The Effect of Global Diversification, Exchange Rates, and Interest Rates on the Performance of Mixed Mutual Funds in Indonesia
DOI:
https://doi.org/10.61132/ijema.v3i1.1082Keywords:
Exchange Rate, Global Diversification, Interest Rate, Mixed Mutual Funds, Quantitative ApproachAbstract
This study aims to analyze the effect of global diversification, exchange rates, and interest rates on the performance of mixed mutual funds in Indonesia during the period 2020–2024. The method used is a quantitative approach with the Partial Least Squares–Structural Equation Modeling (PLS-SEM) technique, using secondary data from the Financial Services Authority, Bank Indonesia, and Bareksa. The sample consists of three mixed mutual fund products that meet the criteria of portfolio data completeness, net asset value, and performance report publication. The results show that exchange rates have a positive and significant effect on mutual fund performance, indicating that exchange rate fluctuations play an important role in determining changes in portfolio returns. The global diversification variable proved to have no significant effect, illustrating that exposure to international markets has not provided stable benefits in improving the performance of mixed mutual funds. Interest rates also did not show a significant effect because the composition of mixed portfolios was able to withstand the impact of monetary policy changes. Simultaneously, the three independent variables were able to explain 66.7 percent of the variation in mixed mutual fund performance, indicating that macroeconomic dynamics and portfolio strategies have an important contribution in influencing the performance of this collective investment instrument.
Downloads
References
Andreansyah, S., Sidiq, M. S., Putri, A. S., & Dasma, S. (2025). Pengaruh strategi diversifikasi portofolio dalam mengelola risiko dan memaksimalkan return investasi. Jurnal Manajemen, 12, 8–15. https://doi.org/10.37817/jurnalmanajemen.v12i1
Annisa, T., Yusmania, R., Kirani, V. A., Rizki, N., Mataram, U., & Tenggara Barat, N. (2025). Hubungan antara nilai tukar dan volume perdagangan internasional. Equivalent: Journal of Economic, Accounting and Management, 3(1). http://jurnal.dokicti.org/index.php/equivalent/index
Aprillia, D., Wijaya, C., & Indriati, F. (2018). A comparative study of mutual fund portfolio performance in Indonesia. Bisnis & Birokrasi Journal, 25(2). https://doi.org/10.20476/jbb.v25i2.9847
Attig, N., Guedhami, O., Nazaire, G., & Sy, O. (2023). What explains the benefits of international portfolio diversification? Journal of International Financial Markets, Institutions and Money, 83(C). https://doi.org/10.1016/j.intfin.2022.101729
Ciminelli, G., Rogers, J., & Wu, W. (2022). The effects of US monetary policy on international mutual fund investment. Journal of International Money and Finance, 127, 102676. https://doi.org/10.1016/j.jimonfin.2022.102676
Converse, N., Levy-Yeyati, E., & Williams, T. (2023). How ETFs amplify the global financial cycle in emerging markets. The Review of Financial Studies, 36(9), 3423–3462. https://doi.org/10.1093/rfs/hhad014
David, U., Beauty, I., & Timothy, I. A. (2024). Returns, interest rate variations and changes in foreign exchange rates in Asia.
Fauzi, A., & Wijoyo, A. (2025). The impact of inflation, exchange rate, interest rate, and economic growth on the Indonesia Stock Exchange composite index. International Journal of Multidisciplinary Sciences and Arts, 4(3), 1–7. https://doi.org/10.47709/ijmdsa.v4i3.6326
Kautsar, A. Z., Rindiani, D., Humaira, N. H., Nur Adha, I. F., Prawiraputri, R. T. N., & Maesaroh, S. S. (2025). Stabilitas harga dinamika ekonomi: Hubungan antara suku bunga dan volume uang tersebar terhadap inflasi Indonesia 2022–2024. Jurnal Publikasi Ekonomi dan Akuntansi, 5(3), 403–415. https://doi.org/10.51903/jupea.v5i3.4174
Khaddafi, M., Parluhutan Panjaitan, S., & Insani Tumangger, K. (2025). Dampak ketidakpastian ekonomi global terhadap strategi diversifikasi portofolio di Indonesia. Jiic: Jurnal Intelek Insan Cendikia, 2, 13412–13419. https://jicnusantara.com/index.php/jiic
Kurniasih, A., David, L., & Johannes, Y. (2015). Analisis variabel makroekonomi terhadap kinerja reksadana campuran. Jurnal Manajemen, 19(01), 136–151. www.infovesta.com
Mawikere, J. C. (2021). Performance analysis of money market mutual funds, fixed income mutual funds, mixed mutual funds, and stock mutual funds in Indonesia during the 2015–2020 period. International Journal of Economics, Business and Accounting Research (IJEBAR), 5(4).
Mulianta Ginting Pusat Pengkajian, A., Data dan Informasi, P. P., Ekonomi dan Kebijakan Publik, Jl Jendral Gatot Subroto, B., DPR, S. R., Nusantara, G., Kunci, K., Tukar, N., & Ekspor, K. (2013). Pengaruh nilai tukar terhadap ekspor Indonesia. Buletin Ilmiah Litbang Perdagangan, 7(1).
Novita, S., Tjahjadi, B., & Irwanto, A. (2019). Zombie dan diversifikasi dalam masa krisis keuangan global. Jurnal Reviu Akuntansi dan Keuangan, 9(3), 296–308. https://doi.org/10.22219/jrak.v9i3.62
Opie, W., & Riddiough, S. (2024). On the use of currency forwards: Evidence from international equity mutual funds. Available at SSRN 4432796. https://doi.org/10.2139/ssrn.4432796
Prasetyo, D., Widiyanto, D., & Si, M. (2019). Pengaruh inflasi, nilai tukar rupiah, suku bunga Bank Indonesia, dan harga emas terhadap nilai aktiva bersih reksadana syariah. Prosiding Konferensi Ilmiah Mahasiswa Unissula (KIMU), 2, 133–153.
Roikhatul Jannah, R., Asytuti, R., & Abdurrahman Wahid Pekalongan, U. K. (2024). Pengaruh inflasi, suku bunga, dan tingkat risiko terhadap kinerja reksadana saham syariah di Indonesia periode 2018–2022. Jurnal Sahmiyya, 3(2).
Sabrina, W. M., Nurhidayati, M., & Ahmad, R. S. (2025). Exchange rates, inflation, and GDP in Indonesia: A new perspective on Islamic mutual funds as an intervening factor. Journal of Islamic Economics (JOIE), 5(1), 63–77.
Setyani, D., & Gunarsih, T. (2018). The effect of exchange rates, inflation, JCI, and the number of Islamic mutual funds on the net asset value of Islamic mutual funds (NABRS) in Indonesia. Journal of Applied Economics in Developing Countries, 3(1), 28–38.
Sialm, C., & Zhu, Q. (2024). Currency management by international fixed-income mutual funds. The Journal of Finance, 79(6), 4037–4081. https://doi.org/10.1111/jofi.13381
Sukarno, A., & Herlianto, D. (2022). Pengaruh suku bunga, tingkat inflasi, indeks harga saham gabungan, indeks bursa asing, dan nilai tukar rupiah terhadap tingkat pengembalian reksa dana saham. Jurnal Ilmiah Manajemen Kesatuan, 10(2), 337–348. https://doi.org/10.37641/jimkes.v10i2.1433
Umoru, D., Igbinovia, B., & Aliu, T. I. (2024). Returns, interest rate variations, and changes in foreign exchange rates in Asia. Development Management, 4(23), 8–22.
Vidal, M., & Vidal-García, J. (2023). Indonesian mutual fund performance. Available at SSRN 3890486. https://doi.org/10.2139/ssrn.3890486
Wahyuningtyas, R., & Hartono, B. D. (2016). The effect of Bank Indonesia certificates, composite stock price index, and exchange rate on mutual fund performance for the period of 2012–2014. Asian Journal of Management Sciences & Education, 5, 13–19.
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2025 International Journal of Economics, Management and Accounting
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
