Reksa Dana Saham Indonesia: Kinerja dan Peringkatnya

Abstract

A mutual fund is an investment vehicle that is made up by a pool of money collected from investors for the purpose of making trades in a portfolio of securities by investment managers. One of several mutual funds in Indonesia is euqity funds that invrest at least 80% of the portfolio’s value in listed stocks. The purpose of this research is identify and determine the performance of Indonesia equity mutual funds and rank them by using the six commonly used methods, namely Information Ratio, Sharpe Measure Ratio, Jensen Ratio, Treynor Ratio, Sortino Ratio, and Fama's Ratio. Selected samples are (1) equity mutual funds which active for five consecutive years during 2008-2012 period, (2) managed by an investment manager with a number managed funds over Rp500 billion, and (3) equity mutual fund with average return above the market return. The results showed that the RDS Panin Dana Maksima has the highest performance, while RDS NISP Progressive Stock Index is the lowest order performance. It is also found that only 5 equity funds that have performed above average (outperform) in the order of the best, namely RDS Panin Dana Maksima, RDS Panin Dana Prima, RDS Syailendra Equity Opportunity Fund, Grow RDS-2-Prosper, RDS GMT Equity Fund.