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IS THE MANAGER FEE WORTH IT? ACTIVE VS PASSIVE PERFORMANCE IN INDONESIAN EQUITY FUNDS

This study examines whether 119 JCI-benchmarked Indonesian equity mutual funds outperform passive JCI exposure during 2018–2025 using Sharpe, Treynor, Jensen’s alpha, tracking error, and CAPM with HAC errors. Results show broad net-of-fee underperformance: Sharpe ratios and alphas are mostly negative, betas cluster near one, and many funds exhibit closet indexing. COVID-period resilience is temporary and disappears in the recovery. Fund size, age, and costs explain only limited differences. Even higher-fee funds fail to generate positive abnormal returns, confirming that passive JCI exposure dominates active management across a full market cycle for Indonesian equity investors.

Availability
300078397839RLC MM (Rak Tesis)Available
Detail Information
Series Title
-
Statement of Responsibility
Call Number
7839
Publisher
Salemba, Jakarta : Magister Manajemen FEB UI.,
Collation
xii, 87 p. : ill. ; 30 cm.
Language
English
ISBN/ISSN
-
Classification
650
Content Type
text
Edition
-
Subject(s)
Income
Equity Funds
Specific Detail Info
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