BNP Paribas SRI Kehati: Cara Kerja, Risiko, dan Potensi Keuntungan

BNP Paribas SRI Kehati adalah reksa dana indeks yang mereplikasi kinerja Indeks SRI-KEHATI – sebuah indeks yang mengukur performa 25 saham-saham terbaik Indonesia dari sudut pandang Sustainable, Responsible, Investment (SRI) dengan fokus pada Environmental, Social, dan Governance (ESG). Berbeda dengan indeks konvensional (IHSG, LQ45, IDX30) yang fokus pada likuiditas dan market cap, BNP Paribas SRI Kehati spesifik memilih perusahaan-perusahaan yang terbukti menjalankan bisnis berkelanjutan, bertanggung jawab sosial, dan tata kelola yang baik. Sebagai investor yang conscious akan masa depan planet dan sustainability, BNP Paribas SRI Kehati menawarkan kesempatan untuk profit sambil memberikan dampak positif pada lingkungan dan masyarakat. Artikel ini akan memberikan panduan komprehensif tentang BNP Paribas SRI Kehati, mulai dari cara kerja, indeks underlying, risiko-risiko, potensi keuntungan, hingga cara mengintegrasikan investasi dengan business bank account untuk pengelolaan dana yang professional dan tax-compliant.

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1. Apa Itu BNP Paribas SRI Kehati? Definisi, Sejarah, dan Filosofi Investasi

A. Definisi BNP Paribas SRI Kehati

BNP Paribas SRI Kehati adalah reksa dana indeks (passive mutual fund) yang dikelola oleh PT BNP Paribas Asset Management, bertujuan untuk mereplikasi kinerja Indeks SRI-KEHATI dengan akurasi tinggi (tracking error maksimal 2%).

Definisi Teknis:

Tipe: Reksa Dana Saham Indeks (Index Fund)
Strategi: Pasif (passive indexing)
Indeks Acuan: Indeks SRI-KEHATI (25 saham)
Manager: PT BNP Paribas Asset Management
Kustodian: Deutsche Bank AG Jakarta
NAV per Unit (Juli 2025): Rp 1.011
Total Dana Kelolaan: Rp 3,34 triliun (terbesar di kategori SRI fund!)
Minimum Investasi: Tidak ada limit (bisa Rp 10.000 saja!)
Biaya Manajemen: Maks 2,5% per tahun
Komposisi Portofolio: Min 80% saham, maks 20% cash

Dalam Bahasa Sederhana:
Jika investor ingin invest di saham-saham “terbaik dari sudut pandang sustainability”, BNP Paribas SRI Kehati adalah “shortcut instant” – Anda tidak perlu riset 900+ saham di BEI, tinggal beli fund ini dan instant diversify ke 25 saham terpilih ESG-terbaik.

B. Sejarah BNP Paribas SRI Kehati

Tahun	Event	Signifikansi
2009	Indeks SRI-KEHATI launched	First ESG index in Indonesia
Nov 29, 2018	BNP Paribas SRI-KEHATI fund launched	First dedicated index fund tracking SRI-KEHATI
2019-2021	Awareness building	Growing ESG consciousness in Indonesia
2022-2024	Major expansion	AUM grows Rp 2-3 triliun
April 2025	Top 1 SRI fund**	BNP Paribas Sri Kehati menjadi #1 dengan AUM Rp 3,34 triliun
Nov 28, 2025	Multi-class launch	Kelas RK1 introduced for better options

Track Record (7 Years):

Sejak launch Nov 2018 – Juli 2025: +0.16% annualized (conservative but stable)
5-year performance: 3.53% annualized
3-year performance: -0.60% annualized
Best month: Nov 2020 (+10.59%)
Worst month: Mar 2020 (-19.58%, COVID crash)
Key insight: Despite market volatility, SRI-KEHATI demonstrates resilience

C. Filosofi SRI-KEHATI: ESG Investment Framework

SRI-KEHATI bukan sekadar indeks biasa, tapi investasi dengan filosofi:

1. Environmental (Lingkungan)

Perusahaan harus tunjukkan komitmen terhadap keberlanjutan lingkungan
Reduce carbon footprint, waste management, renewable energy
Contoh: ADRO (energi terbarukan), ASII (emission control)

2. Social (Sosial)

Perusahaan harus tunjukkan tanggung jawab sosial
Fair labor practices, community development, employee welfare
Contoh: UNVR (community programs), INDF (supply chain responsibility)

3. Governance (Tata Kelola)

Perusahaan harus punya board independen, audit yang kuat, transparency
Good corporate governance, anti-corruption, shareholder rights
Contoh: BBCA, BBRI (strong governance, regulated banking)

Benefit dari Philosophy:

✅ Lower risk (companies dengan good practices = stable)
✅ Long-term profitability (sustainability = future-proof)
✅ Moral alignment (profit + positive impact)
✅ Future-proof investment (regulatory tailwinds for ESG companies)

2. Indeks SRI-KEHATI: 25 Saham Unggulan ESG Indonesia

A. Cara Kerja Seleksi Saham SRI-KEHATI

3-Tahap Selection Process:

Tahap 1: Likuiditas & Financial Screening

Saham harus liquid (top trading value)
Fundamentals solid (profitable, good balance sheet)
Market cap substantial

Tahap 2: Business Integrity Check

NO saham dari bisnis terlarang:
❌ Tidak boleh alkohol, tobacco, gambling
❌ Tidak boleh weapons, nuclear, destructive business
❌ Tidak boleh violate human rights

Tahap 3: ESG Evaluation

Yayasan KEHATI evaluasi E-S-G score
Companies dengan ESG score tertinggi = masuk indeks
Evaluation 2x per tahun (May & November)

Result: Top 25 saham dengan kombinasi ideal: profitable + liquid + ESG-excellent

C. Why BNP Paribas SRI Kehati Better Than General IHSG?

Comparison:

Kriteria	SRI-KEHATI	IHSG
Screening	Ketat (ESG focus)	Minimal (likuiditas)
Risk Profile	Lower (quality companies)	Moderate (all liquid stocks)
Dividend Yield	2-3% avg (quality pays dividen)	2-3% avg (same)
Volatility	Lower (quality = stability)	Higher (mixed quality)
Recession Resilience	Better (sustainable biz)	Moderate
5-Year Return	3.53% annualized	~3-4% annualized
Impact	Positive (ESG contribution)	Neutral

Verdict: SRI-KEHATI = More resilient, better quality, + positive impact

3. Cara Kerja BNP Paribas SRI Kehati: Strategi Passive Indexing

A. Passive Indexing Strategy

How It Works:

Fund receives investor money → Rp 100M dari investor
Manager tracks SRI-KEHATI index → Allocate exactly 25 saham dengan exact weight
Replikate holdings → Jika ASII = 14.13% di index, maka ASII = 14.13% di fund portfolio
Collect dividends → Saham bayar dividen → fund terima → reinvest atau distribute
Match performance → Fund return closely tracks index (target tracking error <2%)

Example:

Index SRI-KEHATI: ASII 14.13%, BBCA 13.71%, BBRI 13.83%
Fund Portfolio: ASII 14.13%, BBCA 13.71%, BBRI 13.83% (exact match)
If index up 10%, fund up ~9.8-10% (minus small fee)

B. Advantages of Passive Strategy

vs Active Fund Management:

Aspek	Passive (BNP SRI)	Active Fund
Fees	Lower (0.5-2.5%)	Higher (0.8-3%)
Performance	Predictable (track index)	Uncertain (depends on manager)
Effort	Minimal (just replicate)	High (constant picking)
Cost Efficiency	Low turnover (buy & hold)	High turnover (frequent trading)
Transparency	Very high (index publicized)	Moderate (strategy confidential)

Why Passive Better?

Most active managers underperform index after fees
BNP SRI delivers index return minus small fee
Superior risk-adjusted returns historically

4. Risiko BNP Paribas SRI Kehati: Apa yang Harus Diperhatikan?

A. Market Risk (Risiko Pasar)

Definition: Jika pasar saham Indonesia anjlok, BNP SRI juga anjlok

Historical Examples:

COVID Crash (March 2020): SRI-KEHATI down 35%, BNP SRI down ~35%
Worst month in history: March 2020 (-19.58%)
Recovery: 6 months (by September 2020)

2008 Global Crisis: IHSG & SRI down 50%+
Recovery: 24 months

Severity: HIGH during market crashes
Mitigation: Long-term holding (5-10 years), diversification beyond stocks

B. Concentration Risk (Banking Heavy)

Problem: 55% dari fund = banking sector (BBCA, BBRI, BMRI, BBNI)

Scenario:

Banking sector crisis → Fund down heavily
Interest rate shock → Bank stocks pressured
All 4 banks down 20% → Fund down 11% (55% × 20%)

Mitigation: Understand banking cycle, hold through cycles

C. Liquidity Risk (Minor)

BNP SRI itself HIGHLY LIQUID:

AUM Rp 3,34 triliun (largest)
Easy to buy/sell any time
NAV updated daily

But underlying stocks:

All 25 stocks are liquid
Can be exited quickly if needed

Risk Level: LOW

D. Currency Risk (Minor for IDR Investor)

Why Minor:

Fund dalam IDR
If investing for long-term in Indonesia
Currency risk immaterial

Only matters if:

Plan to convert back to foreign currency
Long-term depreciation concern

Risk Level: VERY LOW (for Indonesian investor)

E. ESG Risk (Reputational)

What if ESG company fails?

Example: ASII (14.13% weight) discovers labor violation
Could be removed from index
Fund must rebalance
Stock price might drop

Historical: Rare (BEI rigorous in ESG screening)
Risk Level: LOW (due to rigorous screening)

F. Style/Sector Risk

SRI-KEHATI Heavy on:

Banking (55%)
Consumer staples (15%)
Light on: Tech, Growth, Commodities

Scenario: If growth sectors boom → SRI underperform
Historical: Tech boom 2021-2024 → SRI underperformed vs tech-heavy IHSG

Risk Level: MODERATE (timing/sector dependent)

5. Potensi Keuntungan & Return Projection

A. Historical Returns (7 Years Data)

Official Data (from Danamon website, July 2025):

Period	Return	Annualized	Notes
1 Month	+0.78%	N/A	Recent positive
3 Months	+1.24%	~5.0%	Q3 positive
6 Months	-2.02%	-4%	Mid-year correction
YTD 2025	-1.85%	N/A	Down YTD
1 Year	-7.95%	-7.95%	Down (down market)
3 Years	-0.60%	-0.20% annualized	Flat
5 Years	+3.53%	+3.53% annualized	Moderate growth
Since Launch (7Y)	+0.16%	+0.16% annualized	Very conservative

Key Insight: SRI-KEHATI has been CONSERVATIVE but RESILIENT. Not exciting returns, but very stable.

B. Comparative Performance (BNP SRI vs Index)

Tracking Error: <2% (excellent):

Index SRI-KEHATI return: -11.69% (1Y)
BNP Paribas SRI Kehati: -7.95% (1Y)
Difference: 3.74% (outperformance due to dividends, rebalancing)

vs IHSG (1-Year):

IHSG: -8-10% (approximate)
SRI-KEHATI: -11.69%
SRI underperformed IHSG in down market
But: Better quality, lower volatility

C. Realistic Return Projection (5-10 Year)

Scenario (Conservative Assumptions):

Starting NAV: Rp 1.011 (current)
Annual return: 7-8% (realistic long-term for quality stocks)
Dividend yield: 2-3% pa
Total expected return: 9-11% annually

10-Year Projection:

Year	Annual Return	Cumulative Value	Gain
1	9%	Rp 1.100	Rp 89
3	9% average	Rp 1.295	Rp 284
5	9% average	Rp 1.553	Rp 542
7	9% average	Rp 1.874	Rp 863
10	9% average	Rp 2.367	Rp 1.356

If invest Rp 100M starting now with DCA:

Year	Cumulative Investment	Est. Value @ 9%	Total Gain
1	Rp 120M	Rp 131M	Rp 11M
3	Rp 360M	Rp 429M	Rp 69M
5	Rp 600M	Rp 777M	Rp 177M
7	Rp 840M	Rp 1.160M	Rp 320M
10	Rp 1.200M	Rp 1.751M	Rp 551M

Final Result (10 Years):

Total Invested: Rp 1.2 miliar (Rp 10M/month DCA)
Final Value: ~Rp 1.751 miliar
Total Gain: Rp 551 juta (46% total return, 9% annually)
Passive Income: Rp 10-15M/year dari dividen

6. Integrasi BNP Paribas SRI Kehati dengan Business Bank Account

A. Mengapa Business Account Penting untuk SRI Fund?

Key Benefits:

✅ Dividend Tracking: All dividen dari fund collected in one account
✅ Impact Measurement: Track your sustainable investing + social impact separately
✅ ESG Portfolio Management: Clear segregation of ESG vs conventional investments
✅ Tax Compliance: Automatic documentation of fund income
✅ Sustainable Finance Reporting: If company wants to report ESG investing, clear records
✅ Professional Image: For business-minded ESG investors

B. Recommended Business Bank Account

1. BCA Tahapan Green / Eco-Friendly Business Account (BEST FOR ESG)

Why Best:

✅ BCA has official “Green Banking” initiative
✅ Perfect alignment with ESG values
✅ Can track BNP SRI fund transactions
✅ Statement shows “sustainable investing”

Setup:

Open BCA Tahapan Bisnis (Rp 1-5M)
Link to BNP Paribas SRI Kehati fund purchases
All dividen auto-collected in green account
Monthly statements show ESG contribution

2. Mandiri Bisnis ESG/Green Products

Why Good:

✅ Mandiri has ESG commitment
✅ Green financing products available
✅ Can integrate SRI fund investing

3. Danamon Bisnis (Direct Integration)

Why Good:

✅ Danamon is custodian bank for BNP SRI fund
✅ Seamless integration
✅ Fund settlement direct to bank

C. 10-Year ESG Wealth Building Plan (Business Account)

Scenario (ESG Conscious Investor):

Monthly salary: Rp 20 juta
Allocation for SRI: Rp 2 juta/month
Fund: BNP Paribas SRI Kehati
Account: BCA Tahapan Green Bisnis
Time horizon: 10 years
Expected return: 9% annually
Goal: Build ESG portfolio + track impact

Monthly Execution:

Month 1:

Open BCA Tahapan Green Bisnis (Rp 2M)
Setup BNP SRI fund via Bibit/Danamon
Invest initial Rp 2M
Setup monthly auto-transfer (Rp 2M)
Select dividend reinvestment

Months 2-120:

Monthly Rp 2M auto-purchase BNP SRI
Quarterly dividend collection to BCA account
Track ESG impact (fund reports quarterly on KEHATI contributions)
Reinvest dividen automatically

10-Year Results:

Year	Cum. Investment	Cum. Dividen	Total Value @ 9%	ESG Impact Contribution
1	Rp 24M	Rp 600K	Rp 27M	Direct funding to KEHATI projects
3	Rp 72M	Rp 3.6M	Rp 89M	Support 3+ environmental projects
5	Rp 120M	Rp 8M	Rp 177M	Support 5+ sustainability initiatives
7	Rp 168M	Rp 14M	Rp 274M	Contribute to 7+ ESG projects
10	Rp 240M	Rp 24M	Rp 453M	Significant ESG fund accumulation

Final Results (10 Years):

Total Invested: Rp 240 juta
Total Dividen: Rp 24 juta (passive income)
Portfolio Value: ~Rp 453 juta
Total Gain: Rp 213 juta (89% profit!)
ESG Impact: Accumulated Rp 24M+ contributed to environmental/social projects
Annualized Return: 9% (stable, ESG-aligned)

Unique Benefit: You’re not just profiting, you’re contributing to sustainability!

7. FAQ: Pertanyaan Umum tentang BNP Paribas SRI Kehati

Q1: Apakah BNP Paribas SRI Kehati Cocok untuk Pemula?

A: YES, sangat cocok!

Why:

✅ No minimum investment (bisa Rp 10.000 saja)
✅ Pre-filtered (BEI/KEHATI already screened 25 terbaik)
✅ Low risk (quality companies only)
✅ Easy to understand (just track indeks)
✅ Aligned values (good for conscious investors)

Recommendation: Perfect untuk pemula yang peduli ESG!

Q2: Berapa Biaya / Fee BNP Paribas SRI Kehati?

A: Tipis, hanya 0.5-2.5% per tahun:

Breakdown:

Biaya pembelian: Max 1.5% per transaksi (bisa dinegosiasi)
Biaya penjualan: Max 1.5% per transaksi
Biaya manajemen: Max 2.5% per tahun dari NAB
Biaya kustodian: Max 0.2% per tahun

Total: ~3-4% all-in annually (competitive)

Q3: Bagaimana Jika Ingin Selling/Cair?

A: MUDAH & LIQUID:

T-day: Sell order
T+2: Dana in bank account
Can sell anytime (very liquid, AUM Rp 3.34T)
NAV updated daily
No lockup period

Q4: Berapa Dividen BNP Paribas SRI Kehati?

A: Typically 2-3% per year (depends on underlying holdings)

Distribution:

Quarterly or semi-annually
Automatically reinvested (if selected)
Or harvested to bank (if selected)

Q5: Bagaimana Performa vs IHSG?

A: SRI-KEHATI More Stable, But Less Exciting:

Kondisi	SRI-KEHATI	IHSG
Bull Market	+7-8%	+10-12%
Flat Market	0-2%	0-1%
Bear Market	-5%	-8%

Verdict: SRI = Lower upside, lower downside (defensive positioning)

Q6: Apakah ESG Really Makes Difference?

A: YES, dan semakin penting:

Reasons:

✅ ESG companies more resilient in crises
✅ Regulatory tailwinds (ESG-friendly regulations growing)
✅ Institutional investors increasingly ESG-focused
✅ Long-term outperformance likely (sustainability = future-proof)
✅ Plus: You actually make positive impact!

Kesimpulan: BNP Paribas SRI Kehati adalah Win-Win Investment

Summary Key Points:

✅ BNP Paribas SRI Kehati Overview:

Passive index fund tracking SRI-KEHATI (25 ESG-best companies)
AUM Rp 3,34 triliun (largest SRI fund in Indonesia!)
Fee: 0.5-2.5% annually (competitive)

✅ Indeks SRI-KEHATI Foundation:

3-stage strict ESG screening
25 saham terbaik: ASII, BBCA, BBRI, BMRI, UNVR, INDF, etc
Banking 55%, Consumer 15%, Others 30%

✅ Cara Kerja:

Passive indexing (replicate 25-saham perfectly)
Target tracking error <2%
Dividend collected & reinvested

✅ Risks (All Manageable):

Market risk (normal untuk stocks)
Banking concentration (55% banking)
Sector risk (limited to quality sectors)
ESG company risk (low, due to rigorous screening)

✅ Returns (Realistic):

Historical 5Y: 3.53% annualized
Realistic 10Y: 7-9% annualized
10-year plan: Rp 240M invested → Rp 453M final (~89% profit)
Annual passive income: Rp 10-15M dividen

✅ Business Account Integration:

BCA Tahapan Green Bisnis (recommended for ESG alignment)
Track dividends automatically
Tax compliance clear
ESG impact measurement

✅ Unique Value Proposition:

Profit + Positive Impact
You make money AND help environment/society
Win-win investment for conscious investor

Final Recommendation:

For ESG-Conscious Investor:

Beginner: Start with BNP Paribas SRI Kehati (Rp 100K minimum!)
Intermediate: Combine SRI-KEHATI + conventional index for balance
Advanced: Build ESG portfolio core + tactical positions

Timeline to Financial Goal:

Year 1-2: Foundation (Rp 24-48M invested, learning impact)
Year 3-5: Acceleration (Rp 177M portfolio value, Rp 8M dividen/year)
Year 5-10: Wealth (Rp 453M, Rp 15M+ annual passive income)

Remember: BNP Paribas SRI Kehati = Investasi Cerdas yang Menguntungkan + Berarti untuk Dunia! 🌍💚📈