The Hong Kong Monetary Authority (HKMA) has published the unaudited end-December 2025 financial position of the Exchange Fund, reporting record investment income of HK$331.0 billion for 2025 and an investment return of 8.0%. Total assets increased by HK$70.4 billion from HK$4,081.0 billion at end-2024 to HK$4,151.4 billion at end-2025, while accumulated surplus stood at HK$936.1 billion. Investment income comprised gains on bonds of HK$142.2 billion, gains on Hong Kong equities of HK$33.9 billion, gains on other equities of HK$74.1 billion, a positive currency translation effect of HK$38.4 billion on non-Hong Kong dollar assets net of hedging, and gains on other investments of HK$42.4 billion, with the latter based on valuations of investment holding subsidiaries as at end-September 2025. The Investment Portfolio returned 12.4% and the Backing Portfolio gained 5.2%, while the Long-Term Growth Portfolio recorded an annualised internal rate of return of 11.2% from inception in 2009 to end-September 2025; fees on placements by the Fiscal Reserves were HK$16.5 billion and fees on placements by Hong Kong Special Administrative Region (HKSAR) Government funds and statutory bodies were HK$14.7 billion, with the fee rate set at 4.4% for 2025. HKMA noted that the 8.0% return excludes the Strategic Portfolio and only includes the Long-Term Growth Portfolio up to end-September 2025, with the audited full-year return to be published in the 2025 annual report. The 2025 fee payment to the Future Fund was not included and will be disclosed once the composite rate for 2025 is available.

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