MPF Investment

Investment Regulations and Disclosure

MPFA maintains a repository of MPF scheme documents to provide scheme members with easy access to the information of MPF schemes offered by all MPF trustees to facilitate their MPF management and decision making.

What information can be found in the Key Scheme Information Document, MPF Scheme Brochure, fund fact sheet and annual consolidated report?

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The Key Scheme Information Document is a document consisting of a limited number of pages, uses plain language, charts and tables to present and disclose key information (e.g. fund choice, management fees, contribution, transfer, withdrawal) of an MPF scheme in a standardized format. Through a layered disclosure approach, the Key Scheme Information Document provides access to other documents containing detailed information of an MPF scheme (e.g. the MPF Scheme Brochure) by web link and/or QR code.

The MPF Scheme Brochure is a document setting out the important information about an MPF scheme. It includes the following important information about the scheme for members to make informed decisions.

names of operators (e.g. trustee, custodian, investment manager, auditors and other service providers)
investment policies and objectives (including the investment focus) of each fund
guarantee features of guaranteed funds (if any)
risk factors affecting fund performance
contributions, withdrawals and transfer, and fund switching procedures
valuation of funds
fees and charges

The information above is not exhaustive. Members should refer to the MPF Scheme Brochure of their respective scheme for details.

How to access the investment focus of each fund

The information can be accessed by clicking the “Investment Focus” icon under Key Scheme Information Document in the List of Registered MPF Schemes & Funds

MPF Tips

When choosing an MPF scheme and its funds, members should read the Key Scheme Information Document carefully to find out whether the scheme and the relevant funds meet their retirement needs and risk tolerance level.

In a Key Scheme Information Document, the key features of each fund will be shown in a standardized table, providing members with a clear overview. The table will set out information such as the name of the fund, the name of the investment manager, fund descriptor and investment focus, e.g. the type of assets invested in and its weightings.

The fund fact sheet is like a report card of an MPF fund, explaining how the fund performed during the reporting period. It provides a summary of the key information of a fund, including:

fund size (net asset value)
launch date
fund descriptor
investment policies and objectives of the fund
summary of portfolio allocation and top 10 portfolio holdings
fund performance
performance benchmark (if any)
fund expense ratio
fund risk indicator
risk class
commentary on fund performance

MPF Tip

When choosing MPF funds or reviewing current fund choices, scheme members should read the Fund Fact Sheets carefully to understand the features and risk level of each fund to ensure that the chosen fund suits their needs.

When will the fund fact sheet be available in this repository?

MPF trustees issue at least two fund fact sheets every year reporting the above information. The two reporting dates are:

at the end of the financial period of the relevant scheme
at the end of the next six-month period

Some trustees may provide more frequent reporting to scheme members (e.g. quarterly fund fact sheets) and make them available on their websites. The latest fund fact sheets provided by trustees are made available in this repository.

Annual consolidated reports are prepared by MPF trustees for each financial period of their MPF schemes. An annual consolidated report consists mainly of the following information, covering an MPF scheme and its funds:

Financial statements of an MPF scheme and its funds

Assets and liabilities
Profit/loss
Itemized fees and charges

Investment report of an MPF scheme and its funds

Investment policies and objectives of individual funds
Investment portfolios of the MPF scheme and its individual funds
Performance of individual funds
Trustee’s commentary on the analysis of investments held by the MPF scheme

Scheme report

Financial development of the scheme
Particulars of the directors of the trustee, including particulars of their appointment or termination

Auditor’s report

Auditor’s confirmation of the financial statements being audited

Note

Regarding trustee’s commentary on the analysis of investments, trustees may provide:

relevant information on individual funds
illustration of the fund performance assessment framework

How to access trustee’s commentary?

To access trustee’s commentary, please click on the ”Trustee’s Commentary on Fund Performance” icon under “Annual Consolidated Report” in the List of Registered MPF Schemes & Funds

MPF Tips

The information disclosed in the consolidated reports of MPF schemes helps members get a better understanding of the financial position of the schemes and their funds when they are choosing an MPF scheme and funds or reviewing their current scheme and fund choices.

When choosing from different MPF schemes and funds, members should read the annual consolidated reports carefully and consider every factor (including but not limited to the areas mentioned above) so as to make the most appropriate choices for their situation.

When will the annual consolidated report be available in this repository?

The annual consolidated report of each MPF scheme for the latest financial year* is available in this repository six months after the financial year end of the scheme.

*Different schemes may have different financial periods, which end on different dates.