Analisis Pengaruh Fund Longevity, Fund Cash Flow, dan Fund Size terhadap Kinerja Reksa Dana (Studi Kasus: Reksa Dana Saham yang Terdaftar di BAPEPAM Periode Tahun 2011-2014)

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Lampiran

1 Populasi Penelitian dan Kriteria Pemilihan Sampel

16. Corfina Grow-2-Prosper Rotasi Strategis −  17. Reksa Dana Bnp Paribas Insfrastruktur Plus   7 18. First State Indoequity High Conviction Fund −  19. First State Indoequity Opportunities Fund –

Usd −

31. Majoris Saham Alokasi Dinamik Indonesia − 

32. Mandiri Asa Sejahtera − −

33. Mandiri Investa Ekuitas Dinamis − 

34. Batavia Dana Saham Optimal   12

35. Batavia Dana Saham   13

36. Manulife Greater Indonesia Fund − 

37. Manulife Institutional Equity Fund − 

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47. Nikko Saham Pembangunan Indonesia − −

69. Reksadana Eastspring Investments Value

Discovery −



70. Reksadana Hpam Ultima Ekuitas  −

71. Reksadana Indosurya Equity Fund − −

72. Reksadana Mandiri Saham Atraktif − −

73. Reksadana Millenium Dynamic Equity Fund − 

74. Reksadana Pratama Dana Investasi Saham − 

75. Reksadana Pratama Dana Prima Saham − 

84. Reksa Dana Batavia Enhanced Equity

Strategy − 

85. Reksa Dana Bni-Am Dana Saham Inspiring

Equity Fund −



86. Fs Indoequity Dividend Yield Fund   22

87. Reksa Dana First State Indoequity Peka Fund   23 88. Reksa Dana Cimb-Principal Indo Domestic

Equity Fund −



89. Reksa Dana Cimb-Principal Smart Equity

Fund −



90. Reksa Dana Cipta Alpha Equity − 

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92. Reksa Dana Cipta Gemilang Equity − 

99. Reksa Dana Danareksa Mawar Rotasi Sektor

Strategis −

107. _{Reksadana Lautandhana Equity}  −

108. Reksa Dana Lautandhana Equity Plus − 

109. Reksa Dana Lautandhana Equity Progresif   27

110. Reksa Dana Lautandhana Growth Fund − 

111. Reksa Dana Lautandhana Saham Inti − 

112. Reksa Dana Lautandhana Saham Lestari −

113. Reksa Dana Lautandhana Saham Likuid − 

114. Reksa Dana Lautandhana Saham Mahadi −

115. Reksa Dana Lautandhana Saham Prima − 

116. Reksa Dana Lautandhana Value Fund −  123. Reksa Dana Mandiri Investa Equity Dynamo

Factor −



124. Reksa Dana Mandiri Investa Equity

Movement −



125. Reksa Dana Mandiri Saham Dinamis −

126. Reksa Dana Manulife Dana Saham Utama − 

127. Reksa Dana Manulife Saham Strategi

Unggulan −



128. Reksa Dana Mega Dana Capital Growth − 

129. Reksa Dana Millenium Berkembang − 

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139. Reksa Dana Pacific Equity Optimum Fund −  140. Reksa Dana Pacific Equity Progresif Fund − 

141. Reksa Dana Pacific Saham Syariah − 

142. Reksa Dana Panin Dana Teladan − 

143. Reksa Dana Penyertaan Terbatas Syailendra

Equity Growth Fund − −

144. Reksa Dana Phillip Equity − 

145. Reksa Dana Pnm Saham Unggulan − 

146. Reksa Dana Pratama Dana Atraktif Saham − 

147. Reksa Dana Pratama Dana Gemilang Saham − 

148. Reksa Dana Pratama Equity  −

149. Reksa Dana Premier Ekuitas − 

150. Reksa Dana Prospera Dana Berkembang − 

151. Reksa Dana Quant Investa Saham − 

152. Reksa Dana Rhb Equity Opportunity Fund − 

153. Reksa Dana Saham Eastspring Investments

Alpha Navigator −

158. Reksa Dana Schroder Dana Prestasi Prima − 

159. Reksa Dana Schroder Indo Equity Fund  −

166. Reksa Dana Sucorinvest Saham Dinamis − 

167. Reksa Dana Syailendra Dana Ekuitas

Sejahtera −



168. Reksa Dana Syailendra Market Leader Fund − 

169. Reksa Dana Trimegah Bhakti Bangsa − 

177. Schroder Dana Prestasi Dinamis − 

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187. Tram Infrastructure Plus − 

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Lampiran 2 Rincian Sampel yang digunakan

No. Reksa Dana Saham Kode

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. Reksadana Dana Ekuitas Andalan

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 Schroder 90 Plus Equity Fund 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

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28. Reksa Dana Millenium Equity

29. Reksa Dana Mnc Dana Ekuitas

30. Mandiri Investa Ugm Endowment Plus

31. Reksa Dana Mandiri Investa Atraktif

32. Manulife Saham Andalan

33. Manulife Dana Saham

34. Reksadana Dana Pratama Ekuitas

35. Rhb Alpha Sector Rotation

36. Reksa Dana Schroder Dana Prestasi

37. Schroder Dana Prestasi Plus

38. Reksa Dana Schroder Dana Istimewa

39. Reksa Dana Simas Danamas Saham

40. Syailendra Equity Opportunity Fund

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Lampiran 4 Tanggal Efektif Reksa Dana Saham

No. Reksa Dana Saham 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. Reksadana Dana Ekuitas Andalan 30 November 2005 7. Reksa Dana BNP Paribas Insfrastruktur Plus 8 Maret 2007

8. BNP Paribas Ekuitas 16 Januari 2001

9. BNP Paribas Pesona 10 Oktober 1997

10. Reksa Dana BNP Paribas Solaris 8 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 8 Juli 1999

16. Grow-2-Prosper 22 Maret 2007

17. Reksa Dana Schroder 90 Plus Equity Fund 1 April 2010 18. Reksa Dana Danareksa Mawar Fokus 10 22 Feb 2010

19. Danareksa Mawar 5 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

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28. Reksa Dana Millenium Equity 5 Maret 2008 29. Reksa Dana Mnc Dana Ekuitas 10 Juni 2008 30. Mandiri Investa Ugm Endowment Plus 4 Juni 2008 31. Reksa Dana Mandiri Investa Atraktif 10 Juni 2005

32. Manulife Saham Andalan 6 Agustus 2007

33. Manulife Dana Saham 16 Juli 2003

34. Reksadana Dana Pratama Ekuitas 12 February 2004 35. Rhb Alpha Sector Rotation 9 Agustus 2010 36. Reksa Dana Schroder Dana Prestasi

28 Mei 1997 37. Schroder Dana Prestasi Plus 12 September 2000 38. Reksa Dana Schroder Dana Istimewa 21 Desember 2004 39. Reksa Dana Simas Danamas Saham 24 September 2007 40. Syailendra Equity Opportunity Fund

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Lampiran 5 Kinerja Reksa Dana Saham Tahun 2011 – 2014

No Reksa Dana Saham Kinerja Reksa Dana

2011 2012 2013 2014

1. Panin Dana Maksima 0.064700 0.083837 -0.038267 0.444092 2. Panin Dana Prima 0.033158 0.138337 -0.006894 0.380820 3. Reksa Dana AXA

Citradinamis -0.105822 0.129962 -0.116949 0.681923 4. Reksa Dana Aberdeen

Indonesia Equity Fund -0.115580 -0.017273 -0.222291 0.591731 5. BNI Reksadana Berkembang -0.124495 0.119058 -0.252329 0.669038 6. Reksadana Dana Ekuitas

Andalan -0.112135 0.048794 -0.134006 0.689304

7. Reksa Dana BNP Paribas

Insfrastruktur Plus -0.156499 0.213300 -0.118497 0.822504 8. BNP Paribas Ekuitas -0.055698 0.103853 -0.161641 0.686254 9. BNP Paribas Pesona -0.035270 0.125903 -0.161412 0.644869 10. Reksa Dana BNP Paribas

Solaris -0.110863 0.328470 -0.191351 0.561550

11. Reksa Dana Dana Ekuitas

Prima -0.071899 0.214401 -0.149897 0.549145

12. Batavia Dana Saham Optimal -0.076099 0.174447 0.023046 0.502105 13. Batavia Dana Saham -0.096744 0.052626 -0.005225 0.530921 14. Cimb-Principal Equity

Aggressive -0.091234 -0.018000 -0.169748 0.655153 15. Rencana Cerdas -0.047041 0.023367 -0.213760 0.697724 16. Grow-2-Prosper -0.137755 0.032040 0.327922 -0.248853 17. Reksa Dana Schroder 90 Plus

Equity Fund -0.008025 0.045944 -0.099342 0.589227 18. Reksa Dana Danareksa Mawar

Fokus 10 -0.322630 0.185314 -0.215735 0.466571

19. Danareksa Mawar -0.001803 -0.003197 -0.115976 0.538099 20. Reksa Dana Makinta Mantap 0.194922 0.146588 -0.064029 0.076507 21. Reksa Dana Makinta Growth

Fund 0.060725 0.073223 -0.133434 0.042768

22. Fs Indoequity Dividend Yield

Fund -0.029333 0.124888 -0.169011 0.656160

23. Reksa Dana First State

Indoequity Peka Fund 0.020061 0.129875 -0.145902 0.550618 24. First State Indoequity Sectoral

Fund -0.008315 0.080503 -0.170875 0.541226

25. First State Indoequity Value

Select Fund 0.010498 0.077623 -0.180658 0.449697 26. Maybank Gmt Dana Ekuitas -0.031663 0.114889 -0.094050 0.313392 27. Reksa Dana Lautandhana

Equity Progresif 0.061307 0.160046 -0.032236 0.746907 28. Reksa Dana Millenium Equity 0.081533 -0.010674 0.345723 -0.029980 29. Reksa Dana Mnc Dana

Ekuitas -0.016039 0.416310 -0.160726 0.336739

30. Mandiri Investa Ugm

Endowment Plus -0.142733 -0.076403 -0.155718 0.661388 31. Reksa Dana Mandiri Investa

Atraktif -0.101719 0.076479 -0.217381 0.649411

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33. Manulife Dana Saham -0.101888 0.146468 -0.171837 0.563815 34. Reksadana Dana Pratama

Ekuitas -0.160465 -0.086137 0.102260 0.765325

35. Rhb Alpha Sector Rotation -0.315345 0.300977 0.018063 0.774755 36. Reksa Dana Schroder Dana

Prestasi 0.031503 0.094461 -0.045871 0.637404

37. Schroder Dana Prestasi Plus -0.035968 -0.029169 -0.124251 0.646114 38. Reksa Dana Schroder Dana

Istimewa 0.016088 0.066792 -0.078500 0.594591

39. Reksa Dana Simas Danamas

Saham -0.173866 -0.234283 -0.022955 0.685985

40. Syailendra Equity Opportunity

Fund -0.043568 0.417702 -0.191468 0.291137

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Lampiran 6 Fund Longevity (Reksa Dana Saham) Tahun 2011 – 2014

No Reksa Dana Saham Fund Longevity (Tahun)

2011 2012 2013 2014

14. Cimb-Principal Equity Aggressive 6.58 7.58 8.58 9.58

15. Rencana Cerdas 12.50 13.50 14.50 15.50

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Lampiran 7 Fund Cash Flow (Reksa Dana Saham) Tahun 2011 – 2014

No Reksa Dana Saham Fund Cash Flow

2011 2012 2013 2014

1. Panin Dana Maksima 0.059586 -0.00875 0.023886 -0.01217 2. Panin Dana Prima 0.031043 -0.01783 0.070252 -0.02723 3. Reksa Dana AXA Citradinamis -0.02693 0.036033 0.0574 -0.02172

4.

Reksa Dana Aberdeen Indonesia Equity

Fund -0.00249 -0.05873 -0.0482 -0.0163

5. BNI Reksadana Berkembang 0.012302 -0.00555 0.048674 -0.00068 6. Reksadana Dana Ekuitas Andalan 0.006849 -0.03099 -0.02552 0.113699

7.

Reksa Dana BNP Paribas Insfrastruktur

Plus -0.03108 0.00049 0.048028 0.078545

8. BNP Paribas Ekuitas -0.00618 -0.01692 -0.00329 -0.03225 9. BNP Paribas Pesona 0.023032 -0.02238 -0.00767 -0.013 10. Reksa Dana BNP Paribas Solaris 0.018974 0.107831 -0.00741 -0.07411 11. Reksa Dana Dana Ekuitas Prima 0.056881 0.028955 0.055149 -0.06611 12. Batavia Dana Saham Optimal 0.014414 0.100682 0.050993 0.059955 13. Batavia Dana Saham 0.106282 -0.02184 0.08989 0.008285 14. Cimb-Principal Equity Aggressive -0.01597 0.03809 0.010288 0.067465 15. Rencana Cerdas 0.014927 -0.01113 -0.02081 0.002 16. Grow-2-Prosper 0.009537 -0.03764 0.701314 -0.03535 17. Reksa Dana Schroder 90 Plus Equity Fund 0.064591 -0.06492 -0.00352 0.003869 18. Reksa Dana Danareksa Mawar Fokus 10 0.001766 -0.05219 0.011167 -0.00777 19. Danareksa Mawar 0.007666 -0.02134 -0.04705 -0.01346 20. Reksa Dana Makinta Mantap 0.007061 0.007534 -0.0069 -0.01315 21. Reksa Dana Makinta Growth Fund -0.01088 0.115404 -0.00542 -0.01102 22. Fs Indoequity Dividend Yield Fund -0.00442 0.052846 0.264478 0.016536

23.

Reksa Dana First State Indoequity Peka

Fund 0.178096 0.169747 -0.01914 -9.9E-05

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Lampiran 8 Fund Size (Reksa Dana Saham) Tahun 2011 – 2014

No Reksa Dana Saham Fund Size

2011 2012 2013 2014

1. Panin Dana Maksima 29.19078 29.16455 29.44204 29.51868 2. Panin Dana Prima 27.75735 27.54254 28.34641 28.18017 3. Reksa Dana AXA Citradinamis 24.75693 25.21391 25.79331 25.74859

4.

Reksa Dana Aberdeen Indonesia Equity

Fund 25.4616 24.75599 24.07378 24.1226

5. BNI Reksadana Berkembang 24.34486 24.38015 24.35419 24.5913 6. Reksadana Dana Ekuitas Andalan 27.59492 26.83817 26.41362 27.68912

7.

Reksa Dana BNP Paribas Insfrastruktur

Plus 27.89779 27.98763 28.49597 29.65821

8. BNP Paribas Ekuitas 29.52833 29.3952 29.30397 29.13234 9. BNP Paribas Pesona 28.43601 28.19826 28.0328 28.1056 10. Reksa Dana BNP Paribas Solaris 27.7308 29.06325 28.86705 28.14626 11. Reksa Dana Dana Ekuitas Prima 27.01165 27.08636 27.47585 26.5397 12. Batavia Dana Saham Optimal 25.4437 26.13845 26.75299 27.62604 13. Batavia Dana Saham 26.59909 26.40228 27.43036 27.73936 14. Cimb-Principal Equity Aggressive 24.06969 24.48761 24.49568 25.34389 15. Rencana Cerdas 25.41142 25.33484 24.96105 25.27734 16. Grow-2-Prosper 24.37067 23.94726 25.67509 25.22234 17. Reksa Dana Schroder 90 Plus Equity Fund 29.51678 28.7668 28.68474 28.95422 18. Reksa Dana Danareksa Mawar Fokus 10 26.73675 26.19961 26.17542 26.28932 19. Danareksa Mawar 26.29961 26.08804 25.44142 25.46851 20. Reksa Dana Makinta Mantap 24.46081 24.5751 24.50301 24.43884 21. Reksa Dana Makinta Growth Fund 23.97823 24.20136 24.06295 24.00616 22. Fs Indoequity Dividend Yield Fund 24.68942 25.35584 26.65326 27.03277

23.

Reksa Dana First State Indoequity Peka

Fund 25.83868 27.61073 27.23494 27.43454

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Lampiran 9 Daftar Tabel Hasil Pengujian

Tabel 4.1

Statistik Deskriptif dari Kinerja Reksa Dana, Fund Longevity, Fund Cash

Flow, dan Fund Size

Kinerja Fund Longevity Fund Cash Flow Fund Size

Mean 0.118158 8.451220 0.032662 26.71013 Median 0.027435 7.000000 -8.62E-08 26.74487 Maximum 0.822504 18.50000 1.789330 30.03688 Minimum -0.322630 1.416667 -0.074111 23.94726 Std. Dev. 0.290205 4.466835 0.158920 1.696539

Observations 164 164 164 164

Cross sections 41 41 41 41

Sumber: Hasil Olahan Eviews 7 (2016)

Tabel 4.2 Uji Multikolinearitas dengan Matriks Korelasi

Fund Longevity Fund Cash Flow Fund Size

Fund Longevity 1 -0.104339 0.179141

Fund Cash Flow -0.104339 1 -0.026650

Fund Size 0.179141 -0.026650 1

Sumber: Hasil Olahan Eviews 2016

Tabel 4.3 Uji Heteroskedastisitas dengan Uji White

Heteroskedasticity Test: White

F-statistic 1.795377 Prob. F(3,160) 0.1502

Obs*R-squared 5.340988 Prob. Chi-Square(3) 0.1485 Scaled explained SS 3.837366 Prob. Chi-Square(3) 0.2796

Tabel 4.4 Uji Autokorelasi dengan Uji Durbin-Watson

F-statistic 1.795377 Durbin-Watson stat 2.095737

Prob(F-statistic) 0.150201

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Tabel 4.5 Hasil dari Uji Chow

Redundant Fixed Effects Tests

Pool: JULIA

Test cross-section fixed effects

Effects Test Statistic d.f. Prob.

Cross-section F 1.731667 (40,120) 0.0122

Cross-section Chi-square 74.729096 40 0.0007 Sumber: Hasil Olahan Eviews 2016

Tabel 4.6 Hasil dari Uji Hausman

Correlated Random Effects - Hausman Test Pool: JULIA

Test cross-section random effects

Test Summary

Chi-Sq.

Statistic Chi-Sq. d.f. Prob.

Cross-section random 64.924692 3 0.0000

Tabel 4.7 Pengujian Regresi Berganda Model Data Panel

Dependent Variable: KINERJA?

Method: Pooled Least Squares Date: 10/18/16 Time: 22:29 Sample: 2011 2014

Included observations: 4 Cross-sections included: 41

Total pool (balanced) observations: 164

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Tabel 4.8 Nilai statistik dari Uji f, Uji t dan Koefisien Determinasi

Dependent Variable: KINERJA?

Method: Pooled Least Squares Date: 10/18/16 Time: 22:29 Sample: 2011 2014

Included observations: 4 Cross-sections included: 41

Total pool (balanced) observations: 164

Variable Coefficient Std. Error t-Statistic Prob. FUNDLONGEVITY? 0.144494 0.019536 7.396376 0.0000 FUNDCASHFLOW? 0.130585 0.166169 0.785853 0.4335 FUNDSIZE? 0.067335 0.049233 1.367673 0.1740 C -2.905776 1.265652 -2.295874 0.0234

Effects Specification Cross-section fixed (dummy variables)

R-squared 0.397988 Mean dependent var 0.118158 Adjusted R-squared 0.182268 S.D. dependent var 0.290205 S.E. of regression 0.262428 Akaike info criterion 0.386532 Sum squared resid 8.264221 Schwarz criterion 1.218203 Log likelihood 12.30442 Hannan-Quinn criter. 0.724159 F-statistic 1.844923 Durbin-Watson stat 3.221781 Prob(F-statistic) 0.005037