Analisis kinerja Reksadana terhadap indikator kinerja Direct Investment :: Periode penelitian 1 November 2003 - 31 Oktober 2005

NOVRIZALDIE, Ivan, Anis Baridwan, Drs.,M.Sc

2005 | Tesis | Magister Manajemen

Penelitian ini bertujuan untuk mengetahui kinerja setiap kategori reksadana dibandingkan dengan kinerja pasarnya (indikator direct investment), apakah terdapat perbedaan kinerja antara reksadana dan pembandingnya tersebut. Dalam penelitian ini dilakukan analisa terhadap empat kategori reksadana, yang terdiri dari Reksadana Pendapatan Tetap, Reksadana Saham, Reksadana Pasar Uang dan Reksadana Campuran, dengan JIBOR (Jakarta Inter Bank Offered Rate), Indeks Harga Saham Gabungan dan Kurs Dollar Amerika sebagai benchmark-nya. Pengukuran kinerja dilakukan berdasarkan nilai Return dan Risiko yang terjadi selama periode penelitian 1 November 2003 sampai dengan 31 Oktober 2005, yang ditunjukkan melalui Nilai Aktiva Bersih (NAB) reksadana. Berdasarkan hasil penelitian dapat diambil kesimpulan bahwa terdapat perbedaan antara kinerja reksadana pendapatan tetap dengan kinerja pembandingnya. Pada reksadana saham dan campuran ternyata tidak terdapat perbedaan antara kinerja dengan pembandingnya. Sedangkan analisa terhadap reksadana pasar uang tidak dapat dilanjutkan karena bukan NAB yang menggambarkan kinerja melainkan Unit Penyertaan setiap investor reksadana pasar uang tersebut.

The aim of this research is to know the performance every category of mutual fund compared to performance of its market (direct investment indicator), whether there are difference of performance between mutual fund and its comparator. This research is conducted to analyze the four category of mutual fund, consisted of fixed income mutual fund, stock mutual fund, money market mutual fund and mixture mutual fund, with JIBOR (Jakarta Inter Bank Offered Rate), Jakarta composite index and rate of American Dollar as their benchmarks. Performance measurement is based on the value of Return and Risk that happened during the period of research 1 November 2003 up to 31 October 2005, which showed as Net Asset Value (NAV) of mutual funds. Based on the result of research, the conclusion were that there are difference between the performance of fixed income mutual fund with the performance of its comparator. While the stock mutual fund and the mixture mutual fund were there no difference between the performance with its comparator. The analysis of money market mutual fund cannot be continued because not NAV depicting the performance but the unit of participation of every money market mutual fund’s investor.

Kata Kunci : Kinerja Reksadana,Nilai Aktiva Bersih, Mutual Fund, Performance, NAV, Return, Risk