Cautious Consolidation

Daily Market Wrap

April 6, 2026

NEWS

• America : Wall Street was mixed (S&P 500 +0.11%, Nasdaq +0.18%, Dow -0.13%), driven by the escalation of U.S.–Iran tensions, which pushed oil prices higher and increased inflation risks. Sentiment improved following diplomatic efforts in the Strait of Hormuz that eased concerns over energy supply disruptions. The U.S. 10-year Treasury yield rose to 4.34%, with investors adopting a wait-and-see approach ahead of the release of labor market data (NFP) to gauge the direction of Federal Reserve policy.
  
• Asia :  Asian markets were mixed (Nikkei 225 +1.26%, KOSPI +2.74%, China SSE -1%, Hang Seng -0.70%), with a limited rebound amid hopes of Middle East de-escalation following news of stabilization in the Strait of Hormuz and oil prices. However, gains were capped by inflation risks, expectations around Federal Reserve policy, and a wait-and-see stance ahead of the NFP release, with thin trading volumes due to holidays.

• The JCI fell 2.19% to 7,026, driven by profit-taking ahead of the long holiday and pressure from the escalation of U.S.–Iran tensions, which pushed oil prices higher, raised global inflation concerns, and weakened the rupiah alongside potential liquidity tightening. Despite stable inflation (3.48%), the market remained in a risk-off mode due to uncertainty surrounding U.S. President Donald Trump’s speech, increasing investor caution and uncertainty.
  
• Bond market: The 10-year Indonesian government bond (SUN) yield declined to 6.62%, reflecting inflows into government securities (SBN) as a safe haven amid equity market volatility. The decline was supported by strong demand in medium- to long-tenor bonds, backed by low inflation, adequate liquidity, and expectations of an accommodative BI Rate, although external risks still persist.

Daily Market Wrap

April 2, 2026

NEWS

• America : Wall Street strengthened (S&P 500 +0.72%, Nasdaq +1.16%, Dow +0.48%) amid a risk-on sentiment following President Trump’s statement that the Middle East conflict may soon ease and that there is potential for U.S. troop withdrawal within 2–3 weeks. This pushed oil prices lower and reduced inflation expectations. The 10-year U.S. Treasury yield rose to 4.32% due to interest rate repricing driven by strong labor market data, keeping markets cautious amid a resilient economy and still-sticky inflation.
  
• Asia :  Asian markets also gained (Nikkei 225 +5.24%, KOSPI +8.44%, SSE +1.46%, Hang Seng +2.04%) on hopes of easing U.S.–Iran tensions, which weighed on oil prices and helped ease inflation pressures. The rally was supported by better-than-expected March economic data, with investors returning to risk assets, although they remain cautious ahead of upcoming PMI releases and Bank of Japan policy decisions.

• The IHSG rebounded +1.93% to 7,184, driven by positive signals of de-escalation in the U.S.–Iran conflict, which pressured energy prices and inflation expectations, triggering a risk-on sentiment. Domestically, the rally was supported by attractive valuations, bargain hunting, as well as catalysts from dividend season and macro stability. There is potential for continued gains selectively in undervalued stocks and the energy sector.
  
• Bond market: The 10-year Indonesian government bond (SUN) yield fell to 6.65%, reflecting a compression in risk premium and inflows amid easing global risks and inflation. This decline indicates positive market repricing supported by expectations of an accommodative Bank Indonesia policy, although investors remain selective due to global risks and potential increases in government bond (SBN) supply.

Daily Market Wrap

April 1, 2026

NEWS

• America : Wall Street rebounded (S&P 500 +2.91%, Nasdaq +3.83%, Dow +2.49%), driven by hopes of easing U.S.–Iran tensions and declining oil prices, which helped alleviate inflation pressures, although volatility remained high. The 10Y U.S. Treasury yield fell to 4.32%, indicating continued demand for safe-haven assets amid expectations of de-escalation and a more accommodative Fed policy.
  
• Asia : Asian markets were mixed (Nikkei 225 -1.58%, KOSPI -4.26%, China SSE -0.80%, Hang Seng +0.15%) due to the escalation of Middle East tensions, which pushed up oil prices and raised inflation and slowdown risks. Signals of de-escalation remained mixed, compounded by tanker attack incidents, keeping volatility elevated, risk premiums higher, and markets in a defensive stance.

• The JCI declined by -0.61% to 7,048, pressured by a combination of global (geopolitical escalation) and domestic factors, reflected in foreign net selling, profit-taking, and a weaker rupiah. The market remains in a wait-and-see mode ahead of key data releases (PMI, trade balance, inflation), as well as fiscal policy developments, energy subsidies, WFH policies, and the B50 program, which have yet to serve as positive catalysts.
  
• Bond market: The 10-year government bond (SUN) yield fell to 6.83%, reflecting inflows and the role of government bonds as a domestic safe haven. Investors took advantage of the market weakness for selective accumulation in longer tenors, although sentiment remains defensive amid external pressures and ongoing geopolitical and energy inflation risks.

Daily Market Wrap

March 31, 2026

NEWS

• America : Wall Street was mixed (S&P 500 -0.39%, Nasdaq -0.73%, Dow +0.11%), pressured by the surge in oil prices due to escalating Middle East tensions, which dampened hopes for peace. Although negotiations are still ongoing, threats to Iran’s energy facilities persist, increasing inflation risks and weighing on technology stocks. Meanwhile, dovish comments from Powell eased interest rate concerns and triggered selective buying. The UST 10Y yield declined to 4.33% amid falling rate expectations and a shift toward safe-haven assets.
  
• Asia : Asian markets were mixed (Nikkei 225 -2.79%, KOSPI -2.97%, China SSE +0.24%, Hang Seng -0.81%) as the escalation of the US–Iran conflict heightened inflation risks and pressured growth, particularly for energy-importing countries. Selling was driven by geopolitical uncertainty and hawkish signals from the BOJ, with investors remaining defensive despite the emergence of limited buying interest.

• The JCI closed slightly lower by -0.08% at 7,091, pressured by the escalation of the US–Iran conflict, which drove higher oil prices, rupiah depreciation, and foreign net selling. The financial sector declined (-1.17%), while the energy sector gained (+2.18%). Domestically, the market is monitoring fiscal efficiency measures (WFH & B50), the potential increase in non-subsidized fuel prices starting April 1, and uncertainty surrounding export duties on coal and nickel.
  
• Bond market: The 10-year government bond (SUN) yield declined to 6.83%, reflecting selective buying, particularly by domestic investors, amid Bank Indonesia’s decision to hold rates and ongoing global volatility. Despite external pressures (elevated UST yields, energy inflation, and outflows), the bond market remains relatively resilient, supported by strong local demand and limited inflows sustaining prices.

Publication

Valbury Money Market I Emerges As Champion

PT KB Valbury Asset Management has once again received recognition for its outstanding performance as an Investment Manager by winning an award at the Best Mutual Fund Awards 2026. The event was held on Wednesday, February 25, 2026, at Hotel Habitate, Jakarta. At the event, the Valbury Money Market I Mutual Fund successfully won an award in the 5-Year Money Market Fund Category for funds with assets ranging from IDR 10 billion to IDR 100 billion. This award serves as proof of the fund’s consistent performance and its disciplined, well-measured investment management strategy over the past five years.

Publication

Promotion

Promotion Terms & Conditions :

1. Minimum purchase of KB Valbury Asset Management Mutual Fund equivalent to IDR 1,000,000 will get a Bonus of IDR 100,000 if the participants meet all the terms and conditions of the program.
2. Valid for Valbury Prime Dynamic Equity Mutual Fund products.
3. Purchases of Mutual Funds for this promotion program can only be made on January 5-9, 2026 and must be through BRAVO.
4. Participants who do not make redemption transactions during the program period (5-30 January 2026) will get a maximum participation unit bonus of Rp. 100,000 (One Hundred Thousand Rupiah).
5. Participants who make redemption transactions during the program period (5-30 January 2026) are considered to have failed and are not entitled to bonuses.
6. The promotion is valid for the first 100 customers (new customers with no investment history)
7. The promotion is not valid for KB Valbury Asset Management’s employees.
8. The bonus is in the form of Valbury Prime Dynamic Equity mutual fund participation units.
9. The bonus will be given, no later than 7 working days after the end of the promotion program.
10. Taxes on the bonus received by the customer are borne by the Prize Recipient in accordance with applicable tax provisions.
11. This promotion cannot be combined with other promotions.

1. Prizes are non-transferable.
2. The decision of PT KB Valbury Asset Management in determining the winner is absolute and cannot be contested.
3. KBVAM reserves the right to disqualify and cancel any bonus if there are indications of abuse of any form by participants and/or violations of terms and conditions.
4. KBVAM may change or terminate the promo and it’s terms and conditions at any time without prior notice.
5. This policy is effective from 5 January 2026 and if there are any changes it will be further confirmed.
6. Provisions that have not been listed in this circular letter (if any) will be regulated later.

Publication

PLAN OF AMENDMENT KIK & PROSPECTUS OF MUTUAL FUND KBVAM

ANNOUNCEMENT OF PLANNING TO CHANGE COLLECTIVE INVESTMENT CONTRACTS ("KIK") AND PROSPECTUS OF MUTUAL FUNDS MANAGED BY PT KB VALBURY ASSET MANAGEMENT

PT KB Valbury Asset Management, as Investment Manager of:

1. VALBURY STABLE GROWTH FUND;
2. VALBURY INVESTASI BERIMBANG FUND;
3. VALBURY LIQUID FUND;
4. VALBURY MONEY MARKET I FUND; and
5. VALBURY PRIME DYNAMIC EQUITY FUND.

1. Change of the Investment Manager's name from "PT Valbury Capital Management" to "PT KB Valbury Asset Management";
2. Change of the name of KB VALBURY MUTUAL FUNDS in connection with the change of the Investment Manager's name as referred to in point 1) above;
3. Additional information on the Auto-debit mechanism for periodic payments for Participation Unit purchases of KB VALBURY MUTUAL FUNDS by KB VALBURY MUTUAL FUNDS Unit Holders.
4. Additional payment methods for purchasing Participation Units in VALBURY MUTUAL FUNDS by Unit Holders can be made through a Virtual Account;
5. Additional information that payment for purchasing Participation Units in VALBURY MUTUAL FUNDS into VALBURY MUTUAL FUNDS accounts can be made by transfer via electronic means, including payment gateways and QRIS (Quick Response Code Indonesian Standard), as long as it complies with applicable laws and regulations;
6. Updated correspondence addresses for the Investment Manager for all VALBURY MUTUAL FUNDS, except for the VALBURY LIQUID FUND.
7. Changes to the Composition of the Board of Directors and Investment Management Team of the Investment Manager; and
8. Adjustments to the provisions in the KIK and Prospectus to the Laws and Regulations of the Financial Services Authority ("POJK"), including the following:

• Law Number 4 of 2023, dated January 12, 2023, concerning the Development and Strengthening of the Financial Sector;
• OJK Regulation Number 17/POJK.04/2022, dated September 1, 2022, concerning the Guidelines for Investment Manager Conduct;
• OJK Regulation Number 4 of 2023, dated March 30, 2023, concerning the Second Amendment to OJK Regulation 23/POJK.04/2016 concerning Mutual Funds in the Form of Collective Investment Contracts;
• OJK Regulation Number 8 of 2023, dated June 14, 2023, concerning the Implementation of Anti-Money Laundering, Counter-Terrorism Financing, and Counter-Proliferation of Weapons of Mass Destruction Programs in the Financial Services Sector;
• OJK Regulation Number 22 of 2023, dated December 22, 2023, concerning OJK Regulation Concerning Consumer and Community Protection in the Financial Services Sector;
• OJK Regulation Number 22/POJK.04/2017 dated June 21, 2017, concerning Securities Transaction Reporting; and
• OJK Regulation Number 33 of 2024 dated December 19, 2024, concerning the Development and Strengthening of Investment Management in the Capital Market;
• OJK Regulation Number 56/POJK.04/2020 dated December 3, 2020, concerning Mutual Fund Reporting and Accounting Guidelines (specifically for VALBURY INVESTMENT BALANCED MUTUAL FUNDS and VALBURY MONEY MARKET I MUTUAL FUNDS);
• OJK Regulation Number 31/POJK.07/2020 dated April 22, 2020, concerning the Provision of Consumer and Public Services in the Financial Services Sector by the Financial Services Authority (specifically for VALBURY INVESTMENT BALANCED MUTUAL FUNDS and VALBURY MONEY MARKET I MUTUAL FUNDS);
• OJK Regulation Number 18/POJK.07/2018 dated September 10, 2018 concerning Consumer Complaints Services in the Financial Services Sector (specifically for VALBURY INVESTMENT BALANCED MUTUAL FUNDS and VALBURY MONEY MARKET I MUTUAL FUNDS); and
• OJK Regulation Number 61/POJK.07/2020 dated December 14, 2020 concerning Alternative Dispute Resolution Institutions in the Financial Services Sector (specifically for VALBURY INVESTMENT BALANCED MUTUAL FUNDS and VALBURY MONEY MARKET I MUTUAL FUNDS).

Publication

Resolving Investment Disputes in the Right Way: Getting to Know LAPS SJK

As part of our commitment to transparency and investor protection, we support dispute resolution mechanisms through the Financial Services Sector Alternative Dispute Resolution Institution (LAPS SJK).
LAPS SJK is an independent institution licensed and supervised by the Financial Services Authority (OJK), which functions to assist in the fair, swift, and out-of-court resolution of disputes between consumers and financial service providers—including investment management companies.

The existence of LAPS SJK is regulated in OJK Regulation (POJK) Number 61/POJK.07/2020 concerning the Alternative Dispute Resolution Institution for the Financial Services Sector, which forms the legal basis for the implementation of non-litigation dispute resolution processes in the financial services industry.
Services Provided

• Mediation: dispute resolution by facilitating dialogue between disputing parties to reach a mutually beneficial agreement through a negotiation process between the disputing parties.
• Arbitration: resolution of civil disputes through an arbitrator's decision outside of the general court system based on an Arbitration Agreement made in writing by the disputing parties.
• Binding Opinions: Provision of professional views on differences in interpretation in the implementation of agreements, for example regarding: interpretation of unclear provisions; additions or changes to provisions related to the emergence of new circumstances; or regarding certain legal relationships of an agreement.