REKSA DANA

Anggota Kelompok :

1. Ainur Rohmah (21200073)

2. Audina Nur
ANALISIS KEMAMPUAN STOCK SELECTION DAN MARKET
TIMING MANAJER INVESTASI PADA REKSA DANA SAHAM
DI INDONESIA
Penulis : Michael Vincentius Panjaitan

Nama : Ainur Rohmah

NPM : 21200073
Kelas : Manajemen 02
 Rumusan Masalah

Menganalisis kemampuan pemilihan saham dan market timing oleh manajer

investasi pada reksadana saham di Indonesia serta menguji apakah kemampuan
tersebut memengaruhi kinerja dana ekuitas
 Kerangka Pemikiran

Stock Selection Skill (X1)

Kinerja Reksa Dana (Y)

Market Timing (X2)

 Metode Penelitian
 Ruang Lingkup Penelitian : Metode penelitian yang digunakan dalam jurnal tersebut adalah metode deskriptif dan
hipotesis.
 Data Penelitian : Penelitian ini menggunakan data laporan keuangan yang telah diaudit dan harga saham perusahaan
terkait.
 Populasi : Populasi dalam jurnal tersebut adalah seluruh produk reksadana saham yang terdaftar di BAPEPAM selama
periode 1 Juni 2009 sampai dengan 31 Mei 2012.
 Sampel : Sampel yang digunakan dalam penelitian tersebut adalah 51 dana ekuitas yang terdaftar di Bursa Efek
Indonesia BAPEPAM-LK selama periode 2009-2012.
 Alat Analisa : Dalam penelitian tersebut, alat analisis yang digunakan meliputi:
- Pengujian stock selection skill dengan metode Jensen alpha.
- Pengujian Treynor-Mazuy untuk mengetahui market timing ability.
- Penggunaan model CAPM untuk mengukur kinerja reksadana saham.
- Uji F dan R-square untuk melihat kecocokan model.
- Uji asumsi multikolinearitas.
- Uji asumsi autokorelasi.
- Metode Newey West HAC untuk mengatasi masalah autokorelasi dan heterokesdastisitas
 Kesimpulan
1. Manajer investasi reksadana saham di Indonesia cenderung tidak memiliki kemampuan yang baik
dalam stock selection skill dan market timing ability.
2. Mayoritas manajer investasi tidak mampu memilih saham yang undervalued atau mengubah
portofolio secara optimal sesuai dengan tren pasar.
3. Kemampuan stock selection dan market timing hanya memiliki pengaruh kecil terhadap kinerja
reksadana saham.
4. Model CAPM digunakan dalam penelitian, namun terdapat faktor lain seperti kapitalisasi saham,
market to book ratio, dan momentum yang juga dapat mempengaruhi kinerja reksadana saham.
5. Rekomendasi untuk penelitian selanjutnya adalah menggunakan periode pengamatan yang lebih
panjang, memasukkan variabel lain seperti Fama Model dan Carhart Model, serta memperhatikan
resiko dan tujuan investasi saat memilih instrumen investasi
● Far far away, behind the word mountains, far from the
countries Vokalia and Consonantia, there live the blind
texts.
● Separated they live in Bookmarks Grove right at the coast of
the Semantics, a large language ocean. A small river named
Duden flows by their place and supplies it with the necessary
regelialia.
● It is a paradisematic country, in which roasted parts of
sentences fly into your mouth.
 Work with your partner.
AGENDA
● Far far away, behind the word mountains, far from the
countries Vokalia and Consonantia, there live the blind
texts.
● Separated they live in Bookmarks Grove right at the coast of
the Semantics, a large language ocean. A small river named
Duden flows by their place and supplies it with the necessary
regelialia.
● It is a paradisematic country, in which roasted parts of
REMINDERS
sentences fly into your mouth. This is a Reminder! Don’t forget to
smile everyday!
 Work in Silence.
AGENDA
● Far far away, behind the word mountains, far from the
countries Vokalia and Consonantia, there live the blind
texts.
● Separated they live in Bookmarks Grove right at the coast of
the Semantics, a large language ocean. A small river named
Duden flows by their place and supplies it with the necessary
regelialia.
● It is a paradisematic country, in which roasted parts of
REMINDERS
sentences fly into your mouth. This is a Reminder! Don’t forget to
smile everyday!
 Work in Groups.
AGENDA
● Far far away, behind the word mountains, far from the
countries Vokalia and Consonantia, there live the blind
texts.
● Separated they live in Bookmarks Grove right at the coast of
the Semantics, a large language ocean. A small river named
Duden flows by their place and supplies it with the necessary
regelialia.
● It is a paradisematic country, in which roasted parts of
REMINDERS
sentences fly into your mouth. This is a Reminder! Don’t forget to
smile everyday!
 What did you like the most?
AGENDA
● Far far away, behind the word mountains, far from the
countries Vokalia and Consonantia, there live the blind
texts.
● Separated they live in Bookmarks Grove right at the coast of
the Semantics, a large language ocean. A small river named
Duden flows by their place and supplies it with the necessary
regelialia.
● It is a paradisematic country, in which roasted parts of
REMINDERS
sentences fly into your mouth. This is a Reminder! Don’t forget to
smile everyday!
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