The research institution for Hong Kong's Mandatory Provident Fund data shows that in March, the Trillions of MPF investments suffered a loss of 6.27%, resulting in a negative return of 1.98% for the first quarter of 2026. This is the first time that Trillions of MPF has recorded a monthly investment loss after hitting a record high in total assets for 10 consecutive months, and it is also the first time to record a negative return for the first quarter since 2022. In absolute terms, the estimated investment loss for Trillions of MPF in March is approximately HK$102.2 billion, equivalent to a loss of HK$21,326.5 per member, the largest monthly amount of loss recorded by Trillions of MPF ever, almost wiping out half of the annual earnings in 2025, and leading to an investment loss of HK$31.2 billion for the first quarter of 2026, equivalent to a loss of HK$6,506 per member. Affected by a sharp decline in the South Korean stock market, Asian stocks performed weakly; meanwhile, Japanese stocks also saw significant declines, making both of them the worst-performing asset categories for Trillions of MPF in March. However, when calculating the cumulative performance from 2026 onwards, U.S. stocks are still at the bottom. After contributions, the total assets of Trillions of MPF were approximately HK$1.532 trillion at the end of March, a decrease of HK$99.2 billion from February, and a decrease of HK$21.8 billion from the first quarter of 2026, with an average account balance per member of HK$319,561, a decrease of HK$20,701 from the end of February, and a decrease of HK$4,556 from the end of 2025. Chairman Cong Chuanpu of the research institution for Hong Kong's Mandatory Provident Fund emphasized the resilience of the Trillions of MPF system and called on members to continue focusing on long-term diversified investments, rather than trying to time the market. He pointed out that this major loss is not a problem with the Trillions of MPF system itself, but is due to the chain reaction caused by the military interventions of the United States and Israel in the Middle East, leading to soaring energy prices, increased market volatility, and significant concerns about inflation and economic downturn.