WILL THE WINNER STILL BE THE WINNER? A STUDY OF EQUITY MUTUAL FUND PERFORMANCE IN INDONESIA

In this study, we explore the consistency of Indonesian Rupiah (IDR) – denominated equity mutual funds offered in Indonesia from 2007 to 2017 from various holding periods, namely one year, three years, and five years. Two questions are addressed. Will the winning mutual funds be the winner in the following period? Is the performance of a longer period more persistent than that of the shorter period? Using the nominal return from these eleven years, we find that the equity mutual funds in Indonesia earn no stable performance. The winner will not always be the winner in the following observed period. In addition, no evidence is found that long-term performance would result in a better persistence than that of the shorter time frame.

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ANALISIS UMUR REKSADANA, EXPENSE RATIO DAN KINERJA REKSADANA SAHAM DI PERUSAHAAN MANDIRI INVESTASI PERIODE 2014-2019

JEMBATAN (Jurnal Ekonomi, Manajemen, Bisnis, Auditing, dan Akuntansi) ◽

10.54077/jembatan.v6i1.54 ◽

2021 ◽

Vol 6 (1) ◽

pp. 1-12

Author(s):

Muhammad Helmi ◽

Jumali Jumali

Keyword(s):

Mutual Funds ◽

Mutual Fund ◽

Fund Performance ◽

Mutual Fund Performance ◽

Expense Ratio ◽

Equity Mutual Funds ◽

Asset Value ◽

Net Asset Value ◽

Equity Funds ◽

One Year

Mutual funds are investment facilities that are used to raise funds from the investor community for further investment in securities portfolios by investment managers, and subsequently invested in stocks, bonds, time deposits, money market, and so on. Mutual fund performance is influenced by the determining factors of whether a mutual fund performs well or poorly, the mutual fund performance factor, namely the first is the age / age of the mutual fund (Fund Age), the second is the comparison between operating costs in one year and the average net asset value in one year (Expense Ratio) and the third is Net Asset Value (NAV). The formulation of the problems in this research are (1) How is the development of the age of equity funds in Mandiri Investasi for the 2014-2019 period? (2) How is the development of the stock mutual fund expense ratio at the Mandiri Investasi period of 2014-2019? net assets (NAV) of equity mutual funds performance at Mandiri Investasi for the 2014-2019 period. This study aims to determine the development of mutual funds age, expense ratio and net asset value (NAV) of the performance of Mandiri Investa Attractive (MITRA) equity funds in Mandiri Investasi for the period 2014-2019. The objects examined in this study are variables in the form of mutual funds age, expense ratio, and mutual fund performance (NAV). Methods of data analysis in this study using descriptive analysis methods. The results of the research conducted were the age development of Mandiri Investa Attraktf (MITRA) equity funds at the Mandiri Investasi company, which experienced an increase in age in 2014-2019. Expense ratio development in 2014-2019 has decreased. And in the development of equity mutual funds performance, namely the net asset value (NAV) in 2014-2019 experienced fluctuations.

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Long-term Performance of Nanoparticle Incorporated Eco-friendly Concrete in Natural Seawater Environment

10.21203/rs.3.rs-937084/v1 ◽

2021 ◽

Author(s):

John Philip ◽

Manu Harilal ◽

Anandkumar Balakrishnan ◽

Rani Pongachira George ◽

Shaju Kattukaran Albert

Keyword(s):

Order Reduction ◽

Chloride Content ◽

Total Biomass ◽

Natural Seawater ◽

Free Chloride ◽

Lower Chloride ◽

One Year ◽

Long Term Performance ◽

Term Performance

Abstract The use of blended concrete has widely gained industrial importance owing to the CO2 gas emissions and carbon footprint resulting from the production of ordinary Portland cement (OPC). Despite the advancements, the deterioration of concrete structures raises a significant threat to their long term durability and service life in aggressive conditions. In this work, the long-term antifouling, strength and durability properties of a blended eco-friendly concrete with OPC, fly ash, nanoparticles, and corrosion inhibitor is evaluated in natural seawater for one year. The biofouling attachment, total viability count (TVC), mechanical strength, alkalinity and free chloride contents were measured and the results were compared with OPC concrete. A four-order reduction in the total biomass and total bacterial density is observed on the surface of the blended concrete. Further, a significantly lower chloride and water penetration depth, free chloride content, compact and smooth surface morphology devoid of cracks and high C-S-H content are observed in blended concrete, compared to the OPC concrete, after exposure in seawater for one year. From the results, it is seen that the blended concrete mix is promising for applications in seawater environments because of its superior biofouling resistance, mechanical properties and durability.

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Do Mutual Funds Perform When It Matters Most to Investors? US Mutual Fund Performance and Risk in Recessions and Expansions

Quarterly Journal of Finance ◽

10.1142/s2010139211000146 ◽

2011 ◽

Vol 01 (03) ◽

pp. 607-664 ◽

Cited By ~ 89

Author(s):

Robert Kosowski

Keyword(s):

Mutual Funds ◽

Mutual Fund ◽

Regime Switching ◽

Factor Model ◽

Marginal Utility ◽

Value Added ◽

Fund Performance ◽

Fund Managers ◽

Switching Performance ◽

Equity Mutual Funds

This paper shows that the stylized fact of average mutual fund underperformance documented in the literature stems from expansion periods when funds have statistically significant negative risk-adjusted performance and not recession periods when risk-adjusted fund performance is positive. These results imply that traditional unconditional performance measures understate the value added by active mutual fund managers in recessions, when investors' marginal utility of wealth is high. The risk-adjusted performance (or alpha) difference between recession and expansion periods is statistically and economically significant at 3% to 5% per year. Our findings are based on a novel multi-variate conditional regime-switching performance methodology used to carry out one of the most comprehensive examinations of the performance of US domestic equity mutual funds in recessions and expansions from 1962 to 2005. The findings are robust to the choice of the factor model (including bond and liquidity factor extensions), the use of NBER business cycle dates, fund load, turnover, expenses and percentage of equity holdings.

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A new network DEA model for mutual fund performance appraisal: An application to U.S. equity mutual funds

Omega ◽

10.1016/j.omega.2017.06.006 ◽

2018 ◽

Vol 77 ◽

pp. 168-179 ◽

Cited By ~ 27

Author(s):

Don U.A. Galagedera ◽

Israfil Roshdi ◽

Hirofumi Fukuyama ◽

Joe Zhu

Keyword(s):

Performance Appraisal ◽

Mutual Funds ◽

Mutual Fund ◽

Fund Performance ◽

Mutual Fund Performance ◽

Network Dea ◽

Dea Model ◽

Equity Mutual Funds

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Comprehensive Performance Evaluation of Multiscale Transportation Strategies: Large Metropolitan Planning Organization Methodology

Transportation Research Record Journal of the Transportation Research Board ◽

10.3141/1858-18 ◽

2003 ◽

Vol 1858 (1) ◽

pp. 124-132 ◽

Cited By ~ 1

Author(s):

Brian J. Fineman ◽

Anthony J. DeJohn ◽

Keith E. Miller ◽

Lois M. Goldman

Keyword(s):

Long Range ◽

Time Frame ◽

Decision Makers ◽

The North ◽

Metropolitan Planning ◽

Wide Range ◽

Long Term Performance ◽

Term Performance ◽

Transportation Plan

Innovative structuring of the decision-making process has allowed a large metropolitan planning organization, the North Jersey Transportation Planning Authority (NJTPA), to face the challenge of cooperatively developing a long-range transportation investment agenda in a complex and diverse region. The wide range of applicable geographic scales is a problem when exploring alternative strategies in such a region, so a single, multiscaled, technically based planning analysis was designed and conducted to unify decision makers around a comprehensive set of performance goals and the estimated potential effects of all reasonable actions. The analysis, built within an accelerated 10-month time frame under federal scrutiny, relied on participation by elected officials, planners, engineers, and regional stakeholders. It produced a full regionwide identification of long-term performance needs and an exhaustive assessment and prioritization of location-specific strategies. NJTPA applied this prioritization to select strategies to update its long-range transportation plan and to develop specific immediate guidance for implementation agencies.

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Long-Term Performance Analysis Using TRNSYS Software of Hybrid Systems with PV-T

Energies ◽

10.3390/en14216921 ◽

2021 ◽

Vol 14 (21) ◽

pp. 6921

Author(s):

Sebastian Pater

Keyword(s):

Energy Production ◽

Electric Energy ◽

Electrical Energy ◽

Climatic Conditions ◽

One Year ◽

Systems Simulation ◽

Long Term Performance ◽

Term Performance ◽

The Impact

A hybrid photovoltaic-thermal collector (PV-T) with the capability to produce thermal energy and electrical energy simultaneously has attracted the attention of researchers, especially in terms of improving PV-T performance. This study analyses the work of four model installations with PV-T and other devices built in the transient systems simulation program. The novelty of this article lies in a long-term approach to the operation of PV-T panels under selected climatic conditions. Influence of the installation’s configuration on the obtained temperatures of solar cells, and, in consequence, on electric power generated by PV-T and the amount of heat produced during one year in a selected location is presented. Among others, the impact of the temperature coefficient of photovoltaic cells for long-term PV-T operation was analyzed in the paper. The results showed that the type of cell used may decrease the yearly electric energy production from PV-T even by 7%. On the other hand, intensification of the process of heat reception from PV-T using a heat pump increased this production by 6% in relation to the base model. The obtained research results indicate possible methods for improving the effectiveness of PV-T operation in a long-term aspect.

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Manager Tenure - Real Estate Mutual Fund (REMF) Versus Equity Mutual Fund Performance

Journal of Business & Economics Research (JBER) ◽

10.19030/jber.v11i1.7519 ◽

2012 ◽

Vol 11 (1) ◽

pp. 17

Author(s):

James L. Kuhle

Keyword(s):

Real Estate ◽

Mutual Funds ◽

Mutual Fund ◽

Fund Performance ◽

Font Size ◽

Mutual Fund Managers ◽

Fund Managers ◽

Equity Mutual Funds ◽

Overall Performance ◽

Real Estate Assets

Historically, mixed evidence has been reported suggesting that mutual fund managers exhibit superior returns based on the length of their tenure. Further, the result of tenure performance for real estate mutual fund managers has been reported with mixed results. Therefore, it is the purpose of this research to consider the effect of management tenure on the overall performance of various classes of equity mutual funds, including those funds that invest exclusively in real estate assets. These results are studied over periods of three, five, and ten-year manager tenure to determine if there is significantly better performance among various tenure groups.

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Regime-Switching Determinants of Mutual Fund Performance in South Africa

Economies ◽

10.3390/economies9040161 ◽

2021 ◽

Vol 9 (4) ◽

pp. 161

Author(s):

Richard Apau ◽

Peter Moores-Pitt ◽

Paul-Francois Muzindutsi

Keyword(s):

Mutual Funds ◽

Mutual Fund ◽

Regime Switching ◽

Fund Performance ◽

Market Conditions ◽

Fund Managers ◽

Fund Flow ◽

Equity Mutual Funds ◽

Systemic Factors ◽

Fund Size

This study assesses the effect of fund-level and systemic factors on the performance of mutual funds in the context of changing market conditions. A Markov regime-switching model is used to analyze the performance of 33 South African equity mutual funds from 2006 to 2019. From the results, fund flow and fund size exert more predictive influences on performance in the bearish state of the market than in the bullish state. Fund age, fund risk, and market risk were found to be the most significant factors driving the performance of active portfolios under time-varying conditions of the market. These variables exert more influence on fund performance under bearish conditions than under bullish conditions, emphasizing the flight-to-liquidity assets phenomenon and risk-aversion behavior of fund contributors during unstable conditions of the market. Consequently, fund managers need to maintain adequate asset bases while implementing policies that minimize dispersions in fund returns to engender persistence in performance. This study provides novel perspectives on how the determinants of fund performance change with market conditions as portrayed by the adaptive market hypothesis (AMH).

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Long-Term Performance of Buybacks in India

Global Business Review ◽

10.1177/0972150918794737 ◽

2018 ◽

Vol 19 (6) ◽

pp. 1554-1566 ◽

Cited By ~ 1

Author(s):

Jayanta Kumar Seal ◽

Jasbir Singh Matharu

Keyword(s):

Event Study ◽

Stock Exchange ◽

Study Methodology ◽

Using Data ◽

One Year ◽

Long Term Performance ◽

Term Performance ◽

Event Study Methodology

This study tries to find out the post-announcement performance of the buyback firms over the long term in India using data from the Bombay Stock Exchange (BSE). We have chosen the event study methodology and compared the performance for a one-year, a three-year, and a five-year period. The benchmarks chosen are the Sensex, the BSE 500, the size matched firms and the size and industry matched firms. The findings of the study show overperformance by buyback firms when compared to the Sensex and the BSE 500 but no conclusion can be drawn when compared to the size matched firms and size and industry matched firms.

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Determinant of Islamic Mutual Fund Performance: A Comparative Study Between Indonesia and Malaysia

Equilibrium Jurnal Ekonomi Syariah ◽

10.21043/equilibrium.v9i1.10231 ◽

2021 ◽

Vol 9 (1) ◽

pp. 83

Author(s):

Mohammad Nur Rianto Al Arif ◽

Aulia Saifullah

Keyword(s):

Mutual Funds ◽

Mutual Fund ◽

Secondary Data ◽

Fund Performance ◽

Mutual Fund Performance ◽

Past Performance ◽

Equity Mutual Funds ◽

Panel Data Regression ◽

Significant Difference ◽

Equity Funds

This study aims to analyze determinant performance of Islamic equity funds and compare the performance of Indonesian Islamic equity funds with Malaysian Islamic equity funds period 2017-2019. Factors that are thought to affect the performance of mutual funds are past performance and inflation. Mutual fund performance itself is measured using the Sharpe Index. This study uses secondary data and the sample is taken using purposive sampling. Methods of data analysis using Panel Data Regression. This study indicates that simultaneously the variables Past Performance and Inflation affect the performance of Islamic equity mutual funds in Indonesia and Malaysia.Furthermore, it partially shows that Past Performance harms the performance of Islamic equity funds, while inflation positively affects the performance of Islamic equity funds. In addition, this study also shows that there is a significant difference between the performance of Indonesian and Malaysian Islamic equity funds. Malaysian Islamic equity funds were superior to Indonesian Islamic equity funds in 2017-2019.

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