Fragile Rally

Daily Market Wrap

April 15, 2026

NEWS

• America : Wall Street advanced (S&P 500 +1.18%, Nasdaq +1.96%, Dow +0.66%), driven by hopes of a U.S.–Iran peace deal, lower-than-expected PPI inflation, and solid earnings. Risk-on sentiment was led by the technology sector, while the 10-year U.S. Treasury yield fell to 4.25% amid easing inflation pressures. Follow-up negotiations in Pakistan aim for a non-nuclear Iran and its reintegration into the global economy.
  
• Asia :  Asian markets also strengthened (Nikkei 225 +2.43%, KOSPI +2.74%, China SSE +0.95%, Hang Seng +0.82%), supported by optimism over U.S.–Iran negotiations, which pushed oil prices lower and eased concerns over an energy crisis. This encouraged investors to return to equities, although risks of a blockade in the Strait of Hormuz remain.

• he JCI rose by +2.34% to 7,675, driven by buy-on-dip activity in big-cap stocks and improving global sentiment from expectations of U.S.–Iran negotiations. The rally was also supported by the OJK 2026–2030 roadmap and solid domestic fundamentals. However, the rebound remains fragile due to potential profit-taking, a weakening rupiah, selective foreign inflows, and global risks (energy prices and IMF stagflation concerns) that may limit further gains.
  
• Bond market: The 10-year government bond (SUN) yield increased to 6.59%, reflecting a narrowing spread with U.S. Treasuries and pressure from the weaker rupiah. The rise was partially contained by fund rotation into equities and strong domestic demand, amid still-elevated global risk premiums (geopolitics, oil prices, and “higher for longer” interest rates).

Daily Market Wrap

April 14, 2026

NEWS

• America : Wall Street rebounded (S&P 500 +1.02%, Nasdaq +1.23%, Dow +0.63%), driven by the tech sector, buy-on-dip activity, and hopes for U.S.–Iran negotiations despite the ongoing Hormuz blockade. Risk-on sentiment strengthened ahead of Q1 earnings. The U.S. 10-year Treasury yield declined to 4.29% as risk premiums eased and expectations grew that the Fed will not act aggressively.
  
• Asia :  Asian markets were mixed but mostly weakened (Nikkei 225 -0.74%, KOSPI -0.86%, China SSE +0.06%, Hang Seng -0.90%) due to escalating geopolitical tensions and rising oil prices, which heightened concerns over inflation and economic growth. Despite slight optimism from signals by Trump, sentiment remained defensive with profit-taking and a wait-and-see stance ahead of U.S. inflation data.

• The JCI rebounded to 7,500 (+0.56%) amid escalating geopolitical tensions, supported by strong retail sales (+6.5% YoY, the highest since 2024) and buying in large-cap stocks. However, the market remains overshadowed by the failure of U.S.–Iran negotiations. Additional sentiment came from the Prabowo–Putin meeting regarding oil supply, keeping the market positive but still vulnerable to global issues.
  
• Bond market: The 10-year government bond (SUN) yield rose to 6.58%, driven by rupiah weakness, rotation into equities, and higher global risk premiums. However, pressure remained limited with no panic selling. Investors are still in a wait-and-see mode, with foreign ownership in government bonds declining to 12.60%, while domestic banks increased their share to 23.58% (supported by Rp300 trillion in government funds).

Daily Market Wrap

April 13, 2026

NEWS

• America : Wall Street closed mixed (S&P 500 -0.11%, Nasdaq +0.35%, Dow -0.56%), pressured by high inflation and weak consumer sentiment, which triggered profit-taking. The U.S. 10-year Treasury yield rose to 4.32% amid expectations of a “higher for longer” rate environment. Sentiment deteriorated further after U.S.–Iran negotiations failed and former President Donald Trump proposed a blockade of the Strait of Hormuz, heightening geopolitical risks and prompting market consolidation.
  
• Asia :  Asian markets strengthened (Nikkei 225 +1.84%, KOSPI +1.40%, China SSE +0.51%, Hang Seng +0.55%), supported by easing tensions and declining oil prices. However, markets remained cautious following the failed U.S.–Iran negotiations and Iran blockade plans, which have revived volatility concerns.

• The JCI rose 2.07% to 7,458, driven by risk-on sentiment (U.S.–Iran ceasefire, dividend expectations, and buying in large-cap stocks). However, the market remains vulnerable due to limited inflows and ongoing domestic and global pressures, leading investors to adopt a wait-and-see approach with potential rotation into defensive sectors.
  
• Bond market: The 10-year government bond (SUN) yield declined to 6.55%, reflecting rising bond prices supported by risk-on sentiment following the U.S.–Iran de-escalation, which reduced risk premiums and attracted inflows. However, the limited decline in long-end yields indicates that sentiment remains fragile amid fiscal and global risks.

Daily Market Wrap

April 10, 2026

NEWS

• America : Wall Street strengthened (S&P 500 +0.62%, Nasdaq +0.83%, Dow +0.58%), supported by optimism over a U.S.–Iran ceasefire and PCE data coming in line with expectations. Although the Strait of Hormuz remains closed, markets are awaiting CPI data. The 10-year U.S. Treasury yield declined to 4.28% amid easing inflation pressures and increased safe-haven demand, though the “higher for longer” rate expectation persists.
  
• Asia :  Asian markets weakened (Nikkei -0.73%, KOSPI -1.61%, SSE -0.72%, Hang Seng -0.54%) due to profit-taking following the recent rally and rising tensions after reports of ceasefire violations between the U.S. and Iran. Investors remain in a wait-and-see mode amid energy inflation risks and ahead of China’s inflation data release.

• The JCI rose +0.39% to 7,307, supported by easing Middle East tensions and accumulation in large-cap stocks. However, gains were limited due to domestic pressures (widening fiscal deficit and declining foreign exchange reserves) and external factors (the World Bank’s downward revision of Indonesia’s economic growth forecast to 4.7%, rupiah volatility, and uncertainty over the Fed’s interest rate path). Investors remained selective and began taking profits.
  
• Bond market: The 10-year Indonesian government bond (SUN) yield increased to 6.60%, reflecting selling pressure driven by rising global yields (UST & DXY) and expectations of higher interest rates for longer. Domestically, sentiment was influenced by concerns over the fiscal deficit and liquidity ahead of upcoming government bond auctions. However, movements remained relatively contained with no significant outflows, as investors adopted 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.