JASONPARTNERSHIP
Indonesian equities · Value investing · Opens January 2028

Good Indonesian businesses, bought at half of what they are worth.

Jason Partnership is the investment partnership I plan to open in 2028. Until then this page keeps the public record of how I invest my own money: what I believe, how I work, and every year's result, good or bad. The aim is modest: protect capital first, beat IHSG by 5 percentage points a year in compound return over any period of three years or more, and over the long run earn more than safe alternatives such as government bonds.

+91.2%
My portfolio, 21 Jan 2022 to 12 Oct 2026, dividends included
14.7%
Compounded per year over the same period
−11.8%
IHSG over the same dates, without dividends
235
Listed companies I have researched and value
The stock marketWhat you actually own

Owning Indonesian stocks is a bet on Indonesia's economy.

A share is a small piece of a real business: a bank, a cement plant, a supermarket chain, a coal mine. When you own it, you own part of its profits. The company pays some of those profits to you as dividends and keeps the rest to grow.

The stock market is simply the place where these pieces are bought and sold. In Indonesia that place is the Indonesia Stock Exchange (IDX), where more than 900 companies are listed, from the largest banks to small family businesses.

Indonesia has around 280 million people, a young workforce and a growing middle class. As people earn more, they borrow, build, buy and travel more, and the companies serving them earn more. Owning the right companies at the right price is a way to share in that growth.

People earn moreWages and jobs grow with the economy
They spend moreHomes, cars, food, phones, loans
Companies sell moreRevenue and profits rise
Owners are paidDividends now, a more valuable share later

Prices move every day and can fall far below what a business is worth. Over the long run, a share follows the profits of the company behind it. That gap between price and value is where I work.

AboutWho runs the partnership

I'm Jason. I buy pieces of Indonesian companies and hold them like an owner.

I made my first trade in 2020, when COVID crashed the market and good companies were suddenly very cheap. Broker records before 2022 are no longer available, so the full record on this page starts in January 2022. Since then I have kept every trade, every dividend and every broker statement, so the record on this page can be checked line by line.

My work is reading. Annual reports, public-expose materials, company presentations and the notes to the financial statements. For each company I write my own report, from who really owns it to what it is worth, and I update it every month.

Investing since
2020Full record from January 2022
Companies covered
235Each with a written report and a fair value
Market
IDXListed Indonesian companies only
Why a partnershipA letter to the people who may join

To my future partners,

Most Indonesians who own shares own them through mutual funds. From January 2022 to October 2026 the five largest active equity funds in the country returned between −11% and +8% in total, while charging fees every year. The largest IDX30 index fund lost 21%. Savers carried the risk of owning shares and got close to nothing for it.

I think there is a simpler way. Own a small number of businesses you understand, buy them only when the price is far below their value, and wait. That is what I do with my own money, and I want to do it for people who trust me, in the same stocks and on the same terms.

I am not chasing the highest return. I want a return you can sleep with. Safety of capital comes first. Then a compound return five percentage points a year above IHSG, tested over at least three years. And over the long run, more than a government bond would pay you, because otherwise you would be better off owning the bond. When I fall short, I will report it here.

A partnership keeps us on the same side. My own money will sit in the same portfolio as yours. If you lose, I lose with you. I would rather earn my share only when you have done well.

I am not opening yet. I want six full years of record first, a research process that is written down, and a legal structure that protects partners properly. 2028 is when all three should be ready.

JasonFounder, Jason Partnership

Who it is forEarning money and growing money are different skills

Many people are good at earning money. Far fewer know how to make it grow.

Most people build their wealth through a job or a business, and they are good at it. Growing what they have earned is a different skill. It takes hours of reading reports, patience to wait for the right price, and the nerve to stay calm when the market falls. Most people have neither the time nor the wish to do that.

The partnership divides the work. You keep doing what you do best and earning money. I do what I do best and make that money grow.

It suits you if

  • You earn well from your work or business, but do not know what to do with the money you save.
  • You can leave the money invested for at least three years.
  • You care more about not losing money than about the highest return.
  • You want to own Indonesian businesses, not trade tickers.

It does not suit you if

  • You may need the money within three years.
  • You are looking for quick gains or stock tips.
  • A temporary fall of 20% would make you sell. My worst fall so far was 19.7%.
The hardest partPsychology, when you invest alone

Mr. Market is there to serve us, not to guide us.

Picking a good company is the easy half. The hard half is your own mind. When prices crash, fear says sell. When a stock has doubled, greed says buy more. Every day the news, group chats and social media offer a new reason to act. Most people who invest alone lose money this way, not because they chose bad companies, but because they bought high and sold low.

Benjamin Graham described the market as a partner called Mr. Market. Every day he offers to buy your share or sell you his, at a price that depends on his mood. Some days he is euphoric and asks far too much. Other days he is gloomy and will sell for far too little. You are free to ignore him. His price is an offer, never an instruction.

His moodWhat he offersWhat we do
EuphoricA price far above what the business is worthSell to him, gladly
CalmA price close to fair valueIgnore him and get on with our work
GloomyA price far below what the business is worthBuy from him, at half of fair value

Fear

Selling good businesses at the bottom because everyone else is.

Greed

Chasing what has already gone up, at any price.

Noise

Acting on headlines, tips and group chats instead of the numbers.

Impatience

Checking prices every hour and trading far too often.

In 2026 IHSG fell 41% from its high. Mr. Market was gloomy, and that was the time to buy, not to sell: my portfolio is up 24.2% this year while IHSG is down 31.4%. In a partnership, the decisions are made from the value of each business, written down before the price moves. Partners do not have to watch the screen.

The goalWhat partners should expect

Capital safety first. Then beat IHSG by 5 points a year over every three years, and safe alternatives over the long run.

I am not trying to post the highest return in the market. My first job is to never lose partners' money for good. The second is to beat IHSG by five points a year in compound annual return (CAGR), tested over periods of at least three years. Single years will swing both ways, and I will not chase them. The third is to beat the safe choice: over the long run the partnership must earn more than a 10-year government bond, or it has no reason to exist.

First

Safety of capital

A stock qualifies only at half of fair value, so a wrong estimate still leaves room. I would rather miss a rally than take a loss I cannot recover.

Then

IHSG + 5 points CAGR

Tested over every period of three years or longer. If IHSG compounds 8% a year, my target is 13% a year.

Long run

Beat the safe choice

A 10-year government bond pays about 7% a year with almost no risk. Over any five years, partners should earn clearly more than that.

Report

Every miss, in the open

Every three-year result is shown, and weak single years too. 2022 and 2025 lagged IHSG, mostly because I sold winners too early.

3-year periods beating IHSG by 5+ points CAGR
23 of 23smallest lead 7.0 pts · largest 19.8 pts
start Jan 2022line = target 5 ptsstart Oct 2023
Return per year since Jan 2022
14.7%17.3 pts above IHSG · 7.7 pts above the bond
Jason14.7%
10-yr gov. bond≈7.0%
IHSG−2.6%
Worst fall from a peak
−19.7%IHSG −41.5% · IDX30 fund −39.1% · active funds −30% to −36%
In the 27 months IHSG fell
−1.6%my average month, against −3.6% for IHSG

Worst fall = largest drop from a previous high using daily values, 21 Jan 2022 to 12 Oct 2026. Mine came in February 2025; IHSG's in June 2026. 3-year periods start at each month-end from 21 Jan 2022; the latest ends 12 Oct 2026. Bond = approximate yield of the 10-year Indonesian government bond over the period.

PrinciplesThe rules I invest by

I treat every stock as a business I would buy whole, and as a bond with an uncertain coupon.

1

Know who you are partnering with

I start with the controlling shareholder: who they are, what else they own, and how they treat minority holders in related-party deals. A cheap stock run by an unfair owner is not cheap.

2

Understand how the business turns money into more money

Buy, process, distribute, collect. If I cannot draw that flow for every segment above 1% of revenue, I do not invest.

3

Beat the government bond or stay out

The 10-year government bond pays about 7% with almost no risk. A business has to earn its place against that, so I price each one by its stability, return on equity, growth and payout.

4

Pay a fair multiple of normal earnings

Fair P/E runs from 4 for a weak commodity producer to 17 for a wonderful business, set by the quality of its product, its people and its market power. I use normal earnings for the current business, never a peak year.

5

Buy at half of fair value

The margin of safety covers what I get wrong. My target buy price is half of fair value. Expansion plans count only in the optimistic case, never in the base case.

6

Count only the cash the business does not need

I add surplus balance-sheet value after a haircut on every asset (receivables 30%, inventory 50%, fixed assets 70%) and after all liabilities. Banks get none.

7

Retained profit must earn its keep

A low dividend is fine when the company reinvests at a high return. It is not fine when retained money earns less than I could get elsewhere.

8

See through the data

I read the annual reports, public-expose Q&A and company presentations myself, down to the notes behind the numbers.

9

Watch the key variables that matter

Each company has six to eight key drivers I track every day, such as coal price, deposit costs or mall occupancy. Everything else is noise.

10

Measure against other alternatives

I measure myself against the two largest index funds and the five largest active funds by size, the choices a saver actually has. Not against funds picked with hindsight.

Track recordTime-weighted, after estimated fees and tax, dividends included

IDR 100 put in on 21 January 2022 is worth IDR 191 today.

Over the same dates the same 100 would be 88 in IHSG, 79 in the largest IDX30 index fund and 98 on average in the five largest active equity funds.

Month-end values, rebased to 100 on 21 Jan 2022, last point 12 Oct 2026. Funds use daily NAV from pasardana.id with any payouts added back: IDX30 = BNI-AM Indeks IDX30, SRI-KEHATI = BNP Paribas Sri Kehati, active = equal-weight average of Sucorinvest Equity Fund, Ashmore Dana Saham Nusantara, Schroder Dana Prestasi, Trimegah Saham Nusantara and Manulife Dana Ekuitas Utama (largest by assets, all share classes).

YearJasonIHSGIDX30 fundKEHATI fund5 largest active fundsJason vs best alternative

IHSG is the price index, without dividends. Portfolio returns come from my broker's annual stock reports (2022–2025) and the 2026 statement; year-end share counts match every report. Amounts are not disclosed, only returns. 2026 runs to 12 Oct.

The winners

Closed positions. Return = profit including dividends ÷ money put in. Size = the position as a share of my portfolio, at its largest and on average while held.

    Road to 2028From the first trade to opening day

    Our track record.

    2020

    COVID and the first trade

    The crash got me into the market and made me want to understand what businesses are really worth. Records from these first two years are not available.

    Done
    21 Jan 2022

    The full record begins

    Every trade and dividend from here is kept. 2022 ends at −2.6%, behind IHSG (+1.9%).

    Done
    2023

    First strong year

    +24.4% against +6.2% for IHSG, while the five largest active funds were flat.

    Done
    2024

    Up in a falling market

    +16.7% while IHSG fell 2.7% and every benchmark fund lost money.

    Done
    2025

    A year behind the market

    +8.9% against +22.1% for IHSG. Selling winners too early cost the most.

    Done
    Sep–Oct 2026

    The process, written down

    Written reports and fair values for 235 companies, a daily research dashboard, and this page.

    Done
    31 Dec 2026

    Year five closes

    Full-year 2026 result added here. Year to date: +24.2% against −31.4% for IHSG.

    Next
    2027

    Structure and terms

    Choose the legal form and licences with advisers, write the partnership terms and the first letter to partners.

    Planned
    31 Dec 2027

    Six-year record complete

    The full record from January 2022 to December 2027 is published here, year by year.

    Planned
    Jan 2028

    Jason Partnership opens

    The first partners invest alongside me.

    Goal