MPF Conservative Fund: Is It Guaranteed? Historical Returns & Fees
The MPF Conservative Fund is not capital-guaranteed; it invests mainly in HKD deposits and short-term debt. As of 2026-09-30, the median 5-year annualised return of 29 conservative funds was +2.09% and the median 1-year return +1.86%. Past performance is not indicative of future results.
All conservative funds (n=29)
| Fund | Scheme | 1y ann.* | 5y ann.* | 10y ann.* | 2022* | FER* | Months† |
|---|---|---|---|---|---|---|---|
| Manulife MPF Conservative Fund | Manulife Global Select (MPF) Scheme | +2.19% | +2.40% | +1.54% | +0.51% | 0.75% | 75 |
| BOC-Prudential MPF Conservative Fund | BOC-Prudential Easy-Choice Mandatory Provident Fund Scheme | +1.98% | +2.36% | +1.54% | +0.55% | 0.79% | 75 |
| MPF Conservative Fund | Hang Seng Mandatory Provident Fund - SuperTrust Plus | +2.05% | +2.35% | +1.36% | +0.39% | 0.77% | 75 |
| MPF Conservative Fund | HSBC Mandatory Provident Fund - SuperTrust Plus | +2.04% | +2.34% | +1.36% | +0.39% | 0.77% | 75 |
| Invesco MPF Conservative Fund | SHKP MPF Employer Sponsored Scheme | +1.89% | +2.27% | +1.44% | +0.47% | 0.65% | 75 |
| Haitong MPF Conservative Fund - Class T | Haitong MPF Retirement Fund | +2.06% | +2.26% | +1.42% | +0.43% | 0.89% | 75 |
| Invesco MPF Conservative Fund - Unit Class A | BCT Strategic MPF Scheme | +1.86% | +2.23% | +1.47% | +0.42% | 0.69% | 75 |
| Invesco MPF Conservative Fund - Unit Class H | BCT Strategic MPF Scheme | +1.86% | +2.23% | +1.47% | +0.42% | 0.69% | 75 |
| Sun Life MPF Conservative Fund - Class B | Sun Life Rainbow MPF Scheme | +1.87% | +2.21% | +1.35% | +0.38% | 0.90% | 75 |
| Sun Life MPF Conservative Fund - Class A | Sun Life Rainbow MPF Scheme | +1.88% | +2.20% | +1.34% | +0.32% | 0.90% | 75 |
| Haitong MPF Conservative Fund - Class A | Haitong MPF Retirement Fund | +1.94% | +2.19% | +1.37% | +0.27% | 0.94% | 75 |
| Principal MPF Conservative Fund - Class N | BCT MPF Scheme Series 800 | +1.95% | +2.13% | +1.31% | +0.16% | 0.93% | 75 |
| MPF Conservative Fund | AIA MPF - Prime Value Choice | +1.98% | +2.12% | +1.30% | +0.66% | 0.78% | 75 |
| Principal - MPF Conservative Fund | BCT MPF - Smart Plan | +1.85% | +2.10% | +1.26% | +0.09% | 0.95% | 75 |
| BCOM MPF Conservative Fund | BCOM Joyful Retirement MPF Scheme | +1.68% | +2.09% | +1.48% | +0.43% | 0.94% | 75 |
| China Life MPF Conservative Fund | China Life MPF Master Trust Scheme | +1.79% | +2.09% | +1.27% | +0.32% | 0.88% | 75 |
| Principal - MPF Conservative Fund | BCT MPF - Simple Plan | +1.82% | +2.06% | +1.24% | +0.09% | 1.00% | 75 |
| My Choice MPF Conservative Fund | My Choice Mandatory Provident Fund Scheme | +1.86% | +2.06% | +1.16% | +0.20% | 0.74% | 75 |
| BEA MPF Conservative Fund | BEA (MPF) Value Scheme | +1.60% | +2.05% | +1.45% | +0.35% | 0.81% | 75 |
| BEA (Industry Scheme) MPF Conservative Fund | BEA (MPF) Industry Scheme | +1.59% | +2.04% | +1.39% | +0.35% | 0.82% | 75 |
| BEA (MPF) Conservative Fund | BEA (MPF) Master Trust Scheme | +1.59% | +2.04% | +1.37% | +0.35% | 0.81% | 75 |
| MPF Conservative Fund | MASS Mandatory Provident Fund Scheme | +1.79% | +2.04% | +1.24% | +0.32% | 0.80% | 75 |
| BCT (Pro) MPF Conservative Fund | BCT (MPF) Pro Choice | +1.68% | +2.02% | +1.28% | +0.32% | 0.89% | 75 |
| MPF Conservative Fund | Fidelity Retirement Master Trust | +1.93% | +2.02% | +1.14% | +0.08% | 0.98% | 75 |
| BCT (Industry) MPF Conservative Fund | BCT (MPF) Industry Choice | +1.66% | +1.97% | +1.22% | +0.32% | 0.94% | 75 |
| Allianz MPF Conservative Fund - Class T | Manulife RetireChoice (MPF) Scheme | +1.60% | +1.91% | +1.15% | +0.30% | 1.00% | 75 |
| Allianz MPF Conservative Fund - Class A | Manulife RetireChoice (MPF) Scheme | +1.58% | +1.88% | +1.12% | +0.30% | 1.03% | 75 |
| Allianz MPF Conservative Fund - Class B | Manulife RetireChoice (MPF) Scheme | +1.58% | +1.88% | +1.12% | +0.30% | 1.03% | 75 |
| AMTD Invesco MPF Conservative Fund | AMTD MPF Scheme | +1.48% | +1.80% | +1.08% | +0.30% | 1.07% | 75 |
* Published by the MPFA (data as of 2026-09-30). † Calculated by this site from month-end unit prices, 2020-07 to 2026-09; "Months" = number of month-end prices available — figures from short histories are less reliable. n/a = not available. Click a column header to sort.
Guaranteed funds (n=9)
| Fund | Scheme | 1y ann.* | 5y ann.* | FER* | Months† | Max drawdown† |
|---|---|---|---|---|---|---|
| Guaranteed Portfolio | AIA MPF - Prime Value Choice | +1.61% | +0.87% | 1.54% | n/a | n/a |
| BCOM Guaranteed (CF) Fund | BCOM Joyful Retirement MPF Scheme | +0.84% | +2.12% | 1.47% | 75 | -13.85% |
| China Life Joyful Retirement Guaranteed Fund | China Life MPF Master Trust Scheme | -0.24% | +0.31% | 1.92% | 75 | -19.72% |
| Guaranteed Fund | HSBC Mandatory Provident Fund - SuperTrust Plus | -1.67% | -0.34% | 2.05% | 75 | -12.11% |
| Guaranteed Fund | Hang Seng Mandatory Provident Fund - SuperTrust Plus | -1.67% | -0.34% | 2.05% | 75 | -12.11% |
| Guaranteed Fund | MASS Mandatory Provident Fund Scheme | +0.01% | -1.39% | 2.88% | 75 | -24.10% |
| Manulife MPF Interest Fund | Manulife Global Select (MPF) Scheme | +0.88% | +0.73% | 1.74% | n/a | n/a |
| Manulife MPF Stable Fund | Manulife Global Select (MPF) Scheme | +0.31% | +0.11% | 1.74% | 75 | -23.60% |
| Manulife Career Average Guaranteed Fund - SHKP | SHKP MPF Employer Sponsored Scheme | -0.82% | -0.80% | 2.15% | 75 | -18.13% |
* Published by the MPFA (data as of 2026-09-30). † Calculated by this site from month-end unit prices, 2020-07 to 2026-09; "Months" = number of month-end prices available — figures from short histories are less reliable. n/a = not available. Click a column header to sort.
Guarantee conditions vary by scheme; see the trustee offering document.
FAQ
Is the MPF Conservative Fund capital-guaranteed?
No. It invests mainly in HKD deposits and short-term debt; risk is lower but there is no capital guarantee and it is not a bank deposit.
Conservative fund vs guaranteed fund?
A guaranteed fund carries a guarantee from a guarantor subject to conditions (e.g. holding period, withdrawal reasons) and a guarantee charge that vary by scheme; a conservative fund has none. Our data has 9 guaranteed funds.
Why are conservative fund fees different?
The law restricts how conservative funds may deduct fees (linked to the prescribed savings rate), so their published returns and fees are not directly comparable to other funds. See MPFA information.
Can a conservative fund return a negative figure?
Structurally, yes. In our data, 0 of 29 conservative funds had a negative 2022 return.