Clouded Confidence

Daily Market Wrap

June 18, 2026

NEWS

• America : Wall Street declined (Dow -0.98%, Nasdaq -1.34%, S&P 500 -1.21%) after the Fed kept its policy rate unchanged at 3.75% but signaled a more hawkish stance. The 10-year U.S. Treasury yield rose to 4.49%, while strong May retail sales data (+0.9%) reinforced expectations that interest rates will remain higher for longer, putting pressure on technology and growth stocks.
  
• Asia :  Asian markets were mixed (China SSE +0.40%, Hang Seng -0.74%, Nikkei 225 +0.72%, KOSPI +1.58%), supported by the weaker yen and hopes for stability following the Hormuz deal. However, gains were capped by interest rate expectations and concerns over China’s economic recovery. Investors remained cautious ahead of the Fed meeting outcome.

• The JCI closed down 0.55% at 6,220, pressured by profit-taking in large-cap stocks. Investors adopted a wait-and-see approach ahead of the Fed’s FOMC meeting, Bank Indonesia’s Board of Governors Meeting (June 18), the MSCI Global Market Accessibility Review (June 19), the FTSE index rebalancing (June 19), and the MSCI Annual Market Classification Review (June 24). Rupiah depreciation also weighed on domestic risk appetite.
  
• Bond market: The 10-year Indonesian government bond (SUN) yield fell to 6.88%, supported by positive sentiment from expectations that the Fed will keep rates unchanged, Bank Indonesia’s hawkish stance, and continued foreign inflows. However, the decline in yields remained limited by global risks, inflation concerns, and uncertainty surrounding capital flows. Despite the decline, yields remained elevated, reflecting concerns over Indonesia’s fiscal outlook and domestic inflation prospects.

Daily Market Wrap

June 15, 2026

NEWS

• America : Wall Street advanced (Dow +0.70%, Nasdaq +0.31%, S&P 500 +0.50%), driven by optimism over a potential U.S.–Iran peace agreement, which pressured oil prices lower and supported positive sentiment toward the technology and AI sectors. Although May PPI rose 6.5% YoY, risk-on sentiment remained intact ahead of the FOMC meeting. The U.S. 10-year Treasury yield increased to 4.48% amid expectations that interest rates will remain higher for longer.
  
• Europe : The STOXX 600 gained 1.88%, supported by easing Iran-related risks, declining oil prices, strength in the technology and banking sectors, and the ECB’s policy decision, which was in line with market expectations and helped sustain investor optimism.
  
• Asia :  Asian markets rallied (China SSE +1.12%, Hang Seng +1.93%, Nikkei 225 +2.81%, KOSPI +4.63%) after Trump stated that a U.S.–Iran peace agreement could potentially be signed by the end of the week, easing concerns over global energy supply disruptions and pushing oil prices lower. Markets were also supported by expectations of a rebound in the AI and technology sectors, as well as strong Chinese export data.

• The JCI rose 2.07% to 6,007, driven by a rebound in commodity-related sectors following expectations of a U.S.–Iran peace agreement and the decline in oil prices. The market was further supported by rupiah stabilization after Bank Indonesia’s off-cycle rate hike, as well as expectations of improved government budget efficiency, including the MBG program. However, investors remained cautious amid continued foreign capital outflows.
  
• Bond market: The 10-year Indonesian government bond (SUN) yield declined to 7.36%, supported by government bond purchases by Bank Indonesia and the Bond Stabilization Fund, as well as positive sentiment surrounding Danantara’s global bond issuance. Lower oil prices and strong domestic buying interest also supported the bond market, although fiscal risks and rupiah volatility continued to limit further yield declines.

Daily Market Wrap

June 11, 2026

NEWS

• America : Wall Street declined sharply (Dow -1.87%, Nasdaq -1.98%, S&P 500 -1.62%) as investors reacted to a combination of escalating geopolitical tensions in the Middle East and a surge in U.S. inflation, with CPI rising to 4.2% YoY, the highest level in three years. Retaliatory attacks between the two countries pushed oil prices higher and lifted the 10-year U.S. Treasury yield to 4.55%, while also reducing expectations for near-term Federal Reserve rate cuts.
  
• Asia :  Asian markets weakened (China SSE -0.42%, Hang Seng -0.64%, Nikkei 225 -1.89%, KOSPI -4.52%) amid risk-off sentiment driven by the escalation of the U.S.–Iran conflict, rising oil prices, and inflation concerns. Profit-taking in technology stocks and caution ahead of U.S. inflation data further weighed on market performance.

• The JCI rose 2.71% to 5,902, supported by a stronger rupiah, Bank Indonesia’s interest rate hike, and positive sentiment surrounding state-owned enterprise (SOE) share buyback plans. All sectors closed higher, led by the transportation sector (+4.51%), while trading value reached IDR 19.94 trillion, reflecting improving investor confidence. However, foreign investors remained net sellers with net outflows of IDR 2.75 trillion, primarily from banking stocks. Despite the rebound, profit-taking risks remain a key concern.
  
• Bond market: The 10-year Indonesian government bond (SUN) yield declined to 7.31%, supported by rupiah stability following the BI Rate hike and strong domestic demand at the government bond auction. Nevertheless, the bond market continues to face headwinds from uncertainty surrounding global interest rates, ongoing Middle East tensions, and rising short-term yields due to the attractiveness of SRBI instruments. Investors are closely watching upcoming U.S. inflation data for further clues on the future direction of Federal Reserve policy.

Daily Market Wrap

June 10, 2026

NEWS

• America : Wall Street closed mixed (Dow +0.17%, Nasdaq -0.97%, S&P 500 -0.26%) as investors rotated from technology stocks into defensive sectors and took profits in AI-related shares. Trump's remarks regarding an alleged Iranian attack on a U.S. helicopter triggered a market sell-off, although hopes for a U.S.–Iran agreement and the reopening of the Strait of Hormuz helped ease oil prices. Investors are also closely monitoring the potential OpenAI IPO ahead of upcoming U.S. inflation data. Meanwhile, the 10-year U.S. Treasury yield declined to 4.52% amid increased demand for safe-haven assets.
  
• Asia :  Asian markets were mixed (China SSE +1.28%, Hang Seng -0.37%, Nikkei 225 +2.17%, KOSPI +8.18%). Gains were driven by a rebound in technology stocks and easing concerns over Middle East tensions. Sentiment was further supported by expectations of an improvement in China's economic outlook, although investors remained cautious about elevated U.S. interest rates, global inflation pressures, and ongoing market volatility.

• The JCI rebounded 7.57% to 5,746, supported by bargain hunting in large-cap stocks, planned share buybacks by state-owned banks (Himbara), and Bank Indonesia’s decision to raise its benchmark rate to 5.50%. A stronger rupiah and easing Iran–Israel tensions also provided support to market sentiment, although geopolitical risks, rupiah volatility, and foreign capital outflows remain key concerns for investors.
  
• Bond market: The 10-year Indonesian government bond (SUN) yield rose to 7.37%, reflecting a higher risk premium amid continued foreign fund outflows. The BI Rate hike also contributed to bond repricing, but it is viewed positively for maintaining rupiah stability and attracting foreign inflows. Going forward, bond market performance will remain heavily influenced by the rupiah, foreign fund flows, and global interest rate trends, leading many investors to maintain a wait-and-see stance.

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.