Judul: Impact of Macroeconomic Factors on The Performance of Capital Protected Fund: Empirical Evidence of Indonesia During The Period of COVID-19
Abstrak: Investasi dan pasar modal tidak dapat dipisahkan dan memiliki pengaruh yang kuat terhadap perekonomian baik secara individu, dunia usaha, maupun nasional. Salah satu jenis reksa dana di Indonesia yang banyak diminati investor adalah reksa dana terproteksi. Dalam berinvestasi reksa dana, investor perlu mengetahui beberapa hal yang dapat mempengaruhi kinerja reksa dana, terutama dalam masa pandemi COVID-19 dimana terjadi penurunan tingkat perekonomian termasuk reksa dana. Penelitian ini bertujuan untuk mengetahui kinerja reksa dana terproteksi dibandingkan dengan kinerja pasar dan reksa dana lainnya pada periode 2016-2021. Selain itu, menganalisis pengaruh faktor makroekonomi terhadap kinerja reksa dana terproteksi sebelum dan selama pandemi COVID-19. Sumber data yang digunakan untuk menghitung kinerja reksa dana dalam penelitian ini adalah data sekunder. Data ini berupa laporan bulanan Nilai Aktiva Bersih (NAB) reksa dana terproteksi, saham, pendapatan tetap, dan pasar uang di Indonesia yang diperoleh dari publikasi Otoritas Jasa Keuangan. Ada tiga metode pengukuran kinerja reksa dana yang digunakan dalam penelitian ini, yaitu metode Sharpe, Treynor, dan Jensen. Analisis yang digunakan untuk mengolah data dalam penelitian ini menggunakan metode deskriptif dan regresi linier berganda. Hasil dari penelitian ini adalah kinerja reksa dana terproteksi pada masa sebelum pandemi COVID-19 dengan nilai perhitungan Sharpe 0,669 adalah lebih baik terhadap kinerja pasar dan terhadap reksa dana pasar uang serta saham. Namun pada periode saat pendemi COVID-19, kinerja reksa dana terproteksi mengalami penurunan. Kinerja reksa dana terproteksi dengan nilai Sharpe adalah -0,225 menempati urutan terakhir dibandingkan reksa dana lainnya, yaitu dibawah kinerja reksa dana pendapatan tetap, pasar uang, dan saham. Faktor makroekonomi yang menunjukkan pengaruh signifikan terhadap kinerja reksa dana terproteksi pada periode saat pandemi COVID-19 adalah IHSG, suku bunga Bank Indonesia, dan jumlah uang beredar. Saran kepada investor untuk lebih selektif memilih produk reksa dana sebagai tempat berinvestasi. Salah satu pertimbangan penting bahwa investor lebih fokus pada faktor yang berpengaruh signifikan, antara lain: IHSG, BI rate, dan jumlah uang beredar., Investment and the capital market are inseparable and have a strong influence on the economy both individually, in the business world, and nationally. One of the types of mutual funds in Indonesia that is in great demand by investors is Capital Protected Funds. In investing in mutual funds, investors need to know several things that can affect the performance of mutual funds, especially during the COVID-19 pandemic which has had a bad effect on the economy and also mutual funds. This study aims to know the performance of Capital Protected Funds compared to market and other mutual funds in the 2016-2021 period. Then to analyze the influence of macroeconomic factors on the performance of Capital Protected Funds before and during the COVID-19 pandemic. The source of data used to calculate the performance of mutual funds in this study is secondary data. This data is in the form of a monthly report Net Asset Value (NAV) of Capital Protected, Equity, Fixed Income, and Money Market Funds in Indonesia obtained from the publications of the Indonesian Financial Services Authority. There are three methods of measuring the performance of mutual funds used in this study: Sharpe, Treynor, and Jensen methods. The analysis used to process the
Keyword: Reksa Dana Terproteksi, Sharpe, Jensen, Treynor, COVID-19

Judul: Analisis Kinerja Reksa Dana Saham dan Reksa Dana Indeks pada Pasar Modal Indonesia
Abstrak: ABSTRAK FILYA RAHMADANI. Analisis Kinerja Reksa Dana Saham dan Reksa Dana Indeks pada Pasar Modal Indonesia. Dibimbing oleh WITA JUWITA ERMAWATI. Penurunan Indeks Harga Saham Indonesia (IHSG) dapat mempengaruhi kondisi pasar modal Indonesia. Investor yang berinvestasi pada reksa dana akan mengalami penurunan nilai yang sama. Investor dapat meminimalisir kerugian dengan mengukur tingkat return dan risiko. Return dihitung menggunakan Nilai Aktiva Bersih (NAB) dan risiko menggunakan metode Value at Risk (VAR). Kinerja reksa dana diukur menggunakan metode Risk Adjusted of Performances seperti Sharpe Ratio, Treynor Ratio, Jensen Ratio, M-Squared, dan Information Ratio. Investor dapat mengukur kinerja reksa dana yang melebihi (outperform) atau kurang (underperform) dari kinerja pasarnya sebagai tolak ukur (benchmark). Penelitian ini bertujuan untuk membandingkan kinerja reksa dana saham dan reksa dana indeks terhadap benchmarknya untuk keputusan investasi pada masa sebelum dan saat pandemi Covid-19. Metode pengambilan sampel menggunakan purposive sampling. Hasil yang diperoleh umumnya return dan risiko yang dihasilkan oleh reksa dana saham lebih tinggi daripada reksa dana indeks. Perhitungan kinerja reksa dana dengan lima metode berdiferensiasi. Pada tahun 2018 dan 2019 rata-rata kinerja reksa dana saham bersifat outperform. Pada tahun 2020, tidak ada reksa dana saham maupun indeks yang bekerja secara outperform. Kata kunci: Kinerja, Outperform, Return, Risiko, Underperform, ABSTRACT FILYA RAHMADANI. Performance Analysis of Equity Funds and Index Funds in the Indonesian Capital Market. Supervised by WITA JUWITA ERMAWATI. The reduction in the Indonesian Stock Price Index (IHSG) could affect the condition of the Indonesian capital market. Investors who invest in mutual funds can be impact. To minimize losses, investors can measure the level of return and risk. Return is calculated using the Net Asset Value (NAV) and risk using the Value at Risk (VAR) method. Mutual fund performance is measured using the Risk Adjusted of Performance method such as Sharpe, Treynor, Jensen, M-Squared, and Information Ratio. Than, Investors could measure outperforms or underperforms mutual funds their benchmark. This study aims to compare the performance of equity funds and index mutual funds to their benchmarks for investment decisions before and during the Covid-19 pandemic. The sampling method used purposive sampling. The results obtained are generally the return and risk generated by equity mutual funds higher than index mutual funds. The result of performance index and equity mutual funds are different. In 2018 and 2019 the average equity fund performance was outperform. In 2020, no equity or index mutual fund was outperform. Keywords: Outperform, Performance, Return, Risk, Underperform
Keyword: Index Funds, Equity Funds, Performances

Judul: Hamiltonian formulation for linear waves motion in two layers fluid
Abstrak: The surface wave could be considered as a wave that separates two fluids, namely water and air. Based on this assumption, it is introduced the interfacial wave, a wave between two layers of fluid with different density. The formulation of interfacial waves motion begins with deriving the base equation of irrotational ideal fluid. Furthermore, according to irrotational fluid assumption, the base equation can be stated in velocity potential. In this derivation, the fluids domain is assumed to be restricted by rigid lid boundary conditions, both at the upper and lower limit. Therefore, the interfacial waves motion can be explained in a hamiltonian formulation. In the hamiltonian formulation, total energy is defined as the sum of kinetic and potential energy. The hamiltonian system is obtained from reduction of kinetic energy by using the Dirichlet Neumann Operator. The resulted kinetic energy equation is nonlinear. Therefore, this form is linearized by first part of the Taylor expansion. This linearization gives a dispersion relation of linear wave. Based on this dispersion relation, the phase speed of the linear wave depends on the density ratio of the two layers fluid.
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