Hong Kong MPFs have declined for the second straight month in September, falling 7.75% to make it the worst quarterly loss in the scheme’s history.

The overall decline for the third quarter was 12.25%, exceeding the drop of 11.6% seen during the financial crisis in Q3 2008, according to the latest data from Lipper

Data found the loss was mainly driven by a significant decline in equity funds which saw a sharp fall of 12.01% in September, widening the Q3 loss to 19.96%, followed by mixed asset category which dropped 7.51% during the month with Q3’s decline of 11.65%.

Among equity MPFs, all categories displayed losses in September and in Q3. China equity posted the biggest drop, losing 18.17% and 26.88% in a month and for Q3 respectively, followed by Greater China stocks which also saw a fall of 17.83% and 24.51%. Hong Kong equity also delivered a loss of 15.44% in September, extending the Q3’s drop to 22.71%, while Korea stocks also fell 10.84% and 24.2% for the month and the quarter.

In addition, bond MPFs fell 2.04% in September but still remaining in positive territory in Q3 and year-to-date (YTD) of gain at 0.13% and 3.37% respectively. Overall, MPFs saw YTD loss of 10.68% due to slides of 18.91% and 9.48% in both equity and mixed asset funds.