استراتژی سرمایه گذاری مبتنی بر تخصیص دارایی به منظور بهبود سودآوری و پایداری در شرکتهای متوسط

SMEs usually have a volatile revenue and income stream. In order to reduce the operational risk, SMEs allocates high cash position as a buffer during difficult situation. This paper aims to increase earning from this cash position through asset allocation strategy. Asset Allocation Investment Strategy is a strategy that allocates investment among several different investment classes in certain proportions and rebalanced periodically. By keeping the same proportion in these different investment class, SMEs are forced to apply the simplified investment principle which is many time difficult to apply in reality because of market sentiment. The author forms three portfolios consisting of stock mutual fund, bond mutual fund and money market in certain proportion into conservative, moderate and aggressive portfolio. The proportions are kept in balance through rebalancing process. Three rebalancing process are applied, which is quarterly, semi-annually, and annually. The return performance of all portfolios combined with these three rebalancing processes then will be compared each other and against the IHSG (Indonesian Stock Market Index) performance. The research result shows that Asset Allocation Strategy with Periodically Rebalancing gives better return compared to IHSG index performance. Aggressive Portfolio with quarterly rebalancing gives superior result compared to all other portfolios. When SMEs use this strategy for profit generated from their business, SMEs can improve their profit and sustainability significantly.

Entrepreneurs ussually face volatility in their SMEs. Volatility in revenues, earnings, and cash flows. This paper are trying to see whether the earnings generated from the SMEs business can be enhanced certain specific investment strategy. Specifically this paper is examining the Asset Allocation Investment Strategy. It is widely known that succesful investing is not determined from how good we are looking for the best asset but it is from how we allocate asset consistently. Asset Allocation Investment Strategy is a strategy that allocates investment among several different investment classes in certain proportions and rebalanced periodically. By keeping the same proportion in these different investment classes -low sellprinciple which is many time difficult to apply in reality because of market sentiment. The author forms three portfolios consisting of stock mutual fund, bond mutual fund and money market in certain proportion into conservative, moderate and aggressive portfolio. The proportions are kept in balance through rebalancing process. Three rebalancing process are applied, which is quarterly, semi-annually, and annually. After finding the best way how we are going to allocate asset, then authors will try to apply the suggested strategy into selected SMEs to enhanced business returns. Problem Identification There are four questions to be answered in this research as follows: a. Does asset allocation strategy give better risk adjusted return compared to that of IDX? b. Does rebalancing process in asset allocation strategy affect risk adjusted return of portfolio? c. Which does rebalancing process give the best risk adjusted return performance? d. How the asset allocation strategy can be applied to enhance returns of SMEs?

5. Conclusion Asset allocation strategy can improve return of investment portfolio. From the risk adjusted return portfolio through Sharpe, Treynor, and Jensen measurement, this strategy also shows better result compared to market return. From three rebalancing processes, the quarterly rebalancing seems to give the best result among all risk profile portfolios. It can be concluded that the asset allocation investment strategy with regular rebalancing This investment strategy can be applied to enhance return resulted from SMEs operation. Using moderate asset allocation and quarter rebalancing the profit can be improved significantly as time goes by.