Cuan Challenge

09 July 2025

Program Terms & Conditions:

Promotion applies to new, existing and KB group employees
Customers who wish to participate in the CUAN CHALLENGE program are required to register in advance through the link available: bit.ly/joincuanchallenge
For those who are interested in participating in the CUAN CHALLENGE program but are not yet KB Valbury Asset Management customers, they can open a mutual fund account online through BRAVO (https://bravo.valbury.co.id) or manually fill out a mutual fund account opening form before registering as a CUAN CHALLENGE program participant.
Participants who have registered must make a subscription every month consecutively for 12 months, starting from the month when registering a minimum of Rp, 500,000, - (five hundred thousand rupiah).
Products that are included in the CUAN CHALLENGE program are Mutual Fund Products: Valbury Money Market I
Participants who do not make a subscription in 1 month or more during the regular investment period, will be disqualified.
Participants who do not make redemptions and successfully complete the Cuan Challenge program for 12 months will get a participation unit bonus of Rp. 150,000 (one hundred and fifty thousand rupiah).
The bonus will be given after each participant's periodic investment program ends in the form of mutual fund participation units (maximum 14 working days).
Taxes on bonuses received by customers are borne by KB Valbury Asset Management in accordance with applicable tax regulations.
Participants who have completed the Cuan Challenge program and have not made redemptions in the following 3 months will get an additional bonus of Rp.50,000 (fifty thousand rupiah).

General Conditions:

Prizes are non-transferable
The decision of PT KB Valbury Asset Management (KBVAM) in determining the winner is absolute and cannot be contested.
KBVAM has the right to disqualify and cancel the bonus if there are indications of misuse by participants and / or violations of the terms and conditions.
KBVAM may change or terminate the promo and terms and conditions at any time without prior notice.
This policy is effective as of August 01, 2025 and if there are any changes will be informed further.
Provisions that have not been listed in this circular will be regulated later.

Latest Weekly Insight

Weekly Insight

Trade Tension

14 May 2025

Trade Tension

14 May 2025

Global MarketsFollowing two days of high-stakes talks in Switzerland, trade negotiators from the world’s biggest economies announced a significant tariff deescalation on Monday. In a carefully coordinated joint statement, the US reduced duties on Chinese products to 30% from 145% for 90 days, while Beijing lowered its levy on most goods to 10%.

This easing of US-China trade tensions offers investors the clearest signal yet that the Trump administration is adopting a softer stance after recent market-disrupting clashes. Consequently, with increased optimism that the US economy can avoid a recession, traders now anticipate only two Federal Reserve rate cuts in 2025.
Indonesian MarketsIndonesia's Q1 GDP grew by 4.87% YoY, according to BPS, falling short of the 4.92% economists' expectation. Contributing factors included a 4.89% YoY expansion in private consumption, a 1.38% YoY contraction in government spending, a 2.12% YoY increase in gross fixed capital formation, and a substantial 6.78% YoY growth in exports.

The JCI maintained its upward trend, albeit at a slower pace, with a 0.25% increase. Meanwhile, the yield on the 10-year government bond decreased to 6.83%, and the rupiah showed limited movement at 16,532 against the US dollar.
Weekly Highlight on Economic Indicators
Our Take:Our funds continue to show positive performance. Valbury Prime Dynamic Equity recorded a gain of 0.47% (BM: 0.65%), Valbury Investasi Berimbang rose by 1.17% (BM: 0.32%), and Valbury Stable Growth Fund increased by 0.35% (BM: 0.18%).

The moderation of trade tensions, which should lessen imported inflationary pressures, coupled with Indonesia's weaker-than-anticipated GDP growth, makes it more probable that Bank Indonesia will consider an interest rate cut at its upcoming meeting this month.

The recommendation for investment to our investors (in order) :
Money Market Fund > Fixed Income Fund > Balanced Fund > Equity Fund.
Author : KBVAM Investment TeamSource: Bloomberg, Infovesta, Trading Economics
DISCLAIMER :INVESTMENT THROUGH MUTUAL FUNDS CONTAINS RISKS. PROSPECTIVE INVESTORS MUST READ AND UNDERSTAND THE PROSPECTUS BEFORE DECIDING TO INVEST THROUGH MUTUAL FUNDS. PAST PERFORMANCE DOES NOT REFLECT FUTURE PERFORMANCE.This document was prepared based on information from reliable sources by PT KB Valbury Asset Management. PT KB Valbury Asset Management does not guarantee the accuracy, adequacy or completeness of the information and materials provided. PT KB Valbury Asset Management Indonesia is not responsible for any legal and financial consequences arising, whether against or suffered by any person or party and in any way deemed to be a result of actions taken on the basis of all or part of this document.

Weekly Insight

Consistent With Expectations

25 February 2025

Weekly Insight

Consistent With Expectations

25 February 2025

Global MarketsEuropean equity funds experienced their most substantial weekly inflows in three years, with approximately $4 billion in capital entering the region through February 19th. This figure, the highest since February 2022, also confirms a second consecutive week of net inflows into European equities.

BofA strategist Michael Hartnett reiterated his preference for global stocks over US equities, citing improved business activity and the relative attractiveness of markets like Germany, China, Japan, and South Korea. He also cautioned that US markets face the risk of an unexpected economic slowdown. Amid a flight to safety, traders fueled a prolonged rally in US Treasuries, resulting in the US 10-year note yield dropping to 4.43%.
Indonesian MarketsBank Indonesia maintained its benchmark interest rate at 5.75% to stabilize the rupiah amidst global uncertainty and reduced expectations of Federal Reserve rate cuts. While noting potential for rate reductions due to low domestic inflation, the central bank opted for stability. This week, the 10-year government bond yield slightly increased to 6.79%, while the rupiah remained stable around 16,300 per US dollar. The broader stock market (JCI) saw a 2.48% gain, though the LQ45 index rose by a more modest 0.56%.
Weekly Highlight on Economic Indicators
Our Take:While stock and bond markets saw positive returns this week, our funds demonstrated outperformance relative to their peers. Valbury Prime Dynamic Equity rose by 1.42% (BM: 0.91%), Valbury Investasi Berimbang improved by 1.72% (BM: 0.52%), Valbury Stable Growth Fund gained 0.54% (BM: 0.22%) and Valbury Money Market I increased by 0.10% (BM: 0.10%).

Consistent with expectations, Bank Indonesia, maintained its interest rate, signaling caution amidst global uncertainty. This week's release of the Fed's preferred inflation gauge will provide investors with potential insights into the Fed's policy direction.

The recommendation for investment to our investors (in order) :
Fixed Income Fund > Money Market Fund > Balanced Fund > Equity Fund.
Author : KBVAM Investment Team
DISCLAIMER :INVESTMENT THROUGH MUTUAL FUNDS CONTAINS RISKS. PROSPECTIVE INVESTORS MUST READ AND UNDERSTAND THE PROSPECTUS BEFORE DECIDING TO INVEST THROUGH MUTUAL FUNDS. PAST PERFORMANCE DOES NOT REFLECT FUTURE PERFORMANCE.This document was prepared based on information from reliable sources by PT KB Valbury Asset Management. PT KB Valbury Asset Management does not guarantee the accuracy, adequacy or completeness of the information and materials provided. PT KB Valbury Asset Management Indonesia is not responsible for any legal and financial consequences arising, whether against or suffered by any person or party and in any way deemed to be a result of actions taken on the basis of all or part of this document.

Weekly Insight

Rupiah Holds Steady

18 February 2025

Weekly Insight

Rupiah Holds Steady

18 February 2025

Global MarketsJanuary's 0.9% drop in US retail sales—the steepest in nearly two years— signals a consumer spending pullback after late 2024's surge. This reignites Fed rate cut hopes despite strong inflation data. The bond market reacted positively to the news, closing the week with substantial gains. Meanwhile, the S&P 500 remained near its record highs, and the dollar weakened, reaching a new low for 2025.

DeepSeek's AI advancements are contributing to a shift in investment flows, with stock funds returning to China from India. This resurgence is reflected in a combined market capitalization increase of over $1.3 trillion for Chinese onshore and offshore equities in the past month, contrasting sharply with a more than $720 billion decline in India's market value. Specifically, the China SSE rose 1.30%, and the Hong Kong HSI saw a substantial 7.04% gain.
Indonesian MarketsIndonesia's capital market showed mixed results again last week. The Jakarta Composite Index (JCI) continued its decline, falling 1.54%, while the 10-year government bond yield dropped significantly to 6.74%.

Prabowo announced that Danantara will start operations this month. The sovereign wealth fund will invest in sustainable, high-impact projects across various sectors, with the goal of contributing to the country's 8% economic growth target. However, experts have raised concerns regarding the fund's strategy, governance, and its ability to achieve this ambitious objective.
Weekly Highlight on Economic Indicators
Our Take:Our fixed income fund capitalized on the bond market rally with continued strong performance. Besides, despite the stock market downturn, our equity and balanced funds outperformed the market.

Valbury Prime Dynamic Equity declined by 0.32% (BM: -0.54%), Valbury Investasi Berimbang improved by 0.09% (BM: -0.06%), Valbury Stable Growth Fund gained 0.40 (BM: 0.33%) and Valbury Money Market I increased by 0.10% (BM: 0.09%). Softer recent U.S. economic data is providing support for a more stable rupiah and potentially giving Bank Indonesia (BI) room for future rate cuts. However, we expect BI to hold rates steady at this week's meeting.

The recommendation for investment to our investors (in order) :
Fixed Income Fund > Money Market Fund > Balanced Fund > Equity Fund.
Author : KBVAM Investment Team
DISCLAIMER :INVESTMENT THROUGH MUTUAL FUNDS CONTAINS RISKS. PROSPECTIVE INVESTORS MUST READ AND UNDERSTAND THE PROSPECTUS BEFORE DECIDING TO INVEST THROUGH MUTUAL FUNDS. PAST PERFORMANCE DOES NOT REFLECT FUTURE PERFORMANCE.This document was prepared based on information from reliable sources by PT KB Valbury Asset Management. PT KB Valbury Asset Management does not guarantee the accuracy, adequacy or completeness of the information and materials provided. PT KB Valbury Asset Management Indonesia is not responsible for any legal and financial consequences arising, whether against or suffered by any person or party and in any way deemed to be a result of actions taken on the basis of all or part of this document.

Weekly Insight

Low Inflation

11 February 2025

Weekly Insight

Low Inflation

11 February 2025

Global MarketsUS President, Donald Trump, announced plans to unveil reciprocal tariffs last week, escalating the ongoing trade war and further fueling inflation fears, wiping out the week’s gain in the US stock market. The S&P 500 fell 0.95% on Friday and closed the week down 0.24%. US economic data revealed weakening consumer sentiment amid inflation worries, while mixed jobs figures pointed to a moderating but still healthy labor market, with notable wage growth. This strengthens the Federal Reserve's position that it is in no hurry to lower borrowing costs.
Indonesian MarketsIndonesia's capital market diverged last week, with investors shifting from stocks to bonds. This shift was likely influenced by the recent inflation report, which showed a YoY rate of 0.76%, significantly below consensus forecasts.

The Jakarta Composite Index (JCI) plummeted 5.16%, led by a significant 14.52% drop in Bank Mandiri (BMRI) shares. This decline followed a JP Morgan report that underweight the bank. During the week, foreign investors withdrew US$231.1 million from the stock market (as of Feb 7th), while bond inflows reached US$371.7 million (as of Feb 6th).

Notably, global funds purchased a net US$581.3 million in Indonesian
bonds on Feb 6th, the largest single-day purchase since Sept 19th. Consequently, the 10-year government bond yield dropped to 6.89%, while the JISDOR remained relatively stable at around 16,300 per US dollar.
Weekly Highlight on Economic Indicators
Our Take:The stock market's significant downturn led to losses in our equity and balanced funds. But, our fixed income fund benefited on the bond market rally, exceeding the performance of comparable funds.

Valbury Prime Dynamic Equity decreased by 3.98% (BM: -3.14%), Valbury Investasi Berimbang decreased by 3.71% (BM: -1.34%). On the other hand, Valbury Stable Growth Fund increased by 0.98% (BM: 0.52%) and Valbury Money Market I increased by 0.10% (BM: 0.10%).

Low inflation contributed to Bank Indonesia's (BI) surprise interest rate reduction last month. While this week's data may offer some insights, the direction of BI's policy at next week's meeting remains uncertain.

The recommendation for investment to our investors (in order) :
Fixed Income Fund > Money Market Fund > Balanced Fund > Equity Fund.
Author : KBVAM Investment Team
DISCLAIMER :INVESTMENT THROUGH MUTUAL FUNDS CONTAINS RISKS. PROSPECTIVE INVESTORS MUST READ AND UNDERSTAND THE PROSPECTUS BEFORE DECIDING TO INVEST THROUGH MUTUAL FUNDS. PAST PERFORMANCE DOES NOT REFLECT FUTURE PERFORMANCE.This document was prepared based on information from reliable sources by PT KB Valbury Asset Management. PT KB Valbury Asset Management does not guarantee the accuracy, adequacy or completeness of the information and materials provided. PT KB Valbury Asset Management Indonesia is not responsible for any legal and financial consequences arising, whether against or suffered by any person or party and in any way deemed to be a result of actions taken on the basis of all or part of this document.

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