PENGARUH KEMAMPUAN MANAJER INVESTASI TERHADAP KINERJA REKSA DANA PENDAPATAN TETAP DI INDONESIA
Authors: Alifa Putri Riska , Ferli Ossi 
Published: March 2024

Â Â Â Â Â Â Â Â Â Â Â Â Perubahan mendasar terjadi dalam perekonomian global yang tidak stabil sehingga dapat mempengaruhi kondisi perekonomian Indonesia. Permasalahan ekonomi Indonesia, diketahui tren pembelian Reksa dana pendapatan tetap karena terjadinya penurunan BI-7DRR, kemudian inflasi menurun hingga menyentuh angka di bawah dua persen, akan tetapi Reksa dana pendapatan tetap dapat menguat dengan persentase nilai aktiva bersih cukup tinggi. Tujuan penelitian ini untuk menganalisis pengaruh variabel makro ekonomi dan kemampuan manajer investasi terhadap kinerja reksa dana pendapatan tetap. Penelitian ini menggunakan metode purposive sampling dengan jumlah sampel 13 Reksa dana pendapatan tetap dengan kriteria reksa dana tipe konvensional, aktif selama periode penelitian januari 2016 sampai desember 2020, dan denominasi USD. Menggunakan model regresi data panel dengan melakukan uji asumsi klasik, uji goodness of fit, dan uji hipotesis. Hasil penelitian menunjukkan bahwa variabel makro ekonomi seperti inflasi, BI-7DRR, dan kurs memiliki pengaruh terhadap kinerja reksa dana pendapatan tetap, namun Market Timing Ability tidak memiliki pengaruh terhadap kinerja reksa dana pendapatan tetap. Jika manajer investasi memperhatikan tingkat inflasi, BI-7DRR, dan kurs pada saat memberikan perkiraan return dan investor memperhatikan variabel makro ekonomi tersebut maka diharapkan dapat mencegah kerugian analisis portofolio return yang diharapkan.Kata Kunci: Reksa Dana, Inflasi, Kurs, Securities Selection Skill, Market Timing AbilityÂ Â Â Â Â Â Â Â Â Â Â Â Fundamentals has changes that occur on the unstable global economy that can affect the condition of Indonesiaâ€™s Economy. Indonesiaâ€™s economy problems are known to trend in purchasing fixed income mutual funds due to the decline of the BI-7DRR, then Inflation has decreases to below two percents, however fixed income mutual funds got strengthen with a fairly high percentages of net asset value. The purpose of this study to analyze the effect of macroeconomics variables and investment managers skills on the fixed income mutual funds performance. This research uses purposive sampling method with total sample of 13 fixed income mutual funds with the criteria of conventional type mutual funds, active during the research period January 2016 to December 2020, and denominated in USD. Using panel data regression model by classic assumption test, goodness of fit test, and hypothesis testing The results show that macroeconomic variables such as inflation, BI-7DRR, and the exchange rate have an influence on the performance of fixed income mutual funds, but Market Timing Ability has no effect on the performance of fixed income mutual funds. If the investment manager pays attention to the inflation rate, BI-7DRR, and the exchange rate when providing return estimates and the investors pay attention to these macroeconomic variables, it is expected to prevent losses in portfolio analysis and losses in the expected return.Keywords:Â Mutual Funds, Inflation, Exchange Rate, Securities Selection Skill, and Market Timing Ability