Batavia Dana Kas Maxima

Batavia Dana Kas Maxima’s performance in 4Q 2023 is 0.98%, higher than benchmark 0.79%, with a positive margin 0.19%.

Batavia Dana Kas Maxima have increased the fixed deposit allocation from 32.85% by the end 3Q23 to 50.23% by the end of 4Q23 to optimize increasing fixed deposit rate impact from increasing Bank Indonesia reference rate.

Batavia Dana Likuid

Batavia Dana Likuid’s performance in 4Q 2023 is 0.75%, slightly lower than benchmark 0.79%, with a negative margin 0.04%.

Batavia Dana Liquid invested up to 70% from AUM in deposit on call (DOC) to maintain the liquidity and flexibility of the fund and minimize the performance volatility. DOC generally provides lower interest rate compared to 1-month fixed deposit.

Batavia Dana Saham

During 4Q23, Batavia Dana Saham recorded 0.01% positive return, underperformed to Jakarta Composite Index (“JCI”) 4.80% by negative alpha 4.79%.

A positive catalyst came from declining US

treasury yield that led to stronger IDR and

equity market in general.

Negative alpha contribution in 4Q23 was due to low free float stocks which increased significantly.

On the other hand, our underweight position on the industrial sector and overweight position on big banks resulted in positive alpha in 4Q23. BPAM believes the domestic economy will remain stable in 2024. We expect stronger household consumption for 1H24, supported by

higher social aids and election campaign.

Therefore, we maintain our equity weighting target of 87%-95% and we prefer domestic-oriented  sector, such as big banks, infrastructure, and consumer non-cyclical sectors.

Batavia Dana Saham Optimal

BDSO recorded a return of 0.15% in 4Q23,

below the benchmark that rose 4.80% in the same period; thus, resulting in a negative alpha of 4.65%. The index positive momentum occurred in the last two months of the quarter driven by declining US treasury yield after it reached high level previously in the beginning of the quarter.

Negative contributor for BDSO in 4Q23 was due to low free float stocks that rose

significantly during the quarter. On the other hand, our underweight sector allocation in the industrial sector made a positive alpha contribution.

We believe domestic economy  will remain stable in 2024 that will be driven by higher consumption especially in 1H24 due to higher social aids and election campaign. Therefore, we maintain our equity weighting level at 87%-95% with sector preference on infrastructure, healthcare, and consumer.

Batavia Global ESG Sharia Equity USD

Batavia Global ESG Sharia Equity USD

managed to book a return of 6.77% in 4Q 2023, underperform the benchmark by -0.57%, with the benchmark performance of 7.34%. Our stock selection in the technology sector, and slight underweight in the energy sector resulted

in negative alpha. On the other hand, our stock selection within the materials and industrials sector resulted in positive alpha. Indicators point to a more optimistic global equity market.

Fed pauses, dot plots, and downtrend in

inflation all points to a temporary halt in interest rate hikes, at least in the next few months.

Batavia Technology Sharia Equity USD

Batavia Technology Sharia Equity USD

managed to book a performance of 13.34% in 4Q 2023, slightly below the benchmark

performance of 13.85%, underperforming the benchmark by -0.51%. BTSEU holdings in healthcare-based technology sector and consumer discretionary-based sector resulted in negative alpha. On the other hand, our stock selection within the information technology sector resulted in a positive alpha. BPAM believe the fund remains well positioned for an expected bottoming in IT sector fundamentals after several quarters of growth deceleration stemming from post-COVID digestion and macroeconomic uncertainty. The fund maintains significant exposure to enterprise technology businesses, which we believe stand

to benefit from this stabilization.

Batavia USD Balanced Asia

Batavia USD Balanced Asia performance in Q423 was 3.34%, higher than its benchmark of 1- month fixed deposit in USD which recorded +0.38% return.

Indonesia bond market recorded positive

performance in Q4 23, in line with downward shift in UST yield which was followed by INDON yield. This performance is mostly attributed to the decreasing rate of inflation in the US and the expectation that Fed has reached its peak rate.