Penulis: Setyaningsih ? Universitas Airlangga Surabaya [ 25/6/2007 ]

The fast development of mutual fund that had occurred in second year of 1996. Later on in the first year of 1997, 35 new mutual find existed. During 17 months since the first mutual funds was agreed to be affective ( the end of August 1996 ), and at the end of October 1997 there had been another new 69 mutual funds with total fund of Rp. 3, 373 trillion which was from 19, 887 investor. In 2000, there had also been 87 mutual funds with total assets of Rp. 5, 442, 115 million. The growth of such mutual funds was due to some reasons such as it can be beneficial of giving diversification, considered liquid enough, and deemed to more profit compared to the deposit. Since it is considered new by society informed about mutual fund especially about the risks in mutual funds.
This research attempts to test two hypothesizes : there is a significant different of performance among mutual funds of money market, mutual fund of share, mutual fund of obligation, and the mixed one in Indonesia ; and from the four types mutual fund of share has better performance compared to the other four. Model used in this research is analysis of variance ( ANOVA ) and the performance evaluation of the four mutual funds uses risk measurement from each of them. 
The result show that there is no significant difference among mutual funds of money market, share, obligation and the mixed in Indonesia. With the level of significance of 5 %, the first hypothesis is proved. When using the level of significance of 10 %, the nil hypothesis is rejected, thus, there is significant difference among those mutual funds. The result of comparison, it is found out that mutual fund of share has better performance thus the second hypothesis is proved.

Keywords : mutual fund, Net Assets, ANOVA, Performance.