 comparable MPF constituent funds across Hong Kong, the best-performing fund delivered a single-month return of +5.54%, while the worst fund dropped -11.77%, a gap of 17.31 percentage points — one of the most significant single-month return divergences this year.

Using a simple illustration of HK$1 million in MPF assets, the 17.31 percentage point return gap translates to approximately HK$173,000 in potential account value difference between fund categories within just one month.

The June gainers were dominated by European equity and healthcare funds. The Manulife MPF Health Care Fund led with +5.54%, followed closely by Haitong Asia Pacific Fund (Class T) at +4.33%. Multiple European equity funds from Sun Life, Manulife, AIA, HSBC, and BEA also featured in the top ten.

Conversely, the losers were almost exclusively Hong Kong equity and China index funds, including the Hang Seng China Enterprises Index Fund, Hong Kong Equity Fund, Hang Seng Index Fund, Tracker Fund of Hong Kong, and CSI HK 100 Index Fund.

MPFGo attributed this divergence to three key market factors: global capital reallocation as investors shift toward more defensive sectors; repricing of US Federal Reserve monetary policy expectations with “higher rates for longer” becoming the dominant narrative; and a market shift from “expectation trading” back to “fundamental trading,” with renewed focus on earnings and valuation.