Friday, July 10, 2020
Martin Hennecke

June uptick helps MPF investors reduce losses
<p>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.</p><p>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.</p><p>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.</p><p>Gain Miles pointed out there was a rebound in June, recovering most of the year-to-date decline.</p><p>Bank Consortium Trust Company said the number of newly registered tax deductible voluntary contributors&#39; MPF accounts opened online surged seven times in the first quarter, compared to a previous quarter.</p><p>BCT will also launch next year a new fund for those above 65 years old.</p><p>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.</p><p>Furthermore, the newly registered accounts rose five times in the first quarter. One-third of users open an account through an online platform.</p>

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