Hong Kong MPF consulting company GUM stated that due to the escalation of tensions between the US and Iran and the blockage of the Strait of Hormuz, the global financial markets experienced significant volatility in early March, leading to a noticeable adjustment in Trillions of MPF. The GUM Trillions of MPF composite index fell by 4% in the first nine days of March, narrowing the year-to-date increase to only 0.4%. On a per capita return basis, a significant drop of 13,610 Hong Kong dollars was recorded in early March, leaving only a modest positive increase of 1,202 Hong Kong dollars since the beginning of the year. Among the three major asset classes, equity funds experienced the largest decline, down by 5.1% annually, completely erasing the cumulative increase for the year; mixed asset funds also fell by 4.5%, but still maintained a positive return of 1% year-to-date. Fixed income funds remained relatively stable, with a slight decrease of 0.32%, still showing a growth of 0.4% for the year. GUM's Chief Investment Officer, Liu Jiahong, pointed out that Iran's retaliatory action to block the Strait of Hormuz led to a sharp increase in international oil prices and a sharp decline in global stock markets, causing Trillions of MPF's momentum for the year to almost evaporate. The Asian equity funds which had been leading in returns since the beginning of the year fell from around 15.9% at the end of February to about 5.5%, but still temporarily remained the best-performing fund category on average this year. The Trillions of MPF composite index currently maintains a positive return of 0.4%. As the market gradually stabilizes and if the conflict ceases without escalating into a prolonged war, there is still a chance for Trillions of MPF to achieve positive returns in the first quarter.