JAKARTA: The assets under management of sharia mutual funds last year slightly rose 2.52% to IDR3.76 trillion, compared to IDR3.67 trillion in 2009.Data from Capital Market and Financial Insitutions Supervisory Agency showed that the increase in assets of sharia mutual funds was ranked six or the last position in the list of other mutual funds having positive growth rate.Protected mutual funds topped the list as it grew by 109.13%, or IDR21.92 trillion, to IDR42.01 trillion last year from IDR20.09 trillion in 2009.In 2010, the growth of equity funds reached 25.09% to IDR45.67 trillion, compared to IDR36.51 trillion in 2009.The performance of sharia mutual funds in 2010 was far below from that of 2009. The assets of sharia mutual funds in 2009 soared by 374.11% to IDR3.67 trillion from IDR774.22 billion in 2008. The growth of sharia mutual funds was mainly supported by the increase in product portfolio value.Last year, the biggest contributor to the total sharia mutual funds was equity funds, which amounted IDR1.62 trillion.However, the number of sharia mutual funds surpassing Jakarta Islamic Index (JII) last year was less than that of the previous year. There were not more than four sharia mutual funds surpassing JII's growth at 27.74% last year.In 2009, there were six sharia mutual funds that surpassed JII's growth at 92.97%.Rudiyanto, an analyst at PT Infovesta Utama, an independent provider of information and research on mutual funds and bonds, said that last year the decline in yields happened not only to sharia equity funds, but also to non-sharia equity funds.Many investment managers focused on the portfolio of bluechip shares. Meanwhile, there were a lot of secondliners fostering the growth in the index, Rudiyanto said.The performance of the yields could be maintained provided that the secondliners became the priority of investment target, according to Rudiyanto.Investment Manager's performanceRudiyanto suggested investors who choose sharia mutual funds to consider the consistence of investment managers in determining yields.In the meantime, Director of PT Samuel Asset Management Agus Basuki Yanuar thought that the yields of sharia mutual funds will potentially continue growing this year.The growth is supported by the performances of sharia mutual funds in the sharia securities list which includes those of commodity and energy sector."Unlike last year, which was supported by banking stocks, the sector is not included in the list of sharia securities list. If commodity and energy securities continue rising, it will boost the performance of sharia mutual funds."Last year, the tendency of mutual funds to bluechip shares made the growth not offset by the yield which failed to exceed the 46.13% return of stock exchange.The average return of equity funds was not more than 30.63% while the average return of discretionary funds and fixed income were below than that of equity funds.Return on investment of 40 equity funds, or the majority of 67 equity funds, was above the average 30.63% return. (T04/NOM)
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