ABSTRACT
The portfolio was first introduced by Markowitz in 1952, where the journals that are used as a reference for almost all researchers who research about a portfolio, the Portfolio Selection. Then the mixing from various types of stocks can be done to eliminate the similar homogeneity. If the mixing practice is done, then the risk that will arise from the investment will be accumulated. This study uses economic value added (EVA) and market value added (MVA) ratios to form active and passive portfolios to obtain an optimal portfolio. The samples used were 24 stocks, which entered consistently in the LQ 45 for the 2014–2018 period. As a conclusion, this study supports the previous research, which states that the active strategy gives a higher return than the passive strategy. High EVA portfolio gets the highest return on the passive portfolio strategy, then low EVA gets the highest return on the active portfolio.
