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.

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

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

2. Implementation of provisions related to Unit Classes (Multi Shareclass), including the following amendments:

   • Issuance of the following SIMPAN BOND FUND Unit Classes:

     • SIMPAN BOND FUND Class A; and

     • SIMPAN BOND FUND Income Class;

   • Amendments and/or additions to several definitions related to the multi-shareclass structure, including the definitions of Investment Switching Form, Unit Class, Net Asset Value, Unit Holder, Addition of New Unit Class, Public Offering of New Class, Participation Unit, Confirmation Letter of Participation Unit Transaction, and Date of Addition of Unit Class;

   • Amendments to provisions regarding SIMPAN BOND FUND Participation Units, including:
     (i) the number of Participation Units offered for both SIMPAN BOND FUND and each Unit Class,
     (ii) segmentation of Unit Classes, and
     (iii) provisions regarding the addition of Unit Classes and the number of Participation Units for each Unit Class;

   • Amendments to the procedures for Subscription, Redemption, and Investment Switching of Participation Units so that such provisions apply to each respective Unit Class;

   • Amendments to the Investment Return Distribution Policy for each Unit Class;

   • Addition of a transitional provision stating that existing holders of SIMPAN BOND FUND Participation Units will automatically become holders of SIMPAN BOND FUND Class A Participation Units without any change in the number of Participation Units owned; and

   • Addition of provisions regarding the Addition and Closure of Unit Classes;

3. Amendment to the minimum initial and subsequent 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”;

4. Amendment to the minimum redemption amount for Participation Units from “IDR 100,000 (one hundred thousand Rupiah) per transaction” to “IDR 10,000 (ten thousand Rupiah) per transaction”;

5. Amendment to the minimum investment switching amount from “IDR 100,000 (one hundred thousand Rupiah) per transaction” to “IDR 10,000 (ten thousand Rupiah) per transaction”;

6. 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 BOND FUND to receive and/or provide loans; and

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

7. 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;

8. 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 BOND FUND MUTUAL FUND and other interested parties.

Pengumuman realisasi perubahan Kontrak Investasi Kolektasi (“KIK”) dan Prospektus Reksa Dana Simpan Bond Fund

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

1. Perubahan susunan Tim Pengelola Investasi dalam Prospektus;

2. Penerapan ketentuan terkait Kelas Unit Penyertaan (Multi Shareclass) dengan rincian perubahan ketentuan sebagai berikut:

1. Penerbitan Kelas Unit Penyertaan SIMPAN BOND FUND sebagai berikut:

• SIMPAN BOND FUND Kelas A; dan

• SIMPAN BOND FUND Kelas Income;

2. Perubahan dan/atau penambahan beberapa definisi sehubungan dengan multi shareclass antara lain definisi Formulir Pengalihan Investasi, Kelas Unit Penyertaan, Nilai Aktiva Bersih, Pemegang Unit Penyertaan, Penambahan Kelas Unit Penyertaan Baru, Penawaran Umum Kelas Baru, Unit Penyertaan, Surat Konfirmasi Transaksi Unit Penyertaan, Tanggal Penambahan Kelas Unit Penyertaan;

3. Perubahan ketentuan mengenai Unit Penyertaan SIMPAN BOND FUND, antara lain (i) jumlah Unit Penyertaan yang ditawarkan baik untuk SIMPAN BOND FUND maupun untuk masing-masing Kelas Unit Penyertaan, (ii) segmentasi Kelas Unit Penyertaan, serta (iii) ketentuan mengenai penambahan jumlah Kelas Unit Penyertaan dan jumlah Unit Penyertaan masing-masing Kelas Unit Penyertaan;

4. Perubahan ketentuan Tata Cara Pembelian Unit Penyertaan, Tata Cara Penjualan Kembali Unit Penyertaan dan Tata Cara Pengalihan Investasi sehingga ketentuannya berlaku untuk masing-masing Kelas Unit Penyertaan;

5. Perubahan ketentuan Kebijakan Pembagian Hasil Investasi untuk masing-masing Kelas Unit Penyertaan;

6. Penambahan ketentuan peralihan bahwa Pemegang Unit Penyertaan yang telah memiliki Unit Penyertaan SIMPAN BOND FUND akan menjadi Pemegang Unit Penyertaan SIMPAN BOND FUND Kelas A tanpa menyebabkan perubahan jumlah kepemilikan Unit Penyertaan; dan

7. Penambahan ketentuan Penambahan dan Penutupan Kelas Unit Penyertaan;

3. Perubahan ketentuan mengenai batas minimum pembelian awal dan selanjutnya 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”;

4. Perubahan ketentuan mengenai batas minimum penjualan kembali Unit Penyertaan semula “sebesar Rp 100.000,- (seratus ribu Rupiah) untuk setiap transaksi” menjadi “sebesar Rp10.000,- (sepuluh ribu Rupiah) untuk setiap transaksi”;

5. Perubahan ketentuan mengenai batas minimum pengalihan investasi semula “sebesar Rp 100.000,- (seratus ribu Rupiah) untuk setiap transaksi” menjadi “sebesar Rp10.000,- (sepuluh ribu Rupiah) untuk setiap transaksi”;

6. 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 BOND FUND menerima dan/atau memberikan pinjaman; dan

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

7. 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; dan

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

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

Rupiah weakness has been dominating headlines lately, with USD/IDR breaking above the 17,000 level. The question a lot of people have been asking is: is this just temporary, or are we looking at a new normal?

To answer this question, our Investment Team recently published a research piece covering key topics such as structural drivers behind Rupiah’s weakness, how foreign investors actually see Indonesia, what the Rupiah is actually worth, and how investors should position their portfolios. Below is a quick breakdown of the key points. For the full analysis, you can access the complete report here.

Rupiah Depreciation Isn’t New

As shown in the chart below, the Rupiah has weakened by ~85% against the USD since 2005, translating to an annualized depreciation rate of ~2.9%. Two structural factors drive this weakness: inflation differentials between the U.S. and Indonesia, and a persistent current account deficit.

Since 2022, depreciation has accelerated to ~3.5% annually, reflecting the unwind of the global carry trade—the mechanism that supported the Rupiah throughout the 2010s.

What Do Foreign Investors Actually See?

Equities: Currency Drag Erodes Returns

The Jakarta Composite Index (JCI) has delivered ~9.6% annual returns in IDR terms over the past two decades. However, that’s not the number that foreign investors see. When the returns are converted back into USD, currency depreciation has consistently eroded returns, making Indonesian equities far less attractive, thus making it difficult to retain foreign investors and capital.

Fixed Income: The Carry Trade Is Breaking

Indonesian government bonds (SBN) were historically the primary vehicle through which foreign investors engage with Indonesia. The “carry trade” phenomenon involves foreign investors borrowing cheaply in USD and using it to invest in higher-yielding IDR SBNs.

However, the “net carry”, what a US investor actually earns after costs, is far less attractive, shown in the table below. This explains why foreign SBN demand has seen a structural decline, even though gross yields have remained elevated.

Furthermore, the rate differential between the U.S. and Indonesia has narrowed in recent years, reducing the margin of safety for carry trades and making IDR assets less attractive relative to developed markets. At the same time, sovereign risk has increased, with Indonesia’s 10Y CDS (Credit Default Swap) around 136 bps — way above the 100 bps level that typically raises concern among global investors.

With credit ratings sitting near the lower end of investment grade (Baa2/BBB), there is limited buffer before a potential downgrade, further weighing on investor sentiment.

Foreign Flows: The Structural Exit

In recent years, foreign ownership in Indonesian equities and fixed income has declined significantly. Foreign ownership of JCI market capitalisation has declined from a peak of approximately 40% in 2013–2014 to around 18% by April 2026. In fixed income, ownership has collapsed from 38.5% in 2019 to 12.6% in April 2026.

That being said, there is a contrarian implication. With foreign ownership already significantly reduced, the scope for further selling is more limited. Our view is that, once the Rupiah begins to stabilize, the upside from renewed inflows could be more meaningful. That being said, the next major directional move in foreign positioning is more likely to be inflows rather than continued outflows.

What is the Rupiah Actually Worth?

Our Investment Team conducted three valuation frameworks: Purchasing Power Parity (PPP), Real Return Adjusted, and Real Effective Exchange Rate. Through these three frameworks, we conclude that the Rupiah is undervalued. For a more detailed explanation of our valuation methodologies, click here to read our research paper.

This suggests that the current exchange rate level is not a fundamental equilibrium but rather a liquidity and risk-premium price, driven by factors that are at least partially cyclical and therefore potentially reversible.

What’s Needed to Stabilize the Rupiah?

We identified three key factors, outlined below:

1. Necessary Conditions: The Cyclical Pivot

The Rupiah is heavily influenced by external “global gravity,” meaning domestic policy alone cannot stabilize it. A durable floor depends on three shifts: a credible Fed easing cycle to restore rate differentials and weaken the USD, lower oil prices (ideally below $85/bbl) to ease fiscal and current account pressures, and stable FX reserves to maintain market confidence. Without improvement in these factors, structural pressure on the IDR is likely to persist.

2. Structural Catalysts: The Policy Shift

Cyclical improvements alone won’t stabilize the Rupiah; lasting strength requires shifting from a “trading proxy” to an investment-driven currency with steady USD inflows. This hinges on higher-quality FDI — particularly export-oriented manufacturing (à la Vietnam) rather than commodity-linked inflows — alongside deeper domestic demand for government bonds to reduce reliance on foreign capital. Additionally, expanding local currency settlement and de-dollarization efforts can gradually reduce structural USD demand. Together, these reforms would build a more resilient and self-sustaining foundation for the IDR.

3. The Credit Rating Overhang: Indonesia’s Biggest Tail Risk

A sovereign downgrade is the biggest tail risk for the Rupiah, as it would trigger forced selling across bonds and equities and overwhelm BI’s ability to stabilize the currency.Indonesia currently holds investment-grade ratings from all three major agencies: Baa2 from Moody’s (equivalent to BBB), BBB from S&P, and BBB from Fitch. But with negative outlooks, a cut toward BBB- or below could drive index exclusion, capital outflows, and higher borrowing costs. Key risks to watch are a widening fiscal deficit, rising debt levels, and weakening FX reserves. A shift from negative outlook to an actual downgrade would likely accelerate IDR depreciation.

Given the Recent Rupiah Weakness, What Should Investors Do?

Equities:

Maintain exposure to commodity linked and export oriented equities, especially companies that earn their revenue in USD (e.g. Indonesian coal, CPO, nickel producers). At the same time, be selective on import dependent sectors. Furthermore, watch the big-cap banks as a proxy for inflow; when foreign flows return, big caps are usually first.

Fixed Income:

Stay cautious. Favor short- to mid-duration SBNs and maintain higher cash buffers. Longer duration only becomes attractive once spreads stabilize and a Fed pivot is credible.

Bottom Line

To summarize, Rupiah weakness isn’t a mystery. It’s a result of years of inflation differentials, persistent current account deficits, and a steady withdrawal of foreign capital, leaving the currency on a structurally weaker path. Foreign investor behavior reinforces this: USD-based equity returns have been eroded by currency drags, while bond ownership has fallen to multi-decade lows as the carry trade becomes less attractive.

At the same time, valuation models suggest the Rupiah is meaningfully undervalued, suggesting that current levels are driven more by risk premium and global conditions than fundamentals. The key downside risk remains a potential credit rating downgrade, which could trigger forced outflows and further increase pressure on the currency.

Ongoing uncertainty surrounding the escalation of the US/Israel–Iran conflict continued to weigh on markets this week, with the JCI declining by -6.97%. Notably, the index fell sharply by -3.25% today, with broad-based selling across blue-chip and conglomerate stocks.

Meanwhile, Brent crude oil remains elevated at around USD $100/bbl, dampening investor sentiment as higher-for-longer energy prices raise concerns over inflation and Indonesia’s domestic fiscal policy. As a net oil importer, Indonesia is particularly exposed to rising oil prices, which may further strain fiscal conditions.

In addition to geopolitical pressures, continued Rupiah weakness has further weighed on sentiment. The currency remains near IDR 17,200/USD, surpassing levels seen during the COVID-19 pandemic. This reflects persistent “risk-off” positioning, with capital outflows from emerging markets such as Indonesia. While foreign investors recorded net outflows of approximately IDR 11.83T (as of April 24th), there were signs of selective accumulation, particularly in commodities & energy, industrials, and consumer sectors, suggesting that while overall positioning remains cautious, foreign investors are gradually rotating into preferred segments rather than exiting the market entirely. Given ongoing Rupiah weakness, BI maintained its policy rate at 4.75% during its last meeting in April, prioritizing currency stability while balancing inflation and growth. With inflation at 3.48% in March, near the upper end of BI’s 1.5% – 3.5% target range alongside continued Rupiah weakness, the central bank is likely to remain on hold for longer.

Regionally, other Asian currencies such as the Philippine Peso and South Korean Won also weakened. In addition to equities, the bond market saw pressure as well from foreign outflows, with the 10-year Indonesian Government Bond yield rising to 6.72% as of today.

Simpan’s Views

Given ongoing uncertainty around the duration and trajectory of the conflict, we expect market volatility to persist. As highlighted in our March Monthly Investor Update, a sustained shift back to “risk-on” would likely require either a clear de-escalation in the Middle East (specifically, a ceasefire driving Brent below USD $85/bbl) or stabilization in the Rupiah which in return would bring some relief to Indonesia’s fiscal spending.

Despite near-term volatility, our investment approach remains anchored in fundamentals. We continue to focus on resilient companies with solid earnings visibility, with meaningful exposure to commodity-linked sectors that are well-positioned in an inflationary environment. At the same time, we maintain selective exposure to sectors such as financials and telecommunications.

When the market pulls back, we view it as an opportunity to further add exposure on names that are on our watchlist. For investors seeking long-term capital appreciation, our Sustainable Equity Fund remains well-positioned to capture these opportunities.

In March, escalating geopolitical tensions between the US/Israel and Iran weighed heavily on investor sentiment, triggering a broad-based sell-off across both equities and bonds. Through our March Monthly Investor Update, we outline what happened, how our funds performed, and our outlook ahead.

March Market Highlights

JCI Saw Significant Pressure, Declining -14.2% MoM

In addition to geopolitical tensions, Rupiah weakness, elevated oil prices, and MSCI-related uncertainty reinforced a risk-off environment. As a result, the JCI declined -14.2% MoM, with the blue-chip index IDX30 down around -12%.

Foreign investors recorded net outflows of ~IDR 9T, with selling concentrated in banking names, specifically BBCA, BBRI, BBNI.

Global & Domestic Bond Market Under Pressure As Well

Elevated oil prices and inflation concerns drove a repricing of interest rate expectations, triggering a sell-off in the bond market both globally and domestically. As a result, US 10Y Treasury yields rose ~28 bps, while Indonesian 10Y Government Bond yields rose ~41 bps.

The Fed and BI Held Rates Steady

The Fed maintained rates at 3.5 – 3.75%, adopting a wait-and-see stance amid geopolitical uncertainty, higher than expected inflation readings, and mixed signs on the labor market. BI also held rates at 4.75%, prioritizing Rupiah stability and inflation control. However, they signaled room for rate cuts, provided the Rupiah stabilizes and inflation is controlled.

Simpan’s Funds Performance

Amid broader market weakness, almost all our funds posted declines and underperformed benchmarks, with the exception of our money market funds. However, our equity-oriented portfolios still outperformed the JCI, supported by our prior positioning in commodity-linked sectors.

AMP portfolios also declined, with Risk 1 impacted by bond exposure, while Risk 2–5 reflected broad-based equity weakness.

Simpan’s Market Outlook

We maintain a bearish outlook for April, driven by a “triple threat” of geopolitical tensions, currency instability, and MSCI rebalancing risks. Elevated oil prices above $100/bbl are expected to sustain inflationary pressures and pressure the Rupiah, while recent sovereign credit outlook downgrades have further weighed on foreign sentiment.

We expect continued volatility ahead of the MSCI review, with potential weight reductions in Indonesian equities posing risks of passive outflows. A sustained shift back to risk-on conditions would likely require clear de-escalation in the Middle East (specifically, a ceasefire that brings Brent below $85/bbl), or meaningful Rupiah stabilization.

Portfolio Positioning

Against this backdrop, we maintain a defensive and cautious positioning across both equities and fixed income. In equities, we are holding disciplined cash buffers, while our portfolio is heavily weighted towards commodity-linked sectors and inflation-resistant energy names. Specifically, we increased exposure to the coal sector, as well as a tactical allocation to select oil & gas names.

Below are some of the stocks we bought and sold.

In fixed income, we maintained our duration positioning. While yields have begun to ease, we are closely monitoring risks arising from developments in the Middle East, particularly through their direct impact on oil prices, bond yields, and the Rupiah.

Across AMP portfolios, we have reduced equity exposure in Risk 2–5 portfolios to limit downside risk and volatility, and instead increased allocation towards money market and bonds. In Risk 1 portfolios, we reduced allocation to bonds and increased allocation to money market, to preserve portfolio stability and reduce sensitivity to interest rate movements.

Amidst this challenging and uncertain environment, 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 SIMPAN SUSTAINABLE EQUITY FUND, hereby informs several amendments to be made to the CIC and Prospectus of SIMPAN SUSTAINABLE EQUITY FUND (“SIMPAN SUSTAINABLE EQUITY FUND”) in relation to the following matters:

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

B. Amendment to the minimum 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”;

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

D. Addition of commercial features in accordance with POJK No. 33 of 2024 dated 19 December 2024 regarding the Development and Strengthening of Investment Management in the Capital Market, including:
i. Addition of a feature allowing SIMPAN SUSTAINABLE EQUITY FUND to receive and/or provide loans; and
ii. Addition of an option to invest in offshore mutual fund securities;

E. Alignment of provisions in the CIC and Prospectus with applicable laws and Financial Services Authority (“OJK”) regulations, including:

1. Addition of the definition of POJK No. 56/POJK.04/2020 dated 3 December 2020 regarding Mutual Fund Reporting and Accounting Guidelines; and

2. POJK No. 33 of 2024 dated 19 December 2024 regarding the Development and Strengthening of Investment Management in the Capital Market;

F. Adjustment of provisions in the CIC and Prospectus in accordance with OJK policies.

Further details of the proposed amendments to the CIC and Prospectus can be obtained from the Investment Manager or accessed via the Investment Manager’s website at:

https://www.simpaninvest.com

This announcement is hereby conveyed to all Unit Holders of SIMPAN SUSTAINABLE EQUITY FUND and other relevant parties.

Jakarta, 2 April 2026
PT Simpan Asset Management
DBS Bank Tower, 17th Floor
Jl. Prof. Dr. Satrio No. 3–5
South Jakarta 12940

The Investment Manager is licensed and supervised by the Financial Services Authority.

Rencana Perubahan 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:

A. Perubahan susunan Tim Pengelola Investasi dalam Prospektus;

B. Perubahan ketentuan mengenai batas minimum pembelian Unit Penyertaan dari “sebesar Rp100.000,- (seratus ribu Rupiah) untuk setiap Pemegang Unit Penyertaan” menjadi “sebesar Rp10.000,- (sepuluh ribu Rupiah) untuk setiap Pemegang Unit Penyertaan”;

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

D. 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:
i. Penambahan fitur SIMPAN SUSTAINABLE EQUITY FUND menerima dan/atau memberikan pinjaman; dan
ii. Penambahan fitur opsi untuk berinvestasi pada Efek Reksa Dana Luar Negeri;

E. Penyesuaian ketentuan dalam KIK dan Prospektus terhadap Undang-Undang dan Peraturan Otoritas Jasa Keuangan (“POJK”), antara lain:
1. 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;

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

Rincian rencana perubahan KIK dan Prospektus dapat diperoleh di Manajer Investasi atau melalui website:

https://www.simpaninvest.com

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

Jakarta, 2 April 2026
PT Simpan Asset Management

DBS Bank Tower, Lantai 17
Jl. Prof. Dr. Satrio No. 3–5
Jakarta Selatan 12940

Manajer Investasi berizin dan diawasi oleh Otoritas Jasa Keuangan

PT Simpan Asset Management, as the Investment Manager of SIMPAN BOND FUND, hereby informs several amendments to be made to the CIC and Prospectus of SIMPAN BOND FUND (“SIMPAN BOND FUND”) in relation to the following matters:

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

B. Implementation of provisions related to Unit Classes (Multi-Share Class), with details as follows:

1. Issuance of SIMPAN BOND FUND Unit Classes as follows:

   • SIMPAN BOND FUND Class A; and

   • SIMPAN BOND FUND Income Class;

2. Amendments and/or additions to several definitions related to the multi-share class, including but not limited to definitions of Investment Switching Form, Unit Class, Net Asset Value, Unit Holder, Addition of New Unit Class, Public Offering of New Class, Unit, Unit Transaction Confirmation Letter, and Effective Date of New Unit Class;

3. Amendments to provisions regarding SIMPAN BOND FUND Units, including:
   (i) total Units offered for both SIMPAN BOND FUND and each Unit Class,
   (ii) segmentation of Unit Classes, and
   (iii) provisions on the addition of the number of Unit Classes and Units in each Class;

4. Amendments to procedures for Unit subscription, redemption, and switching, so that they apply to each Unit Class;

5. Amendments to the investment income distribution policy for each Unit Class;

6. Addition of a transitional provision stating that existing Unit Holders of SIMPAN BOND FUND will become Unit Holders of SIMPAN BOND FUND Class A without any change in the number of Units held; and

7. Addition of provisions regarding the addition and closure of Unit Classes;

C. Amendment to the minimum initial and subsequent subscription amount from “IDR 100,000 (one hundred thousand Rupiah) per Unit Holder” to “IDR 10,000 (ten thousand Rupiah) per Unit Holder”;

D. Amendment to the minimum redemption amount from “IDR 100,000 (one hundred thousand Rupiah) per transaction” to “IDR 10,000 (ten thousand Rupiah) per transaction”;

E. Amendment to the minimum switching amount from “IDR 100,000 (one hundred thousand Rupiah) per transaction” to “IDR 10,000 (ten thousand Rupiah) per transaction”;

F. Addition of commercial features in accordance with POJK No. 33 of 2024 dated 19 December 2024 regarding the Development and Strengthening of Investment Management in the Capital Market, including:
i. Addition of a feature allowing SIMPAN BOND FUND to receive and/or provide loans; and
ii. Addition of an option to invest in offshore mutual fund securities;

G. Alignment of provisions in the CIC and Prospectus with applicable laws and Financial Services Authority (“OJK”) regulations, including:

1. Addition of the definition of POJK No. 56/POJK.04/2020 dated 3 December 2020 regarding Mutual Fund Reporting and Accounting Guidelines; and

2. POJK No. 33 of 2024 dated 19 December 2024 regarding the Development and Strengthening of Investment Management in the Capital Market;

H. Adjustment of provisions in the CIC and Prospectus in accordance with OJK policies.

Further details of the proposed amendments to the CIC and Prospectus can be obtained from the Investment Manager or accessed via the Investment Manager’s website at:

https://www.simpaninvest.com

This announcement is hereby conveyed to all Unit Holders of SIMPAN BOND FUND and other relevant parties.

Jakarta, 2 April 2026
PT Simpan Asset Management
DBS Bank Tower, 17th Floor
Jl. Prof. Dr. Satrio No. 3–5
South Jakarta 12940

The Investment Manager is licensed and supervised by the Financial Services Authority.

RENCANA PERUBAHAN KONTRAK INVESTASI KOLEKTIF (“KIK”) DAN PROSPEKTUS REKSA DANA SIMPAN BOND FUND

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

A. Perubahan susunan Tim Pengelola Investasi dalam Prospektus;

B. Penerapan ketentuan terkait Kelas Unit Penyertaan (Multi Shareclass), dengan rincian sebagai berikut:
1. Penerbitan Kelas Unit Penyertaan SIMPAN BOND FUND sebagai berikut:
a. SIMPAN BOND FUND Kelas A; dan
b. SIMPAN BOND FUND Kelas Income;
2. Perubahan dan/atau penambahan beberapa definisi sehubungan dengan multi shareclass, antara lain definisi Formulir Pengalihan Investasi, Kelas Unit Penyertaan, Nilai Aktiva Bersih, Pemegang Unit Penyertaan, Penambahan Kelas Unit Penyertaan Baru, Penawaran Umum Kelas Baru, Unit Penyertaan, Surat Konfirmasi Transaksi Unit Penyertaan, dan Tanggal Penambahan Kelas Unit Penyertaan;
3. Perubahan ketentuan mengenai Unit Penyertaan SIMPAN BOND FUND, antara lain:
i. jumlah Unit Penyertaan yang ditawarkan, baik untuk SIMPAN BOND FUND maupun masing-masing Kelas Unit Penyertaan;
ii. segmentasi Kelas Unit Penyertaan; dan
iii. ketentuan mengenai penambahan jumlah Kelas Unit Penyertaan dan jumlah Unit Penyertaan masing-masing Kelas Unit Penyertaan;
4. Perubahan ketentuan tata cara pembelian Unit Penyertaan, penjualan kembali Unit Penyertaan, dan pengalihan investasi sehingga berlaku untuk masing-masing Kelas Unit Penyertaan;
5. Perubahan ketentuan kebijakan pembagian hasil investasi untuk masing-masing Kelas Unit Penyertaan;
6. Penambahan ketentuan peralihan bahwa Pemegang Unit Penyertaan yang telah memiliki Unit Penyertaan SIMPAN BOND FUND akan menjadi Pemegang Unit Penyertaan SIMPAN BOND FUND Kelas A tanpa perubahan jumlah kepemilikan; dan
7. Penambahan ketentuan mengenai penambahan dan penutupan Kelas Unit Penyertaan;

C. Perubahan ketentuan mengenai batas minimum pembelian awal dan selanjutnya Unit Penyertaan dari “sebesar Rp100.000,- (seratus ribu Rupiah) untuk setiap Pemegang Unit Penyertaan” menjadi “sebesar Rp10.000,- (sepuluh ribu Rupiah) untuk setiap Pemegang Unit Penyertaan”;

D. Perubahan ketentuan mengenai batas minimum penjualan kembali Unit Penyertaan dari “sebesar Rp100.000,- (seratus ribu Rupiah) untuk setiap transaksi” menjadi “sebesar Rp10.000,- (sepuluh ribu Rupiah) untuk setiap transaksi”;

E. Perubahan ketentuan mengenai batas minimum pengalihan investasi dari “sebesar Rp100.000,- (seratus ribu Rupiah) untuk setiap transaksi” menjadi “sebesar Rp10.000,- (sepuluh ribu Rupiah) untuk setiap transaksi”;

F. 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:
i. Penambahan fitur SIMPAN BOND FUND menerima dan/atau memberikan pinjaman; dan
ii. Penambahan fitur opsi untuk berinvestasi pada Efek Reksa Dana Luar Negeri;

G. Penyesuaian ketentuan dalam KIK dan Prospektus terhadap Undang-Undang dan Peraturan Otoritas Jasa Keuangan (“POJK”), antara lain:
1. 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;

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

Rincian rencana perubahan KIK dan Prospektus dapat diperoleh di Manajer Investasi atau melalui website:

https://www.simpaninvest.com

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

Jakarta, 2 April 2026
PT Simpan Asset Management

DBS Bank Tower, Lantai 17
Jl. Prof. Dr. Satrio No. 3–5
Jakarta Selatan 12940

Manajer Investasi berizin dan diawasi oleh Otoritas Jasa Keuangan

Over the Ramadan break, markets remained under pressure as geopolitical tensions in the Middle East continued to dominate headlines. Iran launched further missile attacks on Israel, even as President Donald Trump signaled efforts to initiate a peace plan to end the conflict.

These developments have driven further spikes in the oil market and continued volatility across equity markets, both globally and domestically. For investors, periods of market turmoil like this often prompt the question: what should I do with my portfolio: hold, buy the dip, or sell?

Volatility Can Create Opportunity

History shows that periods of heightened market stress often present compelling entry points. While sell-offs can feel uncomfortable, markets have typically recovered over time.

A recent example can be seen during the tariff-driven volatility in April last year. The VIX (volatility index) surged to around 50, reflecting elevated fear, and major U.S. indices fell to early-year lows. However, investors who stayed the course saw a strong rebound, with the S&P 500 eventually reaching new highs by year-end.

Where Are the Opportunities Today?

While the duration of the current conflict remains uncertain, certain sectors are showing resilience.

Since early 2026, our Investment Team at Simpan has anticipated a rise in geopolitical tensions and has taken necessary actions to position our portfolios accordingly. We have increased exposure to commodity-linked sectors especially coal, which tend to benefit from supply disruptions and rising resource prices, but have also been holding higher levels of cash.

Simpan’s Portfolio Positioning as of March 10, 2026

Our internal analysis of JCI sector performance across different oil price environments (since 2021) reinforces this view. When oil prices exceed USD 100 per barrel, the Energy sector has consistently emerged as the strongest performer across multiple time horizons. In the most recent cycle, the sector delivered approximately 29% forward returns over six months, highlighting its sensitivity to higher commodity prices.

Coal, in particular, remains a key area of focus. With Brent Crude Oil currently trading around USD $109 per barrel, inflationary pressures are rising—especially for oil-importing countries like Indonesia. As energy costs increase, demand for alternative sources such as coal tends to follow.

This trend is also reflected in market flows. In March, foreign investors recorded net outflows of approximately ~IDR 7.14T, largely concentrated in banking names such as BBCA, BBRI, BBNI, and BMRI. At the same time, inflows have been directed toward commodity-related stocks, including gold exposure (EMAS) and coal names such as AADI, ITMG, PTBA, and ADRO.

Portfolio Performance

As of March 27, our equity-oriented portfolios have declined on a year-to-date basis. However, they have still meaningfully outperformed the broader JCI, reflecting the effectiveness of our defensive positioning.

So, What Should You Do?

There is no simple answer. The trajectory and length of the conflict remains uncertain and beyond our control. What is within our control is our investment strategy and how we position portfolios in response.

For now, we recommend maintaining a cautious approach, holding a higher level of cash while gradually rotating into equities as opportunities arise. This allows investors to capture upside when the equity market recovers, without taking on too much risk as the situation is still evolving.

As we approach month-end, our AMP portfolios will undergo their scheduled rebalancing on the first trading day of April, incorporating recent market developments and our updated outlook.

For clients invested in AMP, we recommend staying invested and allowing our team to actively monitor the markets and manage the portfolio on your behalf. The updated allocation will be reflected in the Simpan app once the rebalancing is completed.

Over the past week, escalating geopolitical tensions in the Middle East, coupled with persistently elevated oil prices, have continued to weigh on global markets. Asian equities came under pressure, with the Jakarta Composite Index (JCI) declining by around -5% WoW (as of March 16, 2026).

Brent crude prices remain elevated at around USD 100 per barrel, reinforcing inflationary concerns across Asia—particularly for net oil-importing economies. Higher energy prices are likely to exert pressure on currencies and broader economic outlooks, as reflected in the Indonesian Rupiah, which has hovered near IDR 16,950/USD. Domestically, part of the recent market weakness can also be attributed to seasonal trends ahead of the Ramadan period, during which investors typically increase cash allocations.

Foreign investors remain net sellers, with net outflows of approximately IDR 1.05T over the past week. Notably, foreign inflows were concentrated in commodity-linked names such as EMAS, AADI, ITMG, and ADRO—sectors that have historically demonstrated resilience during periods of geopolitical uncertainty. On the other hand, outflows were concentrated towards banking stocks, including BBRI, BBCA, BMRI, and BBNI.

What’s Ahead?

Markets are closely monitoring the upcoming FOMC meeting scheduled for March 18. Investors will be paying particular attention to commentary from Fed Chair Jerome Powell regarding the impact of geopolitical developments and elevated energy prices on the U.S. economic outlook.

In the near term, continued volatility is likely as markets digest evolving macroeconomic and geopolitical dynamics.

How Did Our Funds Perform?

Amid the broader market sell-off, our equity-oriented portfolios experienced declines, though they continued to outperform the JCI.

What Has Simpan Done?

In light of heightened uncertainty, the Investment Team at Simpan has continued to take measured approaches. Ahead of the Ramadan holiday period, we have selectively trimmed positions and taken profits in names where our conviction has weakened given the shifting macro environment.

However, we retain strong conviction in commodity-related sectors—including coal, gold, and oil & gas—which we believe are well-positioned to outperform in an inflationary and geopolitically sensitive environment.

Our decision to hold higher levels of cash is a tactical move made in anticipation of market uncertainty during the Lebaran period. Once the market reopens following the holiday, we will carefully assess the situation to determine our ongoing investment strategy, and we’ll keep you updated along the way.

We wish you and your loved ones a blessed and peaceful Ramadan.

Escalating geopolitical tensions over the weekend have added further volatility to Indonesian markets. Over the weekend, President Donald Trump signaled plans to intensify attacks and Iran vowed to continue retaliatory strikes, which weakened risk sentiment significantly. As a result, the Jakarta Composite Index (JCI) declined further by -3.27% on Monday (March 9), with heightened uncertainty triggering broad-based selling among investors.

Concerns have also intensified around the Strait of Hormuz, a critical shipping route that carries roughly 20% of global oil supply. Fears of potential supply disruptions pushed Brent crude oil prices above USD $100 per barrel on Monday, raising the risk of inflationary pressures for economies such as Indonesia, which is a net oil importer. At the same time, the Rupiah briefly weakened beyond the 17,000 level against the US Dollar, reflecting rising geopolitical risk and capital market volatility.

Last night, President Donald Trump suggested that the U.S.–Israel conflict with Iran could end “very soon,” though his remarks were mixed, noting that “we have won in many ways, but not enough,” indicating that the situation remains unresolved. Following the comments, oil prices declined to around ~$90 per barrel, although they continue to trade at significantly higher levels compared to a few weeks ago. The JCI also rebounded slightly, closing Tuesday higher by +1.41%. That said, market conditions remain fragile, and both oil prices and equity markets have yet to fully stabilize amid ongoing geopolitical uncertainty.

Simpan’s Views

We have previously advised clients to brace for volatility as the situation continues to evolve. Our portfolio positioning remains the same. We are building higher cash levels where we see the need to, trimming exposure to positions that no longer align with the current investment landscape.

Our portfolio remains highly allocated towards the commodity sectors: particularly coal, gold, and oil & gas names. The existing allocations to energy and commodity producers already provide natural exposure to the areas of the market most directly affected by supply shocks and rising resource prices. This positioning allows the portfolio to participate in potential upside from commodity markets while also serving as a buffer against inflationary pressures that may arise from higher energy costs.

Our Investment Team has published a research paper discussing the evolving geopolitical landscape and the implications to commodities, Indonesian markets, as well as our portfolio positioning. Click here to read more.

Thank you for your continued trust.

February was a volatile month across equities, with the Jakarta Composite Index (JCI) closing out lower by -1.08% MoM. Through our February Monthly Investor Update, we discuss market highlights, how our funds performed, our outlook ahead, and how we’re positioning portfolios.

First, let’s briefly recap what happened across markets in February:

• The JCI rebounded in initial weeks but market sentiment weakened towards month-end, due to rising geopolitical tensions in the Middle East, continued Rupiah weakness, and lack of clarity around MSCI-related issues.

• Despite broader market weakness, the blue-chip index IDX30 closed out higher by ~+2%, suggesting that weakness in the JCI was primarily driven by momentum stocks.

• BI kept rates unchanged at 4.75%, primarily to support the Rupiah which has seen ongoing weakness (edged closer to ~17,000 USD/IDR), driven by heightened global financial uncertainty.

• Moody’s downgraded Indonesia’s credit outlook from “Stable” to “Negative”, largely due to growing warnings about policy uncertainty around Danantara & fiscal policy direction. The news caused a wave of selling across equities and bonds, with 5Y and 10Y yields spiking.

Amid volatility, how did our funds perform?

Despite broader market weakness, all our funds delivered positive performance in February, although our Equity Fund and Bond Fund underperformed benchmarks.

Although the JCI corrected, our equity portfolios gained, as we realized profits opportunistically in names that have seen a sharp run up, particularly within the nickel sector. All our AMP portfolios also saw gains, though risk 2 - 5 portfolios slightly underperformed benchmarks.

For a closer look at the specific stocks we bought or sold, read our February Monthly Investor Update.

In Fixed Income, 10Y and 5Y yields traded higher, with foreign ownership stable at roughly 13% of total issuance.

Simpan’s Views

With the ongoing geopolitical tensions, we expect markets to remain volatile in the near-term. We also expect uncertainties surrounding MSCI policy changes to further weigh on investor sentiment. Furthermore, rising oil prices following the closure of the Strait of Hormuz pose inflationary risks for Indonesia, a net oil importer, which could widen the fiscal deficit and place additional pressure on the Rupiah.

Amid ongoing equity volatility, we are adopting a “risk-off” stance, focusing on increasing exposure to commodity-linked stocks such as gold, coal, and oil & gas, given their earnings resilience and effectiveness as hedges against macro and market volatility.

Though we expect a bearish outlook for March, the recent correction has made equity valuations more compelling, allowing us to gradually increase allocation to equities for some of our AMP portfolios (risk 3 – 5). However, we remain cautious and are not positioning aggressively yet, as we continue to monitor developments closely while the situation evolves.

In Fixed Income, we plan to gradually extend duration further, but are also staying cautious in the near-term due to inflationary pressure risks from higher oil prices, possible yield shocks in the government bond market driven by widening fiscal deficit concerns, and the persistence of elevated interest rates.

Thank you for your continued trust.

The United Kingdom, where about 46% of the population identifies as Christian and only 6.5% as Muslim, is the leading hub for Islamic finance in the Western world.

And it didn’t happen because of religion.

The UK’s Islamic finance sector is worth over £6 billion. In 2014, the UK government issued the Western world’s first sovereign Sukuk (Islamic bond). Today, the London Stock Exchange has hosted more than $50 billion in Sukuk listings.

Even retail investors are participating.

The NEST Sharia Fund, available to any UK pension saver regardless of faith, had attracted over £180 million by 2024.

Most of those investors were looking for exposure to technology, healthcare, and other productive sectors with an ethical framework.

So what is a Sharia mutual fund?

In simple terms, it’s a professionally managed fund that follows a few key principles. These typically include:

• No interest-based income

• Certain sectors are excluded (such as alcohol, tobacco, gambling, weapons, and adult entertainment)

• No excessive speculation

• Investments must be backed by real business activity

Each fund is also reviewed by a Sharia Supervisory Board to ensure it remains compliant.

What does that leave in the portfolio?

In practice, many holdings end up overlapping with ESG-aligned companies — businesses that emphasize responsible governance, sustainable growth, and long-term value creation.

You don’t have to be Muslim to invest

This is an important point: Sharia funds are inclusive investment products, not exclusive to Muslim investors.

Even NEST, one of the UK’s largest pension providers, states clearly:

“Anyone can invest in this fund, you don’t have to be Muslim.”

In practice, many investors choose these funds for the same reason they choose ESG investing. They want their money aligned with certain principles.

Why investors pay attention

Sharia funds exclude highly leveraged companies and speculative sectors.

That often means portfolios tilted toward businesses with strong balance sheets and real economic activity.

According to Refinitiv (2024), Islamic funds have often matched or outperformed conventional funds, partly because they avoided banking stocks that were hit hardest during past crises.

England has already embraced it. Perhaps it’s time more investors take a closer look.

This article is written in support of OJK’s Gerak Syariah initiative, which aims to increase public awareness and understanding of Sharia finance.

Pertama-tama kami ucapkan terima kasih atas kepercayaan Anda terhadap kami sebagai Manajer Investasi Anda.

Kami informasikan bahwa pada tanggal 20 Februari 2026 telah ditandatangani Addendum Kontrak Investasi Kolektif (“KIK”) Reksa Dana Syariah Simpan Cash Syariah Fund (CSF). Berikut perubahan-perubahan yang dimuat pada Addendum KIK tersebut:

1. Penerapan fitur Multi Kelas (multi share class) Reksa Dana Simpan Cash Syariah Fund yang terhitung efektif tanggal 3 Maret 2026 sehingga selanjutnya Reksa Dana ini memiliki 2 kelas unit penyertaan sebagai berikut:

2. Nasabah yang telah memiliki Unit Penyertaan Reksa Dana Syariah Simpan Cash Syariah Fund sebelum tanggal efektif penerapan fitur Multi Kelas (multi share class) maka akan secara otomatis menjadi Unit Penyertaan Reksa Dana Syariah Cash Syariah Fund Kelas A sejak tanggal 3 Maret 2026.

Informasi perubahan di atas telah kami umumkan melalui surat kabar “Ekonomi Bisnis” pada tanggal Jumat 20 Februari 2026 dan fitur masing-masing kelas Reksa Dana Syariah CSF dapat dilihat di prospektus terbaru yang tersedia di website PT Simpan Asset Management.

Apabila Anda membutuhkan informasi lebih lanjut, Bapak/Ibu dapat menghubungi Customer Service kami melalui WhatsApp (+62-812-2993-0408) atau email (support@simpaninvest.com).

Demikian informasi ini kami sampaikan. Atas perhatian dan kerjasamanya, kami ucapkan terima kasih.

Dear Valued Simpan Savings Customers,

First of all, we would like to express our gratitude for your trust in us as your Investment Manager.

We would like to inform you that on February 20, 2026, an Addendum to the Collective Investment Contract (”KIK”) for the Simpan Sharia Cash Syariah Fund (CSF) Sharia Mutual Fund was signed. The following changes are contained in the said KIK Addendum:

1. Implementation of the Multi-Class (multi share class) feature for the Simpan Cash Syariah Fund Mutual Fund, effective March 3, 2026, whereby this Mutual Fund will henceforth have 2 participation unit classes as follows:

2. Customers who already hold Participation Units in the Simpan Sharia Cash Syariah Fund Mutual Fund prior to the effective date of the Multi-Class feature implementation will automatically be converted to Participation Units of the Sharia Cash Syariah Fund Mutual Fund Class A as of March 3, 2026.

The above changes were announced in the “Ekonomi Bisnis” newspaper on Friday, February 20, 2026, and the features of each class of the Sharia CSF Mutual Fund can be viewed in the latest prospectus, which is available on the PT Simpan Asset Management website.

Should you require further information, please contact our Customer Service via WhatsApp (+62-812-2993-0408) or email (support@simpaninvest.com).

We hope this information is helpful. Thank you for your attention and cooperation.

Market volatility and geopolitical risks resulted in a decline of the Jakarta Composite Index (JCI) by nearly 5% yesterday. Meanwhile, commodity prices like oil, gas, and coal prices have increased significantly given the US/Israel-Iran war.

Yesterday, the JCI reached an intraday low of -6.67% but closed out at -4.57%. Meanwhile, our Simpan Sustainable Equity Fund saw a maximum decline of around -6%, before recovering to close the day at approximately -5%, slightly underperforming the JCI. Our Balanced Fund and Amanah Syariah Fund outperformed the JCI, reflecting the benefit of diversified portfolio positioning during volatile market conditions. All our AMP portfolios outperformed the JCI.

The Investment Team is monitoring developments closely, responding tactically, and actively managing the portfolios within our funds. Despite market volatility, our portfolio is well positioned with a higher weighting in commodities (see previous articles). We continued to increase our position in commodity names over the past few weeks in light of heightened geopolitical risk and rising commodity prices.

In the short-term, we expect significant market volatility and price swings as the market adjusts to the development of the Middle Eastern war. We advise clients to brace heightened volatility in their portfolios, while we manage actively across our strategies. When markets stabilize, we think that it is an opportune time to invest further.

Fund Performance

What’s Behind JCI’s Drop Yesterday?

• Fitch downgraded Indonesia’s credit outlook from “Stable” to “Negative”, citing rising policy uncertainty, continued government spending pressures, and reduced national budgets revenue intake. This follows a similar outlook downgrade earlier by Moody’s last month. The news weighed on investor sentiment, triggering foreign outflows of ~IDR 214B.

• Ongoing geopolitical tensions hit Asian markets due to concerns over potential disruptions to the Strait of Hormuz, a critical global oil shipping route. Higher oil prices pressure certain Asian markets, which are net oil importers. This triggered a wave of panic selling in Asian markets; KOSPI saw a trading halt of 5 minutes and dropped -12%.

• Domestic and global inflationary pressures continue to build due to rising oil and gas prices, creating uncertainty in any rate cut expectations.

• Recently, KSEI also released the data of shareholders with ownership of above 1% in a stock in the JCI, prompting investors to reposition their holdings, adding to market volatility.

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You may have seen the headlines across your social media feeds or heard discussions at the dinner table about rising tensions between the U.S. and Iran, as well as recent developments in Mexico. Naturally, this raises questions: Will this affect my investments? Is it time to withdraw? Should I be doing something differently?

In this article, we aim to provide clarity by outlining what’s happening, how we are assessing the situation, and how we believe investors should navigate the current environment with discipline and perspective.

📊 Weekly Market Commentary

The Jakarta Composite Index (JCI) closed the week lower by -3.66% WoW, with the sharpest declines occurring on Tuesday and Thursday, when the index fell by more than 1% on each day. Rising geopolitical tensions weighed heavily on market sentiment, prompting a broad shift toward a “risk-off” stance as investors rotated into safe-haven assets.

Uncertainty surrounding potential U.S. tariff increases added to market pressure, alongside escalating tensions in the U.S.– Iran conflict. Meanwhile, political instability in Mexico also contributed to global risk aversion following heightened national security concerns after the death of cartel leader “El Mencho.”

• Top performing sectors: Financials, Transportation & Logistics

• FX: Rupiah strengthened slightly, with USD/IDR closing out at 16,774 on Friday

• Market flows: Foreign investors were net buyers of ~IDR 1.69T. Top foreign buys were concentrated towards blue-chip stocks: BBRI, BMRI, and TLKM.

Market Snapshot

🗓 Global Headlines

• The U.S./Israel/Iran war escalated over the weekend following reports that Iran’s supreme leader was killed, triggering widespread unrest across the country.

• The attacks were carried out as a joint military operation involving Israel and the U.S., with President Donald Trump stating that the objective was to “eliminate imminent threats from the Iranian regime.”

• Oil markets reacted swiftly; WTI crude prices surged over 5% in early Monday trading to above USD $70/barrel, driven by concerns over potential supply disruptions given Iran’s role as a major oil producer. Further escalation could lead to additional spikes in energy prices.

• Amid heightened uncertainty, investors rotated into safe-haven assets. Gold rose nearly 2% in early Monday trading, hovering around USD $5,350/oz. U.S. equity index futures declined, while the Dollar Index (DXY) edged slightly higher.

🔍 What’s Ahead?

• We expect volatility to remain elevated in the near term, with the domestic market potentially facing further correction amid lingering geopolitical uncertainty, unresolved MSCI-related issues in Indonesia, and a lack of near-term catalysts.

• Key OPEC+ members announced a larger-than-expected oil production hike implemented in April, but analysts warn that the move is unlikely to calm markets, as prices will respond to developments in the Gulf and the status of shipping flows, not to a relatively small increase in output.

• Rising oil prices also pose inflationary risks. As Indonesia is a net oil importer, higher energy costs could translate into increased import prices and upward pressure on inflation.

• In this environment, bond yields may rise while bond prices come under pressure. Commodity prices, particularly gold, are likely to continue upside.

🧠 What Should You Do?

• At Simpan, we have anticipated heightened geopolitical risks since early this year. As a result, our portfolios have been tilted toward commodity-linked exposures, particularly in coal and gold.

• Following recent price appreciation, we have selectively trimmed some commodity positions to lock in profits, while maintaining an overall overweight allocation to the sector.

• We are also holding higher cash levels and adopting a “wait-and-see” approach as conditions continue to evolve. At this stage, we are not deploying additional capital or adding new positions.

• We recommend investors maintain higher cash balances as well. To generate yield on idle cash, consider investing in our Cash Fund or our Smart Cash Products which contains combined exposure to our Cash and Bond Fund.

We wish you a great week ahead!

When I was younger, money felt easy. It came in red envelopes during Chinese New Year, and I spent it without thinking twice.

I grew up in a Chinese household where Chinese New Year meant big family gatherings, endless food, and of course, angpaos. At the end of each visiting day, I would sit down with my cousin and count the envelopes. I would set aside some to buy new clothes or toys, and ask my parents to keep the rest for me.

I’ve always liked spending money. And I still do. The difference is today, I’m more intentional about where it goes.

Back then, most of my angpao money went to things that made me happy for a moment. Collectibles. Clothes. Small indulgences.

Seeing Money Differently

Now, as a working adult, I see money differently. I realize that most of what I spent my angpao money on brought short-term happiness, but no long-term value.

And this year, it changed.

Instead of spending extra money on things that are purely material, I decided to use it to secure my future self. Because the simple truth is: the earlier money starts working, the harder it works.

Putting Numbers Into Perspective

Let’s put numbers into perspective.

Assume I received IDR 5 million in angpao money each year for 5 years. If I had simply kept it untouched, it would total IDR 30 million at the end of the 5th year. But if it had been invested consistently in AMP Enhanced (Risk 3), a neutral risk profile with 5%–50% equity exposure, the outcome could have been significantly different.

The difference came from time, discipline, and compounding.

Notes: Data is based on backtested results

Built by Today’s Decisions

That’s when I realized: my future self is built by today’s decisions.

With Chinese New Year behind us and Ramadan festivities ongoing, many of us receive angpao or THR. It’s easy to spend it on a new gadget, fashion items, or dining out. There’s nothing wrong with enjoying your money but allocating even a portion to investment can change your financial trajectory.

Let’s splurge on things that matter in the long term.

Instead of only buying things that lose value over time, start putting money into something that grows with you. Your future self will thank you.

Invest Through AMP and Get Rewarded

If you’ve been curious about trying AMP, this is the moment. Stay invested and get rewarded IDR 500K through our latest promo. It’s our way of helping you take the first step toward a more secure future.

To celebrate the first month after launching our Actively Managed Portfolio (AMP) service, we’re rewarding users who are ready to start investing through AMP.

From 25 February to 25 March 2026, new users who invest a minimum of IDR 5,000,000 in AMP and stay invested for at least three months will receive extra Reksa Dana worth of IDR 500,000 reward.

Campaign Period: 25 February – 25 May 2026

How to Start? Follow these steps.

1. Start early. Open and invest in an Actively Managed Portfolio in the Simpan app starting 25 February 2026 until 25 March 2026, with an initial deposit of at least Rp 5,000,000.

2. Grow your investment. You must perform at least one manual top-up in the top-up window(s) defined below*. These contributions should bring your total net deposit to Rp 15,000,000 by the end of the challenge.

(Net deposit = total invested amount minus any withdrawals.)

3. Stay invested. To remain eligible, you must stay invested in the Actively Managed Portfolio from your initial investment until 25 May 2026.

NOTE: The reward is limited to a fixed number of participants and reserved for committed investors who complete all requirements successfully.

To maximize your chance of qualifying, we recommend making your initial deposit as early as possible after 25 February.

Eligibility Criteria

• Open to new or existing Simpan users who have not previously activated an Actively Managed Portfolio (AMP).

• Participants must maintain a total net deposit of Rp 15,000,000 in their AMP by the end of the campaign period.

• Each participant is eligible for one reward only. Opening multiple AMP portfolios does not qualify for additional rewards.

• The program is limited to the first 50 eligible participants who successfully fulfill all Terms & Conditions.

Selection Mechanism

• The first 50 participants will be determined based on the earliest completion of the challenge requirements within the campaign period.

• Participants must complete each required step within the specified timeline to remain eligible.

• Failure to comply with any Terms & Conditions will result in automatic disqualification.

• In the event of a tie or dispute, Simpan reserves the right to determine the final recipients based on order of qualification and total net investment amount.

The reward & distribution

Investors who have completed all requirements successfully and have been selected will receive their reward within 14 business days after 25 May, which will be invested directly into your Actively Managed Portfolio.

This is your opportunity to start investing with discipline and get rewarded for it.

To celebrate the launch of our new Actively Managed Portfolio (AMP), we are introducing a challenge in the form of a structured investing program designed to help you build the right habits for long-term wealth creation.

Investors who complete the challenge successfully will receive a IDR 500,000 reward which will be directly credited into their Simpan portfolio.

This program is designed to encourage consistent, disciplined investing, not short-term speculation, by rewarding users who commit to building and maintaining their portfolio over time.

Campaign Period: 25 February – 25 May 2026

How to Start? Follow these steps.

1. Start early. Open and invest in an Actively Managed Portfolio in the Simpan app starting 25 February 2026 until 25 March 2026, with an initial deposit of at least Rp 5,000,000.

2. Grow your investment. You must perform at least one manual top-up in the top-up window(s) defined below*. These contributions should bring your total net deposit to Rp 15,000,000 by the end of the challenge.

(Net deposit = total invested amount minus any withdrawals.)

3. Stay invested. To remain eligible, you must stay invested in the Actively Managed Portfolio from your initial investment until 25 May 2026.

NOTE: The reward is limited to a fixed number of participants and reserved for committed investors who complete all requirements successfully.

To maximize your chance of qualifying, we recommend making your initial deposit as early as possible after 25 February.

Eligibility Criteria

• Open to new or existing Simpan users who have not previously activated an Actively Managed Portfolio (AMP).

• Participants must maintain a total net deposit of Rp 15,000,000 in their AMP by the end of the campaign period.

• Each participant is eligible for one reward only. Opening multiple AMP portfolios does not qualify for additional rewards.

• The program is limited to the first 50 eligible participants who successfully fulfill all Terms & Conditions.

Selection Mechanism

• The first 50 participants will be determined based on the earliest completion of the challenge requirements within the campaign period.

• Participants must complete each required step within the specified timeline to remain eligible.

• Failure to comply with any Terms & Conditions will result in automatic disqualification.

• In the event of a tie or dispute, Simpan reserves the right to determine the final recipients based on order of qualification and total net investment amount.

The reward & distribution
Investors who have completed all requirements successfully and have been selected will receive their reward within 14 business days after 25 May, which will be invested directly into your Actively Managed Portfolio.

This is your opportunity to start investing with discipline and get rewarded for it.

Di Simpan, kami yakin bahwa investasi yang sukses dibangun di atas satu prinsip: time in the market lebih penting daripada timing the market. Kekayaan jangka panjang tidak dibentuk dari mengambil untung jangka pendek, melainkan dari konsistensi, disiplin, dan tetap terinvestasi dalam berbagai kondisi pasar.

Untuk merayakan peluncuran layanan terbaru kami, Actively Managed Portfolio (AMP), kami menghadirkan sebuah kompetisi atau tantangan dalam bentuk program investasi terstruktur yang dirancang untuk membantu Anda membangun kebiasaan yang tepat dalam menciptakan kekayaan jangka panjang.

Investor yang berhasil menyelesaikan challenge ini akan menerima reward sebesar Rp 500.000 yang akan langsung dikreditkan ke dalam portofolio Simpan Anda.

Program ini dirancang untuk mendorong investasi yang konsisten dan disiplin, bukan spekulasi jangka pendek, dengan memberikan apresiasi kepada pengguna yang berkomitmen membangun dan mempertahankan portofolio mereka seiring waktu.

Periode Program: 25 Februari – 25 Mei 2026
Cara Mengikuti? Ikuti langkah berikut:

1. Mulai lebih awal

Buka dan lakukan investasi di Actively Managed Portfolio melalui aplikasi Simpan mulai 25 Februari 2026 hingga 25 Maret 2026, dengan setoran awal minimal Rp 5.000.000.

2. Tingkatkan investasimu

Lakukan minimal satu top-up manual pada periode top-up yang telah ditentukan*.

Total net deposit kamu harus mencapai Rp 15.000.000 pada akhir periode challenge.
(Net deposit = total dana yang diinvestasikan dikurangi penarikan dana, jika ada.)

3. Tetap berinvestasi

Untuk tetap memenuhi syarat, dana harus tetap berinvestasi di Actively Managed Portfolio sejak investasi awal hingga 25 Mei 2026.

CATATAN:
Reward terbatas untuk jumlah peserta tertentu dan hanya diberikan kepada investor yang berhasil memenuhi seluruh persyaratan program.

Untuk meningkatkan peluang kamu lolos kualifikasi, kami menyarankan melakukan setoran awal sedini mungkin setelah 25 Februari.

Kriteria Kelayakan

• Terbuka untuk pengguna baru maupun pengguna lama Simpan yang belum pernah mengaktifkan Actively Managed Portfolio (AMP).

• Peserta harus mempertahankan total net deposit sebesar Rp 15.000.000 di AMP hingga akhir periode program.

• Setiap peserta hanya berhak atas satu reward. Membuka lebih dari satu AMP tidak akan memberikan reward tambahan.

• Program ini terbatas untuk 50 peserta pertama yang memenuhi seluruh Syarat & Ketentuan.

Mekanisme Seleksi

• 50 peserta pertama akan ditentukan berdasarkan penyelesaian persyaratan challenge paling awal dalam periode program.

• Peserta harus menyelesaikan setiap tahapan sesuai dengan timeline yang telah ditentukan untuk tetap memenuhi syarat.

• Peserta yang tidak mematuhi Syarat & Ketentuan akan didiskualifikasi secara otomatis.

• Dalam hal terjadi kesamaan atau perselisihan, Simpan berhak menentukan penerima reward berdasarkan urutan kualifikasi dan total net investasi.

Reward & Distribusi

Investor yang berhasil memenuhi seluruh persyaratan dan terpilih sebagai penerima reward akan menerima reward dalam waktu 14 hari kerja setelah 25 Mei, yang akan langsung diinvestasikan ke dalam Actively Managed Portfolio Anda.

Ini adalah kesempatan Anda untuk mulai berinvestasi dengan disiplin dan mendapatkan reward atas komitmen tersebut.