Conservative stance
Prasasti Gilang Ekapaksi, Equity Capital Market & Mutual Fund Department Head at Taspen, said the company’s approach is conservative given conditions on the index. “Taspen’s mode is conservative given IHSG conditions; this year IHSG may fall nearly 40%,” she said.
Ekapaksi said Taspen’s equity portion is now very small, about 3 percent on a consolidated basis. The index had declined 38.91 percent year to date as of the day of the report. Data from the Indonesia Stock Exchange, or BEI, had put the decline at 42.22 percent as of Monday, 19 October 2026.
Shift to fixed income
“Because we reduced the proportion, we moved it to instruments with more certain returns,” Ekapaksi said. The company moved the freed-up funds into government bonds, corporate bonds and deposits.
As of September 2026, 80 percent of Taspen’s investment portfolio sat in fixed income, with the remaining 20 percent spread across equities, mutual funds and direct investments. Indonesian regulations require a minimum of 30 percent of such portfolios to be allocated to bonds.
Taspen’s stock selection criteria draw on Finance Ministry Regulation Number 118 of 2025 and Finance Ministry Regulation Number 52 of 2021, prioritising liquidity, fundamentals, earnings growth and dividends. The company manages funds for civil servants and uses the portfolio to fund pension benefits. It did not name specific stocks held in its equity allocation.
Source: Taspen
