ANALYSIS OF THE INFLUENCE OF INFLATION, INTEREST RATES, AND EXCHANGE RATES ON MUTUAL FUND PERFORMANCE
DOI:
https://doi.org/10.58174/ijimes.v1i6.112Keywords:
inflation, interest rates, exchange rates, mutual fund performance, investmentAbstract
This study aims to analyze the influence of inflation, interest rates, and exchange rates on mutual fund performance in Indonesia during the 2019–2023 period. Using a quantitative descriptive-analytical approach based on secondary data analysis, the study examines the relationship between macroeconomic variables and mutual fund returns by type. The results demonstrate that inflation, interest rates, and exchange rates have significant correlations with mutual fund performance in Indonesia. Inflation increases reduce fund returns as central banks respond with rate hikes, while rising interest rates benefit fixed-income funds but negatively impact equity funds. Currency depreciation correlates with declining mutual fund performance due to its impact on financial market stability. The study reveals that different types of mutual funds exhibit varying levels of sensitivity to macroeconomic changes, suggesting that portfolio characteristics are critical factors in determining investment risk levels. These findings confirm the relevance of Arbitrage Pricing Theory in the Indonesian mutual fund market context, providing important insights for investors in making informed investment decisions in volatile macroeconomic environments.
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