Judul: Analisis Risiko dan Optimasi Kinerja Portofolio Investasi Dana Pensiun Pertamina.
Abstrak: Pengelolaan investasi perusahaan dana pensiun dilakukan dengan tujuan menghasilkan return optimal sesuai dengan peraturan perundang-undangan dan investment policy perusahaan agar terciptanya Good Pensiun Fund Governance (GPFG) serta Risk Management. Penelitian ini bertujuan untuk : (1) Mengevaluasi kinerja portofolio investasi Dana Pensiun Pertamina, (2) Menganalisis pengaruh return instrumen investasi terhadap return portofolio investasi, (3) Menganalisis komposisi alokasi portofolio investasi optimal dengan batasan alokasi investasi serta mengestimasi kebutuhan dana untuk mitigasi risiko. Data yang digunakan adalah data sekunder. Metode analisis yang digunakan adalah Single Index Model, Analisis Regresi Linier Berganda, serta Analisis Value at Risk (VaR). Berdasarkan Analisis Single Index Model, portofolio optimal terdiri atas 14.96% deposito, 16.84% saham, 21.33% obligasi, 22.25% Surat Berharga Negara (SBN), 17.53% sukuk, 1.57% penempatan langsung, serta 5.53% tanah dan bangunan. Return dan risiko dari portofolio optimal sebesar 5.52% dan 0.015. Hasil Analisis Value at Risk (VaR), probabilitas kerugian maksimal yang akan terjadi sebesar Rp 184 983 079 820.
Keyword: dana pensiun, portofolio investasi, portofolio optimal, return, risiko

Judul: Analysis of Investment PortfolioPerformance Optimization (Case Study of PT Freeport Indonesia Pension Fund)
Abstrak: The development of pension funds through investment in Indonesia is regulated in the constitution and one of the ways to obtain optimal investment returns is to form a portfolio. The Markowitz model helps investors determine which investment assets are includes in the optimal portfolio. Strategies to minimize risk and maximize return are very important. The types of assets that will be optimized in this research are Savings at Banks, On-Call Deposits, Time Deposits, Certificates of Bank Indonesia, GovernmentBonds, Stocks,Corporation Bonds, Fixed Income Mutual Funds and Stock Mutual Funds at PT Freeport Indonesia Pension Fund(DPFI) period 2007-2020 using the single index model (SIM), capital asset pricing model (CAPM) and tangency portfolio. The most optimal performance is shown by the tangency portfolio method by maximizing the value of tan-�and the calculation results showthat 4 out of 9 investment assets, namely bank savings, on-call deposits, stocks andcorporate bonds, are includes in the optimal portfolio with a portfolio return of92.62% higher 56% of historical DPFI and portfolio risk 1,5842 an increases of 140% from historical DPFI as well as proposed changes in asset allocation dominantly in stocks by 40% and three investment assets, namely savings in banks, on-call deposits and corporationbonds with a weight of 20% each . Furthermore, stock investment assets wereoptimized using the tangency portfolio method and obtained 24.02% return that 8.92% higher than DPFI's historical return and 0.37729 risk that 14.17% greater than DPFI's historical risk by optimizing 8 of 34 stock issuers and proposed changes evenly allocated 12.5%,namely UNVR or an increases of 9.24%, AALI or an increase of 3.17%, TINS or an increase of 11.87%, MEDC or an increase of 12.13%, PGAS or an increase of 10.94%, BBNI or an increase of 10.10%, UNSP or an increase of 10.33% and ISAT or an increaseof 9.73%.
Keyword: PTFI Pension Fund, SIM, CAPM, Tangency portfolio, Portfolio Optimization

Judul: Xylooligosaccharide production of corncobs as prebiotic candidate by high temperature heating and enzymatic hydrolysis.
Abstrak: Corncob waste is a rich xylan source that can be utilized as raw material for xylooligosaccharides (XOS) production. XOS is a potential prebiotic and has high economic value. Two corn varieties i.e. Bisi and Pioneer were first analyzed for its hemicellulose, cellulose and lignin contents and xylan yield to choose the corn variety to be studied. Process technology for XOS production was studied using available equipment such as oven. Xylooligosaccharide (XOS) from corncob was produced in two stages i.e. xylan extraction by heating at high temperatures in oven or autoclave as comparison, followed by enzymatic hydrolysis. Analysis of two corncob varieties showed that Pioneer variety contained higher hemicellulose content (34.98%) and xylan yield (18.32%) than Bisi variety (12.28% and 10.22%, respectively), therefore Pioneer variety was chosen as raw material for XOS production. Corncob particles were soaked in dilute acid (1 g/l H2SO4) for 12 h at 60 oC, filtered and washed with tap water and then heated in oven or autoclave. Before oven heating, The corncobs were added with water at various ratios (1:1 – 1:5) and then heated in oven at various temperature (130 oC, 140 oC, 150 oC for 0.5 h) and autoclave at 121oC for 0.5, 1, 1.5 and 2 h with one and two heating cycles. During heating, the total sugar and reducing sugar were increase, while the degree of polymerization was decrease. The results showed that heating in oven to extract the xylan was affected by the ratios of corncobs and aquadest and heating temperatures. Oven heating (130-150 oC) with optimum ratio of corncobs and aquadest (1:3) successfully increased the xylan content from 3.98% up to 18.21 – 19.46% while repeated heating cycle (two cycles) did not affect the xylan content. Heating the corncobs with aquadest (at the ratio of 1:3) in oven at 130 oC for 0.5 h produced 18.98% xylan and enzymatic conversion of the xylan by xylanase significantly increased the XOS content from 19.60% up to 44.06%. Heating the corncobs in autoclave (121 oC, 0.5 h) followed by enzymatic conversion produced higher XOS content (65.67%). The corncob XOS could stimulate the growth of Lactobacillus plantarum kik and Bifidobacterium longum ATCC 15707 by 1.2 until 1.7 unit log, indicating the prebiotic properties. Cookies prebiotic produced by addition of 5% (based on wheat flour) had higher hardness texture (1256 gf) than control without XOS (1067 gf).
Keyword: