EFFICIENCY OF INDONESIA’S MUTUAL FUNDS DURING 2007-2011 BY USING DATA ENVELOPMENT ANALYSIS (DEA)
Muhammad Bayu Aji Sumantri
Telkom Institute of Management
Jl. Gegerkalong Hilir No.47 Bandung, 40152
Korespondensi dengan Penulis:
Riko Hendrawan: Telp./Fax. +62 22 201 1384
The purpose of this research was to assess the efficiency of mutual funds in Indonesia during the period 2007 to 2011. To measure their efficiencies, the output-input data consisting of a panel of 105 mutual funds that consisted of 29 equity mutual funds, 38 balanced mutual funds and 39 fixed mutual funds were empirically examined based on the most commonly used non-parametric approach, namely, Data Envelopment Analysis (DEA). The study found that based on the average score in during 2007 – 2011 performance of equity mutual fund Commonwealth Life Investra Equity had the highest index score, meanwhile Trimegah – trim capital was the lowest, performance of balanced mutual fund Reksa Dana CIMB-principal Dollar had the highest index score, meanwhile first State Indonesian Multistrategy was the lowest. Performance of equity mutual fund Brent Dana Tetap had the highest index score, meanwhile stable debenture fund had the lowest one.
Key words : Data Envelopment Analysis, mutual funds, portfolio performance