Ashmore Dana Ekuitas Nusantara

Throughout Q4 2023, Ashmore Dana Ekuitas Nusantara (ADEN) posted a performance of -4.41%, underperforming its benchmark, the Jakarta Composite Index (JCI) which grew by +4.80% during the same period. ADEN's underperformance was driven by UW allocation in the Basic Materials sector, which grew by +0.35% in Q4 2023.

Ashmore Dana Obligasi Nusantara

Throughout Q4 2023, Ashmore Dana Obligasi Nusantara (ADON) posted a performance of +3.71%, outperforming its benchmark 80% IBPA which rose by +2.25%. ADON's outperformance was due to the overall strengthening trend of the bond market. This can be seen from a decrease in UST 10-year bond yields of around 70 bps from 4.57% in end September 2023 to 3.88% in end December 2023. Indonesia bond market was also facing similar situation where Indonesia 10yr government bond yield also fell by 40bps from 6.91% in end of Sep23 to 6.48% in end of Dec23.

ADON has OW duration strategy relative to the benchmark.

Ashmore Dana Obligasi Unggulan Nusantara

During Q4 2023, Ashmore Dana Obligasi Unggulan Nusantara (ADOUN) posted a performance of +1.25%, outperforming its benchmark IDR Time Deposit 1M (Net) which rose by +0.77%. ADOUN's outperformance was due to the overall strengthening trend of the bond market. This can be seen from a decrease in UST 5-year bond yields of around 75 bps from 4.61% in end September 2023 to 3.85% in end of December 2023. Indonesia bond market was also facing similar situation where Indonesia 5yr government bond yield which is the main underlying portfolio of ADOUN also fell by 10bps from 6.57% in end of September 2023 to 6.44% in end of December 2023.

ADOUN has OW duration strategy relative to the benchmark.

Ashmore Dana Pasar Uang Nusantara

Throughout Q4 2023, Ashmore Dana Pasar Uang Nusantara (ADPUN) posted a performance of +0.95%, underperforming its benchmark JIBOR Overnight Index which rose by +1.42%. This underperformance was due to the increased in 1 year Indonesia government bond yield by around 20 bps in Q4 2023 period.

Ashmore Dana Progresif Nusantara

Throughout Q4 2023, Ashmore Dana Progresif Nusantara (ADPN) posted a performance of -7.14%, underperforming its benchmark, the Jakarta Composite Index (JCI) which grew by +4.80% during the same period. ADPN's underperformance was driven by UW allocation in the Basic Materials sector, which grew by +0.35% in Q4 2023.

Ashmore Digital Equity Sustainable Fund

Throughout Q4 2023, Ashmore Digital Equity Sustainable Fund (ADESF) posted a performance of -1.89%, underperforming its benchmark IDX ESG Leaders Index (IDXESGL) which rose by +11.27% in the same period. ADESF's underperformance was driven by UW allocation in the Basic Materials sector, which grew by +0.35% in Q4 2023.