Schroder 90 Plus Equity Fund
In 4Q23, Schroder 90 Plus Equity Fund underperformed the benchmark by 5.97% mainly driven by stocks we do not own due to expensive valuation in the petrochemical and material sectors. Meanwhile, our consumer holdings underperformed during the quarter due to weaker than expected purchasing power which led to concerns to consumer sales.
Schroder Dana Andalan II
Fourth quarter is a volatile month in bond market, UST supply and demand imbalance as well as stronger than economic data in the US led to UST to reach close to 5% level in October.
However towards end of year, we saw Fed tone turned dovish and led to bond yield came off to 3.88% at year end. Over the quarter UST yield come down by -69bps. Locally, IndoGB also rallied as foreign investor turned back to EM FX and with higher real yields among Asian rates, Indonesia remains an attractive pick. We saw bond yield rallied to 6.44% from 6.89% almost 44bps of rally.
Schroder Dana Istimewa
In 4Q23, Schroder Dana Istimewa outperformed the benchmark by 3.06% driven by some of the big cap names we owned which was supported by foreign inflow into Indonesia. The decline in oil price supported our performance as we were underweight in the sector. Additionally, our underweight in coal sector also became positive attributors to our performance during the quarter.
Schroder Dana Likuid
Fourth quarter is a volatile month in bond market, UST supply and demand imbalance as well as stronger than economic data in the US led to UST to reach close to 5% level in October.
However towards end of year, we saw Fed tone turned dovish and led to bond yield came off to 3.88% at year end. Over the quarter UST yield come down by -69bps. Locally, IndoGB also rallied as foreign investor turned back to EM FX and with higher real yields among Asian rates, Indonesia remains an attractive pick. We saw bond yield rallied to 6.44% from 6.89% almost 44bps of rally.
Schroder Dana Mantap Plus II
Fourth quarter is a volatile month in bond market, UST supply and demand imbalance as well as stronger than economic data in the US led to UST to reach close to 5% level in October.
However towards end of year, we saw Fed tone turned dovish and led to bond yield came off to 3.88% at year end. Over the quarter UST yield come down by -69bps. Locally, IndoGB also rallied as foreign investor turned back to EM FX and with higher real yields among Asian rates, Indonesia remains an attractive pick. We saw bond yield rallied to 6.44% from 6.89% almost 44bps of rally. On the height of global volatility and rupiah depreciated close to 15,000, Bi acted by hiked rates by 25bps to 6% in hopes to stem the sell-off in the currency, the issuance of SRBI also helped to give signal to market of BI tightening stance. SRBI is issued at significant premium to short tenor bond yield, and as a result caused the short-tenor bond to sell-off. The fund underperformed the benchmark, we went overweight duration since October that added value, however the loss of carry versus benchmark dragged active performance.
Schroder Dana Prestasi
In 4Q23, Schroder Dana Prestasi underperformed the benchmark by 5.60% mainly driven by stocks we do not own due to expensive valuation in the petrochemical and material sectors. Meanwhile, our consumer holdings underperformed during the quarter due to weaker than expected purchasing power which led to concerns to consumer sales. Slow China economy also caused our holdings in the metal mining sector to lag and dragged our performance.
Schroder Dana Prestasi Plus
In 4Q23, Schroder Dana Prestasi Plus underperformed the benchmark by 1.09% due to one petrochemical company we do not own due to expensive valuation. Our holdings in the consumer sector also underperformed due to concerns on weaker than expected purchasing power which may pose as risk to consumer companies' sales. Our underweight position in one big bank dragged our performance as the share price rallied on the back of foreign inflow and cheap valuation while we were light in the name. Weak China economy also pressured our holdings in the metal mining sector as metal commodity prices fell. Our underweight in two tech names were also negative attributors as recent corporate action managed to drove up the stock prices.
Schroder Dana Terpadu II
In 4Q23, JCI posted a return of 4.80% QoQ, ending December at 7,273. The quarter started off with foreign on more bearish stance as geopolitical tension arose due to the Middle East conflict while concerns on the higher for longer narration from the Fed may push back catalysts to the market. The US Treasury yield managed to breach 5% and caused panic within the bond and equity markets. Hence, we saw the rupiah under pressure and caused the equity market to fall. Market turned around mid November as foreign investors slowly recollected Indonesia big cap. The Fed also turned more dovish and indicated rate cuts in December after the US inflation and job data eased down. Performance in 4Q23 was rather mixed, where the JCI benchmark funds underperformed the benchmark, while most syariah, small cap, and IDX 80 benchmark funds managed to outperform the benchmarks.
Schroder Global Sharia Equity Fund USD
In 4Q23, Schroder Global Sharia Equity Fund outperformed the benchmark by 1.93% driven by our overweight positions in IT and manufacturing names. Our underweight position in energy were also among the positive attributors during the quarter. One mining company we own was another supporter to performance during the quarter.
Schroder Syariah Balanced Fund
In 4Q23, Schroder Syariah Balanced Fund outperformed the benchmark by 0.76% mainly driven by the rally in the bond market as investors were hoping on easing Fed policies given the fall in US inflation. Our underweight position in one big tech name also became one of the top positive attributors during the quarter.
Schroder USD Bond Fund
Fourth quarter is a volatile month in bond market, UST supply and demand imbalance as well as stronger than economic data in the US led to UST to reach close to 5% level in October.
However towards end of year, we saw Fed tone turned dovish and led to bond yield came off to 3.88% at year end. Over the quarter UST yield come down by -69bps. Locally, IndoGB also rallied as foreign investor turned back to EM FX and with higher real yields among Asian rates, Indonesia remains an attractive pick. We saw bond yield rallied to 6.44% from 6.89% almost 44bps of rally. On the height of global volatility and rupiah depreciated close to 15,000, Bi acted by hiked rates by 25bps to 6% in hopes to stem the sell-off in the currency, the issuance of SRBI also helped to give signal to market of BI tightening stance. SRBI is issued at significant premium to short tenor bond yield, and as a result caused the short-tenor bond to sell-off. The fund underperformed the benchmark , while in the early months we outperfomed the benchmark as we were underweight duration.
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