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"Penelitian ini bertujuan untuk menganalisis kinerja imbal hasil Reksa Dana di PT XYZ. Analisis meliputi kinerja imbal hasil Reksa Dana, proses pembentukan portofolio Reksa Dana, proses evaluasi kinerja Reksa Dana, mekanisme perdagangan Reksa Dana, dan biaya-biaya Reksa Dana. Sampel yang digunakan adalah Reksa Dana XYZ D dan Reksa Dana XYZ B selama tahun 2013. Reksa Dana XYZ yang digunakan sebagai sampel berhasil memberikan imbal hasil di atas IHSG terutama karena faktor active management dalam alokasi aset yang dilakukan oleh manajer portofolio.

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This research was intended to analyze the mutual fund return performance at PT XYZ. Analysis in this research including mutual fund return performance, mutual fund portofolio management process, mutual fund performance evaluation process, mutual fund trading mechanisms, and mutual fund fees. Sample used in this research are Reksa Dana XYZ D and Reksa Dana XYZ B during 2013. PT XYZ mutual funds that are used as sample successfully gave a superior return over Jakarta Composite Index (JCI) especially because of active management in asset allocation done by the portfolio manager."

"Penelitian ini bertujuan untuk menganalisis pengaruh fund size dan fund age terhadap kinerja reksa dana saham di Indonesia tahun 2009-2013. Sampel penelitian ini terdiri dari 29 reksa dana saham di Indonesia. Penelitian ini merupakan penelitian kuantitatif dengan menggunakan regresi data panel. Dengan menggunakan metode Sharpe dan Treynor sebagai pengukuran kinerja, hasil penelitian ini menemukan bahwa secara simultan, fund size dan fund age berpengaruh secara signifikan terhadap kinerja reksa dana saham. Kemudian, fund size memiliki pengaruh signifikan positif terhadap kinerja reksa dana saham. Tetapi, fund age memiliki pengaruh signifikan negatif terhadap kinerja reksa dana saham.

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The research aims to analyze the effect of fund size and fund age on equity mutual fund performance in Indonesia for the period 2009-2013. The sample used are 29 equity mutual funds. This research is a quantitative research by using panel data regression. By using Sharpe and Treynor methods as the mutual fund performance measurement, the results of this research indicate that simultaneously, fund size and fund age have significant effect on equity mutual fund performance. Furthermore, fund size has positive significant relationship on equity mutual fund performance. On the other hand, fund age has negative significant relationship on equity mutual fund performance."

"Fokus dari penelitian ini adalah perilaku dari investor reksa dana terbuka ketika dihadapkan kepada sinyal informasi jamak mengenai kinerja historis dari reksa dana. Perilaku investor dapat tercermin dalam keputusan penempatan dan penarikan dana kelolaan reksa dana. Selain itu, penelitian juga mengamati keberadaan ambiguitas yang diterima investor atas sinyal informasi jamak, serta reaksi yang timbul atas ambiguitas tersebut. Hasil penelitian menunjukkan bahwa investor reksa dana terbuka memiliki sensitivitas atas sinyal informasi kinerja historis reksa dana, serta memiliki sensitivitas tambahan karena ambiguitas dari sinyal informasi jamak. Atas ambiguitas yang timbul, investor menempatkan bobot yang lebih kepada sinyal informasi negatif dan sinyal informasi terburuk dalam keputusan investasi.

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The focus of this study is the behaviour of open-ended mutual fund investors when encountered with multiple information signals of mutual fund?s past performance. The behaviour of investors can be reflected on their decision to subscribe or redeem their funds from the mutual fund. Moreover, the research observes the presence of ambiguity within investors because of multiple information signals, and also their reaction towards it. The results found that open-ended mutual fund investors have sensitivity towards past performance information signals, and also have additional sensitivity to the ambiguity of multiple information signals. Because of the presence of ambiguity, investors give more consideration to negative information signals and the worst information signal in their investment decisions."

"Skripsi membahas mengenai kemampuan market timing dan selectivity dari manajer investasi reksa dana saham dan reksa dana campuran di Indonesia. Metode yang digunakan adalah metode Henriksson Merton (HM) Rentang waktu penelitian adalah Januari 2008 sampai Desember 2013 dengan menggunakan data harian. Hasil penelitian menunjukkan bahwa pada periode penelitian tidak ada manajer investasi reksa dana saham dana reksa dana campuran yang secara signifikan positif mempunyai kemampuan selectivity. Sedangkan hasil analisis kemampuan market timing terdapat delapan manajer investasi reksa dana saham yang memiliki kemampuan market timing dan satu manajer investasi reksa dana campuran yang memiliki kemampuan market timing.

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This undergraduate thesis discusses about testing market timing and selectivity of mutual funds investment manager in Indonesia. The Method used is Henriksson Merton, sampel research uses equity mutual funds and balanced mutual fund that active during the period January 2008 until December 2013.

The results show that the fund manager of equity mutual fund and fund manager of balanced mutual fund do not exhibit selectivity. While the results of market timing ability are eight fund manager of equity mutual fund have the ability and a fund manager of balanced mutual fund have this ability."

"Tesis ini mengukur kinerja dana saham di Indonesia pada kurun waktu Januari 2008 sampai Oktober 2012 dengan menggunakan Sharpe Ratio, Treynor Ratio, Henriksson Merton Model, dan Snail Trail. Hal baru yang ingin ditemukan oleh penulis adalah adanya persistensi kinerja selama waktu penelitian, namun persistensi tidak ditemukan senada dengan tidak adanya kemampuan market timing di Indonesia. Namun kinerja reksa dana saham selama periode penelitian menunjukkan adanya beberapa reksa dana yang konsisten memiliki kinerja sangat baik pada satu atau beberapa potongan periode penelitian.

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This thesis measures mutual fund performance in Indonesia during the period of January 2008 to October 2012 using the Sharpe Ratio, Treynor Ratio, Henriksson Merton model, and Snail Trail. Author aimed to show persistence of performance during the study period, but this is not the case. This also align with the absence of market timing ability in Indonesia. But the performance of equity mutual funds during the period of the study revealed a number of mutual funds that consistently have a superior performance on one or more fragment of the study period."

"Perkembangan pasar modal menjadi daya tarik tersendiri bagi investor untuk menanamkan modalnya di bursa. Namun untuk dapat berinvestasi secara langsung, ada beberapa kendala yang dihadapi para investor. Kendala tersebut biasanya meliputi keterbatasan pengetahuan, informasi dan waktu. Salah satu alternatif instrumen keuangan yang dapat menjadi solusi atas kendala tersebut adalah reksa dana. Reksa dana merupakan wadah yang digunakan untuk menghimpun dana dari masyarakat pemodal yang kemudian diinvestasikan dalam portofolio efek oleh manajer investasi. Belakangan ini, reksa dana mulai menerapkan prinsip syariah dalam sistem operasionalnya. Tujuan dari penelitian ini adalah untuk mengetahui apakah ada perbedaan antara kinerja reksa dana syariah dengan reksa dana konvensional periode 2009-2011 dengan menggunakan metode Sharpe, Treynor dan Jensen. Serta menggunakan metode baru yaitu DEA dan RAR. Hasil penelitian menunjukkan bahwa secara keseluruhan, kinerja reksa dana syariah lebih baik dibandingkan reksa dana konvensional. Lalu, jika dibandingkan berdasarkan masing-masing manajer investasi, dari 3 manajer investasi yang diteliti 2 diantaranya menunjukkan bahwa kinerja reksa dana konvensionalnya lebih baik dibandingkan reksa dana syariahnya. Namun setelah dilakukan pengujian secara statistik dengan mengunakan pengujian independent sample t-test diperoleh hasil bahwa tidak ada perbedaan yang signifikan antara kinerja Reksa Dana syariah dengan konvensional.

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The development of the capital market sucessfully attracted many investors to invest. But to invest directly, there are several obstacles faced by investors. These constraints include a limited knowledge, information and time. An alternative of financial instruments that could be a solution is Mutual Funds. Mutual funds is an instrument used to collect funds from investor and then invested in a portfolio of securities by investment managers. Lately, mutual funds began to apply the principles of sharia.

The purpose of this research is to analyze the comparison between the performance of sharia mutual funds and conventional from 2009 to 2011 measures by Sharpe, Treynor and Jensen. Then by new method, there are Data Envelopment Analysis and Risk Adjusted Return.

The result showed that overall, islamic mutual fund performance is better than conventional. And then, when compared by each investment managers, from 3 investment managers, 2 of them showed that conventional mutual funds performance was higher than sharia mutual funds. However, proved by independent sample t-test, the result showed that there was no significant difference between the performance of islamic mutual funds and conventional."

"Tujuan utama penelitian ini adalah untuk menganalisis kinerja reksa dana saham yang tidak mengungguli portofolio pasar sebagai benchmark (IHSG) di Indonesia. Sampel penelitian ini menggunakan 23 reksa dana saham di Indonesia periode Juli 2006-Juni 2011. Kinerja reksa dana saham diukur dengan menggunakan model Jensen Alfa. Hasil analisis menunjukkan bahwa 1 dari 23 reksa dana saham berkinerja underperformance. Kinerja reksa dana saham tersebut dipengaruhi secara positif oleh faktor return market.

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The main purpose of this study is to examine the underperformance of equity fund to market portfolio benchmark (IHSG) in Indonesia. The sample of the study using twenty three Indonesia’s equity fund in July 2006-June 2011. The equity fund performance measure by Jensen’s Alfa model. The analysis shows that 1 of the 23 sample underperformance to portfolio (IHSG). Performance of equity funds is influenced positively by the market return factor."

"Menggunakan Fama-French Three factor model dan Fama-French Five factor model, penelitian ini bertujuan untuk menganalisis faktor-faktor yang dapat mempengaruhi kinerja reksa dana saham di Indonesia selama periode Januari 2016 hingga Juni 2021. Adapun faktor-faktor yang diamati meliputi market factor, size factor, value factor, profitability factor dan investment factor. Penelitian ini juga bertujuan untuk membandingkan hasil pengukuran antara penggunaan FamaFrench Three Model dan Fama French Five Factor dalam menjelaskan excess return reksa dana saham. Penelitian ini menggunakan pendekatan kuantitatif dengan metode Robust Least Square menggunakan data harian yang dianalisis per kuartal setiap tahunnya. Sampel yang digunakan meliputi 109 reksa dana saham yang aktif selama periode pengamatan. Hasil analisis menunjukan bahwa market factor menunjukan pengaruh yang paling signifikan terhadap excess return reksa dana saham di Indonesia. Berdasarkan nilai Adjusted R2 , Fama-French Five factor model menunjukan nilai yang lebih besar dibandingkan Three factor model, namun tidak ditemukan berbedaan yang signifikan dari kedua model tersebut dalam menjelaskan kinerja reksa dana saham di Indonesia.

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Using the Fama-French Three factor model and the Fama-French Five factor model, this study aims to analyze the factors that can affect the performance of stock mutual funds in Indonesia during the period January 2016 to June 2021. The factors observed include market factor, size factor, value factor, profitability factor, and investment factor. This study also aims to compare the measurement results between the use of the Three factor model and the Five-Factor in explaining the excess return of stock mutual funds. This study uses a quantitative approach with the Robust Least Square method using daily data, analyzed quarterly for every year. The sample includes 109 actively managed equity mutual funds during the observation period. The results show that the market factor is the only factor that found significantly can affect the excess return of equity mutual funds in Indonesia. Based on the Adjusted R2 value, the Fama-French Five factor model shows a greater value than the Three factor model, but no significant difference was found between the two models in explaining the performance of equity mutual funds in Indonesia."

"For over more than a decade, the mutual funds industry in Indonesia showed its dynamic development. Thanks to the advantage of small-amount investment characteristic, this investment product had reached brooader scope of sicety as its investors, compared to the conventional type of investment tools such as equities and bonds. As a stock-based instrument, equity funds offers the highest expected return, complied with greater risk for the bearer. This type of investment is a great deal for aggressive investors that is looking for highest benefit from the market. This study uses Data Envelopment Analysis (DEA) and the Malmquist Index method to measure the relative efficiency of equity funds in Indonesia, as well as the productivity change for the 2004-2006 period. The result shows that for the period observed there has been an increase of the productivity change for equity funds in Indonesia. "

"Penelitian ini bertujuan untuk menganalisis kinerja, konsistensi kinerja dan market timing ability pada reksa dana saham di Indonesia. Dalam periode Januari 2012 - Desember 2016, penulis melakukan perhitungan dan pemeringkatan pada kinerja 36 reksa dana saham yang diukur dengan menggunakan metode Sharpe ratio, Jensen rsquo;s Alpha, M2 measure dan Information ratio. Pada pengukuran kemampuan market timing, penulis menggunakan metode Treynor-Mazuy. Dari hasil penelitian kinerja reksa dana saham diurutkan pada nilai tertinggi dan terendah serta dibandingkan dengan kinerja pasar. Selanjutnya, peneliti juga mengukur tingkat konsistensi pada kinerja reksa dana saham yang dilakukan dengan membandingkan dua periode yaitu 2012-2014 dan 2015-2016. Hasil penelitian ini menyakatan bahwa dari sampel penelitian tidak terdapat konsistensi dari dua periode yang diperbandingkan. Pada hasil pengukuran market timing ability, terdapat 30 reksa dana saham yang memiliki kemampuan market timing yang superior.

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This study aims to examine performance, performance consistency and market timing ability of equity mutual fund in Indonesia. Ranking of equity mutual fund's performance is calculated by using Sharpe ratio, Jensen's Alpha, M2 measure and Information ratio in period 2012 2016. Market timing ability of equity mutual fund is measured by using Treynor Mazuy method.

The result of performance analysis is ranked from highest to lowest of each value and also compared by market performance. Furthermore, a researcher measure a consistency of equity mutual fund's performance by comparing ranking of equity mutual fund's for two period between 2012 2014 and 2015 2016. The result is equity mutual fund has no consistency when compared between 2012 2014 and 2015 2016. In market timing abililty measurement, there were 30 equity mutual funds that have a superior ability."