SMSCI Fund Snapshot: Rebalancing November 2025
The MSCI Value Index for November 2025—which serves as the benchmark for Syailendra MSCI Indonesia Value Index Fund (SMSCI)—has undergone its latest rebalancing.
This change has resulted in a more focused composition, dominated by major banking sector with valuations still in a historically attractive range.
Below is a summary of the key changes.
1. BBCA Added, GOTO Removed
This rebalancing adds BBCA as a new constituent with a weight of 15.35%, replacing GOTO which previously held a weight of 2.19%.
The addition of BBCA simultaneously strengthens SMSCI's exposure to major banks that are fundamentally sound and consistently deliver high profitability.
2. Four Major Banks Now Anchor SMSCI
With the inclusion of BBCA, four major banks (BBCA, BBRI, BMRI, BBNI) now hold dominant positions with a combined weight of 62.4%.
BBRI remains the largest contributor with a weight of 24.74%.
Worth noting:
The valuations of these four major banks are at their lowest point over the past 5 years —
Average P/B 2.02x vs 5Y mean 2.57x -> approximately 27% cheaper than the historical average.
3. Top 5 Holdings = 84% of Portfolio
SMSCI is now increasingly concentrated in high-quality companies.
The five largest holdings represent 84% of the entire portfolio.
Worth noting:
Three of the five largest constituents are major banks with projected dividend yields of 4%–10%, offering potential for more stable total returns over the long term.
4. Weight Reduction in TLKM & ASII
Two major names, TLKM and ASII, underwent weight adjustments of -3.86% and -3.12% respectively.
This reduction is largely technical in nature, following the strong share price appreciation of both stocks so far this year:
TLKM: +28.8% YTD
ASII: +32.7% YTD
Worth noting:
Despite their significant gains, the valuations of both stocks remain among the lowest levels over the past 10 years, so upside potential remains open should profitability remain consistent.
Effective 25 November 2025
All these changes will officially take effect on 25 November 2025, and will form the basis of SMSCI's latest portfolio composition.
With a composition more focused on the major banking sector—and valuations that are relatively cheap on a historical basis—this rebalancing provides a stronger foundation for SMSCI to capture value-based market opportunities in Indonesia.
Learn more about SMSCI here.
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PT Syailendra Capital is licensed and supervised by the Indonesia Financial Services Authority (OJK)