Analisis Pengaruh Stock Selection Skills, Market Timing Ability, Fund Size, dan Fund Longevity terhadap Kinerja Reksa Dana Saham di Indonesia
Lampiran 1
DaftarSampel yang Digunakan
No
1
Panin Dana Maksima
2
PANIN DANA PRIMA
3
Reksa Dana AXA Citradinamis
4
REKSA DANA ABERDEEN
INDONESIA EQUITY FUND
Manajer Investasi
PANIN ASSET
MANAGEMENT
PANIN ASSET
MANAGEMENT
PT AXA Asset
Management Indonesia
PT Aberdeen Asset
Management
5
BNI Reksadana Berkembang
PT BNI Asset Management
6
BNP PARIBAS STAR
7
REKSA DANA BNP PARIBAS
INSFRASTRUKTUR PLUS
8
BNP PARIBAS EKUITAS
9
BNP PARIBAS PESONA
10
11
12
Reksadana Saham
REKSA DANA BNP PARIBAS
SOLARIS
REKSA DANA DANA
EKUITAS PRIMA
BATAVIA DANA SAHAM
OPTIMAL
PT BNP Paribas Investment
Partners
PT BNP Paribas Investment
Partners
PT BNP Paribas Investment
Partners
PT BNP Paribas Investment
Partners
PT BNP Paribas Investment
Partners
PT Bahana TCW
Investment Management
PT Batavia Prosperindo
Aset Manajemen
PT Batavia Prosperindo
Aset Manajemen
PT CIMB Principal Asset
Management
PT Ciptadana Asset
Management
13
BATAVIA DANA SAHAM
14
CIMB-PRINCIPAL EQUITY
AGGRESSIVE
15
Rencana Cerdas
16
GROW-2-PROSPER
PT Corfina Capital
REKSA DANA DANAREKSA
MAWAR KONSUMER 10
REKSA DANA DANAREKSA
MAWAR FOKUS 10
REKSA DANA MAKINTA
MANTAP
REKSA DANA MAKINTA
GROWTH FUND
PT Danareksa Investment
Management
PT Danareksa Investment
Management
PT Danareksa Investment
Management
PT Emco Asset
Management
PT Emco Asset
Management
FS INDOEQUITY DIVIDEND
YIELD FUND
PT First State Investments
Indonesia
REKSA DANA FIRST STATE
INDOEQUITY PEKA FUND
FIRST STATE INDOEQUITY
SECTORAL FUND
FIRST STATE INDOEQUITY
VALUE SELECT FUND
MAYBANK GMT DANA
EKUITAS
PT First State Investments
Indonesia
PT First State Investments
Indonesia
PT First State Investments
Indonesia
17
18
19
20
21
22
23
24
25
26
Danareksa Mawar
PT GMT Aset Manajemen
Nama Bank Kustodian
DEUTSCHE BANK A. G. CUSTODY
BANK CENTRAL ASIA CUSTODY, Tbk, PT
DEUTSCHE BANK A. G. CUSTODY
CITIBANK N. A. CUSTODY
BANK CIMB NIAGA CUSTODY, Tbk, PT
DEUTSCHE BANK A. G. CUSTODY
CITIBANK N. A. CUSTODY
DEUTSCHE BANK A. G. CUSTODY
DEUTSCHE BANK A. G. CUSTODY
CITIBANK N. A. CUSTODY
CITIBANK N. A. CUSTODY
DEUTSCHE BANK A. G. CUSTODY
DEUTSCHE BANK A. G. CUSTODY
DEUTSCHE BANK A. G. CUSTODY
DEUTSCHE BANK A. G. CUSTODY
DEUTSCHE BANK A. G. CUSTODY
CITIBANK N. A. CUSTODY
CITIBANK N. A. CUSTODY
CITIBANK N. A. CUSTODY
BANK CIMB NIAGA CUSTODY, Tbk, PT
BANK CIMB NIAGA CUSTODY, Tbk, PT
THE HONGKONG AND
SHANGHAI BANKING
CORPORATION CUSTODY
CITIBANK N. A. CUSTODY
DEUTSCHE BANK A. G. CUSTODY
DEUTSCHE BANK A. G. CUSTODY
DEUTSCHE BANK A. G. CUSTODY
Universitas Sumatera Utara
Lanjutan Lampiran 1
Daftar Sampel yang Digunakan
No
27
Reksadana Saham
REKSA DANA
LAUTANDHANA EQUITY
PROGRESIF
Manajer Investasi
PT Lautandhana Investment
Management
BANK CIMB NIAGA CUSTODY, Tbk, PT
BANK CIMB NIAGA CUSTODY, Tbk, PT
28
REKSA DANA MILLENIUM
EQUITY
PT MILLENIUM
DANATAMA
INDONESIA
29
REKSA DANA MNC DANA
EKUITAS
PT MNC Asset
Management
MANDIRI INVESTA UGM
ENDOWMENT PLUS
MANDIRI INVESTA EKUITAS
DINAMIS
PT Mandiri Manajemen
Investasi
PT Mandiri Manajemen
Investasi
32
REKSA DANA MANDIRI
INVESTA ATRAKTIF
PT Mandiri Manajemen
Investasi
33
MANULIFE SAHAM
ANDALAN
PT Manulife Aset
Manajemen Indonesia
34
Manulife Dana Saham
30
31
35
36
37
MANULIFE INSTITUTIONAL
EQUITY FUND
REKSA DANA PRATAMA
EQUITY
REKSADANA DANA
PRATAMA EKUITAS
38
PRATAMA SAHAM
39
PROSPERA BIJAK
40
41
42
RHB OSK ALPHA SECTOR
ROTATION
SAM INDONESIAN EQUITY
FUND
REKSA DANA SCHRODER
DANA PRESTASI
PT Manulife Aset
Manajemen Indonesia
PT Manulife Aset
Manajemen Indonesia
PT Pratama Capital Assets
Management
PT Pratama Capital Assets
Management
PT Pratama Capital Assets
Management
PT Prospera Asset
Management
PT RHB OSK Asset
Management
PT Samuel Aset
Manajemen
PT Schroder Investment
Management Indonesia
PT Schroder Investment
Management Indonesia
43
Schroder Dana Prestasi Plus
44
REKSA DANA SCHRODER
DANA ISTIMEWA
PT Schroder Investment
Management Indonesia
REKSA DANA SIMAS
DANAMAS SAHAM
SYAILENDRA EQUITY
OPPORTUNITY FUND
REKSA DANA TRIM KAPITAL
PLUS
PT Sinarmas Asset
Management
45
46
47
48
TRAM CONSUMPTION PLUS
Nama Bank Kustodian
PT Syailendra Capital
PT Trimegah Asset
Management
PT Trimegah Asset
Management
BANK RAKYAT
INDONESIA (PERSERO) CUSTODY, Tbk, PT
DEUTSCHE BANK A. G. CUSTODY
DEUTSCHE BANK A. G. CUSTODY
THE HONGKONG AND
SHANGHAI BANKING
CORPORATION CUSTODY
THE HONGKONG AND
SHANGHAI BANKING
CORPORATION CUSTODY
DEUTSCHE BANK A. G. CUSTODY
DEUTSCHE BANK A. G. CUSTODY
BANK CIMB NIAGA CUSTODY, Tbk, PT
DEUTSCHE BANK A. G. CUSTODY
DEUTSCHE BANK A. G. CUSTODY
DEUTSCHE BANK A. G. CUSTODY
DEUTSCHE BANK A. G. CUSTODY
DEUTSCHE BANK A. G. CUSTODY
CITIBANK N. A. CUSTODY
DEUTSCHE BANK A. G. CUSTODY
THE HONGKONG AND
SHANGHAI BANKING
CORPORATION CUSTODY
BANK CIMB NIAGA CUSTODY, Tbk, PT
DEUTSCHE BANK A. G. CUSTODY
BANK CIMB NIAGA CUSTODY, Tbk, PT
THE HONGKONG AND
SHANGHAI BANKING
CORPORATION CUSTODY
Universitas Sumatera Utara
Lampiran 2
Data BI Rate Tahun 2012-2014
Tahun 2012
(Tanggal)
12-Jan-12
9-Feb-12
8-Mar-12
12-Apr-12
10-May-12
12-Jun-12
12-Jul-12
9-Aug-12
13-Sep-12
11-Oct-12
8-Nov-12
11-Dec-12
10-Jan-13
12-Feb-13
7-Mar-13
11-Apr-13
14-May-13
13-Jun-13
11-Jul-13
15-Aug-13
12-Sep-13
8-Oct-13
12-Nov-13
12-Dec-13
9-Jan-14
13-Feb-14
13-Mar-14
8-Apr-14
8-May-14
12-Jun-14
10-Jul-14
14-Aug-14
11-Sep-14
7-Oct-14
13-Nov-14
11-Dec-14
BI Rate
6.00%
5.75%
5.75%
5.75%
5.75%
5.75%
5.75%
5.75%
5.75%
5.75%
5.75%
5.75%
5.75%
5.75%
5.75%
5.75%
5.75%
6.00%
6.50%
6.50%
7.25%
7.25%
7.50%
7.50%
7.50%
7.50%
7.50%
7.50%
7.50%
7.50%
7.50%
7.50%
7.50%
7.50%
7.50%
7.75%
Universitas Sumatera Utara
Lampiran 3
Data IHSG Tahun 2012-2014
Tanggal
30-Dec-11
31-Jan-12
29-Feb-12
30-Mar-12
30-Apr-12
31-May-12
29-Jun-12
31-Jul-12
31-Aug-12
28-Sep-12
31-Oct-12
30-Nov-12
28-Dec-12
31-Jan-13
28-Feb-13
28-Mar-13
30-Apr-13
31-May-13
28-Jun-13
31-Jul-13
30-Aug-13
30-Sep-13
31-Oct-13
29-Nov-13
30-Dec-13
30-Jan-14
28-Feb-14
28-Mar-14
30-Apr-14
30-May-14
30-Jun-14
25-Jul-14
29-Aug-14
30-Sep-14
31-Oct-14
28-Nov-14
31-Dec-14
Close Price
3,821.99
3,941.69
3,985.21
4,121.55
4,180.73
3,832.82
3,955.58
4,142.34
4,060.33
4,262.56
4,350.29
4,276.14
4,316.69
4,453.70
4,795.79
4,940.99
5,034.07
5,068.63
4,818.90
4,610.38
4,195.09
4,316.18
4,510.63
4,256.44
4,274.18
4,418.76
4,620.22
4,768.28
4,840.15
4,893.91
4,878.58
5,088.80
5,136.86
5,137.58
5,089.55
5,149.89
5,226.95
Universitas Sumatera Utara
Lampiran 4
Tanggal Efektif Reksa Dana Saham
No
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
No
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
Nama Reksa Dana
Panin Dana Maksima
PANIN DANA PRIMA
Reksa Dana AXA Citradinamis
REKSA DANA ABERDEEN INDONESIA EQUITY FUND
BNI Reksadana Berkembang
BNP PARIBAS STAR
REKSA DANA BNP PARIBAS INSFRASTRUKTUR PLUS
BNP PARIBAS EKUITAS
BNP PARIBAS PESONA
REKSA DANA BNP PARIBAS SOLARIS
REKSA DANA DANA EKUITAS PRIMA
BATAVIA DANA SAHAM OPTIMAL
BATAVIA DANA SAHAM
CIMB-PRINCIPAL EQUITY AGGRESSIVE
Rencana Cerdas
GROW-2-PROSPER
REKSA DANA DANAREKSA MAWAR KONSUMER 10
REKSA DANA DANAREKSA MAWAR FOKUS 10
Danareksa Mawar
REKSA DANA MAKINTA MANTAP
REKSA DANA MAKINTA GROWTH FUND
FS INDOEQUITY DIVIDEND YIELD FUND
REKSA DANA FIRST STATE INDOEQUITY PEKA FUND
FIRST STATE INDOEQUITY SECTORAL FUND
FIRST STATE INDOEQUITY VALUE SELECT FUND
MAYBANK GMT DANA EKUITAS
REKSA DANA LAUTANDHANA EQUITY PROGRESIF
REKSA DANA MILLENIUM EQUITY
REKSA DANA MNC DANA EKUITAS
MANDIRI INVESTA UGM ENDOWMENT PLUS
MANDIRI INVESTA EKUITAS DINAMIS
Nama Reksa Dana
REKSA DANA MANDIRI INVESTA ATRAKTIF
MANULIFE SAHAM ANDALAN
Manulife Dana Saham
MANULIFE INSTITUTIONAL EQUITY FUND
REKSA DANA PRATAMA EQUITY
REKSADANA DANA PRATAMA EKUITAS
PRATAMA SAHAM
PROSPERA BIJAK
RHB OSK ALPHA SECTOR ROTATION
SAM INDONESIAN EQUITY FUND
REKSA DANA SCHRODER DANA PRESTASI
Schroder Dana Prestasi Plus
REKSA DANA SCHRODER DANA ISTIMEWA
REKSA DANA SIMAS DANAMAS SAHAM
SYAILENDRA EQUITY OPPORTUNITY FUND
REKSA DANA TRIM KAPITAL PLUS
TRAM CONSUMPTION PLUS
Tanggal Efektif
27 Maret 1997
19 Desember 2007
29 Juli 1997
14 Desember 2007
30 September 1996
30 Maret 2011
08 Maret 2007
16 Januari 2001
10 Oktober 1997
08 April 2008
09 Februari 2006
09 Oktober 2006
09 Desember 1996
17 Juni 2005
08 Juli 1999
22 Maret 2007
09 februari 2011
22 Februari 2010
05 Juli 1996
10 Agustus 2005
22 Februari 2008
11 Agustus 2005
30 Oktober 2009
24 Desember 2004
29 Februari 2008
17 April 2007
23 Juni 2009
05 Maret 2008
10 Juni 2008
04 Juni 2008
10 Maret 2011
Tanggal Efektif
10 Juni 2005
06 Agustus 2007
16 Juli 2003
15 Juni 2011
12 Februari 2004
12 Februari 2004
25 April 2006
15 Juni 2011
40 Agustus 2010
28 September 2011
28 Mei 1997
12 September 2000
21 Desember 2004
24 September 2007
31 Mei 2007
18 April 2008
12 April 2011
Universitas Sumatera Utara
Lampiran 5
KinerjaReksa Dana SahamTahun 2012-2014
No
Reksadana Saham
1
2
3
Panin Dana Maksima
PANIN DANA PRIMA
Reksa Dana AXA Citradinamis
REKSA DANA ABERDEEN
INDONESIA EQUITY FUND
BNI Reksadana Berkembang
BNP PARIBAS STAR
REKSA DANA BNP PARIBAS
INSFRASTRUKTUR PLUS
BNP PARIBAS EKUITAS
BNP PARIBAS PESONA
REKSA DANA BNP PARIBAS
SOLARIS
REKSA DANA DANA EKUITAS
PRIMA
BATAVIA DANA SAHAM OPTIMAL
BATAVIA DANA SAHAM
CIMB-PRINCIPAL EQUITY
AGGRESSIVE
Rencana Cerdas
GROW-2-PROSPER
REKSA DANA DANAREKSA MAWAR
KONSUMER 10
REKSA DANA DANAREKSA MAWAR
FOKUS 10
Danareksa Mawar
REKSA DANA MAKINTA MANTAP
REKSA DANA MAKINTA GROWTH
FUND
FS INDOEQUITY DIVIDEND YIELD
FUND
REKSA DANA FIRST STATE
INDOEQUITY PEKA FUND
FIRST STATE INDOEQUITY
SECTORAL FUND
FIRST STATE INDOEQUITY VALUE
SELECT FUND
MAYBANK GMT DANA EKUITAS
REKSA DANA LAUTANDHANA
EQUITY PROGRESIF
REKSA DANA MILLENIUM EQUITY
REKSA DANA MNC DANA EKUITAS
MANDIRI INVESTA UGM
ENDOWMENT PLUS
MANDIRI INVESTA EKUITAS
DINAMIS
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
Kinerja Reksa Dana
Tahun 2012 Tahun 2013 Tahun 2014
0.083837
-0.031001
0.490594
0.138337
-0.000714
0.430317
0.129962
-0.105958
0.757317
-0.017273
-0.211259
0.645783
0.119058
0.176184
-0.244290
-0.187800
0.735914
0.562262
0.213300
-0.108053
0.887471
0.103853
0.125903
-0.151191
-0.151217
0.756137
0.710477
0.328470
-0.181736
0.622641
0.214401
-0.141182
0.596424
0.174447
0.052626
0.032779
0.005289
0.551847
0.587075
-0.018000
-0.161386
0.704020
0.023367
0.032040
-0.204089
0.340445
0.751294
0.195001
0.413274
-0.160176
0.624124
0.185314
-0.206578
0.526627
-0.003197
0.146588
-0.105299
-0.054449
0.609458
0.121116
0.073223
-0.125500
0.076912
0.124888
-0.157935
0.718753
0.129875
-0.135167
0.609311
0.080503
-0.159499
0.602393
0.077623
-0.169832
0.506859
0.114889
-0.084136
0.370117
0.160046
-0.023745
0.806935
-0.010674
0.416310
0.349640
-0.148515
0.031302
0.419130
-0.076403
-0.148429
0.728883
0.210392
-0.170311
0.449432
Universitas Sumatera Utara
Lanjutan Lampiran 5
KinerjaReksa Dana SahamTahun 2012-2014
No
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
Reksadana Saham
REKSA DANA MANDIRI INVESTA
ATRAKTIF
MANULIFE SAHAM ANDALAN
Manulife Dana Saham
MANULIFE INSTITUTIONAL EQUITY
FUND
REKSA DANA PRATAMA EQUITY
REKSADANA DANA PRATAMA
EKUITAS
PRATAMA SAHAM
PROSPERA BIJAK
RHB OSK ALPHA SECTOR
ROTATION
SAM INDONESIAN EQUITY FUND
REKSA DANA SCHRODER DANA
PRESTASI
Schroder Dana Prestasi Plus
REKSA DANA SCHRODER DANA
ISTIMEWA
REKSA DANA SIMAS DANAMAS
SAHAM
SYAILENDRA EQUITY
OPPORTUNITY FUND
REKSA DANA TRIM KAPITAL PLUS
TRAM CONSUMPTION PLUS
Kinerja Reksa Dana
Tahun 2012 Tahun 2013 Tahun 2014
0.076479
-0.208734
0.724128
0.101434
0.146468
-0.132071
-0.160182
0.645717
0.631489
0.137224
-0.123226
0.736459
-0.025857
0.185890
0.715116
-0.086137
0.109982
0.806193
-0.024699
-0.331091
0.133010
-0.291489
0.638382
0.854886
0.300977
0.028132
0.826335
0.532661
0.117747
0.760375
0.094461
-0.035205
0.697255
-0.029169
-0.113390
0.713919
0.066792
-0.068626
0.654480
-0.234283
-0.015442
0.746273
0.417702
-0.182444
0.338466
0.212791
0.278263
-0.250326
-0.244447
0.576925
0.727764
Universitas Sumatera Utara
Lampiran 6
Stock Selection SkillsReksa Dana SahamTahun 2012-2014
No
Reksadana Saham
1
2
3
Panin Dana Maksima
PANIN DANA PRIMA
Reksa Dana AXA Citradinamis
REKSA DANA ABERDEEN
INDONESIA EQUITY FUND
BNI Reksadana Berkembang
BNP PARIBAS STAR
REKSA DANA BNP PARIBAS
INSFRASTRUKTUR PLUS
BNP PARIBAS EKUITAS
BNP PARIBAS PESONA
REKSA DANA BNP PARIBAS
SOLARIS
REKSA DANA DANA EKUITAS
PRIMA
BATAVIA DANA SAHAM OPTIMAL
BATAVIA DANA SAHAM
CIMB-PRINCIPAL EQUITY
AGGRESSIVE
Rencana Cerdas
GROW-2-PROSPER
REKSA DANA DANAREKSA MAWAR
KONSUMER 10
REKSA DANA DANAREKSA MAWAR
FOKUS 10
Danareksa Mawar
REKSA DANA MAKINTA MANTAP
REKSA DANA MAKINTA GROWTH
FUND
FS INDOEQUITY DIVIDEND YIELD
FUND
REKSA DANA FIRST STATE
INDOEQUITY PEKA FUND
FIRST STATE INDOEQUITY
SECTORAL FUND
FIRST STATE INDOEQUITY VALUE
SELECT FUND
MAYBANK GMT DANA EKUITAS
REKSA DANA LAUTANDHANA
EQUITY PROGRESIF
REKSA DANA MILLENIUM EQUITY
REKSA DANA MNC DANA EKUITAS
MANDIRI INVESTA UGM
ENDOWMENT PLUS
MANDIRI INVESTA EKUITAS
DINAMIS
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
Stock Selection Skills
Tahun 2012 Tahun 2013 Tahun 2014
0.001745
0.010916
-0.005148
0.003173
-0.020610
0.016927
-0.003517
-0.011091
0.011127
-0.009916
-0.016394
0.011535
-0.002427
-0.001265
-0.031696
-0.015225
0.016816
0.013413
0.001060
-0.012805
0.017170
-0.001314
-0.000602
-0.015929
-0.017129
0.015342
0.014239
0.010038
-0.014771
0.016654
0.005003
-0.022704
0.022614
0.005885
-0.004097
-0.008671
-0.004609
0.015173
0.015695
-0.006756
-0.016977
0.029488
-0.011850
0.006555
-0.024318
0.021846
0.022049
-0.002135
0.009530
-0.020303
0.014313
0.000011
-0.022758
0.018354
-0.012027
0.013343
-0.011759
-0.016169
0.010341
0.005189
0.005199
-0.024123
0.019543
0.005199
-0.014212
0.013205
-0.002133
-0.015034
0.013073
-0.003161
-0.013601
0.012654
-0.004610
-0.015432
0.015631
-0.003128
-0.014444
0.010545
-0.002563
-0.018084
0.018080
-0.008220
0.009536
0.097541
-0.009145
-0.009189
0.003520
-0.007393
-0.024323
0.018714
0.004226
-0.032223
0.026987
Universitas Sumatera Utara
Lanjutan Lampiran 6
Stock Selection SkillsReksa Dana SahamTahun 2012-2014
No
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
Reksadana Saham
REKSA DANA MANDIRI INVESTA
ATRAKTIF
MANULIFE SAHAM ANDALAN
Manulife Dana Saham
MANULIFE INSTITUTIONAL EQUITY
FUND
REKSA DANA PRATAMA EQUITY
REKSADANA DANA PRATAMA
EKUITAS
PRATAMA SAHAM
PROSPERA BIJAK
RHB OSK ALPHA SECTOR
ROTATION
SAM INDONESIAN EQUITY FUND
REKSA DANA SCHRODER DANA
PRESTASI
Schroder Dana Prestasi Plus
REKSA DANA SCHRODER DANA
ISTIMEWA
REKSA DANA SIMAS DANAMAS
SAHAM
SYAILENDRA EQUITY
OPPORTUNITY FUND
REKSA DANA TRIM KAPITAL PLUS
TRAM CONSUMPTION PLUS
Stock Selection Skills
Tahun 2012 Tahun 2013 Tahun 2014
-0.002478
-0.023656
0.012626
-0.001571
-0.000289
-0.019229
-0.013045
0.013823
0.014243
-0.000773
-0.020321
0.015336
-0.001737
-0.010985
0.029241
-0.006311
-0.009382
0.032198
-0.001684
-0.029556
-0.008555
-0.031229
0.028485
0.023306
0.001172
-0.010018
0.024998
0.015486
-0.008357
0.030223
-0.002365
-0.009018
0.020966
-0.007076
-0.012416
0.016986
-0.002711
-0.014829
0.020503
-0.011458
-0.016508
0.020531
0.009051
-0.031047
0.017001
0.009258
0.009923
-0.028537
-0.023430
0.032504
0.025258
Universitas Sumatera Utara
Lampiran 7
Market Timing Ability Reksa Dana Saham Tahun 2012-2014
No
Reksadana Saham
1
2
3
Panin Dana Maksima
PANIN DANA PRIMA
Reksa Dana AXA Citradinamis
REKSA DANA ABERDEEN
INDONESIA EQUITY FUND
BNI Reksadana Berkembang
BNP PARIBAS STAR
REKSA DANA BNP PARIBAS
INSFRASTRUKTUR PLUS
BNP PARIBAS EKUITAS
BNP PARIBAS PESONA
REKSA DANA BNP PARIBAS
SOLARIS
REKSA DANA DANA EKUITAS
PRIMA
BATAVIA DANA SAHAM OPTIMAL
BATAVIA DANA SAHAM
CIMB-PRINCIPAL EQUITY
AGGRESSIVE
Rencana Cerdas
GROW-2-PROSPER
REKSA DANA DANAREKSA MAWAR
KONSUMER 10
REKSA DANA DANAREKSA MAWAR
FOKUS 10
Danareksa Mawar
REKSA DANA MAKINTA MANTAP
REKSA DANA MAKINTA GROWTH
FUND
FS INDOEQUITY DIVIDEND YIELD
FUND
REKSA DANA FIRST STATE
INDOEQUITY PEKA FUND
FIRST STATE INDOEQUITY
SECTORAL FUND
FIRST STATE INDOEQUITY VALUE
SELECT FUND
MAYBANK GMT DANA EKUITAS
REKSA DANA LAUTANDHANA
EQUITY PROGRESIF
REKSA DANA MILLENIUM EQUITY
REKSA DANA MNC DANA EKUITAS
MANDIRI INVESTA UGM
ENDOWMENT PLUS
MANDIRI INVESTA EKUITAS
DINAMIS
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
Market Timing Ability
Tahun 2012 Tahun 2013 Tahun 2014
-2.624711
-3.066832
26.676940
-2.174404
13.394385
-3.353263
1.503638
2.441305
1.758216
2.136494
2.744036
4.001776
0.620271
1.311869
10.301416
3.098950
-0.849841
-1.437891
0.736883
3.121068
1.857113
-0.628652
-0.505419
4.118885
4.738356
-0.126606
0.617383
-1.996786
3.515927
-1.269946
-1.595933
9.042810
-2.980690
-3.355359
-0.221690
6.471249
3.056187
-0.180273
-1.308067
-0.088981
3.743682
-5.995046
3.857274
-7.379670
7.738368
-4.885235
-0.869526
-2.231719
-1.059733
6.652985
0.011072
0.854186
6.833006
-4.240753
3.880614
-8.343779
2.775510
8.161458
0.971018
-0.998754
-5.709673
8.989944
-11.162779
-5.709673
3.049519
1.753606
0.480478
3.982360
0.907538
-0.014030
2.431333
0.593092
0.740761
3.015198
-1.963324
0.948890
6.690642
-0.721622
1.881068
11.269696
0.509891
1.781894
1.590320
-30.264288
1.403507
6.133593
2.365024
-1.625523
9.894091
-2.096294
-0.895140
14.065476
-6.425761
Universitas Sumatera Utara
Lanjutan Lampiran 7
Market Timing Ability Reksa Dana Saham Tahun 2012-2014
No
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
Reksadana Saham
REKSA DANA MANDIRI INVESTA
ATRAKTIF
MANULIFE SAHAM ANDALAN
Manulife Dana Saham
MANULIFE INSTITUTIONAL EQUITY
FUND
REKSA DANA PRATAMA EQUITY
REKSADANA DANA PRATAMA
EKUITAS
PRATAMA SAHAM
PROSPERA BIJAK
RHB OSK ALPHA SECTOR
ROTATION
SAM INDONESIAN EQUITY FUND
REKSA DANA SCHRODER DANA
PRESTASI
Schroder Dana Prestasi Plus
REKSA DANA SCHRODER DANA
ISTIMEWA
REKSA DANA SIMAS DANAMAS
SAHAM
SYAILENDRA EQUITY
OPPORTUNITY FUND
REKSA DANA TRIM KAPITAL PLUS
TRAM CONSUMPTION PLUS
Market Timing Ability
Tahun 2012 Tahun 2013 Tahun 2014
-0.629647
7.318853
0.493295
-0.445806
-0.108419
7.472019
3.257535
0.497066
-0.655989
0.004142
8.247786
0.609222
-4.226693
17.819372
-3.077559
-3.103159
11.238085
-2.947843
-4.508973
-0.030977
12.655091
8.950033
-2.587888
-1.004789
3.305252
7.493866
-1.459162
2.025385
10.418428
-6.639444
-0.045889
4.718966
-3.020539
-0.290448
3.272421
-1.578970
-0.532842
7.393607
-3.430627
-5.089454
10.129654
-2.139429
0.658484
11.657084
-5.064366
-3.883186
-2.121792
8.810877
6.557012
-8.432672
-3.655414
Universitas Sumatera Utara
Lampiran 8
Fund Size(Reksa Dana Saham)Tahun 2012-2014
No
Reksadana Saham
1
2
3
Panin Dana Maksima
PANIN DANA PRIMA
Reksa Dana AXA Citradinamis
REKSA DANA ABERDEEN
INDONESIA EQUITY FUND
BNI Reksadana Berkembang
BNP PARIBAS STAR
REKSA DANA BNP PARIBAS
INSFRASTRUKTUR PLUS
BNP PARIBAS EKUITAS
BNP PARIBAS PESONA
REKSA DANA BNP PARIBAS
SOLARIS
REKSA DANA DANA EKUITAS
PRIMA
BATAVIA DANA SAHAM OPTIMAL
BATAVIA DANA SAHAM
CIMB-PRINCIPAL EQUITY
AGGRESSIVE
Rencana Cerdas
GROW-2-PROSPER
REKSA DANA DANAREKSA MAWAR
KONSUMER 10
REKSA DANA DANAREKSA MAWAR
FOKUS 10
Danareksa Mawar
REKSA DANA MAKINTA MANTAP
REKSA DANA MAKINTA GROWTH
FUND
FS INDOEQUITY DIVIDEND YIELD
FUND
REKSA DANA FIRST STATE
INDOEQUITY PEKA FUND
FIRST STATE INDOEQUITY
SECTORAL FUND
FIRST STATE INDOEQUITY VALUE
SELECT FUND
MAYBANK GMT DANA EKUITAS
REKSA DANA LAUTANDHANA
EQUITY PROGRESIF
REKSA DANA MILLENIUM EQUITY
REKSA DANA MNC DANA EKUITAS
MANDIRI INVESTA UGM
ENDOWMENT PLUS
MANDIRI INVESTA EKUITAS
DINAMIS
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
Tahun 2012
29.16455
27.54254
25.21391
Fund Size
Tahun 2013
29.44204
28.34641
25.79331
Tahun 2014
29.51868
28.18017
25.74859
24.75599
24.07378
24.12260
24.38015
28.72448
24.35419
28.22494
24.59130
27.39414
27.98763
28.49597
29.65821
29.39520
28.19826
29.30397
28.03280
29.13234
28.10560
29.06325
28.86705
28.14626
27.08636
27.47585
26.53970
26.13845
26.40228
26.75299
27.43036
27.62604
27.73936
24.48761
24.49568
25.34389
25.33484
23.94726
24.96105
25.67509
25.27734
25.22234
27.63946
28.51819
28.05955
26.19961
26.17542
26.28932
26.08804
24.57510
25.44142
24.50301
25.46851
24.43884
24.20136
24.06295
24.00616
25.35584
26.65326
27.03277
27.61073
27.23494
27.43454
28.46774
28.19533
28.02024
25.09520
25.30613
25.47066
25.03139
25.02161
24.95620
25.15922
25.17460
24.13212
25.46285
27.58041
26.24303
27.38182
26.18185
26.76635
24.86651
25.09604
26.76727
27.69888
28.37249
28.19303
Universitas Sumatera Utara
Lanjutan Lampiran 8
Fund Size(Reksa Dana Saham)Tahun 2012-2014
No
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
Reksadana Saham
REKSA DANA MANDIRI INVESTA
ATRAKTIF
MANULIFE SAHAM ANDALAN
Manulife Dana Saham
MANULIFE INSTITUTIONAL EQUITY
FUND
REKSA DANA PRATAMA EQUITY
REKSADANA DANA PRATAMA
EKUITAS
PRATAMA SAHAM
PROSPERA BIJAK
RHB OSK ALPHA SECTOR
ROTATION
SAM INDONESIAN EQUITY FUND
REKSA DANA SCHRODER DANA
PRESTASI
Schroder Dana Prestasi Plus
REKSA DANA SCHRODER DANA
ISTIMEWA
REKSA DANA SIMAS DANAMAS
SAHAM
SYAILENDRA EQUITY
OPPORTUNITY FUND
REKSA DANA TRIM KAPITAL PLUS
TRAM CONSUMPTION PLUS
Tahun 2012
Fund Size
Tahun 2013
Tahun 2014
26.93642
26.68223
27.10895
28.00566
28.78996
28.22184
28.53282
28.53405
28.53138
26.27037
27.00503
27.12529
23.91677
24.12605
24.81693
24.60308
24.45347
25.74648
26.82835
25.83140
26.64091
25.50612
27.15587
25.89621
25.08136
25.61151
26.85584
26.10426
27.87143
27.87280
27.70614
28.71952
29.07132
29.80786
29.76802
29.85923
28.78912
28.73222
28.64230
25.79382
26.75641
26.69306
28.25877
28.24297
28.11579
27.18988
26.14897
26.76516
26.11187
26.45945
26.53310
Universitas Sumatera Utara
Lampiran 9
Fund Longevity (Reksa Dana Saham) Tahun 2012-2014
No
Reksadana Saham
1
2
3
Panin Dana Maksima
PANIN DANA PRIMA
Reksa Dana AXA Citradinamis
REKSA DANA ABERDEEN
INDONESIA EQUITY FUND
BNI Reksadana Berkembang
BNP PARIBAS STAR
REKSA DANA BNP PARIBAS
INSFRASTRUKTUR PLUS
BNP PARIBAS EKUITAS
BNP PARIBAS PESONA
REKSA DANA BNP PARIBAS
SOLARIS
REKSA DANA DANA EKUITAS
PRIMA
BATAVIA DANA SAHAM OPTIMAL
BATAVIA DANA SAHAM
CIMB-PRINCIPAL EQUITY
AGGRESSIVE
Rencana Cerdas
GROW-2-PROSPER
REKSA DANA DANAREKSA MAWAR
KONSUMER 10
REKSA DANA DANAREKSA MAWAR
FOKUS 10
Danareksa Mawar
REKSA DANA MAKINTA MANTAP
REKSA DANA MAKINTA GROWTH
FUND
FS INDOEQUITY DIVIDEND YIELD
FUND
REKSA DANA FIRST STATE
INDOEQUITY PEKA FUND
FIRST STATE INDOEQUITY
SECTORAL FUND
FIRST STATE INDOEQUITY VALUE
SELECT FUND
MAYBANK GMT DANA EKUITAS
REKSA DANA LAUTANDHANA
EQUITY PROGRESIF
REKSA DANA MILLENIUM EQUITY
REKSA DANA MNC DANA EKUITAS
MANDIRI INVESTA UGM
ENDOWMENT PLUS
MANDIRI INVESTA EKUITAS
DINAMIS
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
Tahun 2012
(Bulan)
190
60
186
Fund Longevity
Tahun 2013 Tahun 2014
(Bulan)
(Bulan)
202
214
72
84
198
210
60
72
84
196
22
208
34
220
46
70
82
94
144
183
156
195
168
207
57
69
81
83
95
107
75
193
87
205
99
217
91
103
115
162
70
174
82
186
94
23
35
47
35
47
59
198
89
210
101
222
113
59
71
83
89
101
113
39
51
63
97
109
121
59
71
83
69
81
93
43
55
67
58
55
70
67
82
79
55
67
79
22
34
46
Universitas Sumatera Utara
Lanjutan Lampiran 9
Fund Longevity(Reksa Dana Saham) Tahun 2012-2014
No
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
Reksadana Saham
REKSA DANA MANDIRI INVESTA
ATRAKTIF
MANULIFE SAHAM ANDALAN
Manulife Dana Saham
MANULIFE INSTITUTIONAL EQUITY
FUND
REKSA DANA PRATAMA EQUITY
REKSADANA DANA PRATAMA
EKUITAS
PRATAMA SAHAM
PROSPERA BIJAK
RHB OSK ALPHA SECTOR
ROTATION
SAM INDONESIAN EQUITY FUND
REKSA DANA SCHRODER DANA
PRESTASI
Schroder Dana Prestasi Plus
REKSA DANA SCHRODER DANA
ISTIMEWA
REKSA DANA SIMAS DANAMAS
SAHAM
SYAILENDRA EQUITY
OPPORTUNITY FUND
REKSA DANA TRIM KAPITAL PLUS
TRAM CONSUMPTION PLUS
Tahun 2012
(Bulan)
Fund Longevity
Tahun 2013 Tahun 2014
(Bulan)
(Bulan)
91
103
115
65
114
77
126
89
138
19
31
43
107
119
131
107
119
131
81
19
93
31
105
43
29
41
53
16
28
40
188
200
212
28
40
52
97
109
121
64
76
88
68
80
92
57
21
69
33
81
45
Universitas Sumatera Utara
Lampiran 10
Daftar Tabel Hasil Pengujian
Tabel 4.1
Statistik Deskriptif dari Kinerja Reksa Dana, Stocks Selection Skills, Market
Timing Ability, Fund Size. Dan Fund Longevity
KINERJA STOCKSELECTION MARKETTIMING
SIZE LONGEVITY
Mean
0.210314
0.000887
1.327473 26.73856
95.39583
Median
0.123002
-0.001443
0.601157 26.76079
82.00000
Maximum
0.887471
0.097541
26.67694 29.85923
222.0000
Minimum
-0.331091
-0.032223
-30.26429 23.91677
16.00000
Std. Dev.
0.334662
0.017806
6.002843 1.609399
55.16526
Observations
144
144
144
144
144
Sumber: Hasil Olahan Eviews 7 (2016)
Tabel 4.2
Data nilai Kinerja, Stocks Selection Skills, Market Timing Ability, Fund Size,
dan Fund Longevity Reksa danaBNP Paribas Infrastruktur Plus
dan Prospera Bijak
Market
Timing
Ability
0.736883
3.121068
Size
Longevity
0.213300
-0.108053
Stock
Selection
Skills
0.001060
-0.012805
27.98763
28.49597
70
82
0.887471 (max)
0.017170
1.857113
29.65821
94
-0.331091 (min)
2012
2013
-0.291489
2014
0.854886
Sumber: Data Diolah (2016)
-0.029556
-0.031229
0.023306
-0.030977
8.950033
-1.004789
25.83140
25.50612
25.89621
19
31
43
Nama
Reksa dana
BNP
Paribas
Infrastruktur
Plus
Tahun
Kinerja
2012
2013
2014
Prospera
Bijak
Tabel 4.3 Hasil Uji Hausman
Correlated Random Effects - Hausman Test
Pool: DATAPANELTIA
Test cross-section random effects
Test Summary
Cross-section random
Sumber : Hasil Olahan Eviews 7 (2016)
Chi-Sq. Statistic
Chi-Sq. d.f.
Prob.
40.277506
4
0.0000
Universitas Sumatera Utara
Lanjutan Lampiran 10
Tabel 4.4Hasil Uji Chow
Redundant Fixed Effects Tests
Pool: DATAPANELTIA
Test cross-section fixed effects
Effects Test
Statistic
Cross-section F
Cross-section Chi-square
Sumber : Hasil Olahan Eviews 7 (2016)
1.287450
72.783719
d.f.
Prob.
(47,92)
47
0.1509
0.0093
Tabel 4.5
Pengujian Regresi Berganda Model Data Panel
Dependent Variable: KINERJA
Method: Panel Least Squares
Date: 04/07/16 Time: 09:29
Sample: 2012 2014
Periods included: 3
Cross-sections included: 48
Total panel (balanced) observations: 144
Variable
Coefficient
Std. Error
t-Statistic
Prob.
C
STOCKSELECTION
MARKETTIMING
SIZE
LONGEVITY
0.023734
23.34497
0.031722
0.004273
9.97E-05
0.212143
1.100575
0.003268
0.007901
0.000230
0.111876
21.21161
9.706421
0.540799
0.432860
0.9111
0.0000
0.0000
0.5895
0.6658
R-squared
0.803761
Adjusted R-squared
0.798114
S.E. of regression
0.150370
Sum squared resid
3.142932
Log likelihood
71.04818
F-statistic
142.3299
Prob(F-statistic)
0.000000
Sumber : Hasil Olahan Eviews 7 (2016)
Mean dependent var
S.D. dependent var
Akaike info criterion
Schwarz criterion
Hannan-Quinn criter.
Durbin-Watson stat
0.210314
0.334662
-0.917336
-0.814217
-0.875434
1.011522
Tabel 4.6Penghitungan � Tabel
Derajat Bebas
Tingkat Signifikansi
140
0,05
139
0,05
138
0,05
137
0,05
Sumber: Hasil Olahan Microsoft Excel (2016)
t – Tabel
1.977054
1.977178
1.977304
1.977431
Universitas Sumatera Utara
DaftarSampel yang Digunakan
No
1
Panin Dana Maksima
2
PANIN DANA PRIMA
3
Reksa Dana AXA Citradinamis
4
REKSA DANA ABERDEEN
INDONESIA EQUITY FUND
Manajer Investasi
PANIN ASSET
MANAGEMENT
PANIN ASSET
MANAGEMENT
PT AXA Asset
Management Indonesia
PT Aberdeen Asset
Management
5
BNI Reksadana Berkembang
PT BNI Asset Management
6
BNP PARIBAS STAR
7
REKSA DANA BNP PARIBAS
INSFRASTRUKTUR PLUS
8
BNP PARIBAS EKUITAS
9
BNP PARIBAS PESONA
10
11
12
Reksadana Saham
REKSA DANA BNP PARIBAS
SOLARIS
REKSA DANA DANA
EKUITAS PRIMA
BATAVIA DANA SAHAM
OPTIMAL
PT BNP Paribas Investment
Partners
PT BNP Paribas Investment
Partners
PT BNP Paribas Investment
Partners
PT BNP Paribas Investment
Partners
PT BNP Paribas Investment
Partners
PT Bahana TCW
Investment Management
PT Batavia Prosperindo
Aset Manajemen
PT Batavia Prosperindo
Aset Manajemen
PT CIMB Principal Asset
Management
PT Ciptadana Asset
Management
13
BATAVIA DANA SAHAM
14
CIMB-PRINCIPAL EQUITY
AGGRESSIVE
15
Rencana Cerdas
16
GROW-2-PROSPER
PT Corfina Capital
REKSA DANA DANAREKSA
MAWAR KONSUMER 10
REKSA DANA DANAREKSA
MAWAR FOKUS 10
REKSA DANA MAKINTA
MANTAP
REKSA DANA MAKINTA
GROWTH FUND
PT Danareksa Investment
Management
PT Danareksa Investment
Management
PT Danareksa Investment
Management
PT Emco Asset
Management
PT Emco Asset
Management
FS INDOEQUITY DIVIDEND
YIELD FUND
PT First State Investments
Indonesia
REKSA DANA FIRST STATE
INDOEQUITY PEKA FUND
FIRST STATE INDOEQUITY
SECTORAL FUND
FIRST STATE INDOEQUITY
VALUE SELECT FUND
MAYBANK GMT DANA
EKUITAS
PT First State Investments
Indonesia
PT First State Investments
Indonesia
PT First State Investments
Indonesia
17
18
19
20
21
22
23
24
25
26
Danareksa Mawar
PT GMT Aset Manajemen
Nama Bank Kustodian
DEUTSCHE BANK A. G. CUSTODY
BANK CENTRAL ASIA CUSTODY, Tbk, PT
DEUTSCHE BANK A. G. CUSTODY
CITIBANK N. A. CUSTODY
BANK CIMB NIAGA CUSTODY, Tbk, PT
DEUTSCHE BANK A. G. CUSTODY
CITIBANK N. A. CUSTODY
DEUTSCHE BANK A. G. CUSTODY
DEUTSCHE BANK A. G. CUSTODY
CITIBANK N. A. CUSTODY
CITIBANK N. A. CUSTODY
DEUTSCHE BANK A. G. CUSTODY
DEUTSCHE BANK A. G. CUSTODY
DEUTSCHE BANK A. G. CUSTODY
DEUTSCHE BANK A. G. CUSTODY
DEUTSCHE BANK A. G. CUSTODY
CITIBANK N. A. CUSTODY
CITIBANK N. A. CUSTODY
CITIBANK N. A. CUSTODY
BANK CIMB NIAGA CUSTODY, Tbk, PT
BANK CIMB NIAGA CUSTODY, Tbk, PT
THE HONGKONG AND
SHANGHAI BANKING
CORPORATION CUSTODY
CITIBANK N. A. CUSTODY
DEUTSCHE BANK A. G. CUSTODY
DEUTSCHE BANK A. G. CUSTODY
DEUTSCHE BANK A. G. CUSTODY
Universitas Sumatera Utara
Lanjutan Lampiran 1
Daftar Sampel yang Digunakan
No
27
Reksadana Saham
REKSA DANA
LAUTANDHANA EQUITY
PROGRESIF
Manajer Investasi
PT Lautandhana Investment
Management
BANK CIMB NIAGA CUSTODY, Tbk, PT
BANK CIMB NIAGA CUSTODY, Tbk, PT
28
REKSA DANA MILLENIUM
EQUITY
PT MILLENIUM
DANATAMA
INDONESIA
29
REKSA DANA MNC DANA
EKUITAS
PT MNC Asset
Management
MANDIRI INVESTA UGM
ENDOWMENT PLUS
MANDIRI INVESTA EKUITAS
DINAMIS
PT Mandiri Manajemen
Investasi
PT Mandiri Manajemen
Investasi
32
REKSA DANA MANDIRI
INVESTA ATRAKTIF
PT Mandiri Manajemen
Investasi
33
MANULIFE SAHAM
ANDALAN
PT Manulife Aset
Manajemen Indonesia
34
Manulife Dana Saham
30
31
35
36
37
MANULIFE INSTITUTIONAL
EQUITY FUND
REKSA DANA PRATAMA
EQUITY
REKSADANA DANA
PRATAMA EKUITAS
38
PRATAMA SAHAM
39
PROSPERA BIJAK
40
41
42
RHB OSK ALPHA SECTOR
ROTATION
SAM INDONESIAN EQUITY
FUND
REKSA DANA SCHRODER
DANA PRESTASI
PT Manulife Aset
Manajemen Indonesia
PT Manulife Aset
Manajemen Indonesia
PT Pratama Capital Assets
Management
PT Pratama Capital Assets
Management
PT Pratama Capital Assets
Management
PT Prospera Asset
Management
PT RHB OSK Asset
Management
PT Samuel Aset
Manajemen
PT Schroder Investment
Management Indonesia
PT Schroder Investment
Management Indonesia
43
Schroder Dana Prestasi Plus
44
REKSA DANA SCHRODER
DANA ISTIMEWA
PT Schroder Investment
Management Indonesia
REKSA DANA SIMAS
DANAMAS SAHAM
SYAILENDRA EQUITY
OPPORTUNITY FUND
REKSA DANA TRIM KAPITAL
PLUS
PT Sinarmas Asset
Management
45
46
47
48
TRAM CONSUMPTION PLUS
Nama Bank Kustodian
PT Syailendra Capital
PT Trimegah Asset
Management
PT Trimegah Asset
Management
BANK RAKYAT
INDONESIA (PERSERO) CUSTODY, Tbk, PT
DEUTSCHE BANK A. G. CUSTODY
DEUTSCHE BANK A. G. CUSTODY
THE HONGKONG AND
SHANGHAI BANKING
CORPORATION CUSTODY
THE HONGKONG AND
SHANGHAI BANKING
CORPORATION CUSTODY
DEUTSCHE BANK A. G. CUSTODY
DEUTSCHE BANK A. G. CUSTODY
BANK CIMB NIAGA CUSTODY, Tbk, PT
DEUTSCHE BANK A. G. CUSTODY
DEUTSCHE BANK A. G. CUSTODY
DEUTSCHE BANK A. G. CUSTODY
DEUTSCHE BANK A. G. CUSTODY
DEUTSCHE BANK A. G. CUSTODY
CITIBANK N. A. CUSTODY
DEUTSCHE BANK A. G. CUSTODY
THE HONGKONG AND
SHANGHAI BANKING
CORPORATION CUSTODY
BANK CIMB NIAGA CUSTODY, Tbk, PT
DEUTSCHE BANK A. G. CUSTODY
BANK CIMB NIAGA CUSTODY, Tbk, PT
THE HONGKONG AND
SHANGHAI BANKING
CORPORATION CUSTODY
Universitas Sumatera Utara
Lampiran 2
Data BI Rate Tahun 2012-2014
Tahun 2012
(Tanggal)
12-Jan-12
9-Feb-12
8-Mar-12
12-Apr-12
10-May-12
12-Jun-12
12-Jul-12
9-Aug-12
13-Sep-12
11-Oct-12
8-Nov-12
11-Dec-12
10-Jan-13
12-Feb-13
7-Mar-13
11-Apr-13
14-May-13
13-Jun-13
11-Jul-13
15-Aug-13
12-Sep-13
8-Oct-13
12-Nov-13
12-Dec-13
9-Jan-14
13-Feb-14
13-Mar-14
8-Apr-14
8-May-14
12-Jun-14
10-Jul-14
14-Aug-14
11-Sep-14
7-Oct-14
13-Nov-14
11-Dec-14
BI Rate
6.00%
5.75%
5.75%
5.75%
5.75%
5.75%
5.75%
5.75%
5.75%
5.75%
5.75%
5.75%
5.75%
5.75%
5.75%
5.75%
5.75%
6.00%
6.50%
6.50%
7.25%
7.25%
7.50%
7.50%
7.50%
7.50%
7.50%
7.50%
7.50%
7.50%
7.50%
7.50%
7.50%
7.50%
7.50%
7.75%
Universitas Sumatera Utara
Lampiran 3
Data IHSG Tahun 2012-2014
Tanggal
30-Dec-11
31-Jan-12
29-Feb-12
30-Mar-12
30-Apr-12
31-May-12
29-Jun-12
31-Jul-12
31-Aug-12
28-Sep-12
31-Oct-12
30-Nov-12
28-Dec-12
31-Jan-13
28-Feb-13
28-Mar-13
30-Apr-13
31-May-13
28-Jun-13
31-Jul-13
30-Aug-13
30-Sep-13
31-Oct-13
29-Nov-13
30-Dec-13
30-Jan-14
28-Feb-14
28-Mar-14
30-Apr-14
30-May-14
30-Jun-14
25-Jul-14
29-Aug-14
30-Sep-14
31-Oct-14
28-Nov-14
31-Dec-14
Close Price
3,821.99
3,941.69
3,985.21
4,121.55
4,180.73
3,832.82
3,955.58
4,142.34
4,060.33
4,262.56
4,350.29
4,276.14
4,316.69
4,453.70
4,795.79
4,940.99
5,034.07
5,068.63
4,818.90
4,610.38
4,195.09
4,316.18
4,510.63
4,256.44
4,274.18
4,418.76
4,620.22
4,768.28
4,840.15
4,893.91
4,878.58
5,088.80
5,136.86
5,137.58
5,089.55
5,149.89
5,226.95
Universitas Sumatera Utara
Lampiran 4
Tanggal Efektif Reksa Dana Saham
No
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
No
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
Nama Reksa Dana
Panin Dana Maksima
PANIN DANA PRIMA
Reksa Dana AXA Citradinamis
REKSA DANA ABERDEEN INDONESIA EQUITY FUND
BNI Reksadana Berkembang
BNP PARIBAS STAR
REKSA DANA BNP PARIBAS INSFRASTRUKTUR PLUS
BNP PARIBAS EKUITAS
BNP PARIBAS PESONA
REKSA DANA BNP PARIBAS SOLARIS
REKSA DANA DANA EKUITAS PRIMA
BATAVIA DANA SAHAM OPTIMAL
BATAVIA DANA SAHAM
CIMB-PRINCIPAL EQUITY AGGRESSIVE
Rencana Cerdas
GROW-2-PROSPER
REKSA DANA DANAREKSA MAWAR KONSUMER 10
REKSA DANA DANAREKSA MAWAR FOKUS 10
Danareksa Mawar
REKSA DANA MAKINTA MANTAP
REKSA DANA MAKINTA GROWTH FUND
FS INDOEQUITY DIVIDEND YIELD FUND
REKSA DANA FIRST STATE INDOEQUITY PEKA FUND
FIRST STATE INDOEQUITY SECTORAL FUND
FIRST STATE INDOEQUITY VALUE SELECT FUND
MAYBANK GMT DANA EKUITAS
REKSA DANA LAUTANDHANA EQUITY PROGRESIF
REKSA DANA MILLENIUM EQUITY
REKSA DANA MNC DANA EKUITAS
MANDIRI INVESTA UGM ENDOWMENT PLUS
MANDIRI INVESTA EKUITAS DINAMIS
Nama Reksa Dana
REKSA DANA MANDIRI INVESTA ATRAKTIF
MANULIFE SAHAM ANDALAN
Manulife Dana Saham
MANULIFE INSTITUTIONAL EQUITY FUND
REKSA DANA PRATAMA EQUITY
REKSADANA DANA PRATAMA EKUITAS
PRATAMA SAHAM
PROSPERA BIJAK
RHB OSK ALPHA SECTOR ROTATION
SAM INDONESIAN EQUITY FUND
REKSA DANA SCHRODER DANA PRESTASI
Schroder Dana Prestasi Plus
REKSA DANA SCHRODER DANA ISTIMEWA
REKSA DANA SIMAS DANAMAS SAHAM
SYAILENDRA EQUITY OPPORTUNITY FUND
REKSA DANA TRIM KAPITAL PLUS
TRAM CONSUMPTION PLUS
Tanggal Efektif
27 Maret 1997
19 Desember 2007
29 Juli 1997
14 Desember 2007
30 September 1996
30 Maret 2011
08 Maret 2007
16 Januari 2001
10 Oktober 1997
08 April 2008
09 Februari 2006
09 Oktober 2006
09 Desember 1996
17 Juni 2005
08 Juli 1999
22 Maret 2007
09 februari 2011
22 Februari 2010
05 Juli 1996
10 Agustus 2005
22 Februari 2008
11 Agustus 2005
30 Oktober 2009
24 Desember 2004
29 Februari 2008
17 April 2007
23 Juni 2009
05 Maret 2008
10 Juni 2008
04 Juni 2008
10 Maret 2011
Tanggal Efektif
10 Juni 2005
06 Agustus 2007
16 Juli 2003
15 Juni 2011
12 Februari 2004
12 Februari 2004
25 April 2006
15 Juni 2011
40 Agustus 2010
28 September 2011
28 Mei 1997
12 September 2000
21 Desember 2004
24 September 2007
31 Mei 2007
18 April 2008
12 April 2011
Universitas Sumatera Utara
Lampiran 5
KinerjaReksa Dana SahamTahun 2012-2014
No
Reksadana Saham
1
2
3
Panin Dana Maksima
PANIN DANA PRIMA
Reksa Dana AXA Citradinamis
REKSA DANA ABERDEEN
INDONESIA EQUITY FUND
BNI Reksadana Berkembang
BNP PARIBAS STAR
REKSA DANA BNP PARIBAS
INSFRASTRUKTUR PLUS
BNP PARIBAS EKUITAS
BNP PARIBAS PESONA
REKSA DANA BNP PARIBAS
SOLARIS
REKSA DANA DANA EKUITAS
PRIMA
BATAVIA DANA SAHAM OPTIMAL
BATAVIA DANA SAHAM
CIMB-PRINCIPAL EQUITY
AGGRESSIVE
Rencana Cerdas
GROW-2-PROSPER
REKSA DANA DANAREKSA MAWAR
KONSUMER 10
REKSA DANA DANAREKSA MAWAR
FOKUS 10
Danareksa Mawar
REKSA DANA MAKINTA MANTAP
REKSA DANA MAKINTA GROWTH
FUND
FS INDOEQUITY DIVIDEND YIELD
FUND
REKSA DANA FIRST STATE
INDOEQUITY PEKA FUND
FIRST STATE INDOEQUITY
SECTORAL FUND
FIRST STATE INDOEQUITY VALUE
SELECT FUND
MAYBANK GMT DANA EKUITAS
REKSA DANA LAUTANDHANA
EQUITY PROGRESIF
REKSA DANA MILLENIUM EQUITY
REKSA DANA MNC DANA EKUITAS
MANDIRI INVESTA UGM
ENDOWMENT PLUS
MANDIRI INVESTA EKUITAS
DINAMIS
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
Kinerja Reksa Dana
Tahun 2012 Tahun 2013 Tahun 2014
0.083837
-0.031001
0.490594
0.138337
-0.000714
0.430317
0.129962
-0.105958
0.757317
-0.017273
-0.211259
0.645783
0.119058
0.176184
-0.244290
-0.187800
0.735914
0.562262
0.213300
-0.108053
0.887471
0.103853
0.125903
-0.151191
-0.151217
0.756137
0.710477
0.328470
-0.181736
0.622641
0.214401
-0.141182
0.596424
0.174447
0.052626
0.032779
0.005289
0.551847
0.587075
-0.018000
-0.161386
0.704020
0.023367
0.032040
-0.204089
0.340445
0.751294
0.195001
0.413274
-0.160176
0.624124
0.185314
-0.206578
0.526627
-0.003197
0.146588
-0.105299
-0.054449
0.609458
0.121116
0.073223
-0.125500
0.076912
0.124888
-0.157935
0.718753
0.129875
-0.135167
0.609311
0.080503
-0.159499
0.602393
0.077623
-0.169832
0.506859
0.114889
-0.084136
0.370117
0.160046
-0.023745
0.806935
-0.010674
0.416310
0.349640
-0.148515
0.031302
0.419130
-0.076403
-0.148429
0.728883
0.210392
-0.170311
0.449432
Universitas Sumatera Utara
Lanjutan Lampiran 5
KinerjaReksa Dana SahamTahun 2012-2014
No
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
Reksadana Saham
REKSA DANA MANDIRI INVESTA
ATRAKTIF
MANULIFE SAHAM ANDALAN
Manulife Dana Saham
MANULIFE INSTITUTIONAL EQUITY
FUND
REKSA DANA PRATAMA EQUITY
REKSADANA DANA PRATAMA
EKUITAS
PRATAMA SAHAM
PROSPERA BIJAK
RHB OSK ALPHA SECTOR
ROTATION
SAM INDONESIAN EQUITY FUND
REKSA DANA SCHRODER DANA
PRESTASI
Schroder Dana Prestasi Plus
REKSA DANA SCHRODER DANA
ISTIMEWA
REKSA DANA SIMAS DANAMAS
SAHAM
SYAILENDRA EQUITY
OPPORTUNITY FUND
REKSA DANA TRIM KAPITAL PLUS
TRAM CONSUMPTION PLUS
Kinerja Reksa Dana
Tahun 2012 Tahun 2013 Tahun 2014
0.076479
-0.208734
0.724128
0.101434
0.146468
-0.132071
-0.160182
0.645717
0.631489
0.137224
-0.123226
0.736459
-0.025857
0.185890
0.715116
-0.086137
0.109982
0.806193
-0.024699
-0.331091
0.133010
-0.291489
0.638382
0.854886
0.300977
0.028132
0.826335
0.532661
0.117747
0.760375
0.094461
-0.035205
0.697255
-0.029169
-0.113390
0.713919
0.066792
-0.068626
0.654480
-0.234283
-0.015442
0.746273
0.417702
-0.182444
0.338466
0.212791
0.278263
-0.250326
-0.244447
0.576925
0.727764
Universitas Sumatera Utara
Lampiran 6
Stock Selection SkillsReksa Dana SahamTahun 2012-2014
No
Reksadana Saham
1
2
3
Panin Dana Maksima
PANIN DANA PRIMA
Reksa Dana AXA Citradinamis
REKSA DANA ABERDEEN
INDONESIA EQUITY FUND
BNI Reksadana Berkembang
BNP PARIBAS STAR
REKSA DANA BNP PARIBAS
INSFRASTRUKTUR PLUS
BNP PARIBAS EKUITAS
BNP PARIBAS PESONA
REKSA DANA BNP PARIBAS
SOLARIS
REKSA DANA DANA EKUITAS
PRIMA
BATAVIA DANA SAHAM OPTIMAL
BATAVIA DANA SAHAM
CIMB-PRINCIPAL EQUITY
AGGRESSIVE
Rencana Cerdas
GROW-2-PROSPER
REKSA DANA DANAREKSA MAWAR
KONSUMER 10
REKSA DANA DANAREKSA MAWAR
FOKUS 10
Danareksa Mawar
REKSA DANA MAKINTA MANTAP
REKSA DANA MAKINTA GROWTH
FUND
FS INDOEQUITY DIVIDEND YIELD
FUND
REKSA DANA FIRST STATE
INDOEQUITY PEKA FUND
FIRST STATE INDOEQUITY
SECTORAL FUND
FIRST STATE INDOEQUITY VALUE
SELECT FUND
MAYBANK GMT DANA EKUITAS
REKSA DANA LAUTANDHANA
EQUITY PROGRESIF
REKSA DANA MILLENIUM EQUITY
REKSA DANA MNC DANA EKUITAS
MANDIRI INVESTA UGM
ENDOWMENT PLUS
MANDIRI INVESTA EKUITAS
DINAMIS
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
Stock Selection Skills
Tahun 2012 Tahun 2013 Tahun 2014
0.001745
0.010916
-0.005148
0.003173
-0.020610
0.016927
-0.003517
-0.011091
0.011127
-0.009916
-0.016394
0.011535
-0.002427
-0.001265
-0.031696
-0.015225
0.016816
0.013413
0.001060
-0.012805
0.017170
-0.001314
-0.000602
-0.015929
-0.017129
0.015342
0.014239
0.010038
-0.014771
0.016654
0.005003
-0.022704
0.022614
0.005885
-0.004097
-0.008671
-0.004609
0.015173
0.015695
-0.006756
-0.016977
0.029488
-0.011850
0.006555
-0.024318
0.021846
0.022049
-0.002135
0.009530
-0.020303
0.014313
0.000011
-0.022758
0.018354
-0.012027
0.013343
-0.011759
-0.016169
0.010341
0.005189
0.005199
-0.024123
0.019543
0.005199
-0.014212
0.013205
-0.002133
-0.015034
0.013073
-0.003161
-0.013601
0.012654
-0.004610
-0.015432
0.015631
-0.003128
-0.014444
0.010545
-0.002563
-0.018084
0.018080
-0.008220
0.009536
0.097541
-0.009145
-0.009189
0.003520
-0.007393
-0.024323
0.018714
0.004226
-0.032223
0.026987
Universitas Sumatera Utara
Lanjutan Lampiran 6
Stock Selection SkillsReksa Dana SahamTahun 2012-2014
No
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
Reksadana Saham
REKSA DANA MANDIRI INVESTA
ATRAKTIF
MANULIFE SAHAM ANDALAN
Manulife Dana Saham
MANULIFE INSTITUTIONAL EQUITY
FUND
REKSA DANA PRATAMA EQUITY
REKSADANA DANA PRATAMA
EKUITAS
PRATAMA SAHAM
PROSPERA BIJAK
RHB OSK ALPHA SECTOR
ROTATION
SAM INDONESIAN EQUITY FUND
REKSA DANA SCHRODER DANA
PRESTASI
Schroder Dana Prestasi Plus
REKSA DANA SCHRODER DANA
ISTIMEWA
REKSA DANA SIMAS DANAMAS
SAHAM
SYAILENDRA EQUITY
OPPORTUNITY FUND
REKSA DANA TRIM KAPITAL PLUS
TRAM CONSUMPTION PLUS
Stock Selection Skills
Tahun 2012 Tahun 2013 Tahun 2014
-0.002478
-0.023656
0.012626
-0.001571
-0.000289
-0.019229
-0.013045
0.013823
0.014243
-0.000773
-0.020321
0.015336
-0.001737
-0.010985
0.029241
-0.006311
-0.009382
0.032198
-0.001684
-0.029556
-0.008555
-0.031229
0.028485
0.023306
0.001172
-0.010018
0.024998
0.015486
-0.008357
0.030223
-0.002365
-0.009018
0.020966
-0.007076
-0.012416
0.016986
-0.002711
-0.014829
0.020503
-0.011458
-0.016508
0.020531
0.009051
-0.031047
0.017001
0.009258
0.009923
-0.028537
-0.023430
0.032504
0.025258
Universitas Sumatera Utara
Lampiran 7
Market Timing Ability Reksa Dana Saham Tahun 2012-2014
No
Reksadana Saham
1
2
3
Panin Dana Maksima
PANIN DANA PRIMA
Reksa Dana AXA Citradinamis
REKSA DANA ABERDEEN
INDONESIA EQUITY FUND
BNI Reksadana Berkembang
BNP PARIBAS STAR
REKSA DANA BNP PARIBAS
INSFRASTRUKTUR PLUS
BNP PARIBAS EKUITAS
BNP PARIBAS PESONA
REKSA DANA BNP PARIBAS
SOLARIS
REKSA DANA DANA EKUITAS
PRIMA
BATAVIA DANA SAHAM OPTIMAL
BATAVIA DANA SAHAM
CIMB-PRINCIPAL EQUITY
AGGRESSIVE
Rencana Cerdas
GROW-2-PROSPER
REKSA DANA DANAREKSA MAWAR
KONSUMER 10
REKSA DANA DANAREKSA MAWAR
FOKUS 10
Danareksa Mawar
REKSA DANA MAKINTA MANTAP
REKSA DANA MAKINTA GROWTH
FUND
FS INDOEQUITY DIVIDEND YIELD
FUND
REKSA DANA FIRST STATE
INDOEQUITY PEKA FUND
FIRST STATE INDOEQUITY
SECTORAL FUND
FIRST STATE INDOEQUITY VALUE
SELECT FUND
MAYBANK GMT DANA EKUITAS
REKSA DANA LAUTANDHANA
EQUITY PROGRESIF
REKSA DANA MILLENIUM EQUITY
REKSA DANA MNC DANA EKUITAS
MANDIRI INVESTA UGM
ENDOWMENT PLUS
MANDIRI INVESTA EKUITAS
DINAMIS
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
Market Timing Ability
Tahun 2012 Tahun 2013 Tahun 2014
-2.624711
-3.066832
26.676940
-2.174404
13.394385
-3.353263
1.503638
2.441305
1.758216
2.136494
2.744036
4.001776
0.620271
1.311869
10.301416
3.098950
-0.849841
-1.437891
0.736883
3.121068
1.857113
-0.628652
-0.505419
4.118885
4.738356
-0.126606
0.617383
-1.996786
3.515927
-1.269946
-1.595933
9.042810
-2.980690
-3.355359
-0.221690
6.471249
3.056187
-0.180273
-1.308067
-0.088981
3.743682
-5.995046
3.857274
-7.379670
7.738368
-4.885235
-0.869526
-2.231719
-1.059733
6.652985
0.011072
0.854186
6.833006
-4.240753
3.880614
-8.343779
2.775510
8.161458
0.971018
-0.998754
-5.709673
8.989944
-11.162779
-5.709673
3.049519
1.753606
0.480478
3.982360
0.907538
-0.014030
2.431333
0.593092
0.740761
3.015198
-1.963324
0.948890
6.690642
-0.721622
1.881068
11.269696
0.509891
1.781894
1.590320
-30.264288
1.403507
6.133593
2.365024
-1.625523
9.894091
-2.096294
-0.895140
14.065476
-6.425761
Universitas Sumatera Utara
Lanjutan Lampiran 7
Market Timing Ability Reksa Dana Saham Tahun 2012-2014
No
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
Reksadana Saham
REKSA DANA MANDIRI INVESTA
ATRAKTIF
MANULIFE SAHAM ANDALAN
Manulife Dana Saham
MANULIFE INSTITUTIONAL EQUITY
FUND
REKSA DANA PRATAMA EQUITY
REKSADANA DANA PRATAMA
EKUITAS
PRATAMA SAHAM
PROSPERA BIJAK
RHB OSK ALPHA SECTOR
ROTATION
SAM INDONESIAN EQUITY FUND
REKSA DANA SCHRODER DANA
PRESTASI
Schroder Dana Prestasi Plus
REKSA DANA SCHRODER DANA
ISTIMEWA
REKSA DANA SIMAS DANAMAS
SAHAM
SYAILENDRA EQUITY
OPPORTUNITY FUND
REKSA DANA TRIM KAPITAL PLUS
TRAM CONSUMPTION PLUS
Market Timing Ability
Tahun 2012 Tahun 2013 Tahun 2014
-0.629647
7.318853
0.493295
-0.445806
-0.108419
7.472019
3.257535
0.497066
-0.655989
0.004142
8.247786
0.609222
-4.226693
17.819372
-3.077559
-3.103159
11.238085
-2.947843
-4.508973
-0.030977
12.655091
8.950033
-2.587888
-1.004789
3.305252
7.493866
-1.459162
2.025385
10.418428
-6.639444
-0.045889
4.718966
-3.020539
-0.290448
3.272421
-1.578970
-0.532842
7.393607
-3.430627
-5.089454
10.129654
-2.139429
0.658484
11.657084
-5.064366
-3.883186
-2.121792
8.810877
6.557012
-8.432672
-3.655414
Universitas Sumatera Utara
Lampiran 8
Fund Size(Reksa Dana Saham)Tahun 2012-2014
No
Reksadana Saham
1
2
3
Panin Dana Maksima
PANIN DANA PRIMA
Reksa Dana AXA Citradinamis
REKSA DANA ABERDEEN
INDONESIA EQUITY FUND
BNI Reksadana Berkembang
BNP PARIBAS STAR
REKSA DANA BNP PARIBAS
INSFRASTRUKTUR PLUS
BNP PARIBAS EKUITAS
BNP PARIBAS PESONA
REKSA DANA BNP PARIBAS
SOLARIS
REKSA DANA DANA EKUITAS
PRIMA
BATAVIA DANA SAHAM OPTIMAL
BATAVIA DANA SAHAM
CIMB-PRINCIPAL EQUITY
AGGRESSIVE
Rencana Cerdas
GROW-2-PROSPER
REKSA DANA DANAREKSA MAWAR
KONSUMER 10
REKSA DANA DANAREKSA MAWAR
FOKUS 10
Danareksa Mawar
REKSA DANA MAKINTA MANTAP
REKSA DANA MAKINTA GROWTH
FUND
FS INDOEQUITY DIVIDEND YIELD
FUND
REKSA DANA FIRST STATE
INDOEQUITY PEKA FUND
FIRST STATE INDOEQUITY
SECTORAL FUND
FIRST STATE INDOEQUITY VALUE
SELECT FUND
MAYBANK GMT DANA EKUITAS
REKSA DANA LAUTANDHANA
EQUITY PROGRESIF
REKSA DANA MILLENIUM EQUITY
REKSA DANA MNC DANA EKUITAS
MANDIRI INVESTA UGM
ENDOWMENT PLUS
MANDIRI INVESTA EKUITAS
DINAMIS
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
Tahun 2012
29.16455
27.54254
25.21391
Fund Size
Tahun 2013
29.44204
28.34641
25.79331
Tahun 2014
29.51868
28.18017
25.74859
24.75599
24.07378
24.12260
24.38015
28.72448
24.35419
28.22494
24.59130
27.39414
27.98763
28.49597
29.65821
29.39520
28.19826
29.30397
28.03280
29.13234
28.10560
29.06325
28.86705
28.14626
27.08636
27.47585
26.53970
26.13845
26.40228
26.75299
27.43036
27.62604
27.73936
24.48761
24.49568
25.34389
25.33484
23.94726
24.96105
25.67509
25.27734
25.22234
27.63946
28.51819
28.05955
26.19961
26.17542
26.28932
26.08804
24.57510
25.44142
24.50301
25.46851
24.43884
24.20136
24.06295
24.00616
25.35584
26.65326
27.03277
27.61073
27.23494
27.43454
28.46774
28.19533
28.02024
25.09520
25.30613
25.47066
25.03139
25.02161
24.95620
25.15922
25.17460
24.13212
25.46285
27.58041
26.24303
27.38182
26.18185
26.76635
24.86651
25.09604
26.76727
27.69888
28.37249
28.19303
Universitas Sumatera Utara
Lanjutan Lampiran 8
Fund Size(Reksa Dana Saham)Tahun 2012-2014
No
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
Reksadana Saham
REKSA DANA MANDIRI INVESTA
ATRAKTIF
MANULIFE SAHAM ANDALAN
Manulife Dana Saham
MANULIFE INSTITUTIONAL EQUITY
FUND
REKSA DANA PRATAMA EQUITY
REKSADANA DANA PRATAMA
EKUITAS
PRATAMA SAHAM
PROSPERA BIJAK
RHB OSK ALPHA SECTOR
ROTATION
SAM INDONESIAN EQUITY FUND
REKSA DANA SCHRODER DANA
PRESTASI
Schroder Dana Prestasi Plus
REKSA DANA SCHRODER DANA
ISTIMEWA
REKSA DANA SIMAS DANAMAS
SAHAM
SYAILENDRA EQUITY
OPPORTUNITY FUND
REKSA DANA TRIM KAPITAL PLUS
TRAM CONSUMPTION PLUS
Tahun 2012
Fund Size
Tahun 2013
Tahun 2014
26.93642
26.68223
27.10895
28.00566
28.78996
28.22184
28.53282
28.53405
28.53138
26.27037
27.00503
27.12529
23.91677
24.12605
24.81693
24.60308
24.45347
25.74648
26.82835
25.83140
26.64091
25.50612
27.15587
25.89621
25.08136
25.61151
26.85584
26.10426
27.87143
27.87280
27.70614
28.71952
29.07132
29.80786
29.76802
29.85923
28.78912
28.73222
28.64230
25.79382
26.75641
26.69306
28.25877
28.24297
28.11579
27.18988
26.14897
26.76516
26.11187
26.45945
26.53310
Universitas Sumatera Utara
Lampiran 9
Fund Longevity (Reksa Dana Saham) Tahun 2012-2014
No
Reksadana Saham
1
2
3
Panin Dana Maksima
PANIN DANA PRIMA
Reksa Dana AXA Citradinamis
REKSA DANA ABERDEEN
INDONESIA EQUITY FUND
BNI Reksadana Berkembang
BNP PARIBAS STAR
REKSA DANA BNP PARIBAS
INSFRASTRUKTUR PLUS
BNP PARIBAS EKUITAS
BNP PARIBAS PESONA
REKSA DANA BNP PARIBAS
SOLARIS
REKSA DANA DANA EKUITAS
PRIMA
BATAVIA DANA SAHAM OPTIMAL
BATAVIA DANA SAHAM
CIMB-PRINCIPAL EQUITY
AGGRESSIVE
Rencana Cerdas
GROW-2-PROSPER
REKSA DANA DANAREKSA MAWAR
KONSUMER 10
REKSA DANA DANAREKSA MAWAR
FOKUS 10
Danareksa Mawar
REKSA DANA MAKINTA MANTAP
REKSA DANA MAKINTA GROWTH
FUND
FS INDOEQUITY DIVIDEND YIELD
FUND
REKSA DANA FIRST STATE
INDOEQUITY PEKA FUND
FIRST STATE INDOEQUITY
SECTORAL FUND
FIRST STATE INDOEQUITY VALUE
SELECT FUND
MAYBANK GMT DANA EKUITAS
REKSA DANA LAUTANDHANA
EQUITY PROGRESIF
REKSA DANA MILLENIUM EQUITY
REKSA DANA MNC DANA EKUITAS
MANDIRI INVESTA UGM
ENDOWMENT PLUS
MANDIRI INVESTA EKUITAS
DINAMIS
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
Tahun 2012
(Bulan)
190
60
186
Fund Longevity
Tahun 2013 Tahun 2014
(Bulan)
(Bulan)
202
214
72
84
198
210
60
72
84
196
22
208
34
220
46
70
82
94
144
183
156
195
168
207
57
69
81
83
95
107
75
193
87
205
99
217
91
103
115
162
70
174
82
186
94
23
35
47
35
47
59
198
89
210
101
222
113
59
71
83
89
101
113
39
51
63
97
109
121
59
71
83
69
81
93
43
55
67
58
55
70
67
82
79
55
67
79
22
34
46
Universitas Sumatera Utara
Lanjutan Lampiran 9
Fund Longevity(Reksa Dana Saham) Tahun 2012-2014
No
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
Reksadana Saham
REKSA DANA MANDIRI INVESTA
ATRAKTIF
MANULIFE SAHAM ANDALAN
Manulife Dana Saham
MANULIFE INSTITUTIONAL EQUITY
FUND
REKSA DANA PRATAMA EQUITY
REKSADANA DANA PRATAMA
EKUITAS
PRATAMA SAHAM
PROSPERA BIJAK
RHB OSK ALPHA SECTOR
ROTATION
SAM INDONESIAN EQUITY FUND
REKSA DANA SCHRODER DANA
PRESTASI
Schroder Dana Prestasi Plus
REKSA DANA SCHRODER DANA
ISTIMEWA
REKSA DANA SIMAS DANAMAS
SAHAM
SYAILENDRA EQUITY
OPPORTUNITY FUND
REKSA DANA TRIM KAPITAL PLUS
TRAM CONSUMPTION PLUS
Tahun 2012
(Bulan)
Fund Longevity
Tahun 2013 Tahun 2014
(Bulan)
(Bulan)
91
103
115
65
114
77
126
89
138
19
31
43
107
119
131
107
119
131
81
19
93
31
105
43
29
41
53
16
28
40
188
200
212
28
40
52
97
109
121
64
76
88
68
80
92
57
21
69
33
81
45
Universitas Sumatera Utara
Lampiran 10
Daftar Tabel Hasil Pengujian
Tabel 4.1
Statistik Deskriptif dari Kinerja Reksa Dana, Stocks Selection Skills, Market
Timing Ability, Fund Size. Dan Fund Longevity
KINERJA STOCKSELECTION MARKETTIMING
SIZE LONGEVITY
Mean
0.210314
0.000887
1.327473 26.73856
95.39583
Median
0.123002
-0.001443
0.601157 26.76079
82.00000
Maximum
0.887471
0.097541
26.67694 29.85923
222.0000
Minimum
-0.331091
-0.032223
-30.26429 23.91677
16.00000
Std. Dev.
0.334662
0.017806
6.002843 1.609399
55.16526
Observations
144
144
144
144
144
Sumber: Hasil Olahan Eviews 7 (2016)
Tabel 4.2
Data nilai Kinerja, Stocks Selection Skills, Market Timing Ability, Fund Size,
dan Fund Longevity Reksa danaBNP Paribas Infrastruktur Plus
dan Prospera Bijak
Market
Timing
Ability
0.736883
3.121068
Size
Longevity
0.213300
-0.108053
Stock
Selection
Skills
0.001060
-0.012805
27.98763
28.49597
70
82
0.887471 (max)
0.017170
1.857113
29.65821
94
-0.331091 (min)
2012
2013
-0.291489
2014
0.854886
Sumber: Data Diolah (2016)
-0.029556
-0.031229
0.023306
-0.030977
8.950033
-1.004789
25.83140
25.50612
25.89621
19
31
43
Nama
Reksa dana
BNP
Paribas
Infrastruktur
Plus
Tahun
Kinerja
2012
2013
2014
Prospera
Bijak
Tabel 4.3 Hasil Uji Hausman
Correlated Random Effects - Hausman Test
Pool: DATAPANELTIA
Test cross-section random effects
Test Summary
Cross-section random
Sumber : Hasil Olahan Eviews 7 (2016)
Chi-Sq. Statistic
Chi-Sq. d.f.
Prob.
40.277506
4
0.0000
Universitas Sumatera Utara
Lanjutan Lampiran 10
Tabel 4.4Hasil Uji Chow
Redundant Fixed Effects Tests
Pool: DATAPANELTIA
Test cross-section fixed effects
Effects Test
Statistic
Cross-section F
Cross-section Chi-square
Sumber : Hasil Olahan Eviews 7 (2016)
1.287450
72.783719
d.f.
Prob.
(47,92)
47
0.1509
0.0093
Tabel 4.5
Pengujian Regresi Berganda Model Data Panel
Dependent Variable: KINERJA
Method: Panel Least Squares
Date: 04/07/16 Time: 09:29
Sample: 2012 2014
Periods included: 3
Cross-sections included: 48
Total panel (balanced) observations: 144
Variable
Coefficient
Std. Error
t-Statistic
Prob.
C
STOCKSELECTION
MARKETTIMING
SIZE
LONGEVITY
0.023734
23.34497
0.031722
0.004273
9.97E-05
0.212143
1.100575
0.003268
0.007901
0.000230
0.111876
21.21161
9.706421
0.540799
0.432860
0.9111
0.0000
0.0000
0.5895
0.6658
R-squared
0.803761
Adjusted R-squared
0.798114
S.E. of regression
0.150370
Sum squared resid
3.142932
Log likelihood
71.04818
F-statistic
142.3299
Prob(F-statistic)
0.000000
Sumber : Hasil Olahan Eviews 7 (2016)
Mean dependent var
S.D. dependent var
Akaike info criterion
Schwarz criterion
Hannan-Quinn criter.
Durbin-Watson stat
0.210314
0.334662
-0.917336
-0.814217
-0.875434
1.011522
Tabel 4.6Penghitungan � Tabel
Derajat Bebas
Tingkat Signifikansi
140
0,05
139
0,05
138
0,05
137
0,05
Sumber: Hasil Olahan Microsoft Excel (2016)
t – Tabel
1.977054
1.977178
1.977304
1.977431
Universitas Sumatera Utara