Henan Asset Management Reveals Investment Management Strategy

Jakarta, CNBC Indonesia - The Chief Liaison Officer Head of Investment Solution, Investment Services Group at PT Henan Puttingrai Asset Management, Bagus Adi Yoga Prawira, has presented various strategies employed by Henan Asset in investment management, particularly amidst current capital market dynamics.

Bagus explained that there are three principles within the capital market: sound, noise, and signal. These three principles encompass fundamental sentiment, valuation, liquidity, macro factors, global factors, and domestic factors.

“In these three areas, looking at the market is usually very complex. There are many factors we must consider. Some may see that there should be sentiment,” he explained during the Road to CNBC Awards 2025 ‘Best Securities and Fund Management’ on Wednesday (30/09/2026).

However, according to him, the principle of ‘signal’ is what requires attention at this time. In certain phases of the capital market, liquidity levels serve as a signal.

“Liquidity in the sense of how liquidity flows between one asset and another. How liquidity flows from the financial market to investors,” Bagus clarified.

This is because liquidity flows determine market and macro conditions. According to him, market phases each possess their own distinct regimes.

“There might be regimes called recovery, or crease on, or late cycle, or divergence,” he noted.

For each of these regimes, Henan Asset utilises different methods in managing client portfolios.

“It is not just about what percentage we should allocate to equities, what percentage we should allocate to bonds, and so on. But also how we deploy them,” he emphasised.

“How we deploy our cash is something we pay attention to. As a standard, we certainly have a top-down view. We look at the global side, the macro environment, and the fundamentals, before moving into the domestic perspective,” Bagus added.