Indonesian Mutual Fund Performance

25 Pages Posted: 22 Jul 2021 Last revised: 18 May 2022

See all articles by Marta Vidal

Marta Vidal

Universidad Europea de Madrid; Universidad Complutense de Madrid (UCM)

Javier Vidal-García

Complutense University of Madrid; Harvard University

Date Written: May 18, 2022


In this paper, we examine the Indonesian mutual fund industry and its performance evaluation. Indonesia is the fourth most populous country in the world with 273 million inhabitants in 2021 and it is expected that in 10 years it will enter the top 4 of the largest economies by GDP (by then it will be 300 million Indonesians). Indonesia is the largest economy in Southeast Asia (ASEAN region), a member of the G-20 and has been growing at rates of 6% since 2010. Despite the covid, the country's growth forecasts are 5.1% for the period 2023-2027. Buying stocks in Indonesia is still quite challenging, unless these stocks are listed in addition to the Asian country in Europe or the US. Considering that individual investors do not have much to choose from and that their stock market is small, perhaps the most attractive option is to do it through mutual funds. The economic growth expected for the next few years will possibly boost the country's stock market, as happened in China in the previous decade (2010-2020).

Keywords: Mutual Fund; Performance Persistence; Indonesia; Factor Models

JEL Classification: G11, G12

Suggested Citation

Vidal, Marta and Vidal-García, Javier and Vidal-García, Javier, Indonesian Mutual Fund Performance (May 18, 2022). Available at SSRN: or

Marta Vidal

Universidad Europea de Madrid ( email )

Villaviciosa de Odón
Madrid, 28670

Universidad Complutense de Madrid (UCM) ( email )

Somosaguas Campus
Madrid, 28223

Javier Vidal-García (Contact Author)

Complutense University of Madrid ( email )

School of Business Administration
Somosaguas Campus
Madrid, Madrid 28223

Harvard University ( email )

1875 Cambridge Street
Cambridge, MA 02138
United States

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