ANALISIS KINERJA REKSADANA KELOLAAN MANAJER INVESTASI ASING DIBANDINGKAN DENGAN REKSADANA KELOLAAN MANAJER INVESTASI LOKAL DIPENGARUHI PENGELOLAAN LOKAL DAN ASING: STUDI KASUS REKSADANA SAHAM YANG DIJUAL DI BEI.

Philipus, Jogiyanto Hartono M, Prof., Dr., MBA., Ak., CMA., CA.

2019 | Tesis | MAGISTER MANAJEMEN (KAMPUS JAKARTA)

Penelitian ini bertujuan untuk, 1) menganalisis kinerja reksa dana saham perusahaan investasi domestik yang dikelola oleh manajer domestik dibandingkan dengan kinerja reksa dana saham perusahaan investasi domestik yang dikelola oleh manajer asing menggunakan metode Sharpe Measure dan Reward to Diversification, dan 2) menganalisis kinerja reksa dana saham perusahaan investasi asing yang dikelola oleh manajer asing dibandingkan dengan kinerja reksa dana saham perusahaan investasi asing yang dikelola oleh manajer domestik menggunakan metode Sharpe Measure dan Reward to Diversification. Penelitian ini merupakan penelitian deskriptif dengan pendekatan kuantitatif yang digunakan untuk mengetahui bagaimana kinerja reksa dana saham manajer investasi domestik saat dikelola oleh manajer domestik dibandingkan saat dikelola oleh manajer asing menggunakan metode Sharpe Measure (reward to variability) dan metode Jogiyanto (reward to diversification). Populasi dalam penelitian ini adalah reksa dana saham konvensional yang bukan berbentuk syariah yang terdaftar dan aktif di Otoritas Jasa Keuangan (OJK) dari tahun 2016 sampai tahun 2017. Teknik pengambilan sampel dalam penelitian ini menggunakan purposive sampling. Analisis data statistik menggunakan independent sample t-test. Hasil penelitian menunjukkan bahwa terdapat perbedaan yang signifikan kinerja reksa dana saham yang dikelola perusahaan domestik dan asing. Reward to Variability kinerja reksa dana saham yang dikelola perusahaan asing (0,200) lebih tinggi dari kinerja reksa dana saham yang dikelola perusahaan domestik (0,127). Begitu juga dengan Reward to Diversification kinerja reksa dana saham yang dikelola perusahaan investasi asing (0,201) lebih tinggi dari kinerja reksa dana saham yang dikelola perusahaan investasi domestik (0,124). Hasil penelitian juga menunjukkan bahwa tidak terdapat perbedaan yang signifikan kinerja reksa dana saham yang dikelola manajer investasi domestik dan asing. Reward to Variability kinerja reksa dana saham yang dikelola manajer asing (0,134) relatif sama dengan kinerja reksa dana saham yang dikelola manajer domestik (0,132). Begitu juga dengan Reward to Diversification kinerja reksa dana saham yang dikelola manajer asing (0,131) sama dengan kinerja reksa dana saham yang dikelola manajer domestik (0,131).

This study aims to, 1) analyze the performance of domestic investment company mutual funds managed by domestic managers compared to the performance of domestic investment company mutual funds managed by foreign managers using Sharpe Measure and Reward to Diversification methods, and 2) analyze the performance of foreign investment company funds managed by managers foreigners compared to the performance of foreign investment company mutual funds managed by domestic managers using the Sharpe Measure and Reward to Diversification methods. This research is a descriptive study with a quantitative approach that is used to find out how the performance of domestic investment company stock mutual funds when managed by domestic managers compared to when managed by foreign managers using Sharpe Ratio (reward to variability) and Jogiyanto (reward to diversification) methods. The population in this study was registered and active conventional stock (non-sharia equity funds) in the Financial Services Authority (OJK) from 2016 to 2017. The sampling technique in this study used purposive sampling. The analysis data used independent sample t-test. The results showed that there were significant differences in the performance of equity funds managed by local and foreign companies. Reward to Variability The performance of equity funds managed by foreign companies (0.200) is higher than the performance of equity funds managed by local companies (0.127). Likewise with Reward to Diversification the performance of equity funds managed by foreign companies (0.201) is higher than the performance of equity funds managed by local companies (0.124). The results of the study also showed that there were no significant differences in the performance of equity funds managed by local and foreign investment managers. Reward to Variability the performance of equity funds managed by foreign managers (0.134) is relatively the same as the performance of equity funds managed by domestic managers (0.132). Likewise with Reward to Diversification the performance of equity funds managed by foreign managers (0.131) is the same as the performance of equity funds managed by local managers (0.131).

Kata Kunci : kinerja reksa dana, perusahaan investasi domestik, perusahaan investasi asing, manajer investasi asing, manager investasi domestik, reksa dana saham konvensional, sharpe measure, reward to variability, reward to diversification.