Confidence Reinforced

Daily Market Wrap

July 21, 2026

NEWS

• America: Wall Street closed lower (Dow -0.59%, Nasdaq -0.05%, S&P 500 -0.19%) amid escalating Middle East tensions, despite Iran signaling a willingness to negotiate. The 10-year U.S. Treasury yield rose to 4.59% following hawkish remarks from Cleveland Fed President Beth Hammack, which increased market expectations for a Federal Reserve rate hike in September to 53%. Investors also remained cautious ahead of upcoming earnings releases from major technology companies.
  
• Asia:  Asian markets were mixed (China SSE +0.85%, Hang Seng +2.36%, KOSPI -4.46%) amid concerns over the semiconductor sector and escalating Middle East tensions. The PBoC kept its benchmark interest rate unchanged, supporting optimism over China's policy outlook, while Japan's Nikkei 225 was closed in observance of Marine Day.

• The JCI advanced to 6,231 (+0.91%), supported by continued net foreign inflows and bargain hunting in large-cap stocks. Market sentiment was also underpinned by expectations of liquidity stimulus and resilient corporate earnings. However, gains were capped as investors adopted a wait-and-see stance ahead of Bank Indonesia's policy rate decision amid ongoing geopolitical uncertainty in the Middle East.
  
• Bond market: The 10-year Indonesian government bond (SUN) yield rose to 7.26%, reflecting profit-taking activity and investors' cautious positioning ahead of Bank Indonesia's Board of Governors Meeting (RDG BI) and the FOMC meeting at the end of July. The increase was also driven by expectations of higher interest rates, rupiah weakness, and a rising geopolitical risk premium.

Daily Market Wrap

July 20, 2026

NEWS

• America: Wall Street declined (Dow -0.77%, Nasdaq -1.40%, S&P 500 -1.01%) as technology and AI stocks came under selling pressure amid concerns over elevated valuations, intensifying competition from China's AI sector, and rising oil prices driven by geopolitical tensions.
  
• Europe: European markets weakened (STOXX 600 -0.34%), pressured by the global technology sell-off. Investors remained in a wait-and-see mode ahead of the ECB meeting, although the market consensus still expects interest rates to remain unchanged.
  
• Asia:  Asian markets were mixed (China SSE -3.05%, Hang Seng -1.78%, Nikkei 225 -4.03%) as technology and AI stocks continued to face selling pressure, while risk-off sentiment stemming from geopolitical tensions weighed on markets. Investors also monitored China's economic slowdown and the direction of regional monetary policy.

• The JCI closed higher at 6,175 (+1.10%), supported by foreign net buying, particularly in major banking stocks. The gain was also driven by strong investment realization in the first half of 2026, an expansionary BI Manufacturing PMI (51.43), and the reaffirmation of Indonesia's sovereign credit rating. Market participants are now adopting a wait-and-see stance ahead of Bank Indonesia's Board of Governors Meeting (RDG BI) for further guidance on the BI Rate.
  
• Bond market: The 10-year Indonesian government bond (SUN) yield rose to 7.23%, although the increase was capped by the strengthening rupiah, foreign inflows into government bonds (SBN), the reaffirmation of Indonesia's sovereign credit rating, and continued support from ample domestic liquidity and institutional demand. The bond market's resilience was further underpinned by robust domestic investment and the Ministry of Finance's strong budget cash balance (SAL).

Daily Market Wrap

July 15, 2026

NEWS

• America : Wall Street edged higher (Dow +0.02%, Nasdaq +0.90%, S&P 500 +0.38%) after U.S. June inflation eased to 3.5% YoY (core inflation: 2.6% YoY), reinforcing expectations of Fed policy easing. The market was also supported by solid early Q2 earnings and a decline in the 10-year U.S. Treasury yield to 4.59%, although gains were capped by rising oil prices due to the U.S.–Iran conflict.
  
• Asia :  Asian markets advanced (China SSE +1.36%, Hang Seng +0.52%, Nikkei 225 +0.74%, KOSPI +0.73%), driven by stronger-than-expected June China trade data (+27% YoY, trade surplus of USD 125.6 billion), expectations of further stimulus from Beijing, and bargain hunting in technology stocks. However, investors remained cautious ahead of the release of U.S. CPI data and China's Q2 GDP.

• The JCI edged up 0.03% to 6,039 as investors remained in a wait-and-see mode. S&P's rating affirmation provided only limited support amid concerns over the widening state budget deficit outlook, the weakening rupiah, the escalation of the U.S.–Iran conflict, and anticipation of U.S. CPI data and the global earnings season. Meanwhile, the Indonesia Stock Exchange (IDX) introduced the price impact ratio as an additional screening criterion for listed stocks.
  
• Bond market: Indonesia's 10-year government bond (SUN) yield rose to 7.22%, pressured by the weakening rupiah and higher oil prices, which increased the country's risk premium. Although S&P's reaffirmation of Indonesia's BBB/Stable sovereign credit rating helped contain the downside, investors remained cautious amid inflation risks and expectations of a wider fiscal deficit, while awaiting U.S. inflation data and further guidance on the Fed's policy direction.

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.

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.