<![CDATA[Background: The growth of the mutual fund industry in Indonesia over the last decade has shown significant development, driven by increased financial literacy, the development of financial technology, and the dominance of retail investors in the capital market. Objective: This study aims to analyze the effect of stock market and bond market performance on the growth of mutual fund assets under management in Indonesia, as well as identify the most dominant factor influencing this growth. Methods: The study uses a quantitative approach with monthly time series data from November 2010 to December 2025. The analysis was conducted using the Ordinary Least Squares (OLS) method with Newey-West correction and robustness checks through Robust Regression and Quantile Regression. Results: Stock market performance has a robust and significant effect on the growth of mutual fund assets under management, with an asymmetric response in which the negative return component is the most consistent channel across all three specifications. Bond market performance has a positive effect with moderate empirical support. Stock market volatility is consistently negative in sign but does not reach statistical significance, while bond market volatility shows no systematic effect. The relative dominance test indicates that the difference between the two markets is not statistically significant, so their contributions to the growth of assets under management are relatively balanced. Conclusion: This study contributes to the mutual fund literature in emerging markets through focus on the Indonesian market, which is dominated by retail investors within a fintech APERD ecosystem.]]>
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