1. Asset Class Allocation (%)
NAV Growth
Fund Performance
Top Holdings
Fund Update
JCI continued to extend losses in June, down -3.1% MoM and stretched lower 8.8% YTD
but relatively still flat -0.5% yoy. Almost all sectors experienced negative monthly perfor-
mance in June led by banking, property, and plantation stocks while infra stocks was the
only sector that managed to print positive return of 2.8% MoM. JCI has been in negative
monthly return since February 2018, in line with rupiah depreciation. In June, rupiah
weakened 3.1% MoM/5.6% YTD against USD to Rp14,330/USD, the lowest level since
September 2015. Recent rupiah depreciation is more due to external factor than domestic
factor.
Trump protectionism has led global fund to risk-off EM (emerging market) assets and
prefer dollar/yen as safe haven. Foreign outflow from Indo equity market was recorded at
Rp9.3 tln in June while from Indo bond market was Rp4.4 tln. Cumulatively since begin-
ning of the year, foreign investors made Rp49.9 tln outflow in Indo equity and Rp13.0 tln
in Indo bond market. Indo 10 year bond yield spiked up by 74 bps to 7.8%. Foreign
ownership in Indo bond market declined to 37.8% in June compared to 39.5% the same
period year ago. To regain foreign investor’s confidence in equity and bond market via
stability of rupiah, Bank Indonesia has tuned up policy rate by another 50 bps in June
after 50 bps hike done in May, bringing 7DRR (7 day reverse repo rate) at 5.25%. Bank
Indonesia has been proactive in stabilizing rupiah through spot market and government
bond market. To bolster growth amid tightening cycle, Bank Indonesia has relaxed LTV
policy and pre-order credit mechanism in the property sector.
Oil price breaching above USD70/bbl in June, up 10.6% MoM while coal increased 3.9%
MoM to USD114/ton. Of all Indonesia’s main commodity export, only palm oil price which
is labor intensive that still posted sluggish performance, -6.0% YTD/-11.5% YoY com-
pared to nickel that went up 21.6% YTD/60.7% YoY and coal 13.5% YTD/41.2% YoY.
Meanwhile, June inflation was only 0.6% on monthly basis and 3.1% on annual basis
which marked the lowest inflation rate for the past four years after Ied-ul-Fitr holiday
which was usually rising up on average at 0.8% MoM. Overall inflation remained under
control within BI target range of 3.5%±1%.
Fund Objectives & Strategy
To provide optimal return from investment in money market
instruments while prioritizing liquidity management and risk aver-
sion. Approach is methodically implemented to obtain stable
increments in net assets valuation.
Multi–Trade/Monetization Spectrum
Tactical Asset Allocation with Priority on Risk Aversion
0.28%
HPAM ULTIMA MONEY MARKET
2.01%
Launch Date 12/08/2015
AUM (Rp Bn) 273
Investment Manager HP Asset Management
Custodian Bank Bank Rakyat Indonesia
Subscription Account 0206-01-005811-30-5
Management Fee 1%
Risk Ranking Low to Mid
Investment Policy
Cash & Cash Eq ≥0%
Money Market ≥0%
Portfolio Composite
Cash & Cash Eq 1%
Fixed Income 67%
Money Market 32%
1M
1,156
NAV
6 month Inception
15.67%
JUNE 2018
Fund Rating
2. Important Risk: The fund is actively managed and its characteristics w ill vary. Holdings show n should not be deemed as a recommendation
to buy or sell securities. Fund of funds is subject to the risk associated with the underlying HPAM funds in which its invests. Stock and bond value fluctuate
in price so the value of your investment can go down depending on the market conditions. Fixed income risks include interest-rate and credit risk. Typically,
when interest rates rise, there is a corresponding decline in bond values. Credit risk refer to the possibility that the bond issuer will not be able to make
principal and interest payments. Asset allocation strategies do not assure profit and do not protect against loss. Non-diversification of investment means
that more assets are potentially invested in fewer securities than if investments were diversified.
Before investing you should carefully consider the Fund’s investment objectives, risks, charges and expenses. This and other information are available
through request for prospectus or at our company’s website. The fund is subject to market risks (volatility) and may not be appropriate for short term
investments. Holdings and Sector weightings are subject to constant changes without notice as deemed fit by the investment management team. This
document is for sophisticated investor only and not intended for individual private investor. Performance data quoted represent past performance and is no
guarantee of future results. Investment returns and principal values may fluctuate so that an investor’s shares, when redeemed, may be worth more or less
than their original cost. Current performance may be lower or higher than that shown. All return assume reinvestment of all dividend and capital gain distri-
butions. Index performance is shown for illustrative purpose only. Conventional Non-bank institutions are prohibited from investing directly in index.
Disclaimer
Value @ Risk Matrix
Intrinsics Assessment Table
PT. Henan Putihrai Asset Management
Penthouse @ Tamara, Jendral Sudirman 24
Jakarta 12920, Indonesia
(021) 2525775
www.HPAM.co.id