First Half 2025 Performance Highlights

Our four core investment tracks demonstrate the strength of the Tropical Value Framework: a combination of tropical AI, seasonal prediction, and access to national strategic projects.

• Digital Bank & Fintech (+38%)

  This portfolio is led by Bank Jago and GoTo Financial. The significant gain was driven by the Volcano Chain AI model, which captures TikTok Shop GMV in real time and provides satellite-image-based credit scoring for millions of previously unbankable small merchants. Amid fluctuating BI rates, the model identifies seasonal cash flows with high accuracy, keeping NPL below 1.2% while delivering 38% return in just six months.

• AI Risk Control – Geothermal & Nickel (+41%)

  The combination of GeoDaya (geothermal insurance) and INDIKA (nickel AI) is the best performer this year. Our RAG model predicts production disruption from rainy/dry seasons and performs dynamic hedging using the BI 7-Day Reverse Repo Rate. As a result, this portfolio rose 41% with drawdown under 4% — making it one of the best risk-return combinations across emerging markets.

• Green Sukuk & Sustainable Assets (+17.2%)

  Focus on Sarulla & Star Energy geothermal PPP projects and RSPO chains. Besides OJK green certification and a 5-year tax exemption, this allocation also enjoys government guarantee through the BKPM scheme. A 17.2% return may look moderate, but with volatility under 5% and 1.2 million tons of CO₂ reduction impact, it is the top choice for institutional investors prioritizing stability and ESG.

• Value Core Indonesia (+14,8%)

  Selecting blue-chip issuers such as BCA, Bank Mandiri, Astra International, and Unilever Indonesia with shariah dividend adjustment and family premium. Our DCF model enriched with tropical variables (Eid consumption prediction, palm commodity cycles) successfully captured the post-2024 election rebound and delivered 14.8% return with the lowest volatility across the portfolio.