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CHAPTER V CONCLUSION
A. Conclusion
Based on the result of data analysis on previous chapter, the author made some conclusions of the research that had been conducted as follows:
1. From the observed fixed income funds on this research, 11 of them
are considered significantly outstanding and 1 is underperformed. There are 9 funds that are neither outstanding nor underperformed,
in other words there is no meaning. This means more than 50 of the samples have performance above the standard.
2. Fixed income funds that are cannot be considered outstanding or
underperformed commonly have higher sample standard deviation than significant funds. Sample standard deviation has negative
relationship with performance significance. 3.
Standard deviation has more weight than conditional value at risk. This implies that standard deviation provides more risk when
compared with conditional value at risk on input variables. 4.
The weighting on net asset value and return is not comparable and only follow how the software works. This is mentioned on
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theoretical background that variables did not have to be related on the same functional degree.
5. Net asset value recorded many slacks which means there is a
possibility that the value can be adjusted to meet a better efficiency.
6. Decision making units that are used most frequent as a benchmark
are not DMU with very high efficiency if measured in super efficiency mode, but DMU with normal efficiency.
7. Only few DMUs recorded slacks on conditional value at risk,
standard deviation, and return variables. This means the proportion of these variables are proper and not necessary for further
adjustments.
B. Managerial Implication
There are some points to be considered on this research for investors when they want to invest their money on fixed income funds. They should pay
attention on information such as: 1.
Net asset value on Indonesian Government Bond Indices does not always reflect good performance when recorded high value and
investors should choose carefully which funds that provides outstanding performance with advice from fund manager too. High
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value occurred commonly because of significant increase on certain funds that only last for certain period.
2. Investors can choose fund that have stable return by paying
attention of the tendency of whether the return has slack value on it or not. Return with slack value implies that there is more
possibility that the return will change. 3.
Fund managers can compare the risk variables and efficiency with Indonesian Government Bond Indices for further decision
regarding the fund they manage. 4.
Investors can see that straight perfect efficiency on beginning does not indicate that the fund is outstanding. Funds that have most of
its monthly efficiency above standard and shows consistency are the funds that tend to be outstanding.
C. Research Limitation and Suggestion
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