{"id":9921,"date":"2025-10-22T00:00:00","date_gmt":"2025-10-21T17:00:00","guid":{"rendered":"http:\/\/mandiri.test\/uncategorized-id\/monthly-macro-review-sep-25\/"},"modified":"2026-01-19T16:36:54","modified_gmt":"2026-01-19T09:36:54","slug":"monthly-macro-review-sep-25","status":"publish","type":"post","link":"https:\/\/beta.toffeedev.com\/mandiri-new\/en\/market-update\/monthly-macro-review-sep-25\/","title":{"rendered":"Monthly Macro Review : Alignment"},"content":{"rendered":"<section class=\"post-full-content\">\n<div class=\"post-content\">\n<p>Pada bulan September, pasar melihat adanya pemotongan bunga dari The Fed dan juga BI. Pemotongan bunga ini dipicu oleh sikap dovish yang diambil kedua bank sentral tersebut, dan pasar sendiri memiliki ekspektasi adanya pemotongan lanjutan sampai akhir 2025. Berlanjutnya pemotongan suku bunga ini memicu sentiment positif ke pasar modal luar negeri dan juga domestik. Kondisi Indonesia sendiri didukung oleh kebijakan fiskal yang mulai bersifat ekspansif dari Menteri Keuangan baru, Purbaya Yudhi. Kami mengambil pandangan akan adanya potensi pemulihan pasar modal dan ekonomi Indonesia, didukung oleh kebijakan moneter dan fiskal yang selaras pro-pertumbuhan<\/p>\n<p>&nbsp;<\/p>\n<h2 id=\"overview\">Overview<\/h2>\n<p>&nbsp;<\/p>\n<p>Pasar global pada September 2025 mengalami stabilisasi setelah <i>The Fed<\/i> memangkas suku bunga acuan sebesar 25 basis poin menjadi 4,25%, menandakan sikap yang lebih <i>dovish<\/i> karena risiko pasar tenaga kerja dinilai lebih besar daripada kekhawatiran inflasi akibat kebijakan tarif Trump. Ekspektasi pemangkasan lanjutan tahun ini juga meningkat dan menimbulkan sentiment positif sehingga mendukung kinerja saham. Selain itu hubungan AS-Tiongkok membaik setelah panggilan langsung antara Presiden Trump dan Xi yang meredakan ketegangan pasar meski perang dagang masih berlangsung. Sementara itu, OECD menaikkan proyeksi pertumbuhan global tahun 2025 menjadi 3,2%, didorong investasi berbasis AI di AS dan stimulus fiskal di Tiongkok.<\/p>\n<p>Di dalam negeri, Indonesia mengalami pemangkasan suku bunga di luar ekspektasi oleh Bank Indonesia ke 4,75%, yang memperkuat arah kebijakan moneter ekspansif. Pergeseran politik juga cukup menonjol, salah satunya dengan pengangkatan Purbaya Yudhi Sadewa sebagai Menteri Keuangan menggantikan Sri Mulyani, yang langsung memicu volatilitas dan skeptisisme di pasar keuangan lantaran kekhawatiran terhadap disiplin fiskal dan kredibilitas kebijakan. Kami mengambil pandangan kekhawatiran ini terlalu berlebihan, karena Purbaya sendiri merupakan sosok yang lebih pro-pertumbuhan, terbukti dengan adanya upaya penyaluran IDR 200tn ke sistem perbankan untuk memicu pertumbuhan sektor riil.<\/p>\n<p>Di luar ini, pemerintah juga meluncurkan paket stimulus IDR16,23 triliun mencakup 8 program utama yang fokus pada penciptaan lapangan kerja, kesejahteraan publik dan infrastruktur, sejalan dengan rancangan anggaran 2026 yang meningkatkan defisit serta transfer dana sosial dan daerah. Hal paling penting yang kami lihat di sini adalahnya adanya sinkronisasi kebijakan ekspansif dari sisi moneter dan fiskal, dengan potensi positif untuk ekonomi dan pasar modal Indonesia.<\/p>\n<\/div>\n<div class=\"post-content\">\n<p>&nbsp;<\/p>\n<h2 id=\"topic-of-discussion\">Topic of discussion<\/h2>\n<p>&nbsp;<\/p>\n<ul>\n<li>Inflasi<\/li>\n<li>PMI Manufacturing dan Indeks Keyakinan Konsumen<\/li>\n<li>Data moneter<\/li>\n<li>Penjualan mobil dan motor<\/li>\n<li>Analisa kondisi makro ekonomi dan kondisi pasar modal<\/li>\n<li>Rekomendasi aset alokasi<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h2 id=\"rekomendasi\">Rekomendasi<\/h2>\n<p>&nbsp;<\/p>\n<p>Di bulan Oktober 2025, kami memberikan rekomendasi komposisi alokasi asset sebesar 7,5% kas, 45% saham, dan 47,5% obligasi. Penurunan porsi saham dikarenakan kami merekomendasikan sedikit <i>take profit<\/i> setelah adanya reli indeks yang signifikan dalam beberapa bulan terakhir.<\/p>\n<p>Dalam opini kami, pemotongan suku bunga lanjutan <i>The Fed<\/i> akan melanjutkan reli indeks saham AS, diikuti dengan sentimen positif yang dapat juga berlanjut ke indeks saham domestik. Untuk mendapat bagian dari potensi reli di indeks AS, kami merekomendasikan produk RD MGSED, yang memiliki nama-nama besar dari indeks tersebut, seperti Apple, Amazon, dan Alphabet. Untuk pasar domestik, kami selanjutnya merekomendasikan produk seperti RD MITRA, RD MITRAS, dan RD ASEAN5, karena produk-produk ini memiliki nama yang terdiversifikasi baik itu <i>big-caps<\/i> ataupun <i>small-mid caps<\/i>. Dalam kondisi sentimen yang lebih baik, kami berpendapat saham di luar <i>big caps<\/i> akan juga menyusul di reli lanjutan.<\/p>\n<p>Di luar pasar saham, kami dapat juga merekomendasikan produk obligasi kami, seperti RD MIDU 2 yang memiliki durasi pendek dan RD MIDO 2 yang memiliki postur durasi fleksibel. Produk pasar uang kami juga masih menarik, seperti RD MMUSD dan RD MIPU. Thesis utama untuk obligasi adalah turunnya suku bunga pasar seiring dengan pemotongan bunga acuan BI dan juga injeksi likuiditas ke ekonomi. Dengan turunnya suku bunga ini, imbal hasil akan turun juga, dan harga obligasi akan mengalami apresiasi. Untuk pasar uang, kami juga menilai ini adalah alternatif baik untuk dana jangka pendek, karena <i>return<\/i> yang lebih tinggi dibandingkan deposito bank dan juga level inflasi yang masih rendah.<\/p>\n<p>&nbsp;<\/p>\n<\/div>\n<\/section>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone size-full wp-image-11943\" src=\"https:\/\/beta.toffeedev.com\/mandiri-new\/wp-content\/uploads\/2025\/12\/Screenshot-2025-10-22-at-08.18.42.png\" alt=\"\" width=\"1230\" height=\"688\" \/><\/p>\n<p>&nbsp;<\/p>\n<section class=\"post-full-content\">\n<div class=\"post-content\">\n<h2 id=\"rekomendasi-produk\">Rekomendasi Produk<\/h2>\n<p>&nbsp;<\/p>\n<h3 id=\"saham\">Saham<\/h3>\n<ul>\n<li><a href=\"https:\/\/www.mandiri-investasi.co.id\/id\/produk\/reksa-dana\/saham\/mandiri-investa-cerdas-bangsa-micb-kelas-a\/\">Mandiri Investa Cerdas Bangsa (MICB) \u2013 Kelas A<\/a><br \/>\nSaham LQ45, Mayoritas saham kapitalisasi besar, dan Denominasi Rupiah<\/li>\n<li><a href=\"https:\/\/www.mandiri-investasi.co.id\/id\/produk\/reksa-dana\/saham\/mandiri-investa-equity-asean-5-plus-asean-5\/\">Mandiri Investa Equity Asean 5 Plus (MANSEA5)<\/a><br \/>\nSaham domestik &amp; global, All cap fund, dan Denominasi Rupiah<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h3 id=\"saham-global\">Saham Global<\/h3>\n<ul>\n<li><a href=\"https:\/\/www.mandiri-investasi.co.id\/id\/produk\/reksa-dana\/syariah\/mandiri-global-sharia-equity-dollar-mgsed-kelas-a\/\">Mandiri Global Sharia Equity Dollar (MGSED) \u2013 Kelas A<\/a><br \/>\nSaham global, Denominasi USD, dan Kerjasama dengan JP Morgan AM<\/li>\n<li><a href=\"https:\/\/www.mandiri-investasi.co.id\/id\/produk\/reksa-dana\/saham\/mandiri-asia-sharia-equity-dollar-mased-kelas-a\/\">Mandiri Asia Sharia Equity Dollar (MASED) \u2013 Kelas A<\/a><br \/>\nSaham Asia dan Denominasi USD<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h3 id=\"index\">Index<\/h3>\n<ul>\n<li><a href=\"https:\/\/www.mandiri-investasi.co.id\/id\/produk\/reksa-dana\/indeks\/mandiri-indeks-ftse-indonesia-esg-kelas-a\/\">Mandiri Indeks FTSE Indonesia ESG (FTSEESG) \u2013 Kelas A<\/a><br \/>\nSaham domestik, Denominasi Rupiah, Berorientasi ESG, dan Pengelolaan pasif<\/li>\n<li><a href=\"https:\/\/www.mandiri-investasi.co.id\/id\/produk\/reksa-dana\/etf\/mandiri-etf-lq45\/\">Mandiri ETF LQ45 (XMLF)<\/a><br \/>\nTracking error rendah, Transaksi jual\/beli dapat di lakukan setiap saat, dan Nilai transaksi real time<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h3 id=\"pendapatan-tetap\">Pendapatan Tetap<\/h3>\n<ul>\n<li><a href=\"https:\/\/www.mandiri-investasi.co.id\/id\/produk\/reksa-dana\/pendapatan-tetap\/mandiri-investa-dana-utama-midu\/\">Mandiri Investa Dana Utama (MIDU)<\/a><br \/>\nObligasi pemerintah &amp; korporasi, Pembagian dividen bulanan, dan Durasi: pendek (&lt; 4 tahun)<\/li>\n<li><a href=\"https:\/\/www.mandiri-investasi.co.id\/id\/produk\/reksa-dana\/pendapatan-tetap\/investa-dana-dollar-mandiri-idaman\/\">Investa Dana Dollar Mandiri (IDAMAN)<\/a><br \/>\nObligasi pemerintah USD (INDON), Durasi menengah &#8211; panjang, dan Denominasi USD<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h3><strong>Campuran<\/strong><\/h3>\n<ul>\n<li><a href=\"https:\/\/www.mandiri-investasi.co.id\/id\/produk\/reksa-dana\/syariah\/mandiri-investa-syariah-berimbang-misb\/\">Mandiri Investa Syariah Berimbang (MISB)<\/a><br \/>\nObligasi Syariah (Sukuk), Durasi pendek &#8211;\u00a0 menengah<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h3 id=\"pasar-uang\">Pasar Uang<\/h3>\n<ul>\n<li><a href=\"https:\/\/www.mandiri-investasi.co.id\/id\/produk\/reksa-dana\/pasar-uang\/mandiri-investa-pasar-uang-mipu-a-2\/\">Mandiri Investa Pasar Uang (MIPU)<\/a><br \/>\nInstrumen Pasar Uang dengan segmen Jangka Pendek<\/li>\n<li><a href=\"https:\/\/www.mandiri-investasi.co.id\/id\/produk\/reksa-dana\/pasar-uang\/mandiri-money-market-usd-mmusd\/\">Mandiri Money Market USD (MMUSD)<\/a><br \/>\nInstrumen Pasar Uang dan Denominasi USD<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<table class=\"table table-striped table-bordered\">\n<thead>\n<tr>\n<th>PRODUK<\/th>\n<th>3M PERFORMANCE<\/th>\n<th>YTD PERFORMANCE<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td colspan=\"3\">Saham<\/td>\n<\/tr>\n<tr>\n<td><a href=\"https:\/\/www.mandiri-investasi.co.id\/id\/produk\/reksa-dana\/saham\/mandiri-investa-cerdas-bangsa-micb-kelas-a\/\">MICB A<\/a><\/td>\n<td><span class=\"gain\">-0,36%<\/span><\/td>\n<td><span class=\"gain\">-4,27%<\/span><\/td>\n<\/tr>\n<tr>\n<td><a href=\"https:\/\/www.mandiri-investasi.co.id\/id\/produk\/reksa-dana\/saham\/mandiri-investa-equity-asean-5-plus-asean-5\/\" target=\"_blank\" rel=\"noopener\">ASEAN5<\/a><\/td>\n<td><span class=\"gain\">+1,48%<\/span><\/td>\n<td><span class=\"gain\">-4,71%<\/span><\/td>\n<\/tr>\n<\/tbody>\n<tbody>\n<tr>\n<td colspan=\"3\">Saham Global<\/td>\n<\/tr>\n<tr>\n<td><a href=\"https:\/\/www.mandiri-investasi.co.id\/id\/produk\/reksa-dana\/syariah\/mandiri-global-sharia-equity-dollar-mgsed-kelas-a\/\" target=\"_blank\" rel=\"noopener\">MGSED A<\/a><\/td>\n<td><span class=\"gain\">+4,74%<\/span><\/td>\n<td><span class=\"gain\">+10,52%<\/span><\/td>\n<\/tr>\n<tr>\n<td><a href=\"https:\/\/www.mandiri-investasi.co.id\/id\/produk\/reksa-dana\/saham\/mandiri-asia-sharia-equity-dollar-mased-kelas-b\/\" target=\"_blank\" rel=\"noopener\">MASED B<\/a><\/td>\n<td>+9,02%<\/td>\n<td>+14,06%<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\">Indeks<\/td>\n<\/tr>\n<tr>\n<td><a href=\"https:\/\/www.mandiri-investasi.co.id\/id\/produk\/reksa-dana\/indeks\/mandiri-indeks-ftse-indonesia-esg-kelas-a\/\" target=\"_blank\" rel=\"noopener\">FTSE ESG A<\/a><\/td>\n<td><span class=\"gain\">-2,88%<\/span><\/td>\n<td><span class=\"gain\">-4,62%<\/span><\/td>\n<\/tr>\n<tr>\n<td><a href=\"https:\/\/www.mandiri-investasi.co.id\/id\/produk\/reksa-dana\/etf\/mandiri-etf-lq45\/\" target=\"_blank\" rel=\"noopener\">XMLF<\/a><\/td>\n<td><span class=\"gain\">-2,24%<\/span><\/td>\n<td><span class=\"gain\">-3,22%<\/span><\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\">Pendapatan Tetap<\/td>\n<\/tr>\n<tr>\n<td><a href=\"https:\/\/www.mandiri-investasi.co.id\/id\/reksa-dana\/pendapatan-tetap\/mandiri-investa-dana-utama-midu?utm_source=weekly-market-recap\" target=\"_blank\" rel=\"noopener\">MIDU<\/a><\/td>\n<td><span class=\"gain\">+3,03%<\/span><\/td>\n<td><span class=\"gain\">+8,39%<\/span><\/td>\n<\/tr>\n<tr>\n<td><a href=\"https:\/\/www.mandiri-investasi.co.id\/id\/produk\/reksa-dana\/pendapatan-tetap\/investa-dana-dollar-mandiri-idaman\/\" target=\"_blank\" rel=\"noopener\">IDAMAN<\/a><\/td>\n<td><span class=\"loss\">+3,00%<\/span><\/td>\n<td><span class=\"loss\">+5,99%<\/span><\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\">Campuran<\/td>\n<\/tr>\n<tr>\n<td><a href=\"https:\/\/www.mandiri-investasi.co.id\/id\/produk\/reksa-dana\/syariah\/mandiri-investa-syariah-berimbang-misb\/?utm_source=weekly-market-recap\" target=\"_blank\" rel=\"noopener\">MISB<\/a><\/td>\n<td><span class=\"gain\">+11,13%<\/span><\/td>\n<td><span class=\"gain\">+18,61%<\/span><\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\">Pasar Uang<\/td>\n<\/tr>\n<tr>\n<td><a href=\"https:\/\/www.mandiri-investasi.co.id\/id\/produk\/reksa-dana\/pasar-uang\/mandiri-investa-pasar-uang-mipu-2\/\" target=\"_blank\" rel=\"noopener\">MIPU<\/a><\/td>\n<td><span class=\"gain\">+1,05%<\/span><\/td>\n<td><span class=\"gain\">+3,57%<\/span><\/td>\n<\/tr>\n<tr>\n<td><a href=\"https:\/\/www.mandiri-investasi.co.id\/id\/produk\/reksa-dana\/pasar-uang\/mandiri-money-market-usd-mmusd\/\" target=\"_blank\" rel=\"noopener\">MMUSD<\/a><\/td>\n<td><span class=\"gain\">+0,72%<\/span><\/td>\n<td><span class=\"gain\">+2,42%<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>*Data diatas adalah data per tanggal 17 Oktober 2025<\/p>\n<p>&nbsp;<\/p>\n<p>Untuk membaca hal-hal yang terjadi di bulan September 2025 yang mempengaruhi ekonomi secara makro selengkapnya disini:<\/p>\n<p><a class=\"invest-button\" href=\"https:\/\/www.mandiri-investasi.co.id\/wp-content\/uploads\/2025\/10\/v4_Monthly-Macro-Review-Sep-25.pdf\">Baca Selengkapnya<\/a><\/p>\n<p>&nbsp;<\/p>\n<hr \/>\n<h3 id=\"info-lebih-lanjut\">Info Lebih Lanjut<\/h3>\n<p>Hubungi Mandiri Investasi &#8211;\u00a0<a href=\"tel:0215263505\">(021) 526 3505<\/a><br \/>\nEmail Mandiri Investasi &#8211;\u00a0cs@mandiri-investasi.co.id<br \/>\nMandiri Investasi &#8211;\u00a0<a href=\"https:\/\/www.mandiri-investasi.co.id\/\">www.mandiri-investasi.co.id<\/a><\/p>\n<hr \/>\n<p><em>DISCLAIMER<\/em><br \/>\n<em><br \/>\nPendapat yang diungkapkan dalam artikel adalah untuk tujuan informasi umum saja dan tidak dimaksudkan untuk memberikan saran atau rekomendasi khusus untuk individu atau produk keamanan atau investasi tertentu. Ini hanya dimaksudkan untuk memberikan edukasi tentang industri keuangan. Pandangan yang tercermin dalam konten dapat berubah sewaktu-waktu tanpa pemberitahuan. Seluruh data kinerja dan return investasi yang tertera di artikel ini tidak dapat digunakan sebagai dasar jaminan perhitungan untuk membeli atau menjual suatu efek. Data tersebut merupakan catatan kinerja berdasarkan data historis dan bukan merupakan jaminan atas kinerja suatu efek di masa mendatang. Investasi melalui reksa dana mengandung risiko. Investor wajib membaca dan memahami prospektus sebelum memutuskan untuk berinvestasi melalui reksa dana.<\/em><\/p>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"<p>Rate cuts by The Fed and BI lifted sentiment, supported by pro-growth fiscal policy and synchronized monetary easing.<\/p>\n","protected":false},"author":1,"featured_media":7883,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[368,382],"tags":[365],"class_list":["post-9921","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-update","tag-english"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Monthly Macro Review : Alignment - Mandiri Investasi<\/title>\n<meta name=\"description\" content=\"Rate cuts by The Fed and BI lifted sentiment, supported by pro-growth fiscal policy and synchronized monetary easing.\" \/>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Monthly Macro Review : Alignment - 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