Produk ini dirancang untuk membantu masyarakat Indonesia memiliki aset berbasis USD atau dolar AS yang lebih praktis untuk investasi rupiah dan dolar AS dalam satu aplikasi.

Di tengah kondisi ekonomi global yang dinamis, pelemahan rupiah bisa mencapai 11,02% (year-on-year) terhadap USD berdasarkan data 12 bulan terakhir. Adanya eksposur pada mata uang USD, Simpan Asset Management melihat kebutuhan ini dan menghadirkan solusi untuk maintain buying power.

Banyak orang menyadari pentingnya memiliki aset dalam dolar AS, namun masih banyak yang meletakkan uangnya hanya di rupiah (IDR).

Menurut Nicholas Hilman – Co-Founder Simpan Asset Management “Investasi, baik dalam rupiah maupun dalam dolar AS, seharusnya dimanfaatkan untuk saling melengkapi, bukan saling menggantikan. Untuk itu, kami membentuk Simpan Dollar Bond Fund. Tujuannya adalah menciptakan keseimbangan antara peluang pertumbuhan dari aset berbasis rupiah dan perlindungan nilai melalui aset dolar AS.”

Memiliki aset dolar AS bukan lagi sekedar mengkotak-kotakan investasi tapi menjadi kebutuhan agar kita semua siap menghadapi kenaikan biaya global mulai dari biaya pendidikan dan kebutuhan internasional seperti traveling atau ekspansi bisnis lintas negara. Maka dari itu, Simpan Asset Management membantu menjaga daya beli (buying power) disaat biaya global yang terus naik.

Simpan Asset Management menawarkan pengalaman baru berinvestasi reksa dana melalui aplikasi Simpan. Pengalaman tersebut dirancang untuk merombak cara Manajer Investasi berkomunikasi dengan investornya.

Di saat industri tradisional membatasi keterbukaan informasi lewat Fund Fact Sheet yang hanya menampilkan 10 aset terbesar (Top 10 holdings), Simpan justru membawa experience ke para penggunanya layaknya klien Private Wealth premium melalui transparansi 100% atas instrumen portofolio secara riil.

Tidak sekadar membagikan data historis, Simpan secara proaktif memberikan pembaruan taktis berkala mengenai kinerja aset serta penjelasan di balik keputusan strategis investasi berikutnya, sehingga investor tetap dapat memahami dengan jelas ke mana dana mereka dialokasikan melalui aplikasi.

Ini didasari oleh visi perusahaan untuk memberikan peace of mind dan membangun kepercayaan mutlak bagi para investor berpengalaman.

Bangun portofolio Anda lebih seimbang dengan reksa dana IDR dan USD di dalam satu aplikasi investasi bernama Simpan.

Untuk informasi lebih lanjut, kunjungi website www.simpaninvest.com atau download aplikasi Simpan di App Store dan Google Play.

Tentang Simpan Asset Management
Simpan Asset Management adalah Manajer Investasi yang memiliki platform investasi digital untuk menghadirkan pengalaman investasi yang terasa lebih private, curated, dan personal. Mulai dari perencanaan keuangan (spending and financial planning), transparansi portofolio, hingga kemudahan memahami alasan di balik setiap keputusan investasi.

Tentang Produk Simpan Dollar Bond Fund

Di tengah meningkatnya biaya global dan ketidakpastian ekonomi, memiliki aset dalam mata uang USD menjadi langkah strategis untuk menjaga nilai kekayaan. Dollar Bond Fund menjadi pilihan bagi investor yang ingin menjaga keseimbangan aset dan menjaga daya beli disaat nilai tukar uang terus naik.

Ringkasan Produk:

• Jenis Reksa Dana: Reksa Dana Pendapatan Tetap.

• Target Imbal Hasil: Net 4–5% per tahun.

• Minimum Investasi: Pembelian awal minimal USD 1.000, isi ulang (top-up) minimal USD 100.

• Biaya Manajer Investasi: Maksimal 2,00% per tahun. Beban biaya pembelian (sales fee) dan pencairan (redemption fee) gratis. Tanpa periode penguncian dan likuid harian.

• Tujuan Investasi: Alternatif tabungan dollar, manajemen kas perusahaan, pelindung nilai (hedge) terhadap volatilitas mata uang Rupiah.

• Profil Investor: Investor individu, korporasi, maupun institusional dengan profil risiko konservatif yang menginginkan arus kas stabil dan perlindungan modal jangka menengah dan panjang.

• Tolok Ukur (Benchmark): Rata-rata Suku Bunga Deposito USD Indonesia 3 Bulan.

• Profil Risiko & Jangka Waktu: Risiko Rendah, disarankan disimpan minimal 3 tahun.

Artikel ini membahas kapan portofolio perlu di-rebalancing, seberapa sering idealnya, tips menjaga disiplin alokasi, dan bagaimana seluruh proses ini bisa berjalan otomatis tanpa harus Anda kerjakan sendiri.

Apa Itu Rebalancing Portofolio dan Risikonya Jika Diabaikan

Rebalancing portofolio adalah proses mengembalikan komposisi aset ke alokasi yang sesuai dengan tujuan dan profil risiko Anda. Seiring waktu, proporsi aset bisa tidak lagi merefleksikan portofolio yang harusnya ideal di kondisi pasar tertentu. Misalnya, jika proporsi Reksa Dana saham masih mendominasi portofolio Anda di pasar yang bearish, tanpa disadari portofolio Anda menanggung risiko lebih tinggi dari yang seharusnya. Bisa juga sebaliknya: portofolio menjadi terlalu defensif dan kehilangan ruang pertumbuhan saat pasar berbalik arah.

Rebalancing adalah bentuk disiplin dalam menjaga strategi alokasi portofolio: memastikan setiap rupiah bekerja di kelas aset yang tepat, pada porsi yang tepat, dalam kondisi pasar apa pun.

Seberapa Sering Rebalancing Portofolio Diperlukan?

Ada dua pendekatan yang umum digunakan investor berpengalaman:

1. Berbasis waktu (calendar-based): portofolio dievaluasi pada jadwal reguler yang Anda tetapkan, misalnya bulanan, kuartalan, atau tahunan.

2. Berbasis threshold: penyesuaian dilakukan ketika bobot suatu kelas aset bergeser melewati batas toleransi dari alokasi target, misalnya lebih dari 5%.

Keduanya sama-sama valid. Yang membedakan hasil bukan metode yang dipilih, melainkan seberapa konsisten proses rebalancing itu dilakukan. Kenyataannya, banyak investor yang memiliki kesibukan yang sangat dinamis. Satu hari Anda tenggelam di tuntutan pekerjaan, satu hari Anda sibuk mengelola bisnis, dan di saat bersamaan, Anda juga memiliki tanggung jawab mengurus keluarga. Akhirnya, kedisiplinan melakukan rebalance sulit dijaga. Mulai dari analisis, eksekusi jual beli aset antar aplikasi, dan evaluasi.

Tips Menjaga Disiplin dalam Rebalancing Portofolio

1. Tentukan rencana transaksi saat pasar masih tenang. Tentukan dulu alokasi aset yang sesuai dengan tujuan dan profil risiko Anda. Saat market mulai bergerak, tugas Anda tinggal mengikuti rencana yang sudah dibuat, agar bisa tetap mengambil keputusan rasional di tengah tekanan market.

2. Perhitungkan biaya transaksi. Biaya switching dan spread yang terlihat kecil akan menggerus hasil jika frekuensi transaksi terlalu tinggi. Rebalancing sebaiknya dilakukan secara disiplin dengan mempertimbangkan biaya.

3. Hindari over-trading. Lebih sering menyesuaikan bukan berarti hasilnya akan lebih baik. Keputusan yang reaktif justru berpotensi memberikan hasil suboptimal, seperti jual terlalu cepat, atau masuk kembali di harga yang sudah mahal.

4. Lakukan evaluasi secara konsisten. Keputusan alokasi aset jangka panjang tidak bisa dinilai dari pergerakan pasar dalam hitungan minggu. Beri setiap keputusan waktu yang sesuai dengan tujuannya sebelum menilai strategi tersebut dan menyimpulkan berhasil atau tidaknya.

Kelas Aset Apa yang Paling Menarik di Kondisi Pasar Saat Ini?

Posisi terbaik terus berganti mengikuti siklus suku bunga, likuiditas, dan sentimen pasar. Instrumen pasar uang menarik saat suku bunga sedang tinggi. Lalu instrumen obligasi menarik saat arah suku bunga mulai berbalik turun. Sedangkan instrumen saham menarik saat ekonomi sedang ekspansif. Begitu satu kelas aset disebut-sebut “paling menarik” di media, sering kali sebagian besar pergerakannya sudah terjadi. Namun, tentu kriteria tersebut bukan suatu rumus yang selalu bisa diikuti dikarenakan dinamika market yang selalu berganti.

Karena itu, pertanyaannya bukan “aset apa yang terbaik sekarang?”, melainkan “apakah proporsi aset saya masih tepat untuk kondisi sekarang?” Pertanyaan pertama menuntut prediksi; pertanyaan kedua dijawab dengan disiplin rebalancing, dan bisa dijawab ulang setiap bulan seiring kondisi pasar berubah.

Masalahnya: Proses Rebalancing Manual Menyita Waktu dan Rentan Berujung Over-Trading

Bagi investor yang mengelola beberapa kelas aset sekaligus, hambatannya bukan pemahaman atau akses untuk menjual belikan aset tertentu, melainkan dari proses yang memakan waktu:

Prosesnya manual. Menghitung ulang persentase aset, menjual aset yang proporsi alokasinya sudah tidak sesuai dengan tujuan awal dan kondisi market, membeli yang proporsinya kurang, dan berpindah-pindah aplikasi untuk mengeksekusi transaksinya; pekerjaan administratif yang menyita energi dari hal lain yang menjadi fokus keseharian dan ambisi Anda.

Momentumnya mudah terlewat. Hidup Anda punya prioritas lain: karier, bisnis, keluarga, dan ambisi pribadi. Peninjauan portofolio yang tertunda beberapa bulan bukan bentuk kelalaian, melainkan konsekuensi wajar dari waktu yang terbatas. Namun pasar tidak menunggu.

Keputusan di tengah volatilitas cenderung reaktif, bahkan bagi investor berpengalaman. Bukan karena kurang paham, melainkan karena tidak ada struktur yang memisahkan analisis dari eksekusi. Hasilnya bergerak ke dua arah yang sama-sama merugikan: terlambat menyesuaikan, atau terlalu sering menyesuaikan.

Keduanya bermuara pada hal yang sama: portofolio menghabiskan lebih banyak waktu untuk rebound dari penurunan daripada membiarkan compounding bekerja.

Rebalancing Otomatis dengan Actively Managed Portfolio (AMP) Simpan: Keputusan dari Tim Investasi, Eksekusi oleh Sistem

Seluruh proses manual di atas tidak harus Anda lakukan sendiri. AMP (Actively Managed Portfolio) dari Simpan adalah portofolio yang berisi Reksa Dana kelolaan Simpan: Simpan Cash Fund (pasar uang), Simpan Bond Fund (pendapatan tetap), dan Simpan Sustainable Equity Fund (saham). Proporsi alokasi ketiganya di dalam portofolio akan diatur kembali atau rebalanced setiap bulan oleh tim investasi Simpan mengikuti kondisi pasar.

Bagaimana proses eksekusinya? Tim investasi Simpan memantau pasar domestik dan global setiap hari, merumuskan pandangan, lalu menetapkan penyesuaian alokasi dari masing-masing Reksa Dana. Simpan kemudian akan membantu proses jual beli dari ketiga Reksa Dana di portofolio Anda, tanpa biaya switching yang harus Anda tanggung. Sehingga proses rebalance terasa otomatis dari sisi Anda.

Beberapa hal yang membedakan proses rebalancing di AMP:

• Rebalancing di dua tingkat. Penyesuaian pilihan dan bobot aset terjadi di dalam setiap produk Reksa Dana, sebagaimana produk Reksa Dana biasanya dikelola oleh Manajer Investasi. Bedanya, dengan AMP, Simpan juga sekaligus menyesuaikan proporsi per produk Reksa Dana di tingkat portofolio Anda. Dalam skenario manual, proses rebalancing antar produk Reksa Dana di suatu portofolio inilah yang biasanya masih Anda harus lakukan sendiri.

• AMP menawarkan portofolio dengan 5 tingkat risiko, dengan rentang alokasi yang fleksibel. Berbeda dengan Reksa Dana campuran yang terikat pada rentang alokasi yang statis, setiap level portofolio AMP memiliki rentang alokasi per produk Reksa Dana dengan kelas aset tertentu yang lebih fleksibel, yang memberi tim investasi ruang untuk menyesuaikan eksposur aset mengikuti kondisi pasar dengan optimal. Dengan kata lain, setiap level portofolio AMP memiliki batas maksimal alokasi (allocation cap).

• Transparansi penuh, bukan hanya top holdings. Seluruh underlying asset di setiap produk Reksa Dana Simpan bisa Anda lihat. Tidak hanya 10 kepemilikan terbesar, Anda bisa lihat semua aset yang Anda miliki di dalam produk Reksa Dana satuan secara mendetail sampai porsi terkecil.

• Setiap keputusan disertai alasannya. Setiap bulan Anda menerima laporan dari performa portofolio dan market outlook, dilengkapi dengan pandangan, rasional serta proses berpikir kami dalam mengambil keputusan, termasuk ketika keputusan terbaiknya adalah tidak melakukan perubahan alokasi di portofolio AMP.

• Biaya switching antar Reksa Dana dalam AMP ditanggung Simpan. Rebalancing bulanan berjalan tanpa biaya perpindahan yang menggerus hasil Anda.

Cara Kerja Rebalancing di AMP Simpan

1. Tentukan pilihan portofolio. Pilih level AMP (1 hingga 5) yang sesuai dengan jangka waktu, tujuan, dan profil risiko Anda. Setiap level menawarkan rentang eksposur Reksa Dana saham yang berbeda.

2. Rebalancing bulanan otomatis + notifikasi. Setiap bulan, tim investasi menetapkan penyesuaian dan sistem mengeksekusinya di portofolio Anda. Anda menerima notifikasi setiap kali proses selesai.

3. Laporan berkala yang transparan. Setiap bulan Anda menerima performa portofolio, langkah penyesuaian yang diambil, rencana ke depan, dan alasan di balik setiap keputusan.

4. Rebalancing log. Seluruh riwayat keputusan rebalancing tercatat sistematis dan bisa Anda akses kapan saja melalui History Portfolio.

5. Full asset breakdown. Berbeda dengan laporan konvensional yang umumnya hanya menampilkan 10 kepemilikan terbesar di dalam Reksa Dana yang Anda miliki, AMP membuka seluruh underlying asset di dalam setiap produk Reksa Dana dalam portofolio Anda.

Rebalancing Manual vs Rebalancing Otomatis dengan AMP

Rebalancing Itu Penting, Tetapi Tidak Harus Manual

Rebalancing portofolio tetap menjadi salah satu kebiasaan yang paling berpengaruh terhadap hasil investasi jangka panjang.

Dengan Actively Managed Portfolio (AMP) dari Simpan Asset Management, tim investasi menyesuaikan portofolio Anda setiap bulan mengikuti kondisi pasar dan Anda kembali memiliki waktu Anda untuk ambisi-ambisi yang sedang Anda kejar.

In accordance with the Indonesia Stock Exchange (IDX) announcement regarding the 2026 Exchange Holiday Calendar, we would like to inform you that:

• 17 August 2026 is an exchange holiday and collective leave day in commemoration of the 81st Independence Day of the Republic of Indonesia.

The exchange will resume operations on Tuesday, 18 August 2026. Therefore, please note the following:

1. Transactions received on a trading day before 1:00 PM WIB will be processed on the same trading day.

2. Transactions received on a trading day after 1:00 PM WIB will be processed on the next trading day.

3. Transactions placed online on exchange holidays and weekends will be processed on the next trading day.

We wish you a happy Independence Day of the Republic of Indonesia. Thank you for trusting us as your Investment Manager.

Warm regards,
Simpan Team

July delivered the turnaround Indonesian equity investors had been waiting for. After a punishing first half, the IHSG climbed from around 5,800 to roughly 6,200 (a 6.8% monthly gain) as foreign selling pressure eased sharply and a string of policy signals confirmed the market had found its floor. But with much of that recovery now behind us, the more interesting question is what comes next.

Here’s what moved the market in July, how our portfolios were positioned, and where we stand heading into August.

Market Highlights

• IHSG +6.8%: The index rallied from ~5,800 to ~6,200 as June’s negative sentiment unwound. Foreign outflows eased sharply to Rp 7 trillion, down from Rp 23 trillion in June.

• S&P affirms Indonesia at BBB/A-2, Stable outlook (13 July): A more constructive outcome than the outlook downgrade we’d flagged as our base case, though the Stable outlook hinges on the government holding its fiscal deficit under 3% (current projection: -2.9%). Moody’s and Fitch remain on Negative outlook.

• Bank Indonesia holds the BI-Rate at 5.75%: Pausing after back-to-back hikes in May and June; the consensus move toward 6.00% didn’t materialize.

• BI Governor Perry Warjiyo resigns: Destry Damayanti steps in as interim Governor, with no permanent successor yet announced, a new source of policy uncertainty.

• The Fed holds at 3.50%–3.75%: Keeping the BI-Fed spread near 200bps, which, near-term, works in Indonesia’s favor by limiting the pull of capital toward US assets.

How Did AMP Perform?

We increased equity exposure across Risk Levels 2 through 5 in July on the view that June’s correction had largely priced in the negative sentiment and that call played out well, with strong monthly gains across those tiers. AMP Core (Risk 1), which carries no strategic equity allocation, also posted a modest positive return, reflecting its more defensive cash-to-bond positioning.

Following a rally of that scale, we don’t expect the market to extend at the same pace. Combined with the leadership uncertainty from Governor Warjiyo’s resignation, we reduced equity allocation proportionally across Risk Levels 2 through 5 heading into August, reallocating into cash and fixed income to lock in part of July’s gain. We still retain a meaningful equity weighting — our medium-to-long-term conviction on Indonesian equities is intact, supported by valuations more than two standard deviations below their twenty-year average. For Risk Level 1, we took a more defensive stance, raising cash and trimming bond exposure until Bank Indonesia’s leadership and policy direction become clearer.

How Did Simpan Funds Perform?

All funds under our management outperformed their respective benchmarks in July, except the Simpan Dollar Bond Fund. Simpan Sustainable Equity Fund and Simpan Balanced Fund posted strong gains ahead of benchmark. Money Market Funds again delivered steady outperformance, while Simpan Bond Fund was broadly flat, in line with benchmark, amid the volatility from BI's rate hold and the Governor's resignation.

Key Trades of the Month

• Equity - Banking: We trimmed BBRI, BBNI, and BMRI, anticipating Net Interest Margin pressure as Bank Indonesia’s rate hikes push up banks’ Cost of Funds, compounded by continued foreign selling.

• Equity - Transportation: We added to BULL as US-Iran tensions around the Strait of Hormuz drove global shipping rates sharply higher. BULL remains our key proxy for global energy shipping and a primary beneficiary of elevated freight rates.

• Fixed Income: Portfolio duration held at 5.24 years, broadly in line with the 5.30-year benchmark. We remain cautious on duration into August given bond market uncertainty, while selectively evaluating opportunities at the front end of the yield curve.

Outlook & Positioning for August

We’re taking a more measured view on Indonesian equities following July’s recovery (expect consolidation rather than a continued rally). The longer-term case, though, is intact: the JCI still trades more than two standard deviations below its twenty-year average, a discount previously seen only in 2008 and 2020. Blue-chip proxies like LQ45 and IDX30 trade at an unusually wide discount to the broader index and, in our view, hold the most room to re-rate if foreign flows continue returning.

In fixed income, the Fed’s hold gives Indonesian government bonds short-term stability. We remain positioned defensively, favoring money market instruments over fixed income, and short-tenor over long-tenor government bonds, until Bank Indonesia’s leadership and policy direction settle.

Key watchpoints for August: the appointment of a permanent BI Governor, the MSCI November review, and Indonesia’s fiscal deficit trajectory underpinning S&P’s Stable outlook.

We thank you, as always, for your continued trust and confidence.

— Simpan Asset Management

Monthly Investor Update (EN)

Monthly Investor Update (ID)

Disclaimer: Investments in the fund products contain investment risk. Historical returns do not guarantee future returns. Every prospective investor is required to read and understand the terms and conditions of the prospectus or investment guidelines of each fund product, including the risks mentioned above.

We’re not going to stretch the metaphor further than it deserves. But if there’s one thing the myth gets right, it’s this: the journey being long doesn’t mean it’s going nowhere. Ithaca was still there the whole time.

1H 2026 tested Indonesia’s resilience directly. The fiscal deficit widened faster than budgeted, MSCI opened a formal review of the market’s accessibility, and an unprecedented US-Israel conflict with Iran sent oil sharply higher in February. Against that backdrop, the IHSG fell roughly 30% year to date, foreign investors kept exiting both equities and bonds, and Bank Indonesia hiked rates to defend a weakening Rupiah rather than cut to support growth. The US told a different story entirely, with the S&P 500 climbing to fresh record highs.

Policy is pulling in two directions

Indonesia’s 2026 budget targeted a deficit of -2.48% of GDP. First-half spending alone reached -0.76%, and we expect that to accelerate into the second half. Consensus now sits at -2.8% to -2.9%, uncomfortably close to the -3% legal ceiling the country hasn’t approached outside the Covid era. At the same time, Bank Indonesia has hiked 100 basis points to defend the currency, even as the government has channeled roughly Rp400 trillion of liquidity into Himbara banks to cheapen the cost of lending. Fiscal and monetary policy are, for the first time in a while, not pulling in the same direction.

Danantara and DSI add another layer of uncertainty. Both institutions are chasing legitimate goals, faster capital deployment and closing the export under-invoicing gap, but neither has built the transparency to match its ambition yet. No annual report has come out of Danantara since its February 2025 launch, despite roughly USD 1 trillion in assets under its umbrella.

The world is watching two verdicts

Indonesia is being reassessed on two related tracks this year, and both come down to the same underlying question: does the market believe Indonesia’s policy commitments.

MSCI opened a formal accessibility review in January, and at its June Annual Review, it kept Indonesia’s Emerging Market status but flagged a possible Frontier Market reclassification if “adequate progress” isn’t shown by November. Indonesia has responded with real reforms: the minimum free float requirement rose from 7.5% to 15%, ownership disclosure now extends to the ultimate beneficial owner for stakes under 5%, and shareholder sub-type categories expanded from 9 to 27. We believe these reforms directly address what MSCI flagged, and we don’t expect a downgrade. But November is a hard deadline, and the market will price the uncertainty until then.

On credit, Moody’s and Fitch have already cut Indonesia’s outlook to Negative, citing policy unpredictability. S&P is the outlier, holding a stable outlook that reflects growing confidence the deficit ceiling will hold. That confidence is conditional. If fiscal discipline slips, the rating story could shift quickly.

A valuation gap that looks temporary

Here’s where it gets interesting. The IHSG is trading near 13x trailing earnings, more than two standard deviations below its 20-year average, a discount last seen in 2008 and 2020. When we decompose the decline, it’s come almost entirely from multiple compression rather than earnings downgrades. Value and Quality factors have been rewarded even as Growth and sentiment factors fell sharply, which tells us this is a sentiment and flows story, not an earnings one.

Real bond yields tell a similar story. At 3.9 to 4.3%, they’re among the widest since 2010, and Indonesia remains the only ASEAN-4 market still paying a positive 10-year yield spread over US Treasuries. Fixed income investors are, in effect, being compensated to wait out the stabilization.

Our Simpan Opportunity Score, which averages percentile ranks for equity earnings yield and real bond yields across 20 years of data, currently sits at 0.79. That’s an 87th percentile reading on equities and 71st on bonds, together placing current conditions in the top quintile of the score’s history. We’ve seen readings like this during the 2008 financial crisis, the 2013 taper tantrum, and the 2020 drawdown. In each case, equities re-rated once the acute stress passed. This isn’t a timing signal, but it is a reminder that price still matters, especially when the story feels uncertain.

The global backdrop isn’t making it easier

Jerome Powell’s departure and Kevin Warsh’s arrival at the Fed initially read as dovish to markets. We think it’s closer to continuity. Warsh inherits an economy with a resilient labor market and inflation that remains stubbornly above target, leaving little room for aggressive cuts. Markets are now pricing a long-run neutral rate closer to 3.5 to 4.0%, above the Fed’s own 3.0% estimate, which keeps US yields and the Dollar elevated and pressures the Rupiah in turn. The currency has already moved from around IDR 16,600 to nearly IDR 18,000 against the Dollar this year.

Layered on top of that is the Iran conflict, which the IEA now characterizes as the largest energy supply disruption in history. Energy shocks are unusual in that they’re simultaneously recessionary and inflationary, and we’re now seeing the second-round effects: higher freight and manufacturing costs bleeding into core inflation, complicating rate-cut paths everywhere. Gold has been the clearest beneficiary, thriving on the combination of geopolitical fear, sticky inflation, and central bank buying.

Where that leaves us

Indonesian risk assets are cheap for reasons that look real but reversible. The equity de-rating reflects sentiment and flows rather than a genuine earnings problem, and bonds are paying close to 4% in real terms while investors wait for clarity. As long as the sovereign rating holds, we think valuations and relative price are sitting at an attractive entry point, for investors who can be patient through the next few months of policy noise.

As a fund house that believes in building more resilient portfolios, we don’t believe in concentrating solely in IDR assets. While IDR assets look attractive, we see real value in diversifying into non-IDR assets, such as dollar-denominated instruments.

This is a condensed version of our full 2H26 Macro Outlook, which includes our complete macro dashboard, detailed charts, and a full recap of how our 2026 calls have played out so far:

Read our Macro Outlook

The matrix detailing the implementation of the amendments to the CIC and Prospectus of the SIMPAN CASH SYARIAH FUND may be obtained from the Investment Manager or accessed on the Investment Manager’s website at

https://www.simpaninvest.com/single-funds

This announcement is made for the information of all Unit Holders of the SIMPAN CASH SYARIAH FUND and other interested parties.

RALAT PEMBERITAHUAN PELAKSANAAN PERUBAHAN KONTRAK INVESTASI KOLEKTIF (”KIK”) DAN PROSPEKTUS REKSA DANA SYARIAH SIMPAN CASH SYARIAH FUND

Menindaklanjuti pelaksanaan perubahan KIK dan Prospektus REKSA DANA SYARIAH SIMPAN CASH SYARIAH FUND (”SIMPAN CASH SYARIAH FUND”) yang kami, PT Simpan Asset Management, umumkan dalam surat kabar “Ekonomi Bisnis” tertanggal 20 Februari 2026, dengan ini kami menegaskan bahwa pelaksanaan seluruh perubahan ketentuan dalam KIK dan Prospektus SIMPAN CASH SYARIAH FUND hanya mengacu pada hal-hal yang telah dicantumkan pada matriks perubahan ketentuan KIK dan Prospektus SIMPAN CASH SYARIAH FUND dan tidak termasuk mengenai perubahan susunan Dewan Pengawas Syariah Manajer Investasi.

Matriks pelaksanaan perubahan KIK dan Prospektus SIMPAN CASH SYARIAH FUND dapat diperoleh di Manajer Investasi atau dapat dilihat pada website Manajer Investasi yaitu

https://www.simpaninvest.com/single-funds

Demikian pengumuman ini disampaikan kepada para Pemegang Unit Penyertaan SIMPAN CASH SYARIAH FUND serta pihak-pihak yang berkepentingan.

PT Simpan Asset Management, as the Investment Manager of SIMPAN CASH FUND and SIMPAN BALANCED FUND (collectively referred to as the “SIMPAN FUNDS“), hereby announces the proposed amendments to the Collective Investment Contract (”CIC”) and Prospectus of the SIMPAN FUNDS, as outlined below.

Proposed Amendments to the CIC and Prospectus of the SIMPAN FUNDS

The proposed amendments include, among others:

a. Adjustments to the provisions of the CIC and Prospectus to comply with OJK Regulation No. 33 of 2024, dated 19 December 2024, concerning the Development and Strengthening of Investment Management in the Capital Market, including provisions relating to investments in foreign mutual fund securities and the addition of features allowing the mutual fund to receive and/or provide loans;

b. Adjustments to the provisions of the CIC and Prospectus in accordance with the policies of the Financial Services Authority (OJK); and

c. Changes to the composition of the Investment Management Team as disclosed in the Prospectus.

Proposed Amendments to the CIC and Prospectus of SIMPAN BALANCED FUND

The proposed amendments include, among others:

a. Changing the minimum initial and subsequent subscription amount for Units from IDR 100,000 (one hundred thousand Rupiah) per Unit Holder to IDR 10,000 (ten thousand Rupiah) per Unit Holder;

b. Changing the minimum redemption amount from IDR 100,000 (one hundred thousand Rupiah) per transaction to IDR 10,000 (ten thousand Rupiah) per transaction, or the remaining minimum Unit balance of the SIMPAN BALANCED FUND if such balance is less than the applicable minimum redemption amount;

c. Changing the minimum switching amount from an amount equal to the applicable minimum redemption amount of the relevant mutual fund to IDR 10,000 (ten thousand Rupiah) per transaction, or the remaining minimum Unit balance of the SIMPAN BALANCED FUND if such balance is less than the applicable minimum switching amount;

d. Changing the minimum Unit balance that must be maintained following a redemption from 100 (one hundred) Units or IDR 100,000 (one hundred thousand Rupiah) to IDR 10,000 (ten thousand Rupiah);

e. Changing the minimum Unit balance that must be maintained following an investment switch from an amount equal to the applicable minimum holding balance of the relevant mutual fund to IDR 10,000 (ten thousand Rupiah);

f. Amending the provision regarding the maximum number of investment switching transactions per month by removing the previous limit of two (2) switching transactions within the same month;

g. Expanding the scope of investment switching transactions from switching only to other mutual funds managed by the Investment Manager with the same Custodian Bank, excluding money market mutual funds, to switching to other mutual funds managed by the Investment Manager with the same Custodian Bank; and

h. Adding technical provisions regarding the distribution of liquidation proceeds in the form of assets.

Further details of the proposed amendments to the CIC and Prospectus are available from the Investment Manager or may be accessed on the Investment Manager’s website at

https://www.simpaninvest.com/single-funds

This announcement is made for the information of all Unit Holders of the SIMPAN FUNDS and other interested parties.

PENGUMUMAN RENCANA PERUBAHAN KONTRAK INVESTASI KOLEKTIF (‘KIK’) DAN PROSPEKTUS REKSA DANA SIMPAN CASH FUND DAN REKSA DANA SIMPAN BALANCED FUND

PT Simpan Asset Management selaku Manajer Investasi dari REKSA DANA SIMPAN CASH FUND dan REKSA DANA SIMPAN BALANCED FUND (secara bersama-sama disebut “REKSA DANA SIMPAN“), dengan ini mengumumkan rencana perubahan KIK dan Prospektus REKSA DANA SIMPAN dengan rincian sebagai berikut:

Rencana perubahan KIK dan Prospektus REKSA DANA SIMPAN antara lain sebagai berikut:

a. Penyesuaian ketentuan dalam KIK dan Prospektus terhadap POJK Nomor 33 Tahun 2024 tanggal 19 Desember 2024 tentang Pengembangan dan Penguatan Pengelolaan Investasi di Pasar Modal, termasuk investasi pada Efek Reksa Dana Luar Negeri serta penambahan fitur menerima pinjaman dan/atau memberikan pinjaman;

b. Penyesuaian ketentuan-ketentuan dalam KIK dan Prospektus dengan kebijakan Otoritas Jasa Keuangan; dan

c. Perubahan susunan Tim Pengelola Investasi REKSA DANA SIMPAN dalam Prospektus.

Rencana perubahan KIK dan Prospektus REKSA DANA SIMPAN BALANCED FUND antara lain sebagai berikut:

a. Perubahan batas minimum pembelian awal dan selanjutnya Unit Penyertaan REKSA DANA SIMPAN BALANCED FUND yang semula “sebesar Rp 100.000,- (seratus ribu Rupiah) untuk setiap Pemegang Unit Penyertaan” menjadi ”sebesar Rp 10.000,- (sepuluh ribu Rupiah) untuk setiap Pemegang Unit Penyertaan”;

b. Perubahan batas minimum penjualan kembali Unit Penyertaan yang semula pada pokoknya ”senilai Rp 100.000,- (seratus ribu Rupiah) setiap transaksi” menjadi ”sebesar Rp 10.000,- (sepuluh ribu Rupiah) untuk setiap transaksi atau sebesar saldo minimum kepemilikan Unit Penyertaan REKSA DANA SIMPAN BALANCED FUND yang tersisa dalam hal lebih kecil dari batas minimum penjualan kembali Unit Penyertaan tersebut di atas”;

c. Perubahan batas minimum pengalihan investasi yang semula ”sama dengan besarnya batas minimum penjualan kembali Reksa Dana yang bersangkutan” menjadi ”sebesar Rp 10.000,- (sepuluh ribu Rupiah) untuk setiap transaksi atau sebesar saldo minimum kepemilikan Unit Penyertaan REKSA DANA SIMPAN BALANCED FUND yang tersisa dalam hal lebih kecil dari batas minimum pengalihan investasi tersebut di atas”;

d. Perubahan saldo minimum kepemilikan Unit Penyertaan yang harus dipertahankan pada hari dilakukannya penjualan kembali Unit Penyertaan yang semula ”100 (seratus) Unit Penyertaan atau sebesar Rp 100.000,- (seratus ribu Rupiah)” menjadi ”sebesar Rp 10.000,- (sepuluh ribu Rupiah)”;

e. Perubahan saldo minimum kepemilikan Unit Penyertaan yang harus dipertahankan pada hari dilakukannya pengalihan investasi yang semula ”sama dengan besarnya Saldo Minimum Kepemilikan Reksa Dana yang bersangkutan” menjadi ”sebesar Rp 10.000,- (sepuluh ribu Rupiah)”;

f. perubahan ketentuan mengenai batasan jumlah transaksi pengalihan investasi dalam suatu bulan pada fitur batas minimum pengalihan investasi dan ketentuan saldo minimum kepemilikan Unit Penyertaan dari semula “paling banyak 2 (dua) kali dalam bulan yang sama” menjadi tidak dibatasi;

g. perubahan tujuan transaksi pengalihan investasi yang pada pokoknya semula dibatasi pengalihan investasi hanya dapat dilakukan ke “reksa dana lainnya yang dikelola oleh Manajer Investasi pada Bank Kustodian yang sama, kecuali reksa dana pasar uang” menjadi pengalihan investasi ke “reksa dana lainnya yang dikelola oleh Manajer Investasi pada Bank Kustodian yang sama”; dan

i. Penambahan ketentuan teknis mengenai pembagian hasil likuidasi dalam bentuk aset;

Rincian rencana perubahan KIK dan Prospektus dapat diperoleh di Manajer Investasi atau dapat dilihat pada website Manajer Investasi yaitu

https://www.simpaninvest.com/single-funds

Demikian pengumuman ini disampaikan kepada para Pemegang Unit Penyertaan REKSA DANA SIMPAN serta pihak-pihak yang berkepentingan.

Now, we want to hear from you. As we continue expanding our product lineup, your needs and priorities matter most. We’re conducting a short survey to better understand how we can support to optimize your investments.

As a token of appreciation, we’ll randomly select 5 participants to receive Rp200,000.

Your feedback helps us to prioritize what we build next and deliver a more complete investment experience for you. All responses are kept confidential.

Take a survey

Despite the difficult backdrop, several important developments during the month have begun to reshape the investment outlook.

Market Highlights

Indonesia Retains Emerging Market Status

A major positive development came on 24 June, when MSCI confirmed that Indonesia will retain its Emerging Market classification. This removes a key structural overhang that has weighed on foreign investor sentiment since the beginning of the year and reduces the risk of further passive outflows linked to index reclassification.

Fiscal Discipline Shows Early Progress

The government’s discussions to reduce budget allocations for the Free Nutritious Meal (MBG) and Village Cooperative (Kopdes) programs represent an encouraging first step toward strengthening fiscal discipline. While policy execution remains important, markets generally viewed this development positively.

Macroeconomic Pressures Continue

Indonesia recorded its first monthly trade deficit in six years, driven primarily by higher oil and gas import costs and softer export revenues following April’s tariff-related frontloading.

Meanwhile, continued foreign capital outflows kept pressure on the Rupiah, leading Bank Indonesia to raise the BI Rate by 50 basis points to 5.75%. This marked the second consecutive rate hike and resulted in higher government bond yields across the curve, particularly in shorter maturities.

How Did Simpan Funds Perform?

June remained a difficult month for risk assets.

Our equity-oriented funds continued to face pressure alongside the broader market correction. Simpan Sustainable Equity Fund and Simpan Balanced Fund underperformed their respective benchmarks during the month as equity markets experienced sustained foreign selling and heightened volatility.

Within fixed income, rising interest rates weighed on bond prices, resulting in negative monthly performance for Simpan Bond Fund. While higher yields create short-term price pressure, they also improve future income opportunities for long-term investors.

Our Money Market Funds remained resilient, delivering steady positive returns and continuing to outperform their benchmarks over longer investment horizons.

Across our Actively Managed Portfolio (AMP) strategies, Risk Levels 2 through 5 continued to outperform their benchmarks on both a three-month and since-inception basis, reflecting the long-term benefits of active asset allocation despite recent market volatility.

Market Outlook & Portfolio Positioning

While market volatility may continue in the near term, we remain cautiously constructive on Indonesian markets.

With the MSCI uncertainty now resolved and the IHSG trading at approximately 14.5x P/E—levels comparable to the COVID-era market lows—we believe much of the negative sentiment has already been reflected in current valuations.

During June, we increased equity allocations across AMP Risk Levels 2 through 5, reflecting our view that market valuations have become increasingly attractive following the sharp correction.

For Risk Level 1, we continued rotating allocations from cash into fixed income as rising government bond yields have made short-to-medium tenor bonds increasingly attractive relative to money market instruments.

Looking ahead, we continue to monitor several important market catalysts, including:

• The upcoming S&P sovereign outlook decision.

• The direction of the USD/IDR exchange rate.

• Indonesia’s current account developments.

• Corporate earnings for the second quarter.

These factors will help determine whether investor confidence begins to recover during the second half of the year.

Key Trades This Month

Equities

We re-entered Adaro Andalan Indonesia (AADI) following greater policy clarity surrounding Indonesia’s commodity export framework. We believe the company combines attractive fundamentals, operational efficiency, and resilient earnings potential within a more stable regulatory environment.

At the same time, we reduced our position in XLSMART Telecom Sejahtera (EXCL). While the company’s fundamentals remain solid, limited near-term catalysts led us to reallocate capital toward opportunities offering a more attractive risk-reward profile.

Fixed Income

Our fixed income portfolios maintained an average duration of 5.43 years, slightly above the benchmark duration of 5.30 years.

As we enter July, we continue to take a measured approach toward duration positioning while selectively adding exposure to short-to-medium tenor government bonds, where higher yields have created increasingly attractive investment opportunities.

Thank you for your continued trust and confidence in Simpan Asset Management. As always, our investment team will continue actively monitoring market developments and positioning portfolios to navigate changing market conditions while staying focused on long-term investment objectives.

Monthly Investor Update (ENG)

Monthly Investor Update (ID)

In connection with the above plan, the Investment Manager hereby informs the public of the following:

1. A condition has occurred whereby the total Net Asset Value (NAV) of the SIMPAN AMANAH SHARIA FUND has fallen below IDR 10,000,000,000 (ten billion Rupiah), commencing on 29 April 2026. In relation to this condition, the Investment Manager and PT Bank CIMB Niaga Tbk, as the Custodian Bank of the SIMPAN AMANAH SHARIA FUND, have agreed to dissolve the SIMPAN AMANAH SHARIA FUND without waiting for the expiration of the mandatory dissolution period applicable where the total Net Asset Value remains below IDR 10,000,000,000 (ten billion Rupiah) for 120 (one hundred twenty) consecutive trading days, as stipulated under Article 45 letter (d) of Financial Services Authority Regulation No. 23/POJK.04/2016 dated 13 June 2016 concerning Mutual Funds in the Form of Collective Investment Contracts, as amended by Financial Services Authority Regulation No. 2/POJK.04/2020 dated 8 January 2020 and Financial Services Authority Regulation No. 4 of 2023 dated 30 March 2023, as well as Article 26.1(v) of the Collective Investment Contract of the SIMPAN AMANAH SHARIA FUND, which provides that the SIMPAN AMANAH SHARIA FUND must be dissolved where the parties have agreed to dissolve the fund, as set forth in the Agreement on the Dissolution of the SIMPAN AMANAH SHARIA FUND dated 2 July 2026.

2. The Investment Manager notified the Financial Services Authority (OJK) of the planned dissolution of the SIMPAN AMANAH SHARIA FUND on 2 July 2026.

3. The Investment Manager has instructed the Custodian Bank to cease the calculation of the Net Asset Value (NAV) of the SIMPAN AMANAH SHARIA FUND effective 2 July 2026.

4. The dissolution and the commencement of the liquidation process will take effect upon the execution of the deed of dissolution of the SIMPAN AMANAH SHARIA FUND before a notary.

This announcement is made for the information of the public.

Jakarta, 2 July 2026

PT Simpan Asset Management

Licensed and supervised by the Financial Services Authority (OJK).

PENGUMUMAN RENCANA PEMBUBARAN REKSA DANA SIMPAN AMANAH SYARIAH FUND

PT Simpan Asset Management selaku Manajer Investasi (“Manajer Investasi”) REKSA DANA SIMPAN AMANAH SYARIAH FUND (selanjutnya disebut “SIMPAN AMANAH SYARIAH FUND”) dengan ini mengumumkan rencana pembubaran SIMPAN AMANAH SYARIAH FUND.

Berkaitan dengan rencana tersebut di atas, dengan ini Manajer Investasi menyampaikan hal-hal sebagai berikut:

1. Bahwa telah terjadi kondisi di mana total Nilai Aktiva Bersih SIMPAN AMANAH SYARIAH FUND kurang dari Rp10.000.000.000,- (sepuluh miliar Rupiah) yang dimulai sejak tanggal 29 April 2026 dan bahwa atas kondisi tersebut Manajer Investasi dan PT Bank CIMB Niaga Tbk selaku Bank Kustodian SIMPAN AMANAH SYARIAH FUND telah sepakat untuk melakukan pembubaran SIMPAN AMANAH SYARIAH FUND tanpa menunggu berakhirnya jangka waktu kewajiban membubarkan SIMPAN AMANAH SYARIAH FUND apabila total Nilai Aktiva Bersih kurang dari Rp10.000.000.000,- (sepuluh miliar Rupiah) selama 120 (seratus dua puluh) hari bursa berturut-turut, sebagaimana diatur dalam Pasal 45 huruf d Peraturan Otoritas Jasa Keuangan Nomor 23/POJK.04/2016 tanggal 13 Juni 2016 tentang Reksa Dana Berbentuk Kontrak Investasi Kolektif jis. Peraturan Otoritas Jasa Keuangan Nomor 2/POJK.04/2020 tanggal 8 Januari 2020 tentang Perubahan atas Peraturan Otoritas Jasa Keuangan Nomor 23/POJK.04/2016 tentang Reksa Dana Berbentuk Kontrak Investasi Kolektif dan Peraturan Otoritas Jasa Keuangan Nomor 4 Tahun 2023 tanggal 30 Maret 2023 tentang Perubahan Kedua Atas Peraturan Otoritas Jasa Keuangan Nomor 23/POJK.04/2016 tentang Reksa Dana Berbentuk Kontrak Investasi Kolektif dan Pasal 26.1. butir (v) Kontrak Investasi Kolektif SIMPAN AMANAH SYARIAH FUND, yang menyatakan bahwa SIMPAN AMANAH SYARIAH FUND wajib dibubarkan apabila Para Pihak telah sepakat untuk melakukan pembubaran SIMPAN AMANAH SYARIAH FUND, sebagaimana termaktub dalam Kesepakatan Pembubaran SIMPAN AMANAH SYARIAH FUND tertanggal 2 Juli 2026.

2. Manajer Investasi telah memberitahukan rencana pembubaran SIMPAN AMANAH SYARIAH FUND kepada Otoritas Jasa Keuangan pada tanggal 2 Juli 2026.

3. Manajer Investasi telah menginstruksikan Bank Kustodian untuk menghentikan perhitungan Nilai Aktiva Bersih SIMPAN AMANAH SYARIAH FUND sejak tanggal 2 Juli 2026.

4. Pembubaran dan dimulainya proses likuidasi akan dilakukan dengan ditandatanganinya akta pembubaran SIMPAN AMANAH SYARIAH FUND di hadapan notaris.

Demikian pengumuman ini dibuat untuk dapat diketahui oleh publik.

Jakarta, 2 Juli 2026

PT Simpan Asset Management

berizin dan diawasi oleh Otoritas Jasa Keuangan

With the new Simpan Dollar Bond Fund, you can now hold both rupiah and dollar products in one place. Built and run by the same team, with the same close communication and full visibility usually reserved for private wealth clients. Though a new product is only useful once you know how much of it to hold. So here’s the part that matters more than the launch: how to decide the right amount of dollars for your portfolio.

There’s no exact right number, only a right starting point for your life. Anyone who quotes you one figure without asking about you is guessing in a nicer suit.

So here’s how a private wealth manager actually thinks about effective portfolio diversification:

Your life in rupiah. Your future, hedged in dollars. There isn’t one right number. There’s a right number for you, and it follows from how global your life already is.

Your number comes from one thing: how much of your life and your future is tied to the world beyond Indonesia. The more of it is, the more of your money should be in dollars. Find the tier that sounds like your life.

Discover the allocation that fits you

The thread through all three: the more of your life and wealth is tied to the world, the more of your money should be too. A rupiah life needs a little insurance, called diversification. A global life needs a reserve. A future that’s largely abroad needs real weight in dollars.

How to know if the allocation you chose works?

Picking a number is a start. Then the question becomes whether the number you picked fits your life, and there’s a way to check:

The test isn’t whether your portfolio still shows 20%, for example. It’s whether your dollar money is doing its job: covering your dollar spending without ever forcing you to convert rupiah at a bad moment. Watch for two signals over a year:

1. You keep topping up dollars from rupiah to fund your spending. If you set 20% for travel and imported goods but find yourself repeatedly selling rupiah to cover those costs, especially when the rate is bad, your share was too low. Your real dollar life is bigger than your dollar pot. Nudge the target up.

2. It covers everything and you never think about the exchange rate. That’s the target sitting right. You spend from dollars when life is in dollars, from rupiah when it’s in rupiah, and the day’s rate never dictates a decision. Leave it alone.

A good number is one you stop noticing. If you’re thinking about the exchange rate often, the number is wrong, not the market.

Ready to build yours? Move a slice into the Simpan Dollar Bond Fund and you’ve turned a single-currency portfolio into a globally balanced one, achieving true portfolio diversification with the same care once only reserved for private-bank clients. Start with the allocation setup that fits your life today, and adjust as your life grows.

Explore Dollar Bond Fund now.

There’s no exact right number, only a right starting point for your life. Anyone who quotes you one figure without asking about you is guessing in a nicer suit.

So here’s how a private wealth manager actually thinks about effective portfolio diversification:

Your life in rupiah. Your future, hedged in dollars. There isn’t one right number. There’s a right number for you, and it follows from how global your life already is.

Your number comes from one thing: how much of your life and your future is tied to the world beyond Indonesia. The more of it is, the more of your money should be in dollars. Find the tier that sounds like your life.

Discover the allocation that fits you

The thread through all three: the more of your life and wealth is tied to the world, the more of your money should be too. A rupiah life needs a little insurance, called diversification. A global life needs a reserve. A future that’s largely abroad needs real weight in dollars.

How to know if the allocation you chose works?

Picking a number is a start. Then the question becomes whether the number you picked fits your life, and there’s a way to check:.

The test isn’t whether your portfolio still shows 20%, for example. It’s whether your dollar money is doing its job: covering your dollar spending without ever forcing you to convert rupiah at a bad moment. Watch for two signals over a year:

1. You keep topping up dollars from rupiah to fund your spending. If you set 20% for travel and imported goods but find yourself repeatedly selling rupiah to cover those costs, especially when the rate is bad, your share was too low. Your real dollar life is bigger than your dollar pot. Nudge the target up.

2. It covers everything and you never think about the exchange rate. That’s the target sitting right. You spend from dollars when life is in dollars, from rupiah when it’s in rupiah, and the day’s rate never dictates a decision. Leave it alone.

A good number is one you stop noticing. If you’re thinking about the exchange rate often, the number is wrong, not the market.

Ready to build yours? Move a slice into the Simpan Dollar Bond Fund and you’ve turned a single-currency portfolio into a globally balanced one, achieving true portfolio diversification with the same care once only reserved for private-bank clients. Start with the allocation setup that fits your life today, and adjust as your life grows.

Download Simpan now

This was, in our view, the expected outcome. Indonesian authorities took meaningful steps to address MSCI’s concerns around market accessibility — notably through improvements in shareholder granularity disclosure and the introduction of a high concentration list. These weren’t cosmetic changes; they were the specific reforms MSCI had flagged, and they appear to have been sufficient to prevent an immediate downgrade.

That said, the MSCI statement makes clear that announcements alone aren’t enough. What matters now is consistent implementation and sustained effect. MSCI will continue to assess the scope, consistency, and effectiveness of these measures — and if sufficient progress isn’t evident by the November 2026 Index Review, reclassification to Frontier Markets remains on the table.

What the Market Said

The JCI closed at approximately Rp 5,900 on June 24, down 3.37% on the day, with turnover of around Rp 13 trillion. Month-to-date, the index is down 2.82%, with foreign investors recording net outflows of Rp 20.6 trillion over the period.

The reaction reflects two things at once: the relief of avoiding an immediate downgrade was already partially priced in, while the caveats around implementation and the November deadline introduced uncertainty the market is still absorbing. This isn’t a collapse in fundamentals. It’s a market reacting to an ambiguous outcome.

Indonesia’s economy expanded at 5.61% in Q1 2026 — a strong headline number, but one driven largely by government spending rather than private consumption or investment. Growth of that composition is less self-sustaining, and as fiscal consolidation progresses, the tailwind from public expenditure will likely moderate. We’re bullish on the valuation; we’re also clear-eyed about the quality of the growth underpinning it. We continue to favour staying invested and selectively adding on weakness, with that in mind.

How We’re Thinking About This

Equities

The JCI is now trading at a forward P/E of 14.23x, roughly two standard deviations below its historical mean — valuation levels last seen during COVID. At these prices, we remain bullish. Historically, entry points at these levels have rewarded patient investors.

Fixed Income

Indonesia’s 10-year government bond yield is currently at 7.21%. At this level, fixed income presents a compelling entry point for investors already holding rupiah assets. We continue to recommend increasing exposure and extending duration where appropriate.

Currency

The rupiah has weakened to approximately Rp 18,100 against the US dollar, and the pass-through to businesses and households is real. There are early encouraging signs — the rupiah had recovered to around Rp 17,800 in recent sessions — but we remain cautious. The durability of any IDR recovery hinges on fiscal credibility, and we’re watching government spending commitments closely. Follow-through on APBN consolidation remains the key signal for sustained stabilisation.

Our Overall Position: Stay Invested

These past few weeks have been testing. The index has reached COVID-era valuations, the currency has weakened to multi-year lows, and the MSCI review has extended the uncertainty to November. None of that is trivial.

But at current valuations, the risk premium on Indonesian assets looks attractive. The reforms that kept Indonesia in the EM index are real, even if their sustained implementation remains the open question. Historically, the periods when the story is most complicated and the numbers look worst have tended to be precisely the moments worth holding through. We’ll continue to monitor developments ahead of the November window and update you as things evolve.

How to Position Through This

For investors staying invested in Indonesian markets: Actively Managed Portfolio (AMP)

Indonesia’s market can be illiquid at times, which means foreign flows tend to have an outsized impact on prices, creating sharp moves that can feel disconnected from fundamentals. AMP was built for exactly this environment — adjusting your allocation between equities, bonds, and money market instruments each month based on market conditions. At current levels, where both equities and fixed income present compelling entry points, we think this is a good time to enter or add. AMP provides the structure to do so in a disciplined way, without having to navigate the volatility alone. The strategy has historically protected capital through episodes like the 2013 Taper Tantrum and COVID-19 while still participating in recoveries.

For investors looking to diversify away from IDR: Dollar Bond Fund (DBF)

For clients concerned about rupiah weakness, the Dollar Bond Fund offers USD exposure through a mix of USD-denominated Indonesian government and corporate bonds — quality fixed income instruments, outside of rupiah risk. Over the past 20 years, the IDR has depreciated at approximately 4% per year against the USD, a persistent structural headwind for unhedged rupiah assets. DBF exists for clients who want to grow their wealth in USD terms without fully stepping away from Indonesia. Contact us here to learn more.

Now, we want to hear from you.

This invitation is for anyone who has experienced AMP firsthand, whether you still hold your portfolio today or have since redeemed it. As we continue refining AMP, your experience and expectations matter just as much as the numbers. We’re conducting a short survey to better understand how AMP has worked for you and where we can do even better.

As a token of appreciation, we’ll randomly select 5 participants to receive Rp200,000.

Your feedback helps us enhance our portfolio management services and deliver an even better investment experience. All responses are kept confidential.

Take the Survey

May was a difficult month for Indonesian markets. The IHSG fell 11.92%, a sharp deterioration from April’s -1.30%, driven by a combination of aggressive foreign selling, new government export regulations, and a Rupiah that broke through the 17,800 level against the US Dollar. Through our May Monthly Investor Update, we outline what happened, how our funds performed, and how we are thinking about what comes next.

May Market Highlights

1. The JCI Fell 11.92% — Its Worst Monthly Performance in Recent Memory

Indonesian equity markets came under severe pressure in May, with monthly losses accelerating sharply from the -1.30% recorded in April. The selloff was broad-based, driven by a confluence of domestic policy uncertainty and sustained foreign outflows tied to the MSCI Indonesia rebalancing. Foreign investors recorded net outflows of approximately IDR 19.44 trillion from the MSCI Indonesia universe, with selling concentrated heavily in momentum-driven stocks and conglomerate names. The JCI is now at year-to-date lows, though from a valuation standpoint this begins to open up selective entry opportunities for disciplined investors.

2. New Government Export Regulations Added to Policy Uncertainty

One of the more significant domestic developments in May was the introduction of new export regulations for selected commodities. Under these rules, export activities can now only be conducted by government-appointed authorities, effectively reducing private sector participation. This added a layer of regulatory uncertainty on top of already fragile market sentiment, and directly impacted the performance of commodity-linked equities.

3. Bank Indonesia Raised the BI-Rate by 50bps — More Than Markets Expected

Sustained foreign outflows put additional pressure on the Rupiah, pushing USD/IDR through the ~17,800 level. In response, Bank Indonesia raised the BI-Rate by 50 basis points, exceeding market expectations of a 25bps hike. The move was primarily aimed at stabilizing the currency amid continued US Dollar strength. Beyond the rate decision, BI also intervened in the fixed income market through purchases of mid-to-long tenor government bonds and implemented capital flow management measures to support domestic bond yields and reduce the risk of further capital flight.

How Did Simpan’s Funds Perform?

All funds under our management, except Simpan Bond Fund and Simpan Cash Fund, underperformed their respective benchmarks in May. This outcome was broadly in line with market conditions — the sharp equity correction and sustained foreign outflows weighed on risk assets across the board, and no equity-oriented strategy was fully insulated.

That said, our AMP portfolios held up better than their benchmarks at every risk level. Risk 2 through 5 portfolios outperformed due to their relatively lower equity exposure going into the month, a positioning we had maintained from April’s rebalancing. Risk 1 portfolios experienced a modest drag from longer duration positioning in our bond holdings, though the impact was contained. Our fixed income funds fared well — the Simpan Bond Fund returned +0.43% against a benchmark of +0.29%, as government bond yields trended lower over the month.

Market Outlook & Portfolio Positioning

Our outlook for June is neutral on Indonesian equities. Much of the negative sentiment from May appears to have been priced in, and the MSCI rebalancing — which was a major source of selling pressure — has now run its course. That said, markets remain cautious, and we are not yet at a point where we would describe conditions as clearly improving.

A few key events in June will shape the path ahead. S&P Global Ratings is due to deliver its sovereign outlook decision for Indonesia, and MSCI will conduct its market accessibility assessment during the month. Both carry the potential to meaningfully influence sentiment in either direction. The USD/IDR level and concerns around Indonesia’s fiscal sustainability also continue to weigh on investor confidence.

Against this backdrop, we have made a measured shift in portfolio positioning. We are gradually increasing equity exposure across AMP portfolios, moving away from the fully defensive stance of recent months, and doing so selectively — focusing on companies with strong fundamentals, resilient balance sheets, and clear earnings visibility that we believe are better placed to weather continued volatility.

Below is a summary of some of the key trades we made in May:

Equities — Key Trades

Fixed Income — Key Trades

In Fixed Income, we maintained a cautious approach to duration with an average portfolio duration of 5.70 years, slightly above the benchmark’s 5.30 years. We are actively monitoring opportunities to selectively extend duration, particularly at the shorter end of the yield curve where risk-reward dynamics have become more attractive. Geopolitical developments in the Middle East remain a key area of focus given their potential flow-through to oil prices, the Rupiah, and global liquidity conditions including petrodollar flows.

We will continue to monitor developments closely and remain fully committed to managing your investments with the same care and diligence as ever. As always, thank you for your continued trust.

Monthly Investor Update (ENG)

Monthly Investor Update (ID)

The Indonesian market is going through a turbulent stretch. For investors, that often means a flood of conflicting signals: one headline says buy, another says hold, and it’s hard to know who to trust, let alone what to actually do with your money.

That’s exactly when clear thinking matters most. And it’s exactly why we’re opening up our Inner Circle.

What is the inner circle

A private space where we think out loud

Our Inner Circle is access to our Close Friends list on Instagram, a private space where our founders share the kind of thinking that doesn’t make it into a newsletter or a polished report.

• What’s actually happening in the Indonesian market right now.

• What the current conditions mean concretely.

• The frameworks and thinking process we use to make investment decisions, so you can sharpen your own.

It’s an honest look at how we operate. Think of it as getting a seat at the table before you ever put money on it.

Why we’re doing this

We believe trust is earned, not given.

Most investment platforms ask you to trust them with your money before they have earned your trust. We want to do the opposite.

Before you invest with us, we want you to show you how we communicate, how we think when markets are uncertain, and how we make decisions when there’s no easy answer. This is your chance to get to know us better, on your terms.

How to join

One simple steps

Make sure you have opened an account at Simpan before submitting your Instagram handle through our Google Form: https://forms.gle/anwozRFs8yJUSSgaA

We’ll add you to the Close Friends list within 1–2 business days. See you!

Indonesia’s capital markets have faced a confluence of pressures, some structural, some self-inflicted, and navigating them has required a clear head and a willingness to sit with discomfort a little longer than feels comfortable. If you have been watching your portfolio with one eye and the news with the other, we hope this update gives you a cleaner picture of what is actually happening, and what we are doing about it.

The MSCI review concluded with six Indonesian equities removed from the MSCI Indonesia Standard Index, effective 29 May. The outcome was sharper than we initially anticipated, likely a consequence of MSCI immediately incorporating KSEI’s disclosure of concentrated ownership structures, which reduced the recognised free float of several names overnight.

Indonesia’s weighting within the MSCI Emerging Markets Index is now expected to decline from roughly 0.72% to 0.61%, a reduction of nearly 15.3%. We estimate combined outflows from active and passive funds tied to the exclusions at around USD 1.7 billion, with total potential outflows, including the broader downweighting effect on remaining constituents, approaching USD 2.8 billion. The Jakarta Composite Index reflected this, falling as much as 4% to a low of 6,400 before partially recovering to a loss of 1.85%, closing at 6.599.24 as of 18 May 2026.

But here is the more important point: we believe the risk of Indonesia being reclassified into Frontier Markets has now been effectively removed. The remaining overhang is about index weighting, not existential market status. Much of the worst-case scenario appears priced in. That does not mean smooth sailing ahead, near-term pressure on equities is likely to persist but it does mean the character of the risk has shifted. That matters.

Indonesia’s Ongoing PR Challenge

There is a version of this update that only talks about MSCI flows and rupiah levels. But that would miss what is, ironically, the more consequential issue right now, Indonesia’s relationship with its own narrative in front of a global audience.

Recent remarks from government leaders on the rupiah’s depreciation have done little to reassure international markets. At the time of writing, the rupiah has weakened toward 16,750 against the dollar. The framing around exchange rate moves as something manageable misses a structural reality: the US dollar is deeply embedded in Indonesia’s economic engine. Imported fuel, subsidised commodities, the soybeans that go into the tempeh and tahu on your table, all of it priced in dollars. When the rupiah weakens, that cost does not stay in a spreadsheet. It filters through to businesses and households, quietly and persistently.

Beyond currency, the deeper issue is one of predictability. Global investors, whether allocating short-term portfolio flows or committing to longer-term foreign direct investment, do not just price fundamentals. They price their confidence that the rules of the game will remain consistent. When that confidence wavers, capital finds somewhere else to go. And rebuilding trust, as most investors instinctively know, always takes longer than losing it.

Where we stand, and how we are positioned.

Despite the turbulence, we believe Indonesia’s capital markets are gradually approaching a bottoming phase. We anticipate continued intervention from Bank Indonesia and the government to support rupiah stability, and with the MSCI uncertainty now largely resolved, the conditions for sentiment to normalise, slowly, unevenly, are beginning to take shape.

Here is how we are thinking about the major asset classes right now.

Fixed Income

Indonesian government bond yields are hovering around 6.8% (Indo 10Y), a level that presents a genuinely attractive entry point for investors already holding rupiah assets. We have been recommending increasing fixed income exposure and lengthening duration at current yield levels. This remains our preferred positioning for Bond Funds.

Equities

Near-term volatility is not going away, and we will not pretend otherwise. But we continue to believe that equities remain the most compelling long-term asset class for participating in Indonesia’s structural growth story, more so than dollar assets or other rupiah-denominated classes. Short-term noise, however uncomfortable, does not change that underlying calculus.

Dollar exposure

Dollar-denominated assets continue to serve as a genuine hedge and portfolio diversifier in this environment, and we may have a specific Simpan update on this front coming soon.

Actively managed portfolios

We had already positioned defensively heading into May, with equity allocation at 12% and balanced positions of 44% each in cash and bond funds. That posture was designed precisely for moments like this: to preserve capital while retaining the flexibility to redeploy risk as conditions stabilise. AMP is doing what it was built to do, so that you do not have to time anything yourself.

The market this month has been an uncomfortable reminder that investing in any single country, even one with Indonesia’s long-term potential, demands patience for the periods when the story gets complicated and the headlines get loud. Historically, those tend to be exactly the moments worth holding through.

As always, we are here if you want to talk through your positioning.

The Jakarta Composite Index (JCI) traded relatively flat last week, ending the week marginally lower by -0.28%. Market sentiment remained fairly stable during the first few trading days, before weakening sharply on Friday, when the index declined by -2.86%.

The sell-off was primarily driven by news regarding a new proposal from the Ministry of Energy and Mineral Resources regarding a proposed revision to Government Regulation (PP) No. 19 of 2025 to increase royalty tariffs for commodity producers (copper, gold, tin, and nickel ore), with rates of up to 20%. The government stated that the proposed adjustment is intended to better align with prevailing commodity price dynamics, ensuring the country benefits from its natural resources, especially given elevated commodity prices. At the same time, the proposal is also part of broader efforts to strengthen state revenues amid widening fiscal pressures, rising energy subsidy requirements, and other government programs such as the MBG (Free Nutritious Meal) initiative.

Following the announcement, commodity-related sectors experienced significant selling pressure. The Energy sector was among the weakest performers, declining -5.7% WoW, while the Basic Materials sector fell -5.6% WoW. Foreign investors were net sellers of approximately ~IDR 0.49T on Friday alone, with selling concentrated in commodity-linked names such as BUMI, TINS, and BREN.

However, earlier today, the Energy and Mineral Resources Minister Bahlil Lahadalia announced in a press conference that the implementation of the new regulation would be delayed. He also noted that the royalty calculation formula will be changed, with the government aiming to reach a more balanced “win-win” framework for both the state and business sectors. In addition, the government remains open to further input from the mining sector regarding the proposed royalty structure. The JCI saw a slight decline of -0.92% today.

How Did Our Funds Perform?

In line with broader market weakness, our equity-oriented portfolios were also affected, particularly given our exposure to several commodity-related holdings. On Friday, our Sustainable Equity Fund declined by -3.31%, with names such as AMMN, EMAS, and AADI being top laggards. Our Balanced Fund (-1.75%) and Amanah Syariah Fund (-1.87%) also saw declines but still outperformed the JCI, supported by their fixed income allocations which helped cushion market volatility.

What Is Our Outlook Going Forward?

We view the recent correction largely as a “panic sell on news” reaction rather than the start of a structural downturn. While near-term volatility may persist, we do not expect selling pressure to continue at the same magnitude. From a technical perspective, we believe the index is currently trading at support levels, with the ~6,500 level representing the next key support level should weakness continue.

We believe that commodity-related companies remain well-positioned in inflationary environments, particularly given that ongoing geopolitical tensions continue to support elevated commodity prices. Even if the war de-escalates, the broader implications (supply chains, inflation) are likely to persist over the medium term.

While our portfolios contain selective exposure to commodity-related names, they are also well-diversified across sectors and contain high-quality blue-chip companies with resilient fundamentals and strong earnings visibility. Beyond commodities, our portfolios also maintain exposure to sectors such as banking and telecommunications.

As always, we remain committed to managing your investments with prudence and discipline. We will continue to monitor developments closely and keep you updated accordingly.

Indonesian markets continued to see volatility in April, as geopolitical tensions, persistently elevated oil prices, and Rupiah weakness continued to dampen investor sentiment. Through our April Monthly Investor Update, we outline market highlights, Simpan’s funds’ performance, our outlook ahead, and how we’re positioning portfolios.

April Market Highlights

1. Jakarta Composite Index (JCI) Traded Volatile, Closing Out Lower By -1.30% in April

The JCI rebounded in the first half of April but came under pressure in the latter half, ultimately closing the month down by -1.30%. Elevated energy prices continued to raise concerns over Indonesia’s inflation and fiscal outlook, weighing on investor sentiment and triggering broad-based weakness across equities. Foreign investors remained net sellers, recording outflows of ~IDR 17.72T, largely concentrated in major banking stocks such as BBCA, BBRI, and BMRI. Persistent capital outflows also added pressure on the Rupiah, with USD/IDR breaching above the ~17,300 level during the month.

2. Both BI and The Fed Kept Rates Unchanged

Amid heightened uncertainty, the Fed maintained its benchmark rate, adopting a “wait-and-see” approach as it balanced persistent inflationary pressures against a resilient but gradually moderating labour market. Similarly, BI kept rates unchanged to prioritize Rupiah stability. Indonesia’s March CPI rose to 3.8% YoY, above BI’s target range of 1.5% – 3.5%, limiting the central bank’s room for monetary easing in the near term.

How Did Simpan’s Funds Perform?

Despite heightened market volatility, all of our funds delivered positive returns during the month, with all funds outperforming their respective benchmarks except for our Bond Fund. In particular, our equity-oriented portfolios outperformed the JCI, supported by our prior positioning in commodity-linked names.

Our AMP portfolios also generated positive returns and outperformed benchmarks. Performance in Risk 1 portfolios was primarily driven by gains in bond holdings, while returns in Risk 2–5 portfolios were mainly supported by our equity allocations.

Market Outlook & Portfolio Positioning

Our outlook for May remains bearish, particularly due to geopolitical tensions that still persist. Elevated energy prices continue to raise concerns over inflationary pressures and Indonesia’s fiscal position. In addition, we expect the upcoming MSCI index rebalancing and continued Rupiah weakness to sustain foreign outflows, which could further pressure domestic markets.

Given the fragile near-term risk sentiment, we are maintaining a defensive investment stance. In equities, our strategy remains focused on companies with strong earnings visibility and resilient fundamentals. We remain constructive on commodities, supported by elevated energy prices, resilient demand, and their role as a hedge against macroeconomic uncertainty and inflation.

Below are some of the stocks we bought and sold in April:

In Fixed Income, we maintain a cautious stance on duration, while monitoring opportunities to extend duration as yields become more attractive. Given geopolitical risks, we are also closely tracking implications for global liquidity, including petrodollar flows and potential policy responses in Indonesia, especially around the fiscal deficit and inflation.

Across AMP portfolios, we are keeping portfolio allocation unchanged. Within Risk 2 –5 portfolios, the relatively lower equity exposure and higher allocation to cash and fixed income instruments provide flexibility to increase equity positions opportunistically once there are clearer signs of market stabilization, such as easing geopolitical tensions, a strengthening Rupiah, or a return of foreign inflows.

We continue to monitor developments closely and remain committed to managing your investments with the same dedication and care as ever. We thank you for your continued trust.

PT Simpan Asset Management, as the Investment Manager of the SIMPAN SUSTAINABLE EQUITY FUND MUTUAL FUND, hereby announces several amendments to the CIC and Prospectus of the SIMPAN SUSTAINABLE EQUITY FUND (“SIMPAN SUSTAINABLE EQUITY FUND”) concerning the following matters:

1. Changes to the composition of the Investment Management Team in the Prospectus;

2. Amendment to the minimum subscription amount for Participation Units from “IDR 100,000 (one hundred thousand Rupiah) for each Unit Holder” to “IDR 10,000 (ten thousand Rupiah) for each Unit Holder”;

3. Amendment to the Investment Manager fee provision from “a maximum of 3% (three percent) per annum” to “a maximum of 5% (five percent) per annum”;

4. Addition of commercial features in accordance with POJK Number 33 of 2024 dated 19 December 2024 regarding the Development and Strengthening of Investment Management in the Capital Market, including:

   • Addition of features allowing SIMPAN SUSTAINABLE EQUITY FUND to receive and/or provide loans; and

   • Addition of an option to invest in Foreign Mutual Fund Securities;

5. Adjustments to provisions in the CIC and Prospectus to comply with applicable Laws and Financial Services Authority Regulations (“POJK”), including:

   • Addition of the definition of POJK Number 56/POJK.04/2020 dated 3 December 2020 regarding Mutual Fund Reporting and Accounting Guidelines; and

   • POJK Number 33 of 2024 dated 19 December 2024 regarding the Development and Strengthening of Investment Management in the Capital Market;

6. Adjustments to provisions in the CIC and Prospectus in accordance with Financial Services Authority policies.

This announcement is hereby conveyed to the Participation Unit Holders of the SIMPAN SUSTAINABLE EQUITY FUND MUTUAL FUND and other interested parties.

Pengumuman realisasi Kontrak Investasi Kolektif (“KIK”) dan prospektus Reksa Dana Simpan Sustainable Equity Fund

PT Simpan Asset Management, selaku Manajer Investasi dari REKSA DANA SIMPAN SUSTAINABLE EQUITY FUND, menginformasikan beberapa perubahan yang akan dilakukan terhadap KIK dan Prospektus REKSA DANA SIMPAN SUSTAINABLE EQUITY FUND (”SIMPAN SUSTAINABLE EQUITY FUND”) terkait hal-hal sebagai berikut:

1. Perubahan susunan Tim Pengelola Investasi dalam Prospektus;

2. Perubahan ketentuan mengenai batas minimum pembelian Unit Penyertaan yang semula “sebesar Rp 100.000,- (seratus ribu Rupiah) untuk setiap Pemegang Unit Penyertaan” menjadi “sebesar Rp10.000,- (sepuluh ribu Rupiah) untuk setiap Pemegang Unit Penyertaan”;

3. Perubahan ketentuan mengenai imbalan jasa Manajer Investasi yang semula “maksimum sebesar 3% (tiga persen) per tahun” menjadi “ maksimum sebesar 5% (lima persen) per tahun”;

4. Penambahan fitur komersil sesuai dengan POJK Nomor 33 Tahun 2024 tanggal 19 Desember 2024 tentang Pengembangan dan Penguatan Pengelolaan Investasi di Pasar Modal antara lain mengenai:

1. Penambahan fitur SIMPAN SUSTAINABLE EQUITY FUND menerima dan/atau memberikan pinjaman; dan

2. Penambahan fitur opsi untuk berinvestasi pada Efek Reksa Dana Luar Negeri;

5. Penyesuaian ketentuan dalam KIK dan Prospektus terhadap Undang-Undang, Peraturan Otoritas Jasa Keuangan (“POJK”) antara lain sebagai berikut:

1. Penambahan definisi POJK Nomor 56/POJK.04/2020 tanggal 3 Desember 2020 tentang Pelaporan dan Pedoman Akuntansi Reksa Dana; dan

2. POJK Nomor 33 Tahun 2024 tanggal 19 Desember 2024 tentang Pengembangan dan Penguatan Pengelolaan Investasi di Pasar Modal.

6. Penyesuaian ketentuan-ketentuan dalam KIK dan Prospektus dengan kebijakan Otoritas Jasa Keuangan.

Demikian pengumuman ini disampaikan kepada para Pemegang Unit Penyertaan REKSA DANA SIMPAN SUSTAINABLE EQUITY FUND serta pihak-pihak yang berkepentingan.