Apparently, Hong Kongers didn’t escape the market rout after all.
Asia Asset Management reports that Hong Kong’s Mandatory Provident Fund, or the MPF as its more widely known, has been hit hard last month largely thanks to the steep sell-off in the region’s equity markets.
Citing data from Lipper, MPF Investments supposedly fell 2% last month, not bad, especially given proper context, however, its China equity funds dropped 12.13% in July, while its Greater China funds slipped almost 9%.
Another report meanwhile says that MPF Investments did a little worse, this time posting a 3.26% hit in July with its broader equity funds tanking at least 6% – its largest drop since 2012.
Considering how bad some of the region’s hedge funds did in the previous months, I wouldn’t be too worried if I was in their shoes.
Photo: Pablo Fernandez