Style Analysis: Asset Allocation and Evaluation of Sharia Equity Fund Performance

Abstract

The purpose of this research is to analyze the characteristic style of sharia equity funds such as asset allocation, investment strategy, and evaluation of its performance. The analysis technique used in this study is return based style analysis by observing ten asset class factor and eight of sharia equity funds in Indonesia. The results found that sharia equity fund in Indonesia allocates funds to the Sharia shares in almost all asset class factor with passive strategy, but the actual performance has not been able to outperform its style performance. Only one from eight Equity funds can outperform its style by using a more passive strategy compared to other equity funds. Its result indicates that almost all sharia equity funds in Indonesia do not choose the correct investment strategy style.

Kemampuan Manajer Investasi dan Kinerja Reksadana Saham Syariah yang Terdaftar di Bursa Efek Indonesia

“…Salah satu faktor tersebut adalah kemampuan manajer investasi mengelola dana investor. Manajer investasi membentuk dan mengelola portofolio menggunakan strategi pasif daripada aktif (Prisilia & Marsono, 2020). Strategi apapun yang dipilih menuntut manajer investasi memiliki kemampuan memilih saham (stock selection ability) serta menentukan waktu terbaik bertransaksi saham (market timing ability).…”

“…Rendahnya tingkat determinasi pengaruh kemampuan manajer investasi atas kinerja reksadana saham syariah tidak terlepas dari kenyataan di lapangan. Para manajer investasi cenderung menerapkan strategi pengelolaan dana pasif (Prisilia & Marsono, (2020). Strategi pengelolaan pasif ini cocok untuk pasar modal yang baru tumbuh, seperti pasar modal syariah di Indonesia.…”