Group 1 - The total assets of Hong Kong's Mandatory Provident Fund (MPF) market increased by 3.8% to HKD 1.39 trillion as of May 31 [1] - After three months of significant net inflows into low-risk assets and outflows from high-risk assets, the fund conversion activity in May became calmer, with a net inflow of approximately HKD 440 million into equity funds and a net outflow of HKD 370 million from fixed income funds [1][2] - The top five asset categories with the highest net outflows in May were "Global Bond Funds," "Mixed Asset Funds (80%-100% Equities)," "Greater China Equity Funds," "Other Equity Funds," and "Mixed Asset Funds (60%-80% Equities)" [1] Group 2 - The top five asset categories with the highest net inflows in May were "Pre-set Investment Strategy - Core Accumulation Fund," "US Equity Funds," "European Equity Funds," "MPF Conservative Funds," and "Hong Kong Equity Funds (Index Tracking)" [2] - Year-to-date, the Hong Kong and European stock markets have outperformed, while the US stock market has lagged behind, with a cautious attitude towards Hong Kong stock funds [2] - As of the end of May, Manulife held the largest market share at 27.4%, followed by HSBC at 18% and Sun Life at 10.9%, with the top five providers accounting for over 73.1% of the MPF market [2]