ABSTRACT
This study focuses on an in-depth analysis of stock portfolio management at the Social Security Agency for Employment (BPJS) to develop Old Age Security (JHT) funds, particularly on the asset allocation, security selection, market timing, and portfolio evaluation methods used by BPJS Ketenagakerjaan for the 2017-2018 period. This study employs mixed methods, including case studies, with the aim of obtaining the required qualitative data. Then, the qualitative data was processed into quantitative data and then analyzed using prescriptive models, namely the Mean-Variance Portfolio model. The results of this study indicate that the BPJS For Employment stock portfolio for the 2017-2018 period had portfolio risk and portfolio returns that were not optimized, with the risk represented by the standard deviation value of 17.81% while the expected annualized return was 6.7%. Based on the efficient frontier graph analyzed with that level of risk, the expected return can reach around 26%. Considering the long-term liabilities of JHT funds, this optimization provides low-risk exposure and adequate returns. So that this study can be useful for BPJS For Employment in terms of stock portfolio management so that it can provide optimal benefits for BPJS For Employment participants.
