The Year of the Horse, starting Tuesday, may bring volatility for Hong Kong’s 4.8 million Mandatory Provident Fund (MPF) members. Analysts warn this following a record Year of the Snake that ended Monday. The Year of the Snake earned an estimated HK$251.6 billion (US$32 billion), the highest since the MPF launched in 2000, according to MPF Ratings, an independent pension research firm. Including contributions and earnings, MPF assets climbed to HK$1.59 trillion by the end of January. In the Year of the Snake, 378 MPF funds gained 18.8%, far surpassing the previous three years. In comparison, members earned 12.3% in the Year of the Dragon (2024), but suffered losses of 4.5% in the Year of the Rabbit (2023) and 7.8% in the Year of the Tiger (2022). Francis Chung, chairman of MPF Ratings, said the outlook for the Year of the Horse is "modest and inconclusive". Past performance shows mixed results: a 2.2% gain in 2014 and a 0.4% loss in 2002 during the Year of the Horse. Investors should approach the new year with caution as market swings may return.