In April, all our funds outperformed their benchmarks. Read the full report here.

Market Performance

Markets started weak after Trump’s tariff announcement, but sentiment quickly improved once he delayed the tariffs. This helped Indonesian equities rebound, with the JCI rising 3.9%, driven mainly by blue-chip stocks. Domestic investors were the key players in this rally, supported by strong local liquidity.

Fixed Income Market

In Fixed Income, government bonds performed well, with the 10-year yield dropping from 7.00% to 6.88%. Foreign investors added Rp 8 trillion, signaling renewed confidence despite Rupiah volatility.

Market Outlook

Indonesia’s inflation rose to 1.95%, still within Bank Indonesia’s target range. We expect BI to keep rates steady for now. Globally, the U.S. economy contracted, and trade policy uncertainty continues to affect sentiment. The Fed is taking a cautious approach, and many foreign investors are rotating into safe assets like gold.

Our Positioning

In Fixed Income, we remain focused on short-to-mid-term bonds with attractive yields. For equities, we continue to increase exposure to strong local businesses, especially momentum stocks and high-quality blue-chip names that could attract foreign interest as global sentiment improves.

Thank you for your continued trust.

Read the English version of the full report here

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