GUM commented on the latest market situation of Trillions of MPF, stating that in the face of current geopolitical conflicts and volatility, frequent reallocation of assets by members may not be beneficial, as they may miss out on market rebound opportunities. Considering the allocation of equities funds, GUM is more optimistic about defensive assets in Asia and AH stock markets before the US-Iran conflict comes to an end. GUM's Managing Director, Chen Ruilong, cited data showing that as of the end of February, the average return of Trillions of MPF this year was about 4%, with each member's average profit exceeding 10,000 Hong Kong dollars; however, as of the latest data on March 9th, the year-to-date returns were almost wiped out. He believes that the Middle East situation will take a long time to resolve, but if a ceasefire is reached soon, the market could quickly rebound. Referring to the best performance in seven years where MPF first experienced a sharp fall last year and then recorded a return of 16.7%, he believes that the effect of switching funds is not ideal, as some members may sell equities funds at a low and switch to conservative funds after suffering losses, but may miss out on stock market gains because they do not timely adjust their investments. Chen Ruilong further pointed out that at the end of last year and in January 2026, funds continued to flow out of Hong Kong stocks and into conservative funds, reflecting a conservative stance among members. More funds flowed into preset investments plans (DIS) and US stocks funds, resulting in losses. Therefore, he does not recommend frequent reallocation of investments for Trillions of MPF members. In terms of deployment, Chen Ruilong suggests that geopolitical uncertainties are expected to persist for a long time, and assets in mainland China, Hong Kong, and Asia are relatively stable, so it may be appropriate to reduce holdings in US stocks. Conservative investors may choose conservative funds for a stable return of 2-3%. DIS products focused on US, Europe, and Japanese assets have had average performance this year, while mixed assets with a higher allocation of AH stocks have performed better.