Pada artikel kali ini kita akan belajar bagaimana membuat portofolio saham, untuk itu kita akan belajar dari Saratoga. Saratoga sendiri merupakan perusahaan investment company yang sudah listing di IHSG dengan kode SRTG. Dimana saham mayoritas dimiliki oleh keluarga Soeryadjaya dan Sandiaga Uno.
Pada tulisan sebelumnya kalian seharusnya sudah membaca bagaimana pentingnya membuat alokasi aset dari kisah Tim dan Tom. Kita juga sudah belajar bagaimana membuat alokasi aset, dimana kita belajar bagaimana hasil dari aplikasi portofolio 4 musim miliki Ray Dalio.
Baca juga: Aplikasi Portofolio 4 musim Ray Dalio di IHSG
Karena sebagian besar pembaca portal ini berinvestasi di saham, mari kita belajar bagaimana membuat diversifikasi saham. Kita akan belajar dari salah satu ahlinya yaitu Saratoga, dimana modal investasi mereka sekitar 23 triliun rupiah.
Diversifikasi Saham vs Alokasi Aset
Banyak orang yang masih bingung dan menyamakan alokasi aset itu sama dengan diversifikasi saham. Jawabannya, itu dua hal yang sebenarnya berbeda.
Ketika kita bicara tentang alokasi aset artinya kita membagi modal investasi aset kita kedalam kelompok aset yang berbeda seperti saham, obligasi, logam mulia, dan lain-lain.
Ketika kita bicara tentang diversifikasi saham, artinya persentase modal yang kita tanamkan kedalam saham, dibagi menjadi beberapa saham yang berbeda. Jadi diversifikasi saham hanya berbicara untuk satu kelompok investasi, yaitu saham itu sendiri.
Kenapa kita perlu melakukan diversifikasi saham? karena kita manusia biasa yang bisa salah. Sehebat apapun analisa kita, kita bisa salah. Investor hebat seperti Warren Buffet bisa cut loss di saham airlines, Masayoshi Son (Softbank) menderita kerugian dari investasi di WeWork, ataupun Lo Kheng Hong yang mungkin tegang ketika investasi di BUMI dari harga 1.000 hingga dia terus average down sampai ke harga 50, dan berhasil epic comeback taking profit di harga 500 (harga penjualan dibawah harga pembelian awal). Apalagi kita, yang memiliki batasan dana, pengetahuan, koneksi dan sumber daya yang jauh berbeda dengan mereka.
Kita juga bisa jadi memilih investasi yang salah, untuk itu kita perlu melakukan diversifikasi saham. Hal ini akan meminimalisasi risiko investasi saham kita.
Bagaimana Saratoga Membuat Diversifikasi Saham?
Tulisan ini saya buat berdasarkan annual report saratoga tahun 2019 yang belum lama ini sudah bisa download di stockbit. Ketika tulisan ini dibuat, sayangnya annual report SRTG ini belum dipublish di website perusahaannya.

Kita bisa melihat Saratoga membagi diversifikasi saham kedalam 3 sektor, yaitu:
- Sumber daya alam : Perusahaan sektor mining dan plantation masuk kedalam sektor ini.
- Infrastruktur : Perusahaan sektor infrastruktur masuk kedalam sektor ini.
- Konsumen : Sektor ini tidak sama dengan sektor consumer di IHSG. Perusahaan dalam kategori consumer, trading dan semua sektor yang berkaitan dengan pelanggan akhir masuk kedalam kategori ini.
Selain dari sektor industri, Saratoga juga membagi diversifikasi saham kedalam 2 klasifikasi perusahaan, yaitu:
- Fokus pada pertumbuhan
- Mapan
Sayangnya tidak dijelaskan, bagaimana mereka membagi kedalam fokus pada pertumbuhan ataupun mapan. Tadinya saya mengira dari market capitalization perusahaan.
Tetapi MDKA yang punya market capitalization sekitar 29 triliun rupiah masih masuk kedalam klasifikasi fokus pada pertumbuhan, sedangkan MPMX yang market capitalization sekitar 2,5 triliun rupiah masuk kedalam klasifikasi mapan.
Sehingga saya merasa mereka punya kriteria lain untuk penentuan klasifikasi perusahaan fokus pada pertumbuhan atau mapan ini.
Daftar Portofolio Saham Saratoga

Saya coba membuat listing saham yang masuk kedalam portofolio Saratoga (SRTG), saya temukan ada 24 perusahaan. Dimana ada 7 perusahaan yang sudah listing di IHSG, yaitu:
- MDKA : Merdeka Copper Gold
- PALM : Provident Agro
- ADRO : Adaro Energy
- AGII : Anega Gas Industri
- NRCA : Nusa Raya Cipta
- TBIG : Tower Bersama Infrastructure
- MPMX : Mitra Pinasthika Mustika
Dari 24 perusahaan itu, sayangnya penulis tidak bisa menemukan data nilai investasi Saratoga (SRTG) di beberapa perusahaan dibawah ini:
- AGRA – PT. Agra Energi Indonesia, bergerak dalam eksplorasi minyak dan gas.
- AMARA – PT. Agro Maju Raya, bergerak dalam bidang bio technology.
- TLG – PT. Tenaga Listrik Gorontalo, bergerak dalam bidang pembangkit listrik.
- PT. Tri Wahana Universal, bergerak dalam penyediaan kilang minyak.
- FABS – PT. Famon Awal Bros Sedaya, bergerak dalam layanan kesehatan (rumah sakit).
- Deltomed Laboratories, bergerak dalam produksi obat herbal.
- Provident Growth Fund, bergerak sebagai perusahaan investasi startup teknologi.
- SC Technology, bergerak sebagai perusahaan jasa IT.
- FJBL – PT. FJB Lifestyle, bergerak dalam distribusi produk jam casio di Indonesia.
- GAP – PT. Gilang Agung Persada, bergerak dalam retail fashion dengan brand (GAP, Guess, LaSenza, VNC, Superdry, Banana Republic, Celine, Givenchy, Casio, Swarovski, Citizen, Nautica, dan lain-lain
- Momenta – Penyedia layanan training & leadership
- PT.Bumi Hijau Asri & PT.Satria Sukses Makmur bergerak dalam bidang properti dan sewa.
Sehingga untuk perusahaan-perusahaan tersebut, penulis keluarkan dari data yang diambil untuk riset kali ini.
Pembagian Diversifikasi Saham Saratoga
Berdasarkan data dari annual report 2019 Saratoga, Penulis mencoba mengolah data dan membuat data lookup untuk diversifikasi saham Saratoga. Hasilnya sebagai berikut:

Jika kita melihat data diatas, Saratoga membuat diversifikasi saham:
- 75% di perusahaan yang sudah mapan.
- 25% di perusahaan yang masih fokus pada pertumbuhan.
Seperti yang kita tahu, berinvestasi pada perusahaan fokus pada pertumbuhan (biasanya market capitalization kecil) tentu bisa memberikan imbal hasil yang lebih besar dibandingkan perusahaan mapan (market capitalization besar). Tapi di satu sisi, investasi di perusahaan fokus pada pertumbuhan memiliki risiko yang lebih besar. Maka wajar, jika alokasi di perusahaan yang sudah mapan jauh lebih besar angkanya dibandingkan ke perusahaan yang masih fokus pada pertumbuhan.
Saratoga membuat diversifikasi saham berdasarkan sektor, dengan alokasi sebagai berikut:
- Infatruktur – 36.73%.
- Konsumen – 6.76%.
- Sumber Daya Alam – 56.52%.
Untuk sektor industri, menurut saya silahkan sesuaikan dengan preferensi masing – masing.
Untuk sektor industri, menurut saya silahkan sesuaikan dengan preferensi masing – masing. Karena ini sudah masalah selera, dan setiap orang punya selera yang berbeda-beda. Tapi gambarannya sebagai berikut:
– Konsumen : Tipe saham defensif
– Infrastruktur : akan menarik jika rupiah menguat (USD melemah)
– Sumber Daya Alam : akan menarik jika rupiah melemah (USD menguat)
Ketiga sektor ini sebenarnya saling melengkapi untuk kondisi ekonomi yang berbeda.
Jika anda penasaran dengan saham apa yang paling banyak dimiliki Saratoga (SRTG) dalam nilai rupiah, anda bisa lihat di tabel dibawah ini:
mantap pak infromasinya, terima kasih
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