CHAPTER V
CONCLUSION
5.1. Conclusions
The objectives of this research are to assess the attractiveness and efficiency of Indonesian managed funds and to underline outperformed and underperformed Indonesian managed funds after global economic recovery where markets and investments have already passed the “redemption era” after the global economic crisis. Thus, based on the previous chapter’s data collection and analysis, we can draw following statements of conclusion:
1. Indonesian managed funds averagely performed below than their weighted benchmark return as seen by their lower average of expected return. However, selecting best performers of these funds can be still profitable, even compared to the weighted benchmark return where the top 10 performers based on the covariance can generate 9.16%.annually. Among the top best performers, Kresna Flexima shines by generating 15.3% annually after the global economic recovery. Table 4.4. also presents the importance of syariah managed funds that generate 6.3% of return, compared to 4.45% of conservative managed funds, even though conservative managed funds’ covariance is better.
Dana Kombinasi stand out from others by significantly improve their covariance from such predicament and they are even among top 10 performers of Indonesian managed funds.
3. Equity Prima, Aberdeen Dana Handal, BNP Paribas Equitra, Cipta Dinamika, and Schroder Dana Kombinasi are those which are the closest to zero (random) influence from the systematic risk with all respective values less than 0.09. Overall, from only 2 among 50 funds which have invalid βj, we can see that Indonesian managed funds are positively influenced by the market. However, the market influence is still inelastic to the managed funds. Thus, this signifies that Indonesian managed funds are safely composed without exaggerating effect from the financial market.
4. There are only 16 Indonesian managed funds that are able to overcome the weighted benchmark return, risk-free rate asset, total risk, systematick risk, or the CAPM betha at the same time with 9.62% annualized expected return and the top performers based on merely covariance cannot measure this. Even more, 3 of them are syariah managed funds. Thus, the 16 managed funds from Table 4.9. are important, even though their covariances are not the best.
6. VaR and CVaR are among the sophisticated evaluation tool that take the skewness and kurtosis into account for investors to realize the maximum possible loss that can be suffered in a period of time that is realistically affect investors’ emotion as emphasized by Chen and Lin (2006). With different angle of perspective, Indonesian managed funds investors have to be ready for maximum possible loss up to 1.2% (VaR) and 9.5% (CVaR).
5.2. Research Limitations and Suggestions
This research has limitations due to several predicaments. Thus, several suggestions are also given for future research:
1. The inavailability of Indonesian managed funds’ transaction cost. As suggested by Chen and Lin (2006), providing transaction cost information is necessary to describe more variables that directly affect investors’ choice of investment. Subsciption and redemption costs are some examples of transaction costs that are going to so meaningful to be applied in DEA model.
2. STABLE program software. The expensive STABLE program software is also suggested by Chen and Lin (2006) to conduct the DEA fully. There are three advantages of having the STABLE program: (1) Standardizing the VaR and CVaR variables to include the number of skewness and kurtosis directly, (2) Conduct the DEA at weighted-standardized more than 1 runs, applicable to the types of variables, and (3) Overcoming the negative outputs in models by applying Translation Invariance Property.
3. For future researches, the author suggests several things concerning the topics that are:
combine them at the same time. Compared to OSDEA-GUI’s ability, well known international journals are still about CCR and BCC approach.
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