Mutual Funds are one of the rapidly growing investment instruments in the Indonesian capital market. This study aims to evaluate the performance of equity Mutual Funds in the form of Collective Investment Contracts (KIK) following the issuance of POJK No.04 of 2023. Using a quantitative descriptive method, this research analyses 36 equity Mutual Funds selected through purposive sampling. Performance was measured using Sharpe, Treynor, and Jensen methods by comparing the periods before (January 2020-March 2023) and after (April 2023-August 2024) regulation implementation. The results show that all Mutual Funds experienced performance decline based on the Sharpe method. Using the Treynor method, 24 Mutual Funds showed decreased performance while 12 others improved. Meanwhile, with the Jensen method, 25 Mutual Funds experienced decreased while 11 others improved. These findings indicate that the implementation of POJK No.04 of 2023 had varying impacts on KIK equity Mutual Fund performance, with the majority experiencing decreased efficiency in risk and return management.
Keywords: Mutual Fund Performance, Net Asset Value (NAV), Collective Investment Contracts (KIK), POJK No.04 of 2023, Sharpe method, Treynor method, and Jensen method.