JAKARTA: Three open-ended mutual funds still grant unrealized negative returns in January merely due to the 7.95% decline in Jakarta Composite Index (JCI) and the slump in government bond's prices.Based on the data of PT Infovesta Utama processed by Capital Market and Financial Institutions Supervisory Agency, the average return loss of equity funds accounted for 9.38%, discretionary funds 5.81% and fixed-income funds 1.71% during January.All 69 equity funds booked negative yields, while 99 products of discretionary funds apparently recorded a loss and 90 products of fixed-income funds also had negative returns.Head of Management of Trust Fund Managers Association (APRDI), Abiprayadi Riyanto said that such declining return was relatively fair particularly amidst the slumps in stocks and government bonds prices."Kalau tunggu lebih rendah lagi, maka tidak akan membeli karena nanti kalau pasar modalnya sudah naik akan ke - tinggalan," ujarnya Rabu.If we wait for any lower level, then the investors will not buy since if the capital market rises, they will be left behind, he said on Wednesday.He also reminded that mutual funds is a long term investment product, and it is better for investors if they do not withdraw their units for the time being.Besides, it is better for investors to adjust the types of investment that suit to their investment profile.Research Analyst of Infovesta, Edbert Sur Yajaya perceived that this moment is the most suitable time to allocate fresh funds that have not been invested in mutual funds to money market.According to him, such product in fact gives higher yields compared to deposit and is somewhat less prone than the fixed-income funds. A mutual fund is more liquid as it can be diluted in 2-3 days. The yield is also higher than savings.He said that the market slump was particularly caused by the expensive prices of stocks and bonds. For stock market, he perceived that the price is expensive thus the mutual fund investors are suggested to wait until the capital market moves to the cheaper level.On the other side, Sharia securities and sharia mutual funds are predicted to be more promising this year compared to the conventional capital market particularly for plantation and commodity stocks that become the main choices of Sharia securities.Sharia portfolioAbiprayadi perceived that Sharia securities underlying assets are relatively sufficient compared to the conventional stakes.Previously, Director of PT Mandiri Manajemen Investasi, Andreas Muljadi Gunawidjaja said that Sharias underlying assets such as Sharia bonds or sukuk are more limited compared to conventional bonds or Sharia stocks.Due to such limited volume, Sharia protected funds or Sharia fixed-income funds are rather difficult to be formed although he believed that few investors will be attracted to such investment products.In the meantime, APRDI plans to ask Directorate General of Taxation to charge bond tax on mutual funds as much as 5%, so that it will not be raised to 15% by 2014.Abiprayadi Riyanto said that such tax imposition is expected to create conducive climate for mutual funds investment. Ideally, the mutual funds tax is lower than shot term investment such as deposit.He also said that tax indirectly will affect the coupon of government bonds that become the basis of bonds mutual funds.If it keeps rising, then the yields of bonds-based mutual funds will be eroded just as the deposits. Yet, such 5% tax regulation has not given any significant impacts. (T02/NOM)
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