JAKARTA – Danantara Indonesia, the state-owned Investment Management Agency (BPI), has reaffirmed its commitment to deepening the national capital market, with a particular focus on equity instruments. The agency’s management has outlined specific criteria for the stocks it plans to acquire for its investment portfolio.
Ali Setiawan, Managing Director of Treasury at Danantara, emphasized that the agency would steer clear of speculative “gorengan” stocks or those exhibiting extraordinary and excessively aggressive Price Improvement (PI). This cautious approach underscores Danantara’s strategy to engage in prudent and sustainable investments.
“We will rigorously assess stocks based on our established criteria. This includes a thorough evaluation of their Return on Equity (ROE), Price Improvement (PI), Dividend Yield, Market Capitalization, overall Profitability, and daily Liquidity,” Ali explained during a press briefing at Wisma Danantara, Jakarta, on Friday (28/11/2025).
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Turning to fixed-income instruments, Ali stated that Danantara would prioritize government bonds (SBN) and intends to hold the majority of these until maturity. The agency will strategically select highly liquid SBN series, typically gravitating towards newly issued government securities.
Should Danantara consider purchasing “off-the-run” SBN series—older bonds that are no longer benchmarks—it would carefully assess whether their prices offer attractive compensation in the form of elevated yields. This flexibility demonstrates a nuanced approach to optimizing bond portfolio returns.
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Ali further elaborated on Danantara Indonesia’s strategy for risk diversification and achieving optimal risk-adjusted returns, noting the imperative to allocate investments to international capital markets. This global allocation is a common and essential practice among leading sovereign wealth funds worldwide.
“If we restrict our asset classes solely to Indonesia, it becomes incredibly limited. What are our options? Primarily fixed income, along with corporate and government bonds. The corporate bond market, however, often lacks sufficient liquidity,” Ali pointed out, highlighting the constraints of a purely domestic focus.
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During the event, Ali also addressed Danantara’s proposed collaboration with the Indonesia Stock Exchange (BEI) to develop a new stock index. He stressed that a more fundamental and impactful endeavor lies in concerted efforts to deepen the overall market.
Ali drew a comparison with the contribution of BEI-listed issuers to the MSCI index. He noted that even with the implementation of MSCI’s new free-float regulations, this percentage could fall below 1%. This figure pales in comparison to India, which stands at 18-20%, or China, at 30%, underscoring the limited scale of the Indonesian market.
This narrow investment landscape significantly restricts Danantara’s options in the stock market. “In essence, when we observe average daily figures, liquidity remains very low, which severely limits our available options,” he added.
Regarding the exact amount of funds Danantara has allocated to the domestic capital market, including the breakdown between equities and bonds, Ali declined to provide specific figures. He also explicitly refuted claims of a Rp16 trillion investment poised for the stock market by the end of the year.
“The Rp16 trillion figure is incorrect. What has already been invested? We will undoubtedly contribute. We are committed to playing a significant role in supporting and contributing to the local financial market. However, I cannot disclose specific purchase amounts, targets, or other details,” he concluded.
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Summary
Danantara Indonesia, sebagai Badan Pengelola Investasi (BPI), berkomitmen memperdalam pasar modal nasional, khususnya pada instrumen ekuitas. Danantara menghindari saham spekulatif dan memilih saham berdasarkan kriteria ketat meliputi Return on Equity (ROE), Price Improvement (PI), Dividend Yield, Market Capitalization, Profitability, dan Liquidity harian. Untuk instrumen pendapatan tetap, Danantara memprioritaskan obligasi pemerintah (SBN), berencana menahan mayoritas hingga jatuh tempo, dan memilih seri SBN yang sangat likuid atau yang menawarkan imbal hasil menarik.
Agensi ini juga mengalokasikan investasi ke pasar modal internasional untuk diversifikasi risiko, mengingat keterbatasan dan likuiditas rendah di pasar domestik, terutama dalam obligasi korporasi dan opsi saham. Danantara menyoroti kontribusi Indonesia yang kecil (kurang dari 1%) pada indeks MSCI dibandingkan negara lain, yang membatasi pilihan investasinya. Danantara menolak memberikan angka spesifik investasi di pasar modal domestik, membantah klaim investasi Rp16 triliun di pasar saham.
