Recompound Co-Founder Toby Limanto expects the Jakarta Stock Exchange Composite Index’s (JCI) post-January 2026 slump to increase retail investor demand for the Indonesian investment advisory startup’s structured portfolio advisory services.
The JCI hit an all-time high of 9,133 in January 2026 before falling to 6,127 by the end of May, driven by foreign capital outflows totaling IDR53.97 trillion ($3 billion), a weakening rupiah, and a deepening crisis of investor confidence.
“A licensed, accountable advisor whose credibility is built through transparency and track record rather than peer popularity or algorithmic signals”, Limanto told TNGlobal in an interview.
Founded by Limanto, a former Goldman Sachs analyst and GoTo Financial data scientist Budi Ryan, Recompound provides retail investors with personalized investment recommendations akin to having a personal Chief Investment Officer.
Indonesia’s retail investing sector has expanded rapidly in recent years, fueled by wider access to brokerage platforms and rising financial awareness. But according to Limanto, broader participation has not translated into better outcomes, leaving a gap between market access and portfolio management quality.
“The growth reflects a segment of investors who are moving beyond access and looking for more structured approaches to managing capital, as rising participation has not always translated into more consistent portfolio outcomes,” he said.
“A downturn helps our case because it breaks the illusion that stock investing is easy,” said Limanto. “In a bull market, anyone with a brokerage app looks like a genius. In a drawdown, people get a firsthand education in why discipline and process actually matter.”
Recompound’s fee structure is built around that principle. The platform uses a high-water mark model, also a mechanism borrowed from institutional investing and applied to retail for the first time in Indonesia, charging clients only when their portfolio exceeds its previous peak value.
During periods of underperformance, no fee is collected, Limanto noted, adding that the alignment forces the firm to actively manage every thesis during difficult periods rather than collect passive fees while clients absorb losses.
The model also addresses a longstanding gap in Indonesia’s investment landscape. Formal portfolio management structures such as Kontrak Pengelolaan Dana typically require minimum investments of around IDR10 billion, placing structured advisory well beyond the reach of most retail investors, according to an earlier statement.
Recompound operates as an advisory layer rather than an asset manager, with client funds held in individual brokerage accounts. The startup raised seed funding in October 2024 from Genesia Ventures, STRIVE, and a group of angel investors. It evolved from StockPeek, a social stock platform the founders launched during the 2021 to 2022 retail investing surge, which collapsed under poor retention and a mismatch with Indonesia’s market culture.
Indonesia is a low-trust society, said Limanto, where asking retail investors to follow anonymous peer picks was a fragile foundation. The shift to a credentialed advisory model replaced crowd signals with accountable expertise built over time — trust that, according to Limanto, compounds in much the same way that capital does.
“To play the long game we have to build trust, and to build trust we have to be consistently honest — about our thesis, about our mistakes, about what we don’t know,” said Limanto. “There is no shortcut. That alignment of incentives is the moat.”
Beyond portfolio analysis and reviews, Limanto pointed to a psychological dimension of the service during downturns. A licensed advisor confirming that a thesis remains intact and that a position should be held, he said, gives clients the grounding to stay focused on their careers and lives rather than react to short-term market moves.
The firm’s investment approach centers on owning assets below intrinsic value and holding long enough for underlying businesses to compound. When fundamentals hold, positions hold, Limanto said, regardless of prevailing sentiment.
Licensed investment advisories in Indonesia remain rare, he noted, therefore making Recompound an early mover in a largely unpopulated category at a time when a market drawdown has brought the question of structured portfolio management to the fore for a new generation of retail investors.
“Once trust is in place, the working relationship between client and advisor outlasts any single market cycle,” said Limanto.
Indonesia investment startup Recompound introduces performance-based fee model for retail investors