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Comparison of Mutual Return Calculation of the Treynor and Sharpe Model in Fixed Income Mutual Fund in 2019

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Comparison of Mutual Return Calculation of the Treynor and Sharpe Model in Fixed Income Mutual Fund in 2019 COMPARISON OF MUTUAL RETURN CALCULATION OF THE TREYNOR AND SHARPE MODEL IN FIXED INCOME MUTUAL FUND IN 2019 Novi Puji Lestari Economiec,University of Muhammadiyah Malang, Malang, Indonesia *Corresponding Author: [email protected] ________________________________________________________________________________________ Abstract: This study aims to determine the application of the Treynor and Sharpe method in calculating investment returns, especially in equity mutual funds. The results of the study can be used as a reference in calculating the rate of return by comparing the two calculation models so as to know the advantages and disadvantages of each. This type of research is quantitative research with purposive sampling technique. The research population is fixed income equity funds in 2019 .. The analysis model used is the Treynor and Sharpe model. The research period is 2019, which focuses on all fixed income equity funds. Keywords: Mutual fund, Return,Treynor, Sharpe, Performance _________________________________________________________________________ 1. Introduction As technology develops and the more modern one's perspective on meeting needs, humans must think about how to meet these needs in the future. Human needs are followed by increasing economic activity. Today's modern society is starting to think of making investments which in the long run will guarantee profits. The main thing that underlies humans to invest is the existence of future needs or current needs that have not been able to be met, because of the desire to add value to assets and because of inflation (Kholidah, Hakim, & Purwanto, 2019). Mutual funds are one of the securities instruments that can be used as an option for investing. Mutual funds are provided for potential investors who are in the category of small investors, and investors who do not have much expertise and time to calculate their risk and return. Investing in mutual funds is an investment that is considered the least risky because investors can also invest in existing shares in mutual funds (Murhadi, 2009). Investors who want to buy mutual funds must first look at the ongoing market conditions. In a bullish market the order of choice falls on equity funds, mixed mutual funds and fixed income mutual funds. In a bearish market, the main choices of mutual funds are fixed income mutual funds, mixed mutual funds and equity mutual funds. However, in extreme market conditions, choosing mixed mutual funds will be more appropriate because these mutual funds are more flexible in their investment composition in response to changing market conditions. Investment managers can vary their investment composition policies according to ongoing market conditions (Desiyanti & Marna, 2017) Proceeding 1st International Conference on Business & Social Sciences (ICOBUSS) 853 Surabaya, October 3rd – 4th, 2020 The final stage which is very important for an investment manager or investor is to evaluate the performance of the investments made. Investments in stocks and mutual funds are generally carried out in the form of portfolios. The purpose of this performance appraisal is to find out and analyze whether the portfolio formed can increase the likelihood of achieving investment objectives (Halim, 2005). The Treynor and Sharpe model is one of the methods used to assess the performance of a portfolio, especially mutual funds. The Treynor model of performance is measured by comparing the risk premium with the portfolio risk expressed in beta (market risk and systematic risk). This model actually calculates the slope (slope). ) a line connecting a risky portfolio with risk-free interest. The greater the slope of the line, the better the portfolio that forms the line. The Sharpe index of portfolio performance is measured by comparing the portfolio risk premium with the portfolio risk which is stated with a standard deviation. The Sharpe formula essentially calculates the slope of the line connecting a risky portfolio with risk-free interest (Santosa & Sjam, 2012). 2. Literature Review Similar research was conducted by Muhammad Santosa with a research focus on 8 equity mutual funds in Indonesia, the study was conducted in 2012 and the results of the study were that there is 1 mutual fund that investors should buy when viewed from the calculation of mutual fund returns (Santosa & Sjam, 2012). Another study was also conducted by Desianti which measured the performance of 50 mutual funds in stocks in 2011 and the results showed that mutual funds calculated using the Sharpe and Jensen method had low levels of consistency, because they were influenced by past mutual fund performance (Desiyanti & Marna, 2017). The capital market is a market that brings together parties that offer funds with those requiring long-term funds, both debt securities (bonds) and equity (stocks), mutual funds and other derivative instruments. The capital market is a means of funding for the community as well as institutional funding and a place to invest (Abdul Halim, 2018). The capital market facilitates various facilities and infrastructure for buying and selling long-term financial instruments and other related activities. The capital market is a place for trading securities that has been carried out in an organized manner. A system structured to bring together sellers and buyers of securities, through intermediaries and direct investors and the mechanism in a stock exchange. Mutual funds are one of the investment alternatives for the investor community, especially small investors and investors who do not have much time and expertise to calculate the risk of their investment. Mutual funds are designed as a means to raise funds from people who have capital, have a desire to invest, but only have limited time and knowledge. In addition, mutual funds are also expected to increase the role of local investors to invest in the Indonesian capital market (Halim, 2005). The Composite Stock Price Index is an index that uses all issuers on the Indonesia Stock Exchange to be used as a component in the calculation of the price index. In addition, the Indonesia Stock Exchange has the right to enter and issue several listed companies so that they can show a reasonable condition in the capital market. The increase and decrease in the JCI does not indicate that all stocks on the Indonesia Stock Exchange have increased or decreased (Masruroh, 2014). Proceeding 1st International Conference on Business & Social Sciences (ICOBUSS) 854 Surabaya, October 3rd – 4th, 2020 Making a decision to buy or sell mutual funds requires information on the tendency of prices to go up or down. If the price tends to go up, it means that the decision taken is to buy and if the price tends to fall, the decision to take tends to sell. Prices tend to go up so return expectations are negative. Return is the return on investment (capital gain) which is expressed as a percentage of initial capital plus dividends received. Capital Gain is the positive difference between the selling price and the purchase price, while Capital Loss is the negative difference between the selling price and the buying price. In mutual fund products, the price is the same as the net asset value (NAV) and the net asset value is identical to capital (Tandelilin, 2010) 3. Method This research is a descriptive study, which is to determine the independent variables, either one or more variables without making comparisons (Sulistiani, Topowijono, & NP, 2017). This study aims to determine the symptoms and facts regarding the nature of a particular population or area. The approach used is a quantitative approach, namely in the form of numbers or qualitative data made in the form of numbers. This study uses data from the Composite Stock Price Index, the Bank Indonesia Rate in 2019 and the net asset value of all fixed income mutual funds in 2019. The data collected is secondary data from the Bank Indonesia website, Indonesia Stock Exchange Corner and sites related to equity funds during 2019. Secondary data is a source of research data obtained through intermediary media or indirectly in the form of books, records, evidence exist, or archives whether published or not publicly published. The data required is the BI Rate, Composite Stock Price Index, Average Net Asset Value for 1 year in 2019 from 106 fixed income equity funds. Data analysis was calculated using quantitative descriptive analysis, the data was processed according to the steps in the operational variable definition then the calculation was carried out as follows: a. Collect monthly Net Asset Value data from all mutual funds then data on the movement of the IHSG and BI Rate during the measurement period. b. Calculate the average return of each stock mutual fund and the average return of the Composite Stock Price Index c. Calculating risk free using the 2019 BI rate d. Calculating the risk that is done is calculating two risks, namely Beta and standard deviation. e. Perform calculation analysis, namely the Sharpe method and the Treynor method f. Comparing the return value of each mutual fund using the Treynor Method and the Sharpe Method so that it will be known using the two methods, which method is better to use to assess the return of fixed income mutual funds 2019 and is used as a basis for determining choices by investors of the type of mutual fund chosen. 4. Result and Discussion The following is presented in Table 1 data on fixed income mutual funds in 2019, there are 106 mutual fund data. The mutual funds included in the study are fixed
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