Abstract:
As the increasing of Indonesia stock market return, it also followed by the
increasing number of mutual fund investors. Mutual fund has become one of the
best investment choice among the investor. The diversified asset and the nature of
the mutual fund has become one of the reason for the investors. However, the
increase in Net Asset Value of mutual fund in Indonesia is not followed by the
increasing performance of the sharia equity fund, which makes Financial Services
Authority of Indonesia give more concern of this industry. The theoretical
framework is focused on the relationship of market equity multiples of Jakarta
Islamic Index which is price earnings ratio (X1), price to book value (X2), dividend
yield (X3) as independent variables and net asset value (Y) as the dependent
variables. The research methodology uses a quantitative method where the data
taken for the analysis is secondary. The analysis show that all the independent
variables have a significance relationship on net asset value of mutual fund. In
summary, the market equity multiples can be used to measure the performance of
the market in term of net asset value as the return and can be an indicator for the
best timing to invest in the capital markets.
