June uptick helps MPF investors reduce losses

Business | Winnie Lee 30 Jun 2020

Mandatory Provident Fund consultancy Gain Miles said each contributor earned HK$10,837 in June, with a 5.1 percent average return, as of June 23 but from year to date, each one lost HK$3,150 on average.

In three major indexes, the equity fund index rose 6.8 percent; the mixed assets fund index grew 3.8 percent; the fixed income fund index increased 0.4 percent this month.

From year to date, the Gain Miles MPF Index dropped 1.5 percent. In three major indexes the equity fund index fell 4.7 percent; the mixed assets fund index was down 3.2 percent; the fixed income fund index increased 1.1 percent.

Gain Miles pointed out there was a rebound in June, recovering most of the year-to-date decline.

Bank Consortium Trust Company said the number of newly registered tax deductible voluntary contributors' MPF accounts opened online surged seven times in the first quarter, compared to a previous quarter.

BCT will also launch next year a new fund for those above 65 years old.

It hopes to have an annual return yield of the inflation rate plus 2 percent in three years and the fee would be about 1 percent.

Furthermore, the newly registered accounts rose five times in the first quarter. One-third of users open an account through an online platform.

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