Negative Bias Phase

Daily Market Wrap

March 25, 2026

NEWS

• America : The IHSG rose 1.20% to 7,106, driven by bargain hunting ahead of the holiday. However, the gains were limited and likely short-term amid global pressures (Middle East geopolitical tensions, rising energy prices, and market volatility). The surge in oil and gas prices has heightened inflation concerns. Last week, the Fed, ECB, BoE, and BoJ all kept interest rates unchanged.
  
• Asia :  The 10-year Indonesian government bond (SUN) yield fell to 6.87% as selling pressure eased and buying interest emerged, supported by stabilizing U.S. Treasury yields and Bank Indonesia holding its policy rate at 4.75%. However, sentiment remains defensive due to external risks and foreign outflows, keeping movements relatively limited.

• The JCI declined 0.96% to 7,939, driven by the escalation of the US/Israel conflict with Iran, which triggered risk-off sentiment and a surge in oil prices. The pressure was further compounded by inflation at 4.76% YoY and foreign outflows, with deeper declines led by energy and mining stocks. Transaction value remained high at around IDR 29.8 trillion, reflecting dominant selling pressure, while the Financial Services Authority (OJK) remained on alert to maintain market stability and preserve investor confidence.
  
• Bond market: The 10-year Indonesian government bond (SUN) yield rose to 6.52%, driven by global risk-off sentiment following the escalation in the Middle East, which increased the risk premium for emerging markets. Pressure also came from domestic inflation, foreign outflows, and anticipation of policy decisions from the Fed and Bank Indonesia amid fiscal deficit concerns. Weak auction demand indicates that bond market sentiment remains cautious with elevated volatility.

Daily Market Wrap

March 4, 2026

NEWS

• America : Wall Street declined (S&P 500 -0.94%, Nasdaq -1.02%, Dow -0.83%) following the escalation of the US–Iran conflict, which triggered a surge in oil prices and heightened inflation concerns. This pushed markets into a risk-off sentiment. The UST 10-year yield rose to 4.06% as markets became more focused on inflation risks, reducing the dominance of bonds’ safe-haven function and further delaying expectations for Federal Reserve rate cuts.
  
• Asia :  Asian markets weakened (Nikkei -3.06%, KOSPI -7.24%, China SSE -1.43%, Hang Seng -1.12%), tracking global pressure from escalating geopolitical tensions that drove oil prices higher and reinforced risk-off sentiment. Capital flows shifted toward safe-haven assets, while investors also monitored China’s Two Sessions policy meetings.

• The JCI declined 0.96% to 7,939, driven by the escalation of the US/Israel conflict with Iran, which triggered risk-off sentiment and a surge in oil prices. The pressure was further compounded by inflation at 4.76% YoY and foreign outflows, with deeper declines led by energy and mining stocks. Transaction value remained high at around IDR 29.8 trillion, reflecting dominant selling pressure, while the Financial Services Authority (OJK) remained on alert to maintain market stability and preserve investor confidence.
  
• Bond market: The 10-year Indonesian government bond (SUN) yield rose to 6.52%, driven by global risk-off sentiment following the escalation in the Middle East, which increased the risk premium for emerging markets. Pressure also came from domestic inflation, foreign outflows, and anticipation of policy decisions from the Fed and Bank Indonesia amid fiscal deficit concerns. Weak auction demand indicates that bond market sentiment remains cautious with elevated volatility.

Daily Market Wrap

February 12, 2026

NEWS

• America : Wall Street closed lower (S&P 500 flat 0.00%, Nasdaq -0.16%, Dow -0.13%) after stronger-than-expected US January employment data (130,000 jobs; unemployment at 4.3%), which reduced the likelihood of a Fed rate cut and pushed the 10-year US Treasury yield up to 4.17%. Investors are now awaiting the release of US inflation (CPI) data to determine the direction of the next monetary policy.
  
• Europe: European markets strengthened, with the STOXX 600 rising 0.1% and setting a new record, driven by gains in energy and commodity stocks that offset weakness in the technology and financial sectors.
• Asia : Asian markets strengthened (Hang Seng +0.31%, China SSE +0.09%, KOSPI +1.00%), driven by funds flowing into the technology sector and expectations of regional stimulus. China's inflation slowed to 0.2% with PPI still in deflation, indicating weak domestic demand. The Nikkei 225 previously hit a record high after Sanae Takaichi's victory, but today's gains were limited due to the National Foundation Day holiday.
  
  

• The JCI rebounded to 8,290 (+1.96%), supported by foreign net buying in large banking stocks and a stable rupiah. Although it is still down 7.23% on a monthly basis due to the MSCI/FTSE delay, foreign outflows, and external risks (potential EU sanctions), domestic sentiment has improved thanks to a fiscal stimulus of IDR 12.83 trillion, expectations of seasonal consumption in 1Q26, as well as the IDX's transparency measures and 15% free float target, which are beginning to restore confidence and refocus the market on issuer fundamentals.
  
• Bond market: The 10-year SUN yield fell to 6.42% triggered by Moody's negative outlook revision and foreign outflows amid fiscal concerns and rupiah volatility. However, bond demand remains quite strong thanks to expectations of global interest rate cuts, so yields are projected to be relatively stable.

Daily Market Wrap

January 28, 2026

NEWS

• America : Wall Street was mixed (S&P +0.70%, Nasdaq +0.91%, Dow -0.83%) driven by the earnings season and accumulation of technology stocks. The 10-year US Treasury yield rose slightly to 4.24%, reflecting the market's anticipatory stance despite lingering concerns over inflation and the US fiscal deficit. The market is adopting a wait-and-see approach ahead of the FOMC meeting.
  
• Asia : Asian markets closed higher (Nikkei +0.85%, China SSE +0.18%, KOSPI +2.73%, Hang Seng +1.35%) were driven by bargain hunting of semiconductor stocks, a weakening yen that supported Japanese exporters, supported by China's more accommodative policy signals and expectations of continued stimulus, although investors remained wait and see ahead of the Fed's policy decision and the release of further economic data.
  
  

• The JCI rose +0.05% to 8,980, held back by concerns over central bank independence and foreign selling, as well as the issue of Danantara potentially taking over 28 companies following the revocation of licenses due to the Sumatra disaster, which triggered negative sentiment that weighed on the JCI, causing it to rise only slightly, while global markets waited ahead of the FOMC.
  
• Bond market: The 10-year SUN yield rose to 6.34%, as bond prices corrected due to investor caution regarding BI's monetary policy, foreign outflows, and unstable global sentiment. Inflationary pressures and the Fed's still-tight stance have made investors defensive, despite improving domestic liquidity.

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.