Gaining Ground

Daily Market Wrap

August 10, 2026

NEWS

• America: Wall Street advanced (Dow +0.28%, Nasdaq +1.30%, S&P 500 +0.62%) after weaker July NFP data (down 23,000) reduced expectations of a Fed rate hike. The U.S. 10-year Treasury yield fell to 4.65%, supporting growth and technology stocks. However, the market’s next direction will remain highly dependent on U.S. inflation data, particularly CPI.
  
• Europe: The STOXX 600 gained +0.31%, led by technology stocks and supported by expectations of Q2 earnings growth of more than 22% YoY. Weaker U.S. payroll data also eased expectations of a Fed rate hike.
  
• Asia:  Asian markets were mixed (China SSE +1.02%, Hang Seng +0.54%, Nikkei 225 -0.12%, KOSPI -0.60%). Gains were supported by positive trade data and stimulus expectations, while Japan and South Korea were pressured by profit-taking in the technology sector. Sentiment remained cautious amid geopolitical risks and rising oil prices.

• The JCI rose +1.04% to 6,409, supported by Q2 2026 GDP growth, a stronger rupiah, and higher commodity prices. Foreign exchange reserves edged down to US$145.3 billion in July but remained at a solid level, supporting external stability. Investors are now closely monitoring the FTSE Russell review, with the announcement expected on August 21.
  
• Bond market: The 10-year government bond (SUN) yield rose to 7.26% as domestic risk premiums remained elevated following the leadership change at Bank Indonesia. The rupiah strengthened, while recent SBN trading activity indicated continued demand for duration in the medium-to-long tenors. Global sentiment improved, but investors remained cautious while awaiting greater policy clarity and sustained rupiah stability.

Daily Market Wrap

July 27, 2026

NEWS

• America: Wall Street closed mixed (Dow +0.46%, Nasdaq -0.64%, S&P 500 +0.05%) amid concerns over rising AI spending. The 10-year U.S. Treasury yield declined to 4.69% ahead of the FOMC meeting. Pakistan, backed by China, explored a potential U.S.–Iran negotiation channel. President Trump signaled openness to diplomacy, while the U.S. and Iran temporarily suspended military operations to create an opportunity for peace talks.
  
• Europe: European markets advanced (STOXX 600 +0.82%), supported by strong performance from SAP, positive Eurozone PMI data, and solid Q2 corporate earnings. However, gains were capped by geopolitical risks, higher energy prices, the possibility of further ECB rate hikes, and new U.S. tariffs.
  
• Asia:  Asian markets declined (China SSE -1.61%, Hang Seng -0.98%, Nikkei 225 -2.73%, KOSPI -5.72%) due to a sell-off in chip and AI stocks, exacerbated by a surge in oil prices following Houthi attacks on Saudi Arabian oil tankers in the Red Sea, which heightened geopolitical risks, inflation concerns, and expectations of tighter global monetary conditions.

• The JCI fell to 6,196 (-1.88%) as investors sold large-cap stocks amid a weaker rupiah, a surge in oil prices above US$100 per barrel, new U.S. import tariffs of 10–12.5% on 60 trading partners, including Indonesia, and escalating tensions in the Middle East, which triggered foreign net selling.
  
• Bond market: The 10-year Indonesian government bond (SUN) yield rose to 7.33%, driven by the weakening rupiah, higher oil prices, and escalating geopolitical tensions. These factors increased the term premium on longer-dated government bonds, triggering a sell-off in emerging market bonds despite expectations that Bank Indonesia will keep the BI Rate unchanged at 5.75%.

Daily Market Wrap

July 24, 2026

NEWS

• America: Wall Street declined (Dow -0.97%, Nasdaq -2.15%, S&P 500 -1.21%), driven by a sharp sell-off in technology stocks after earnings reports revealed a surge in AI-related capital expenditures without a clear path to near-term returns on investment. Sentiment was further pressured by rising oil prices and the implementation of new U.S. import tariffs ranging from 10%–12.5% on approximately 60 trading partners, effective for 150 days under Section 301 of the Trade Act of 1974.
  
• Asia:  Asian markets advanced (China SSE +0.25%, Hang Seng +1.28%, Nikkei 225 +0.46%, KOSPI +4.40%), supported by optimism in the technology and AI sectors after Alphabet raised its AI infrastructure capex guidance. However, gains were capped by China's slowing economic growth and higher oil prices stemming from the Middle East conflict.

• The JCI declined 0.30% to 6,315, as profit-taking emerged amid a global risk-off sentiment that heightened inflation concerns. However, the downside was limited by continued strong banking credit growth (+12.67% YoY) and Bank Indonesia's decision to maintain the BI Rate at 5.75% to preserve rupiah stability and keep inflation under control.
  
• Bond market: The 10-year Indonesian government bond (SUN) yield rose to 7.32% as investors demanded a higher risk premium amid capital outflows, imported inflation risks, and Bank Indonesia's decision to keep interest rates unchanged. Limited foreign investor interest also kept demand for long-duration government bonds subdued.

Daily Market Wrap

July 23, 2026

NEWS

• America: Wall Street ended lower (Dow -0.01%, Nasdaq -0.57%, S&P 500 -0.14%) as investors awaited earnings reports from major technology companies, despite nearly 90% of the roughly 10% of S&P 500 companies that have reported 2Q26 results beating expectations. President Trump renewed his threats toward Iran, while the U.S. stated that Tehran has yet to demonstrate serious commitment to negotiations.
  
• Asia:  Asian markets were mixed (China SSE +0.07%, Hang Seng -0.95%, Nikkei 225 -0.18%, KOSPI +0.74%) as investors remained cautious over rising oil prices, geopolitical risks, and the prospect of higher global interest rates for longer, although the markets were supported by a rebound in technology stocks and Beijing's market stabilization measures.

• The JCI edged down 0.09% to 6,334 as investors took profits following a nine-day rally. The decline came despite Bank Indonesia's decision to keep the BI Rate unchanged at 5.75%, a move viewed as supportive of rupiah stability and domestic economic growth, although sentiment continued to be weighed down by global geopolitical concerns and the weakening rupiah.
  
• Bond market: Indonesia's 10-year government bond (SUN) yield rose to 7.27%, driven by repricing following Bank Indonesia's decision to maintain interest rates, a weaker rupiah that lifted the risk premium, and elevated U.S. Treasury yields, which continued to limit foreign capital inflows.

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.