<![CDATA[Abstrak. Fluktuasi ekonomi Indonesia dari tahun 2018-2022 didorong oleh berbagai faktor eksternal dan internal, dengan pandemi Covid-19 menyebabkan ketidakstabilan yang signifikan dan resesi. Kebijakan ekonomi yang membatasi mobilitas masyarakat memengaruhi variabel makroekonomi utama, termasuk PDB, inflasi, suku bunga, dan nilai tukar. Ketidakstabilan ini juga memengaruhi nilai aktiva bersih (NAB) reksa dana saham, meskipun minat investasi di sektor ini tetap tinggi. Penelitian dilakukan untuk memeriksa hubungan antara PDB, inflasi, suku bunga, dan nilai tukar selama periode ini menggunakan metode kuantitatif deskriptif. Data dari Badan Pusat Statistik, Bank Indonesia, dan Otoritas Jasa Keuangan dianalisis dengan perangkat lunak Eviews 12. Hasil penelitian menunjukkan bahwa NAB reksa dana saham tidak dipengaruhi secara signifikan oleh PDB, suku bunga, dan nilai tukar, tetapi inflasi memiliki dampak yang signifikan. Secara keseluruhan, PDB, inflasi, suku bunga, dan nilai tukar memiliki hubungan negatif dan tidak signifikan dengan NAB, kecuali inflasi yang memiliki efek positif dan signifikan. Abstract. Indonesia's economic fluctuations from 2018-2022 were driven by both external and internal factors, with the Covid-19 pandemic causing significant instability and a recession. Economic policies that restricted public mobility impacted key macroeconomic variables, including GDP, inflation, interest rates, and exchange rates. This instability also influenced the net asset value (NAV) of equity mutual funds, despite high investment interest in the sector.A study was conducted to examine the relationships between GDP, inflation, interest rates, and exchange rates over this period using descriptive quantitative methods. Data from the Central Statistics Agency, Bank Indonesia, and the Financial Services Authority were analyzed with Eviews 12 software.Results showed that NAV of equity mutual funds was not significantly affected by GDP, interest rates, and exchange rates, but inflation had a significant impact. Overall, GDP, inflation, interest rates, and exchange rates had a negative and insignificant relationship with NAV, except for inflation, which had a positive and significant effect.]]>
