Analisis Pengaruh Stock Selection Skills, Market Timing Ability, Fund Size, dan Fund Longevity terhadap Kinerja Reksa Dana Saham di Indonesia

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Lampiran 1

DaftarSampel yang Digunakan

No Reksadana Saham Manajer Investasi Nama Bank Kustodian

1 Panin Dana Maksima

2 PANIN DANA PRIMA

3 Reksa Dana AXA Citradinamis

4 REKSA DANA ABERDEEN INDONESIA EQUITY FUND

5 BNI Reksadana Berkembang

6 BNP PARIBAS STAR

7 REKSA DANA BNP PARIBAS INSFRASTRUKTUR PLUS

8 BNP PARIBAS EKUITAS

9 BNP PARIBAS PESONA

10 REKSA DANA BNP PARIBAS SOLARIS

11 REKSA DANA DANA EKUITAS PRIMA

12 BATAVIA DANA SAHAM OPTIMAL

13 BATAVIA DANA SAHAM

14 CIMB-PRINCIPAL EQUITY AGGRESSIVE

15 Rencana Cerdas

16 GROW-2-PROSPER

17 REKSA DANA DANAREKSA MAWAR KONSUMER 10

18 REKSA DANA DANAREKSA MAWAR FOKUS 10

19 Danareksa Mawar

20 REKSA DANA MAKINTA MANTAP

21 REKSA DANA MAKINTA GROWTH FUND

22 FS INDOEQUITY DIVIDEND YIELD FUND

23 REKSA DANA FIRST STATE INDOEQUITY PEKA FUND

24 FIRST STATE INDOEQUITY SECTORAL FUND

25 FIRST STATE INDOEQUITY VALUE SELECT FUND

26 MAYBANK GMT DANA

EKUITAS

(2)

Daftar Sampel yang Digunakan

No Reksadana Saham Manajer Investasi Nama Bank Kustodian

27

REKSA DANA

LAUTANDHANA EQUITY PROGRESIF

28 REKSA DANA MILLENIUM EQUITY

29 REKSA DANA MNC DANA EKUITAS

30 MANDIRI INVESTA UGM ENDOWMENT PLUS

31 MANDIRI INVESTA EKUITAS DINAMIS

32 REKSA DANA MANDIRI INVESTA ATRAKTIF

33 MANULIFE SAHAM ANDALAN

34 Manulife Dana Saham

35 MANULIFE INSTITUTIONAL EQUITY FUND

36 REKSA DANA PRATAMA EQUITY

37 REKSADANA DANA PRATAMA EKUITAS

38 PRATAMA SAHAM

39 PROSPERA BIJAK

40 RHB OSK ALPHA SECTOR ROTATION

41 SAM INDONESIAN EQUITY FUND

42 REKSA DANA SCHRODER DANA PRESTASI

43 Schroder Dana Prestasi Plus

44 REKSA DANA SCHRODER DANA ISTIMEWA

45 REKSA DANA SIMAS DANAMAS SAHAM

46 SYAILENDRA EQUITY

OPPORTUNITY FUND

47 REKSA DANA TRIM KAPITAL PLUS

48 TRAM CONSUMPTION PLUS

(3)

Lampiran 2

Data

BI Rate

Tahun 2012-2014

Tahun 2012

(Tanggal) BI Rate

12-Jan-12 6.00%

9-Feb-12 5.75%

8-Mar-12 5.75%

12-Apr-12 5.75%

10-May-12 5.75%

12-Jun-12 5.75%

12-Jul-12 5.75%

9-Aug-12 5.75%

13-Sep-12 5.75%

11-Oct-12 5.75%

8-Nov-12 5.75%

11-Dec-12 5.75%

10-Jan-13 5.75%

12-Feb-13 5.75%

7-Mar-13 5.75%

11-Apr-13 5.75%

14-May-13 5.75%

13-Jun-13 6.00%

11-Jul-13 6.50%

15-Aug-13 6.50%

12-Sep-13 7.25%

8-Oct-13 7.25%

12-Nov-13 7.50%

12-Dec-13 7.50%

9-Jan-14 7.50%

13-Feb-14 7.50%

13-Mar-14 7.50%

8-Apr-14 7.50%

8-May-14 7.50%

12-Jun-14 7.50%

10-Jul-14 7.50%

14-Aug-14 7.50%

11-Sep-14 7.50%

7-Oct-14 7.50%

13-Nov-14 7.50%

(4)

Data IHSG Tahun 2012-2014

Tanggal Close Price

30-Dec-11 3,821.99

31-Jan-12 3,941.69

29-Feb-12 3,985.21

30-Mar-12 4,121.55

30-Apr-12 4,180.73

31-May-12 3,832.82

29-Jun-12 3,955.58

31-Jul-12 4,142.34

31-Aug-12 4,060.33

28-Sep-12 4,262.56

31-Oct-12 4,350.29

30-Nov-12 4,276.14

28-Dec-12 4,316.69

31-Jan-13 4,453.70

28-Feb-13 4,795.79

28-Mar-13 4,940.99

30-Apr-13 5,034.07

31-May-13 5,068.63

28-Jun-13 4,818.90

31-Jul-13 4,610.38

30-Aug-13 4,195.09

30-Sep-13 4,316.18

31-Oct-13 4,510.63

29-Nov-13 4,256.44

30-Dec-13 4,274.18

30-Jan-14 4,418.76

28-Feb-14 4,620.22

28-Mar-14 4,768.28

30-Apr-14 4,840.15

30-May-14 4,893.91

30-Jun-14 4,878.58

25-Jul-14 5,088.80

29-Aug-14 5,136.86

30-Sep-14 5,137.58

31-Oct-14 5,089.55

28-Nov-14 5,149.89

(5)

Lampiran 4

Tanggal Efektif Reksa Dana Saham

No Nama Reksa Dana Tanggal Efektif

1 Panin Dana Maksima 27 Maret 1997

2 PANIN DANA PRIMA 19 Desember 2007

3 Reksa Dana AXA Citradinamis 29 Juli 1997

4 REKSA DANA ABERDEEN INDONESIA EQUITY FUND 14 Desember 2007

5 BNI Reksadana Berkembang 30 September 1996

6 BNP PARIBAS STAR 30 Maret 2011

7 REKSA DANA BNP PARIBAS INSFRASTRUKTUR PLUS 08 Maret 2007

8 BNP PARIBAS EKUITAS 16 Januari 2001

9 BNP PARIBAS PESONA 10 Oktober 1997

10 REKSA DANA BNP PARIBAS SOLARIS 08 April 2008

11 REKSA DANA DANA EKUITAS PRIMA 09 Februari 2006

12 BATAVIA DANA SAHAM OPTIMAL 09 Oktober 2006

13 BATAVIA DANA SAHAM 09 Desember 1996

14 CIMB-PRINCIPAL EQUITY AGGRESSIVE 17 Juni 2005

15 Rencana Cerdas 08 Juli 1999

16 GROW-2-PROSPER 22 Maret 2007

17 REKSA DANA DANAREKSA MAWAR KONSUMER 10 09 februari 2011

18 REKSA DANA DANAREKSA MAWAR FOKUS 10 22 Februari 2010

19 Danareksa Mawar 05 Juli 1996

20 REKSA DANA MAKINTA MANTAP 10 Agustus 2005

21 REKSA DANA MAKINTA GROWTH FUND 22 Februari 2008

22 FS INDOEQUITY DIVIDEND YIELD FUND 11 Agustus 2005

23 REKSA DANA FIRST STATE INDOEQUITY PEKA FUND 30 Oktober 2009

24 FIRST STATE INDOEQUITY SECTORAL FUND 24 Desember 2004

25 FIRST STATE INDOEQUITY VALUE SELECT FUND 29 Februari 2008

26 MAYBANK GMT DANA EKUITAS 17 April 2007

27 REKSA DANA LAUTANDHANA EQUITY PROGRESIF 23 Juni 2009

28 REKSA DANA MILLENIUM EQUITY 05 Maret 2008

29 REKSA DANA MNC DANA EKUITAS 10 Juni 2008

30 MANDIRI INVESTA UGM ENDOWMENT PLUS 04 Juni 2008

31 MANDIRI INVESTA EKUITAS DINAMIS 10 Maret 2011

No Nama Reksa Dana Tanggal Efektif

32 REKSA DANA MANDIRI INVESTA ATRAKTIF 10 Juni 2005

33 MANULIFE SAHAM ANDALAN 06 Agustus 2007

34 Manulife Dana Saham 16 Juli 2003

35 MANULIFE INSTITUTIONAL EQUITY FUND 15 Juni 2011

36 REKSA DANA PRATAMA EQUITY 12 Februari 2004

37 REKSADANA DANA PRATAMA EKUITAS 12 Februari 2004

38 PRATAMA SAHAM 25 April 2006

39 PROSPERA BIJAK 15 Juni 2011

40 RHB OSK ALPHA SECTOR ROTATION 40 Agustus 2010

41 SAM INDONESIAN EQUITY FUND 28 September 2011

42 REKSA DANA SCHRODER DANA PRESTASI 28 Mei 1997

43 Schroder Dana Prestasi Plus 12 September 2000

44 REKSA DANA SCHRODER DANA ISTIMEWA 21 Desember 2004

45 REKSA DANA SIMAS DANAMAS SAHAM 24 September 2007

46 SYAILENDRA EQUITY OPPORTUNITY FUND 31 Mei 2007

47 REKSA DANA TRIM KAPITAL PLUS 18 April 2008

(6)

KinerjaReksa Dana SahamTahun 2012-2014

No Reksadana Saham Kinerja Reksa Dana

Tahun 2012 Tahun 2013 Tahun 2014

1 Panin Dana Maksima 0.083837 -0.031001 0.490594

2 PANIN DANA PRIMA 0.138337 -0.000714 0.430317

3 Reksa Dana AXA Citradinamis 0.129962 -0.105958 0.757317

4 REKSA DANA ABERDEEN

INDONESIA EQUITY FUND -0.017273 -0.211259 0.645783

5 BNI Reksadana Berkembang 0.119058 -0.244290 0.735914

6 BNP PARIBAS STAR 0.176184 -0.187800 0.562262

7 REKSA DANA BNP PARIBAS

INSFRASTRUKTUR PLUS 0.213300 -0.108053 0.887471

8 BNP PARIBAS EKUITAS 0.103853 -0.151191 0.756137

9 BNP PARIBAS PESONA 0.125903 -0.151217 0.710477

SOLARIS 0.328470 -0.181736 0.622641

11 REKSA DANA DANA EKUITAS

PRIMA 0.214401 -0.141182 0.596424

12 BATAVIA DANA SAHAM OPTIMAL 0.174447 0.032779 0.551847

13 BATAVIA DANA SAHAM 0.052626 0.005289 0.587075

14 CIMB-PRINCIPAL EQUITY

AGGRESSIVE -0.018000 -0.161386 0.704020

15 Rencana Cerdas 0.023367 -0.204089 0.751294

16 GROW-2-PROSPER 0.032040 0.340445 0.195001

17 REKSA DANA DANAREKSA MAWAR

KONSUMER 10 0.413274 -0.160176 0.624124

FOKUS 10 0.185314 -0.206578 0.526627

19 Danareksa Mawar -0.003197 -0.105299 0.609458

20 REKSA DANA MAKINTA MANTAP 0.146588 -0.054449 0.121116

21 REKSA DANA MAKINTA GROWTH

FUND 0.073223 -0.125500 0.076912

22 FS INDOEQUITY DIVIDEND YIELD

FUND 0.124888 -0.157935 0.718753

23 REKSA DANA FIRST STATE

INDOEQUITY PEKA FUND 0.129875 -0.135167 0.609311

24 FIRST STATE INDOEQUITY

SECTORAL FUND 0.080503 -0.159499 0.602393

25 FIRST STATE INDOEQUITY VALUE

SELECT FUND 0.077623 -0.169832 0.506859

26 MAYBANK GMT DANA EKUITAS 0.114889 -0.084136 0.370117

27 REKSA DANA LAUTANDHANA

EQUITY PROGRESIF 0.160046 -0.023745 0.806935

28 REKSA DANA MILLENIUM EQUITY -0.010674 0.349640 0.031302

29 REKSA DANA MNC DANA EKUITAS 0.416310 -0.148515 0.419130

30 MANDIRI INVESTA UGM

ENDOWMENT PLUS -0.076403 -0.148429 0.728883

31 MANDIRI INVESTA EKUITAS

(7)

Lanjutan Lampiran 5

KinerjaReksa Dana SahamTahun 2012-2014

No Reksadana Saham Kinerja Reksa Dana

32 REKSA DANA MANDIRI INVESTA

ATRAKTIF 0.076479 -0.208734 0.724128

33 MANULIFE SAHAM ANDALAN 0.101434 -0.132071 0.645717

34 Manulife Dana Saham 0.146468 -0.160182 0.631489

35 MANULIFE INSTITUTIONAL EQUITY

FUND 0.137224 -0.123226 0.736459

36 REKSA DANA PRATAMA EQUITY -0.025857 0.185890 0.715116

37 REKSADANA DANA PRATAMA

EKUITAS -0.086137 0.109982 0.806193

38 PRATAMA SAHAM -0.024699 0.133010 0.638382

39 PROSPERA BIJAK -0.331091 -0.291489 0.854886

40 RHB OSK ALPHA SECTOR

ROTATION 0.300977 0.028132 0.826335

41 SAM INDONESIAN EQUITY FUND 0.532661 0.117747 0.760375

42 REKSA DANA SCHRODER DANA

PRESTASI 0.094461 -0.035205 0.697255

43 Schroder Dana Prestasi Plus -0.029169 -0.113390 0.713919

ISTIMEWA 0.066792 -0.068626 0.654480

45 REKSA DANA SIMAS DANAMAS

SAHAM -0.234283 -0.015442 0.746273

OPPORTUNITY FUND 0.417702 -0.182444 0.338466

47 REKSA DANA TRIM KAPITAL PLUS 0.212791 -0.250326 0.576925

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Stock Selection Skills

Reksa Dana SahamTahun 2012-2014

No Reksadana Saham Stock Selection Skills

1 Panin Dana Maksima 0.001745 0.010916 -0.005148

2 PANIN DANA PRIMA 0.003173 -0.020610 0.016927

3 Reksa Dana AXA Citradinamis -0.003517 -0.011091 0.011127

INDONESIA EQUITY FUND -0.009916 -0.016394 0.011535

5 BNI Reksadana Berkembang -0.002427 -0.031696 0.016816

6 BNP PARIBAS STAR -0.001265 -0.015225 0.013413

INSFRASTRUKTUR PLUS 0.001060 -0.012805 0.017170

8 BNP PARIBAS EKUITAS -0.001314 -0.015929 0.015342

9 BNP PARIBAS PESONA -0.000602 -0.017129 0.014239

SOLARIS 0.010038 -0.014771 0.016654

PRIMA 0.005003 -0.022704 0.022614

12 BATAVIA DANA SAHAM OPTIMAL 0.005885 -0.008671 0.015173

13 BATAVIA DANA SAHAM -0.004097 -0.004609 0.015695

AGGRESSIVE -0.006756 -0.016977 0.029488

15 Rencana Cerdas -0.011850 -0.024318 0.022049

16 GROW-2-PROSPER 0.006555 0.021846 -0.002135

KONSUMER 10 0.009530 -0.020303 0.014313

FOKUS 10 0.000011 -0.022758 0.018354

19 Danareksa Mawar -0.012027 -0.011759 0.010341

20 REKSA DANA MAKINTA MANTAP 0.013343 -0.016169 0.005189

FUND 0.005199 -0.024123 0.019543

FUND 0.005199 -0.014212 0.013205

INDOEQUITY PEKA FUND -0.002133 -0.015034 0.013073

SECTORAL FUND -0.003161 -0.013601 0.012654

SELECT FUND -0.004610 -0.015432 0.015631

26 MAYBANK GMT DANA EKUITAS -0.003128 -0.014444 0.010545

EQUITY PROGRESIF -0.002563 -0.018084 0.018080

28 REKSA DANA MILLENIUM EQUITY -0.008220 0.097541 -0.009189

29 REKSA DANA MNC DANA EKUITAS 0.009536 -0.009145 0.003520

ENDOWMENT PLUS -0.007393 -0.024323 0.018714

(9)

Lanjutan Lampiran 6

Stock Selection Skills

Reksa Dana SahamTahun 2012-2014

No Reksadana Saham Stock Selection Skills

ATRAKTIF -0.002478 -0.023656 0.012626

33 MANULIFE SAHAM ANDALAN -0.001571 -0.019229 0.013823

34 Manulife Dana Saham -0.000289 -0.013045 0.014243

FUND -0.000773 -0.020321 0.015336

36 REKSA DANA PRATAMA EQUITY -0.001737 -0.010985 0.029241

EKUITAS -0.006311 -0.009382 0.032198

38 PRATAMA SAHAM -0.001684 -0.008555 0.028485

39 PROSPERA BIJAK -0.029556 -0.031229 0.023306

ROTATION 0.001172 -0.010018 0.024998

41 SAM INDONESIAN EQUITY FUND 0.015486 -0.008357 0.030223

PRESTASI -0.002365 -0.009018 0.020966

43 Schroder Dana Prestasi Plus -0.007076 -0.012416 0.016986

ISTIMEWA -0.002711 -0.014829 0.020503

SAHAM -0.011458 -0.016508 0.020531

OPPORTUNITY FUND 0.009051 -0.031047 0.017001

47 REKSA DANA TRIM KAPITAL PLUS 0.009258 -0.028537 0.032504

(10)

Market Timing Ability

Reksa Dana Saham Tahun 2012-2014

No Reksadana Saham Market Timing Ability

1 Panin Dana Maksima -2.624711 -3.066832 26.676940

2 PANIN DANA PRIMA -2.174404 13.394385 -3.353263

3 Reksa Dana AXA Citradinamis 1.503638 2.441305 1.758216

INDONESIA EQUITY FUND 2.136494 2.744036 4.001776

5 BNI Reksadana Berkembang 0.620271 10.301416 -0.849841

6 BNP PARIBAS STAR 1.311869 3.098950 -1.437891

INSFRASTRUKTUR PLUS 0.736883 3.121068 1.857113

8 BNP PARIBAS EKUITAS -0.628652 4.118885 -0.126606

9 BNP PARIBAS PESONA -0.505419 4.738356 0.617383

SOLARIS -1.996786 3.515927 -1.269946

PRIMA -1.595933 9.042810 -2.980690

12 BATAVIA DANA SAHAM OPTIMAL -3.355359 6.471249 -0.180273

13 BATAVIA DANA SAHAM -0.221690 3.056187 -1.308067

AGGRESSIVE -0.088981 3.743682 -5.995046

15 Rencana Cerdas 3.857274 7.738368 -0.869526

16 GROW-2-PROSPER -7.379670 -4.885235 -2.231719

KONSUMER 10 -1.059733 6.652985 0.011072

FOKUS 10 0.854186 6.833006 -4.240753

19 Danareksa Mawar 3.880614 2.775510 0.971018

20 REKSA DANA MAKINTA MANTAP -8.343779 8.161458 -0.998754

FUND -5.709673 8.989944 -11.162779

FUND -5.709673 3.049519 1.753606

INDOEQUITY PEKA FUND 0.480478 3.982360 0.907538

SECTORAL FUND -0.014030 2.431333 0.593092

SELECT FUND 0.740761 3.015198 -1.963324

26 MAYBANK GMT DANA EKUITAS 0.948890 6.690642 -0.721622

EQUITY PROGRESIF 1.881068 11.269696 0.509891

28 REKSA DANA MILLENIUM EQUITY 1.781894 -30.264288 6.133593

29 REKSA DANA MNC DANA EKUITAS 1.590320 1.403507 2.365024

ENDOWMENT PLUS -1.625523 9.894091 -2.096294

(11)

Lanjutan Lampiran 7

Market Timing Ability

Reksa Dana Saham Tahun 2012-2014

No Reksadana Saham Market Timing Ability

ATRAKTIF -0.629647 7.318853 0.493295

33 MANULIFE SAHAM ANDALAN -0.445806 7.472019 0.497066

34 Manulife Dana Saham -0.108419 3.257535 -0.655989

FUND 0.004142 8.247786 0.609222

36 REKSA DANA PRATAMA EQUITY -4.226693 17.819372 -3.077559

EKUITAS -3.103159 11.238085 -2.947843

38 PRATAMA SAHAM -4.508973 12.655091 -2.587888

39 PROSPERA BIJAK -0.030977 8.950033 -1.004789

ROTATION 3.305252 7.493866 -1.459162

41 SAM INDONESIAN EQUITY FUND 2.025385 10.418428 -6.639444

PRESTASI -0.045889 4.718966 -3.020539

43 Schroder Dana Prestasi Plus -0.290448 3.272421 -1.578970

ISTIMEWA -0.532842 7.393607 -3.430627

SAHAM -5.089454 10.129654 -2.139429

OPPORTUNITY FUND 0.658484 11.657084 -5.064366

47 REKSA DANA TRIM KAPITAL PLUS -3.883186 8.810877 -8.432672

(12)

Fund Size(

Reksa Dana Saham)Tahun 2012-2014

No Reksadana Saham Fund Size

1 Panin Dana Maksima 29.16455 29.44204 29.51868

2 PANIN DANA PRIMA 27.54254 28.34641 28.18017

3 Reksa Dana AXA Citradinamis 25.21391 25.79331 25.74859

INDONESIA EQUITY FUND 24.75599 24.07378 24.12260

5 BNI Reksadana Berkembang 24.38015 24.35419 24.59130

6 BNP PARIBAS STAR 28.72448 28.22494 27.39414

INSFRASTRUKTUR PLUS 27.98763 28.49597 29.65821

8 BNP PARIBAS EKUITAS 29.39520 29.30397 29.13234

9 BNP PARIBAS PESONA 28.19826 28.03280 28.10560

SOLARIS 29.06325 28.86705 28.14626

PRIMA 27.08636 27.47585 26.53970

12 BATAVIA DANA SAHAM OPTIMAL 26.13845 26.75299 27.62604

13 BATAVIA DANA SAHAM 26.40228 27.43036 27.73936

AGGRESSIVE 24.48761 24.49568 25.34389

15 Rencana Cerdas 25.33484 24.96105 25.27734

16 GROW-2-PROSPER 23.94726 25.67509 25.22234

KONSUMER 10 27.63946 28.51819 28.05955

FOKUS 10 26.19961 26.17542 26.28932

19 Danareksa Mawar 26.08804 25.44142 25.46851

20 REKSA DANA MAKINTA MANTAP 24.57510 24.50301 24.43884

FUND 24.20136 24.06295 24.00616

FUND 25.35584 26.65326 27.03277

INDOEQUITY PEKA FUND 27.61073 27.23494 27.43454

SECTORAL FUND 28.46774 28.19533 28.02024

SELECT FUND 25.09520 25.30613 25.47066

26 MAYBANK GMT DANA EKUITAS 25.03139 25.02161 24.95620

EQUITY PROGRESIF 25.15922 25.17460 24.13212

28 REKSA DANA MILLENIUM EQUITY 25.46285 26.24303 26.18185

29 REKSA DANA MNC DANA EKUITAS 27.58041 27.38182 26.76635

ENDOWMENT PLUS 24.86651 25.09604 26.76727

(13)

Lanjutan Lampiran 8

Fund Size

(Reksa Dana Saham)Tahun 2012-2014

No Reksadana Saham Fund Size

ATRAKTIF 26.93642 26.68223 27.10895

33 MANULIFE SAHAM ANDALAN 28.00566 28.22184 28.53405

34 Manulife Dana Saham 28.78996 28.53282 28.53138

FUND 26.27037 27.00503 27.12529

36 REKSA DANA PRATAMA EQUITY 23.91677 24.12605 24.81693

EKUITAS 24.60308 24.45347 25.74648

38 PRATAMA SAHAM 26.82835 26.64091 27.15587

39 PROSPERA BIJAK 25.83140 25.50612 25.89621

ROTATION 25.08136 25.61151 26.85584

41 SAM INDONESIAN EQUITY FUND 26.10426 27.87143 27.87280

PRESTASI 27.70614 28.71952 29.07132

43 Schroder Dana Prestasi Plus 29.80786 29.76802 29.85923

ISTIMEWA 28.78912 28.73222 28.64230

SAHAM 25.79382 26.75641 26.69306

OPPORTUNITY FUND 28.25877 28.24297 28.11579

47 REKSA DANA TRIM KAPITAL PLUS 27.18988 26.76516 26.45945

(14)

Fund Longevity (

Reksa Dana Saham) Tahun 2012-2014

No Reksadana Saham

Fund Longevity Tahun 2012

(Bulan)

Tahun 2013 (Bulan)

Tahun 2014 (Bulan)

1 Panin Dana Maksima 190 202 214

2 PANIN DANA PRIMA 60 72 84

3 Reksa Dana AXA Citradinamis 186 198 210

INDONESIA EQUITY FUND 60 72 84

5 BNI Reksadana Berkembang 196 208 220

6 BNP PARIBAS STAR 22 34 46

INSFRASTRUKTUR PLUS 70 82 94

8 BNP PARIBAS EKUITAS 144 156 168

9 BNP PARIBAS PESONA 183 195 207

SOLARIS 57 69 81

PRIMA 83 95 107

12 BATAVIA DANA SAHAM OPTIMAL 75 87 99

13 BATAVIA DANA SAHAM 193 205 217

AGGRESSIVE 91 103 115

15 Rencana Cerdas 162 174 186

16 GROW-2-PROSPER 70 82 94

KONSUMER 10 23 35 47

FOKUS 10 35 47 59

19 Danareksa Mawar 198 210 222

20 REKSA DANA MAKINTA MANTAP 89 101 113

FUND 59 71 83

FUND 89 101 113

INDOEQUITY PEKA FUND 39 51 63

SECTORAL FUND 97 109 121

SELECT FUND 59 71 83

26 MAYBANK GMT DANA EKUITAS 69 81 93

EQUITY PROGRESIF 43 55 67

28 REKSA DANA MILLENIUM EQUITY 58 70 82

29 REKSA DANA MNC DANA EKUITAS 55 67 79

ENDOWMENT PLUS 55 67 79

(15)

Lanjutan Lampiran 9

Fund Longevity

(Reksa Dana Saham) Tahun 2012-2014

No Reksadana Saham

Fund Longevity Tahun 2012

(Bulan)

Tahun 2013 (Bulan)

Tahun 2014 (Bulan)

ATRAKTIF 91 103 115

33 MANULIFE SAHAM ANDALAN 65 77 89

34 Manulife Dana Saham 114 126 138

FUND 19 31 43

36 REKSA DANA PRATAMA EQUITY 107 119 131

EKUITAS 107 119 131

38 PRATAMA SAHAM 81 93 105

39 PROSPERA BIJAK 19 31 43

ROTATION 29 41 53

41 SAM INDONESIAN EQUITY FUND 16 28 40

PRESTASI 188 200 212

43 Schroder Dana Prestasi Plus 28 40 52

ISTIMEWA 97 109 121

SAHAM 64 76 88

OPPORTUNITY FUND 68 80 92

47 REKSA DANA TRIM KAPITAL PLUS 57 69 81

(16)

Daftar Tabel Hasil Pengujian

Tabel 4.1

Statistik Deskriptif dari Kinerja Reksa Dana,

Stocks Selection Skills, Market

Timing Ability, Fund Size.

Dan

Fund Longevity

KINERJA STOCKSELECTION MARKETTIMING SIZE LONGEVITY

Mean 0.210314 0.000887 1.327473 26.73856 95.39583

Median 0.123002 -0.001443 0.601157 26.76079 82.00000

Maximum 0.887471 0.097541 26.67694 29.85923 222.0000

Minimum -0.331091 -0.032223 -30.26429 23.91677 16.00000

Std. Dev. 0.334662 0.017806 6.002843 1.609399 55.16526

Observations 144 144 144 144 144

Sumber: Hasil Olahan Eviews 7 (2016)

Tabel 4.2

Data nilai Kinerja,

Stocks Selection Skills, Market Timing Ability, Fund Size,

dan

Fund Longevity

Reksa danaBNP Paribas Infrastruktur Plus

dan Prospera Bijak

Nama

Reksa dana Tahun Kinerja

Stock Selection

Skills

Market Timing Ability

Size Longevity

BNP Paribas Infrastruktur

Plus

2012 0.213300 0.001060 0.736883 27.98763 70

2013 -0.108053 -0.012805 3.121068 28.49597 82

2014 0.887471 (max) 0.017170 1.857113 29.65821 94

Prospera Bijak

2012 -0.331091 (min) -0.029556 -0.030977 25.83140 19

2013 -0.291489 -0.031229 8.950033 25.50612 31

2014 0.854886 0.023306 -1.004789 25.89621 43

Sumber: Data Diolah (2016)

Tabel 4.3 Hasil Uji Hausman

Correlated Random Effects - Hausman Test Pool: DATAPANELTIA

Test cross-section random effects

Test Summary Chi-Sq. Statistic Chi-Sq. d.f. Prob.

Cross-section random 40.277506 4 0.0000

(17)

Lanjutan Lampiran 10

Tabel 4.4Hasil Uji Chow

Redundant Fixed Effects Tests Pool: DATAPANELTIA Test cross-section fixed effects

Effects Test Statistic d.f. Prob.

Cross-section F 1.287450 (47,92) 0.1509

Cross-section Chi-square 72.783719 47 0.0093

Sumber : Hasil Olahan Eviews 7 (2016)

Tabel 4.5

Pengujian Regresi Berganda Model Data Panel

Dependent Variable: KINERJA Method: Panel Least Squares Date: 04/07/16 Time: 09:29 Sample: 2012 2014

Periods included: 3

Cross-sections included: 48

Total panel (balanced) observations: 144

Variable Coefficient Std. Error t-Statistic Prob.

C 0.023734 0.212143 0.111876 0.9111

STOCKSELECTION 23.34497 1.100575 21.21161 0.0000

MARKETTIMING 0.031722 0.003268 9.706421 0.0000

SIZE 0.004273 0.007901 0.540799 0.5895

LONGEVITY 9.97E-05 0.000230 0.432860 0.6658

R-squared 0.803761 Mean dependent var 0.210314

Adjusted R-squared 0.798114 S.D. dependent var 0.334662

S.E. of regression 0.150370 Akaike info criterion -0.917336

Sum squared resid 3.142932 Schwarz criterion -0.814217

Log likelihood 71.04818 Hannan-Quinn criter. -0.875434

F-statistic 142.3299 Durbin-Watson stat 1.011522

Prob(F-statistic) 0.000000

Sumber : Hasil Olahan Eviews 7 (2016)

Tabel 4.6Penghitungan

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Tabel

Derajat Bebas Tingkat Signifikansi t – Tabel

140 0,05 1.977054

139 0,05 1.977178

138 0,05 1.977304

137 0,05 1.977431