The document is a bi-weekly report on the performance of the DF PANS Bandung discretionary fund. It shows that as of July 13, 2009, the fund's net asset value was Rp1,891.91, down from Rp1,937.72 two weeks prior. The top holdings were PT Bank Central Asia at 7.63% and PT Bank Negara Indonesia at 13.60%. For its next two weeks of activity, the fund planned to reduce stock positions in anticipation of a weak market reaction to Indonesia's smooth presidential election.

1. P T Pa n i n S e k u r i t a s , Tb k .
July 13, 2009
Previous 2 week NAV:
D ISCRETIONARY F UND 1 , 9 37 . 72
PANS B ANDUNG Current NAV:
1 8 9 1 .9 1
DF PANS Bandung
Administration Profile 2,200.00
2,000.00
Entry Fee 0%
1,800.00
1,600.00
Exit Fee 0%
1,400.00
Management Fee 3% p.a. 1,200.00
1,000.00
Report Bi-Weekly 800.00
600.00
Entry Period Anytime
400.00
2/12/2008
4/12/2008
6/12/2008
8/12/2008
10/12/2008
12/12/2008
2/12/2009
4/12/2009
6/12/2009
Redemption Period February and
July
Custodian PT Panin
Sekuritas,
Tbk.
Discretionary PANS Bandung IHSG Avg Mutual Fund
DF PANS Bandung
PORTFOLIO Kom posisi Saham DF per 10 Juli 2009
Fund Manager Bandung
RETURN
Dr. Adrian Teja
adrianteja@yahoo.com
2008 2009
(022) 426-7291
Cas h, 0. 02%
UNT R, 5. 36% A NT M , 7. 95%
T LK M , 8. 19% B B CA , 7. 63%
DF PANS -10.20% 110.67% P T B A , 11. 64%
B UM I , 2. 78%
CT RS, 2. 68%
I NCO, 5. 09%
DF PANS Bandung IHSG -47.71% 52.21% P GA S, 8. 18%
P NLF, 22. 25%
Strategic Profile: P NI N, 4. 64%
P NB N, 13. 60%
Average -47.54% 59.63%
• Aggressive Trading
Mutual
• Margin Max. 30% Fund
• Risk: High. PORTFOLIO Previous 2 Week Activity: Next 2 Week Activity:
1. Building portfolio. 1. Reduce stock position.
• Diversification (max. 10 RETURN TO RISK
stocks)
RATIO Reasons: Reasons:
1. Anticipating smooth 1. Weak market reaction
• Allocation: presidential election. to smooth presidential
2008 2009
election.
•Popular Sector
DF PANS -0.57 10.31
• Tactical Asset Allocation
IHSG -4.05 10.23
•0%-100% cash
Average -3.95 11.80
•0%-130% stock Mutual
Fund