Analisis Pengaruh Strategi Investasi, Kinerja Masa Lalu, dan Karakteristik Dana terhadap Kinerja Reksa Dana Saham di Indonesia pada Periode 2006–2016

Despite the rapid growth of equity mutual funds number Indonesia, the number of equity mutual funds that can actually beat the benchmark (Jakarta Composite Index) did not seem to correspond, apparently. This leads investors to become more prudent in making investment decision. For instance, investors should consider factors that affect mutual fund performance such as investment strategy, past performance, fund size, and fund age before investing in mutual fund. The objective of this research is to identify the effects of those factors to the mutual fund performance in period of January 2006 to December 2016. This research has two mutual fund performance indicators which are Excess Return and Sharpe Ratio. Using linear regression supported by independent t- test, this research found that using growth strategy resulted mutual fund to have the best performance, followed by blend and value strategy. These two strategies outperformed the value strategy. Moreover, past performance also proved to positively affect the performance of mutual fund while fund size and fund age do not affect mutual fund performance.