Review of Fixed Income Mutual Funds’ Marketing Strategy Base on Profitability and Efficiency from 2006-2008

Abstract

Nowadays, development of the financial industry, measurement and benchmarking the performance of a portfolio are managed professionally, such as mutual funds have become a very important issue for managers and investors. In Indonesia, one of the popular and attractive portfolio management of investors is the fixed income mutual funds. According to that situation, it required a set of measurement both the profitability and efficiency that ranked the best fixed income mutual funds. Therefore this research aims are (1) Identifying the most profitable of fixed income mutual funds from 2006-2008 using the Sharpe, Treynor and Jensen’s methods and it’s efficiency using Data Envelopment Analysis (DEA); (2) Analyzing the profitability and efficiency to get the best rank of fixed income mutual funds in Indonesia; (3) Developing a marketing strategy for the best fixed income mutual funds that have a good economic prospect for investor. The research used data from 134 fixed income mutual funds but only 54 that is available. The profitability was analyzed using Sharpe, Treynor and Jensen Methods and DEA for its efficiency. 17 from 54 mutual funds are efficient such as Schroder Dana Mantap Plus, Danareksa Gebyar Indonesia II, Fortis Prima II, Batavia Obligasi USD, BNI Dana Syariah and Danareksa Melati Dollar (US$). In developing the best marketing strategy, SWOT analysis was used. The results show that there are ten best fixed income mutual funds according to its great profitability and efficiency. Not just come from big margin of return but also their long life fund management. The best marketing strategy for investment management is focusing on investor segmentation base on their risk characterization. There are eight marketing strategy that can be adopted, (1) expanding market based on investor’s segmentation, (2) optimizing the bank rate, (3) increasing promotion for the right consumen, (4) optimizing the online media, (5) developing market position, (6) expanding new products with low cost investment, (7) increasing sosialization and below the line promotion and (8) implementing up-selling process. These strategies should be implemented by mutual fund’s management according to their companies’ condition and vision.

Pembangunan ekonomi dalam mengembangkan kehidupan ekonomi rakyat bertumpu pada mekanisme ekonomi pasar yang seimbang, diarahkan dengan prinsip persaingan sehat, memperhatikan pertumbuhan ekonomi dan nilai-nilai keadilan. Dalam rangka mendukung pembangunan berkelanjutan, maka pemerintah perlu menyediakan pemodalan untuk menunjang tumbuh kembangnya sektor usaha, salah satunya melalui pasar modal. Berkembangnya pasar saham tentu tidak lepas dari peran investor yang menginvestasikan dananya pada instrumen-instrumen investasi yang diperdagangkan di bursa, antara lain Reksadana. Reksadana memiliki laju pengembalian yang lebih tinggi dibandingkan produk bank seperti deposito dan tabungan. Dengan kondisi tersebut, maka tidak berlebihan jika Reksadana sangat diminati oleh investor. Tidak semua Reksadana mampu memberikan laju pengembalian yang tinggi, sehingga investor harus pandai dalam melakukan pilihan terhadap Reksadana yang memberikan keuntungan dalam jangka panjang. Berdasarkan permasalahan tersebut, penelitian ini bertujuan (1) Mengidentifikasi Reksadana Pendapatan Tetap yang paling menguntungkan di Indonesia periode 2006-2008 dari sisi profitabilitas dengan menggunakan Metode Sharpe, Treynor, Jensen dan efisiensinya dengan Metode Data Envelopment Analysis (DEA); (2) Melakukan analisa penggabungan hasil perhitungan profitabilitas dan efisiensi sehingga diperoleh peringkat Reksadana pendapatan tetap terbaik di Indonesia; (3) Menyusun strategi pemasaran untuk produk Reksadana pendapatan tetap yang memiliki prospek ekonomi bagi investor. Penelitian telah dilaksanakan pada bulan Mei-Agustus 2009, bertempat di BAPEPAM-LK dan Bursa Efek Indonesia (BEI). Data yang digunakan adalah data sekunder berupa data Nilai Aktiva Bersih (NAB) bulanan, suku bunga bulanan Sertifikat Bank Indonesia (SBI) dan indeks obligasi gabungan yang diperoleh melalui database investor pemegang Reksadana Pendapatan Tetap di Bursa Efek Indonesia, BAPEPAM-LK, idx.com, Yahoo Finance, laporan keuangan dan prospektus masing-masing pengelola Reksadana.