Rancak Media – , JAKARTA – Collective investment products, particularly mutual funds, have been significant beneficiaries of Indonesia’s robust stock market rally. The Jakarta Composite Index (IHSG) has repeatedly reached new all-time highs (ATH) throughout the year, creating a fertile ground for these investment vehicles.
This positive momentum is clearly reflected in the substantial inflows into mutual funds. According to data from the Financial Services Authority (OJK), net subscriptions for mutual funds amounted to an impressive Rp45.10 trillion during the September-October 2025 period alone. Year-to-date, the total net subscription value for mutual funds has climbed to Rp90.60 trillion, showcasing strong investor confidence and participation in the market.
Rudiyanto, Director of Panin Asset Management, expressed an optimistic outlook, noting that the prospects for mutual funds are becoming increasingly promising in conjunction with the ongoing stock market rally. On Thursday, November 20, 2025, the IHSG once again closed at a fresh ATH of 8,419. This latest record marks the 15th all-time high achieved by the IHSG in 2025, surpassing its previous high of 8,416 recorded on Monday, November 17, 2025.
Delving into the factors driving this exceptional performance, Rudiyanto told Bisnis on Thursday (20/11/2025) that “a continued reduction in interest rates will have a positive impact. The rising performance of the IHSG also contributes positively.” The current IHSG level impressively reflects a 7.08% growth over the past three months, underscoring the market’s vigorous momentum.
Beyond the broader market index, various mutual fund categories have also demonstrated significant gains. Data from Infovesta Utama indicates that as of Wednesday, November 19, 2025, the Equity Mutual Fund Index (IRDSH) saw a daily increase of 0.25%, reaching 6,517. More notably, this index has surged by 8.32% over the last three months. Other indices also enjoyed an uplift; the Fixed Income Mutual Fund Index (IRDPT) gained 0.03%, while the Mixed Mutual Fund Index (IRDCP) rose 0.37% on Wednesday (19/11). Over the past three months, these indices have posted gains of 2.66% and 6.41% respectively, highlighting a broad-based positive trend across different mutual fund categories.
Despite the stellar performance witnessed in 2025, Rudiyanto offered a more measured forecast for the upcoming year. He suggested that it would be challenging for mutual funds to replicate this year’s impressive gains, primarily due to the already high levels of appreciation achieved. “It will be quite difficult to repeat the 2025 performance going forward. We might see around 5-6%, simply following the already low yields,” he elaborated, hinting at a period of more modest growth.
As of October 31, 2025, Panin Asset Management reported a total asset under management (AUM) of Rp14.06 trillion. This substantial portfolio is predominantly driven by equity mutual funds, reflecting both the firm’s strategic focus and strong investor preference for this asset class.
A detailed breakdown of Panin Asset Management’s AUM further illustrates its diverse holdings: equity mutual funds constitute Rp6.27 trillion, mixed mutual funds Rp2.32 trillion, fixed income mutual funds Rp1.99 trillion, protected mutual funds Rp2.49 trillion, money market mutual funds Rp972.42 billion, and exchange-traded funds (ETFs) Rp18.66 billion. These figures paint a clear picture of a well-structured investment strategy, albeit with a significant emphasis on equities.
: IHSG Closes at ATH 8,419, PANI and BBCA Stocks as Key Supports
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Summary
Mutual funds in Indonesia have significantly profited from the robust stock market rally, with the Jakarta Composite Index (IHSG) repeatedly hitting new all-time highs in 2025. This positive momentum led to substantial net subscriptions, totaling Rp90.60 trillion year-to-date, including Rp45.10 trillion in September-October 2025 alone. The IHSG reached its 15th all-time high of 8,419 on November 20, 2025, reflecting 7.08% growth over three months, driven by factors like reduced interest rates.
Various mutual fund categories, especially equity funds, have also shown significant gains, with the Equity Mutual Fund Index surging 8.32% in the last three months. Panin Asset Management, managing Rp14.06 trillion in assets predominantly in equity funds, confirms this robust performance. Despite this, Director Rudiyanto forecasts more modest gains of around 5-6% for mutual funds in the upcoming year, expecting it to be challenging to replicate 2025’s exceptional performance.
