Analisis Fund Size, Expense Ratio, Turnover Ratio, Fund Age dan Cash Flow Terhadap Kinerja Reksa Dana Saham di Indonesia (Periode 2010-2012)

Abstract

Mutual Funds is one of the alternative investments that provide a variety of advantages: cheap, liquid, easily, professionally managed, that are expected to provide optimal retun and minimal risk for investors. Investors in mutual funds investing in stocks will choose mutual funds that provide a high return (which can be seen from the growth of the Net Asset Value of his). This study was conducted to determine the effect of fund size, expense ratio, mutual fund age, turnover and cash flow on the performance of mutual funds using Sharpe's measurements. The data used in this study are annual data NAV, and mutual funds prospectus of 18 mutual funds in 2010-2012 period. The method that used is the classical assumption by using a normality test, heteroscedasticity, multicollinearity test, and autocorrelation test. The method that used for testing the hypothesis are the F-test and t test. The test results showed simultaneous significant effect on the size of the mutual fund, the expense ratio, fund age, turnover and cash flow on the performance of mutual fund shares. While the partial test, the results showed that the size of the mutual fund, mutual fund age, and cash flow give a positive effect and significant on the performance of mutual funds. Turn over give a negative effect and significant on the performance of mutual funds. Expense ratio give a positive effect but not significant on the performance of mutual funds