JAKARTA: The average return of mutual funds in the first half of 2011 reached only 1.14%, lower compared to Jakarta Composite Indexs, which reached 5% in the same period.The yields of 31 of the total 71 mutual funds tracked by PT Infovesta Utama, were even below the 1.14% average.Of all the mutual funds, Infovesta recorded that there were only four products that gave returns above the gains booked by the JCI. Those products are Makinta Mantap (14.49%), managed by PT Makinta Securities, Panin Dana Maksima (12.62%) and Panin Dana Prima (7.17%), managed by PT Panin Sekuritas Tbk as well as TRIM Capital Plus (6.58%), managed by PT Trimegah Asset Management.The yields offered by the majority of the products or around 67 products were still below Jakarta Composite Index (JCI). Mega Dana Ekuitas, managed by PT Mega Capital Investama recorded the poorest returns of minus 9.50%.In the March-June period, Panin Dana Maksima was still in the highest rank with 16.22% returns, while Mega Dana Ekuitas filled up the last rank with the minus 2.19% return.On such period, the average return of 71 mutual funds was 4.25% or below JCIs gains at 5.71%.The lower average return of mutual funds compared to JCI was in line with the early correction of domestic and regional markets, said analyst at Infovesta Utama Rudiyanto.After the index rose, mutual funds failed to match such correction. Stock market was relatively poor in early year, probably during that moment, mutual funds failed to improve its correction, he told Bisnis last week.He projects mutual funds will fare better in the second half this year, in line with the significant progress on the Greece debt crisis.In the domestic market, dividend announcements from several publicly- listed companies have contributed to the boost in the broader index and helped the mutual funds that invested in equity stocks to perform better.Fear of inflationPanin Sekuritas has been carrying out a relatively favorable strategy in the first six months of 2011, making the average return somehow higher than JCIs average growth, said Director Winston Sual.Early this year, the company placed majority of its funds in consumer goods and banking sectors although most analysts had projected an inflation that could have potentially raised interest rate.We are different, most other companies had fears in penetrating consumer goods and banking sectors as they were afraid to face uncontrollable inflation. On the other hand, we penetrated these two sectors and we succeeded, he told Bisnis.Besides, Panin Sekuritas also took advantage from the foreign net sale early this year particularly by buying blue chips stocks, unloaded by those foreign investors.Based on the data of Capital Market and Financial Institution (Bapepam-LK), the total managed mutual funds reached IDR151.17 trillion as per May 2011, compared to IDR148.75 trillion the previous month. (T02/NOM)
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