Comparative Analysis of Investment Returns between Balanced Sharia Mutual Funds and Anggrek Mutual Funds at Danareksa Sekuritas Central Java Branch

Abstract

Balanced Sharia mutual fund products implement a purification (screening) mechanism in the portfolio construction process, whereby securities that generate income from non-compliant activities with Islamic principles are excluded. This screening procedure often raises concerns regarding the performance potential of Sharia-based mutual funds. A common perception among investors is that the returns generated by Balanced Sharia Mutual Funds are relatively lower compared to conventional products, such as Anggrek Mutual Funds. However, empirical data within the observed period indicate otherwise. The findings reveal that Balanced Sharia Mutual Funds outperformed Orchid Mutual Funds on multiple occasions, recording higher returns up to 17 times during the study period. Although Balanced Sharia Mutual Funds frequently demonstrated superior performance, Anggrek Mutual Funds also showed comparable return patterns in certain periods. Statistical analysis using the independent sample t-test produced a t-statistic value of 10.75, which exceeds the critical t-value of 2.807. This result confirms a statistically significant difference in investment returns between the two mutual fund types. The t-statistic was derived from the mean difference in return percentages (168.42) divided by the standard deviation (13.72). The study concludes that Balanced Sharia Mutual Funds exhibit a significantly higher return performance compared to Anggrek Mutual Funds during the observed period, thereby challenging the assumption that Sharia-compliant investment products inherently yield lower returns.