Abstract:
Mutual fund used to collect funds from investors to be invested in portfolio securities by investment manager. There is Islamic mutual fund which can be alternative of conventional mutual fund. The most popular type of Islamic mutual fund is Islamic equity fund. Therefore this paper aims to investigates the factors that impact Islamic equity fund return that listed in Financial Services Authority of Indonesia (Otoritas Jasa Keuangan Indonesia)during the period 2011(Q1) to 2016 (Q2). This research uses quarterly data published by Indonesia Stock Exchange with 5 Islamic equity fund product as the sample of the research. Panel Least Square for fixed effect model is used to find the determinants of Islamic equity fund return. The overall results show that Debt to Asset Ratio (DAR) has a positive and significant effect, Book to Market Ratio (BMR) and Size have a negative and significant effect, Return on Asset has a positive and insignificant effect, and BI Rate has a negative and insignificant influence on Islamic equity fund return. The result shows that the variation of five independent variables can explain 24% of the variation influence Islamic Equity Fund Return variable.
