| Summary: | Along with the increase Indonesia�s grade becomes an investment grade
country, make the economic condition in Indonesia is getting better. It also a chance
to increase the number of investment in Indonesia and it make the capital market as
a good choice for investment. When bank�s interest rate decreased, most all of
investor are looking for other alternatives which have higher return. This condition
will have good influence in long term for stock market in Indonesia. Based on return
and risk of the investment, equity mutual fund is an attractive choice for investor.
During the period 2009-2011, Net Asset Value of equity mutual funds have the
biggest contribution from the total Net Asset Value of mutual funds in Indonesia.
Along with the increase of equity mutual funds investment, which indicated from
higher numbers in every year and including the increase of investment managers
who managed it in Indonesia�s capital market, make the investment manager�s
reputation become a very important factor. Investment companies need to allocate
the portfolio on potential or strategic sectors to optimizing the return.
Based on the background, the purpose of this research is to compare the
return of equity mutual funds which managed by domestic and foreign investment
managers, hence the investor know which one of investment manager type (domestic
or foreign) which have the best result or highest return. Performance measurement
by calculating 14 samples of equity mutual funds which managed by domestic
investment manager and 14 samples of equity mutual funds which managed by
foreign investment manager by using methods of Sharpe, Treynor, Jensen and IHSG
as a benchmark. From the performance measurement, it will rank from the highest
scores to the lowest score of index and make analysis for Top and Worst
performance of equity mutual funds.
Based on the measurement from 48 samples of equity mutual funds, the result
showed good performances (positive index) from all methods of Sharpe, Treynor,
Jensen and it dominated by domestic investment managers. From Sharpe and
Treynor measurements, there are 20 equity mutual funds or about 71% which have
similar rank. A portfolio can be an optimal portfolio if they have similar result,
hence it can be concluded that equity mutual funds performance from Sharpe and
Treynor measurements are well diversified. But based on percentage from all
measurement of Sharpe, Treynor, Jensen, the performance of equity mutual funds
overall are underperformed of the market. The best equity mutual fund is the one
which have best performance or outperformed of the market. Equity mutual funds
which have positive result and in top 10 rank consistently, also well diversified from
all of Sharpe, Treynor, Jensen measurements, are from domestic investment
managers: Panin Dana Maksima which managed by Panin Asset Management (as
the best performance or higher result) and Syailendra Equity Opportunity which
managed by PT Syailendra Capital. From the result, we can conclude that the best
performance or highest return of equity mutual funds is from domestic investment
manager.
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