The interplay between financial institution like mutual fund investment manager is essential for financial and economic stability. This study aims to analyze the direct effect of macroeconomic determinants on net assets value (nav) of equity funds as well as through composite stock price index (IHSG) as intervening variable. This research consists of 12 conventional equity funds investment management agent listed in Financial Services Authority (OJK) statistical data, from the period from 2015 to 2019. The data used in this study were analyzed using partial least square and carried out with the help of software WarpPLS 6.0. The novelty of our work is to identify  the Composite Stock Price Index (CSPI) as the mediating variable for the relationship of three exogenous variables on NAV respectively. Our results show that a sharp increase in interest rate triggers reduction of Net Asset Value (NAV) of equity funds. Both variables inflation and currency rate index do not affect significantly on NAV. Only the effect of inflation on the net asset value (NAV) on equity funds can not be mediated by CSPI.

Keywords:

 Interest rate, Inflation, Currency rate, Net Asset Value, Composite Stock Price Index.