Performances

All funds delivered positive returns. Performance was attributed by Equities, supported by continued inflows back into the Indonesian capital market as reflected by the strengthening Rupiah. We saw three consecutive months of absolute positive returns across all funds.

Outlook

We are entering an interest rate-cut environment, led by the US Fed as suggested by weaker inflation and employment data. Lower interest rates typically drive inflows into emerging markets like Indonesia, thus driving up asset prices. As such, we have begun adding longer-dated bonds within Fixed Income, and export- and growth-oriented stocks to capitalize on the upcoming policy shift.

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