Investasi Reksa Dana: Investor Harus Hati-hati Pilih Produk

Bisnis.com, JAKARTA—Investor harus lebih berhati-hati dalam menempatkan dananya pada produk reksa dana seiring dengan potensi meningkatnya jumlah produk reksa dana terbuka di kelas konvensional dan syariah yang dibubarkan Otoritas Jasa Keuangan (OJK) pada tahun ini. Baru 2 bulan berjalan, jumlah produk yang dibubarkan otoritas telah mencapai sembilan produk atau setara 56% dari tahun lalu sebanyak 16 produk.

Berdasarkan data OJK, produk-produk reksa dana konvensional yang dibubarkan itu terdiri dari tiga reksa dana pendapatan tetap, dua reksa dana campuran, dan satu reksa dana pasar uang. Di kelas syariah, satu reksa dana campuran dan dua reksa dana saham terpaksa gulung tikar.
Perkembangan itu cukup mengkhawatirkan karena sesungguhnya tren pembubaran reksa dana cenderung melambat dalam 5 tahun terakhir.

Namun, mengingat gejala tahun ini, investor patut lebih konservatif dan berhati-hati menempatkan dananya di produk dan kelas aset yang tepat. Dari total 239 produk reksa dana bubar sepanjang 5 tahun terakhir, kelas aset pendapatan tetap menyumbang kontribusi tertinggi yakni 126 produk atau 52% dibandingkan dengan komposisi varian lainnya.

Dalam keterangannya, OJK menegaskan pembubaran reksa dana ditempuh dengan alasan total nilai aktiva bersih (NAB) reksa dana kurang dari Rp25 miliar selama 90 hari bursa berturut-turut. Selain itu, dalam jangka waktu 60 hari bursa, reksa dana yang pernyataan pendaftarannya telah menjadi efektif memiliki dana kelolaan kurang dari Rp25 miliar untuk kategori reksa dana baru. Pembubaran produk juga harus diawali melalui kesepakatan manajer investasi dan bank kustodian.

PINDAHKAN ASET

Head of Investment PT OSO Manajemen Investasi Ruben Sukatendel menjelaskan dominasi reksa dana pendapatan tetap dalam komposisi produk yang dibubarkan karena kecenderungan nasabah yang memindahkan aset investasinya pada instrumen yang berprofil risiko rendah. Situasi tersebut, sambungnya, kerap terjadi saat pasar obligasi yang menjadi benchmark reksa dana pendapatan tetap tersungkur dalam beberapa momentummomentum tertentu. Pada 2008, misalnya, jumlah reksa dana pendapatan tetap yang dicopot dari industri mencapai 46 produk atau 68% dari total produk yang dibubarkan.

“Saya ingat dulu banyak nasabah yang ramai-ramai mendatangi kantor-kantor MI, sudah seperti demonstrasi saat itu. Harga obligasi hancur-hancuran, jelas ada ketakutan berlebihan,” katanya, seperti dilaporkan Harian Bisnis Indonesia, Rabu (12/3/2014). Seperti diketahui, aset dasar reksa dana pendapatan tetap didominasi oleh efek surat utang pemerintah dan korporasi. Kinerja portofolionya sangat dipengaruhi pergerakan inflasi yang kemudian mengerek suku bunga acuan.

“Karena itu, kenaikan suku bunga merupakan mimpi buruk bagi reksa dana berbasis obligasi. Teorinya kan begitu, suku bunga naik, harga surat utang turun, dan imbal hasil reksa dana pasti anjlok,” tambahnya.
Menurut Ruben, gejala serupa seperti akan berulang tahun ini. Dia mengamati tidak sedikit kekhawatiran investor terhadap pergerakan inflasi yang memicu kenaikan suku bunga akibat tingkat konsumsi berlebihan dalam hajatan Pemilihan Umum 2014.

Sejumlah MI juga khawatir nasabah kembali melakukan pemindahan aset investasinya ke instrumen deposito dengan tingkat risiko yang lebih rendah. Andai suku bunga kembali naik, return pendapatan tetap sudah tidak lagi menarik. Ujung-ujungnya, dana kelolaan produk merosot dan terpaksa dibubarkan paksa OJK.

Sumber : Bisnis Indonesia, 12 Maret 2014
http://market.bisnis.com/read/20140312/92/209961/investasi-reksa-dana-investor-harus-hati-hati-pilih-produk

Indonesia Company Sukuk Shortage Curbs Returns

JAKARTA,

Indonesia’s three best-performing Islamic bond funds say a rebound in corporate sukuk sales is failing to keep up with demand from investors chasing higher returns as government yields decline.

PT Insight Investments Management’s top-ranked I-Hajj Syariah Fund wants to boost company holdings from 80% if more securities become available, President Director Tony Henri said in an interview in Jakarta last week. Akbar Syarief, fund manager at PT MNC Asset Management, overseeing the second-best performer, said his confidence in finding buyers is not matched by certainty there will be sufficient supply.

“Right now the concern is that when money comes in, there may not be securities to invest in,” Jakarta-based Syarief, whose MNC Dana Syariah vehicle returned 3.7% this year, said in a June 26 interview. “Corporate sukuk will always be in high demand.”

The yield on Indonesia’s Shariah-compliant rupiah bond due August 2018 fell 1.11 percentage points in the past year to 6.20%, compared with the 8% average return for Indonesia’s six sukuk funds over the same period. PT Bank Muamalat Indonesia lifted its June sale to 800 billion rupiah ($85 million) from 500 billion rupiah after investors sought 2.2 times the amount first offered, Finance Director Hendiarto said.

Corporate sales have reached 1.5 trillion rupiah so far this year, compared with just 200 billion rupiah for the whole of 2011. Etty Retno Wulandari, a Jakarta-based director at the Capital Market and Financial Institution Supervisory Agency, said last month she expected 2012 offers to get to 3 trillion rupiah. However, official data shows the 20% average growth in outstanding corporate sukuk over the past five years still trails the 40% expansion in Islamic banking assets.

‘Don’t Actively Trade’

“Our fund could be much bigger but Islamic bond issuance isn’t growing as fast as banking assets,” Insight’s Henri said. “We don’t actively trade the company sukuk because once we sell it, it is difficult to look for new products to invest in.”

Worldwide sales of bonds that comply with Islam’s ban on interest climbed to $21 billion in 2012 from $14 billion in the same period of 2011, according to data compiled by Bloomberg. Offerings reached a record $36.7 billion last year.

Malaysia, the world’s largest sukuk market, has exempted investors from paying taxes on capital gains made on Shariah- compliant debt denominated in currencies other than the ringgit through 2014. Indonesia offers no similar incentive because it is committed to keeping Islamic products on an equal footing with non-Islamic securities, the Capital Market Agency’s Wulandari said last month.

Tax Benefits

“There needs to be tax benefits for the Shariah-compliant capital market to grow,” Insight’s Henri said. “Issuing Islamic bonds requires more processing and there needs to be a pay-off to make them more or equally lucrative as conventional bonds.”

The I-Hajj Syariah fund returned 4% this year and 10.3% in 2011, the most among the six Indonesian sukuk vehicles tracked by Bloomberg, which advanced by an average of 3.1% in 2012 and 8.8% last year.

Assets held by Islamic bond and stock funds in Indonesia increased by an annual average of 96% over the last five years and account for 3% of the nation’s total managed funds, Capital Market Agency data show.

“We plan to launch more sukuk funds going forward, if there are products,” MNC Asset’s Syarief said, adding that he would like to increase his allocation for corporate notes to 70% from 50%. “Government Islamic bonds tend to be more volatile and yield lower, so we need to balance our fund with corporate notes.”

‘Bright Outlook’

Global Shariah-compliant bonds returned 5.1% this year, according to the HSBC/NASDAQ Dubai US Dollar Sukuk Index, while debt in developing markets gained 7.5%, JPMorgan Chase & Co.’s EMBI Global Index shows.

The average yield on Islamic bonds fell one basis point, or 0.01 percentage point, to 3.44% on June 29, the lowest since August, according to the HSBC/NASDAQ Sukuk index. The difference between the average yield and the London interbank offered rate, or Libor, narrowed three basis points to 240 basis points.

Corporate Islamic debt sales in Indonesia this year amount to just 2% of Malaysia’s 23.4 billion ringgit (US$7.4 billion) of issuance in the same period, even though the former nation’s Muslim population is twelve times as big as its neighbors.

“Indonesia’s corporate sukuk market has a bright outlook,” Ruben Sukatendel, a Jakarta-based portfolio manager at BNI Asset Management, said in a June 27 interview. “It is possible that Indonesia’s Islamic capital market may catch up to Malaysia’s if we see synergy between market players and regulators,” said Sukatendel, who oversees BNI Dana Syariah, the country’s debut sukuk fund and the third-best performing this year. (Bloomberg/aph)

Source :

Bisnis Indonesia, 03 Juli 2012

http://www.bisnis.com/articles/indonesia-company-sukuk-shortage-curbs-returns

Bakrie stocks price rises 8.12% amid US$600 million debt settlement issue

JAKARTA,
Stock price of 10 companies affiliated to Bakrie Group rose by 8.12% in average prompted by Indonesia shares’ jump.

Based on Bloomberg’s data, PT Energi Mega Persada Tbk booked the largest jump by 21.71% to IDR157, tailed by coal contractor PT Darma Henwa whose stock was up by 12.33% to IDR82.

PT Bakrieland Development increased by 11.21% to IDR119 per share while PT Bakrie Sumatera Plantations Tbk climbed by 9.09% to IDR300.

In the meantime, the stock price of the largest coal exporter PT Bumi Resources Tbk ascended by 8.59% to IDR2,150 per share, triggered by the certainty over Bumi’s US$600 million debt settlement to China Investment Corporation this month.

The agreed export coal price of US$133 per ton also became another driver of such stock price jump.

However, the rise of Bumi and Berau Coal Energy which rose by 2.27% to IDR450 only resulted to 2.35% jump of Bumi Plc in London Exchage.

Entire stocks of Bakrie Group rose after it had oversold, said Head Research at PT Sinarmas Sekuritas Jeffrosenberg Tan.

“It is a technical rebound and relatively fair given the fact that all Bakrie Group’s stakes faced oversold. Bakrie Group’s stocks were also lagging compared to the rise of other companies,” he said.

Investment manager at PT BNI Asset Management Ruben Sukatendel added that the rise was prompted by JCI’s rally in the past three days.

According to him, market players perceived Bakrie Group’s stocks as relatively cheap particularly Bumi Resources.

“Investors see the fair price of Bumi resources at IDR3,000,” he said yesterday.

Bumi’s debt

This jump also proved that market is not much bothered by Bumi Resources’s debt settlement issue.

For the remaining Bakrie Group’s stocks, Ruben perceived benchmark price as made by investors as still high thus the rise of seven stock prices under Bakrie Group as are still fair.

Regarding Bumi Plc, Glencore International Plc and other potential buyers such as Texas Pacific Group and Vitol are reportedly negotiating with Bakrie Group.

This relates to the plan to settle US$1.34 billion debt to Creditu Suisse maturing in March 2012.

The loan is pledged by Bumi Plc at 8.5 pound sterling. The problem is the current price of Bumi plc is 7.4 pound sterling, below the minimum price when the stake is pledged.

In a brief of PT Mandiri Sekuritas, it was still unclear whether Bakrie is willing to lose its most precious aset. Bakrie is currently having 30% voting right in Bumi Plc. (T02/msw)

Source :
Bisnis Indonesia, 13 Oktober 2011
http://www.bisnis.com/articles/bakrie-stocks-price-rises-8-dot-12-percent-amid-us$600-million-debt-settlement-issue

Investor masih haus sentimen positif

JAKARTA: Pelaku pasar modal menilai penguatan indeks saham tiga hari terakhir disebabkan hausnya sentimen positif baik dari pasar modal global maupun lokal.

Fund Manager PT BNI Asset Management Ruben Sukatendel menilai penguatan indeks harga saham gabungan (IHSG) sejak awal pekan ini merupakan tanda-tanda hausnya pelaku pasar terhadap sentimen positif.

"Ada tiga faktor, yang pertama haus sentimen positif, dan kedua ada faktor euforia juga," ujarnya kepada Bisnis sore ini.

Dia mengatakan faktor haus sentimen itu terlihat dari dampak positif pernyataan Jerman dan Perancis yang menjanjikan resolusi penyelesaian krisis pada awal November. Adapun faktor ketiga, lanjutnya, adalah keberanian pemerintah menurunkan BI Rate dari semula 6,75% menjadi 6,5%.

Penurunan itu, tuturnya, menunjukkan inflasi di dalam negeri masih terkendali. Ruben mengatkaan inflasi itu semakin memantapkan posisi fundamental ekonomi Indonesia sehingga dipandang semakin kuat, dan memompa sentimen positif pasar saham.

Menurut dia, salah satu kelompok usaha yang penguatan harga sahamnya paling menarik perhatian adalah Grup Bakrie. Dia menilai peningkatan harga saham kelompok usaha keluarga itu didongkrak oleh penguatan indeks saham selama 3 hari terakhir.

Menurut dia, saat ini pelaku pasar juga menilai harga saham kelompok usaha itu masih sangat murah, terutama saham PT Bumi Resources Tbk yang berkode BUMI. "Pasar melihat harga wajar Bumi Resources di kisaran Rp3.000, jadi ketika koreksi membawa harganya turun sampai di bawah Rp2.000, sentimen positif jadi alasan membeli lagi saham itu hingga menguat seperti hari ini.

Menurut dia, harga saham perusahaan yang terapresiasi juga menunjukkan sentimen negatif masalah pembayaran utang Bumi Resources tidak terlalu dihiraukan oleh pelaku pasar. Dia menilai peningkatan harga saham Bumi Resources merupakan yang paling mencolok hari ini dibandingkan dengan perusahaan satu grup lainnya.

Terkait saham Grup Bakrie lain, Ruben juga berpendapat harga acuan dari investor juga masih cukup tinggi sehingga peningkatan harga pada saham tujuh saham grup itu masih wajar.

Data perdagangan menunjukkan saham Bumi Resources terapresiasi Rp170 atau 8,59% ke Rp2.150, PT Bakrie & Brothers Tbk sebesar Rp2 atau 3,85% ke Rp54, dan PT Bakrieland Development Tbk naik Rp12 atau 11,21% ke Rp119.

Saham lain adalah PT Energi Mega Persada Tbk Rp28 atau 21,71% ke Rp157, PT Berau Energy Tbk Rp10 atau 2,27% ke Rp450, dan PT Bakrie Sumatera Plantations Tbk Rp25 atau 9,09% ke Rp300. Perusahaan lain adalah PT Darma Henwa Tbk yang menguat Rp9 atau 12,33% ke Rp82 dan PT Bumi Resources Minerals Tbk naik sebesar Rp20 atau 3,39% ke Rp610.(mmh)

   

Sumber :
Bisnis Indonesia, 12 Oktober 2011
http://www.bisnis.com/articles/investor-masih-haus-sentimen-positif