MODEL MARKOWITZ UNTUK MEMILIH PORTOFOLIO EFISIEN PADA PERUSAHAAN SEMEN DI BEI

Abstract

This purpose of this research is aimed to prepare efficient portfolio by using Markowitz model so that it can be
used as the basis of consideration on cement companies which are listed in Indonesia Stock Exchange. This
research object is the montly stock price from January 2014 to December 2014. The sample are 4 cement
companies which their stock are actively traded in Indonesia Stock Exchange by establishing 6 portfolio
combinations. The result of this research shows that there are 2 efficient portfolio on equal fund proportion and
difference fund proportion i.e. portfolio 1 is the combination between the stock of PT. Semen Indonesia (Persero)
Tbk and the stock of PT. Indocement Tunggal Prakarsa Tbk. And portfolio 3 is the combination of PT. Semen
Indonesia (Persero) Tbk and PT. Holcim IndonesiaTbk. Investors select the efficient portfolio in accordance with
the profit preference and risk that borne by them. The risk taker investor select the portfolio which has high profit
level and risk, the portfolio which is suitable with the characteristic of this investors is the equal fund proportion
and difference fund proportionis the stock combination of PT. Semen Indonesia (Persero) Tbk and PT. Holcim
IndonesiaTbk. The risk averter investors tend to consider investment decision by making properly and well plan,
portfolio which is suitable whith the characteristics of this investors is the equal proportion fund and the
difference proportion fund is stock cobinations of PT. Semen Indonesia (Persero) Tbk and the stock of PT.
Indocement Tunggal Prakarsa Tbk.

Keywords:Markowitz model, investment, stock