Penelitian ini menguji pengaruh Human Capital Efficiency (HCE) terhadap kinerja reksa dana saham sebelum dan selama pandemi Covid-19 di Indonesia.Jumlah sampel yang digunakan yaitu 102 reksa dana saham. Peneliti menggunakandua pendekatan penelitian yaitu pendekatan asosiatif, yang menguji adanyapengaruh HCE terhadap setiap ukuran kinerja reksa dana saham yaitu Sharpe Ratio, Treynor Ratio, Sortino Ratio, Information Ratio, Jensen’s Alpha, & ModiglianiMeasure menggunakan regresi linier berganda, dan pendekatan komparatif, yang menguji adanya perbedaan Cumulative Abnormal Return (CAR) reksa dana sahamsebelum dan selama masa pandemi menggunakan Wilcoxon Signed-Rank Test. Hasilnya menunjukkan bahwa Human Capital Efficiency (HCE) mempunyai pengaruh positif yang signifikan terhadap setiap ukuran Kinerja Reksa Dana Saham. Kemudian untuk pengujian dengan Wilcoxon Signed-Rank Test, ditemukan bahwa kumpulan reksa dana yang termasuk dalam kategori HCE tinggi mengalami kenaikan CAR lebih banyak dibandingkan reksa dana lainnya.

---

This study examined the effect of Human Capital Efficiency (HCE) on the performance of equity mutual funds before and during the Covid-19 pandemic in

Indonesia. The number of samples used was 102 equity mutual funds. The researcher used two research approaches, namely the associative approach, which

examined the influence of HCE on each equity fund performance measure, namely Sharpe Ratio, Treynor Ratio, Sortino Ratio, Information Ratio, Jensen's Alpha, & Modigliani Measure, using multiple linear regression, and a comparative approach, which tested the difference in the Cumulative Abnormal Return (CAR) of equity funds before and during the pandemic using the Wilcoxon Signed-Rank Test. The results showed that Human Capital Efficiency (HCE) had a significant positive effect on each measure of Equity Mutual Fund Performance. Furthermore, the Wilcoxon Signed-Rank Test results showed that the group of equity funds that were included in the high HCE category experienced more CAR increases than other

mutual funds.