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Research aims to explore the influence of robo-advisor usage, trust in artificial intelligence (AI), financial literacy, and risk tolerance on investment behavior and its impact on the portfolio performance of retail investors in Indonesia. This study applies a quantitative approach, collecting data from 100 respondents who use investment applications such as Bibit, Ajaib, and Bareksa through the distribution of structured questionnaires with a 5-point Likert scale. Data analysis was carried out using the Structural Equation Modeling (SEM) technique. The results indicate that the four independent variables robo-advisor usage, trust in AI, financial literacy, and risk tolerance significantly affect investment behavior, which in turn has a positive effect on portfolio performance. High trust in AI combined with strong financial literacy fosters more disciplined and rational investment behavior. These findings highlight the importance of effective AI technology integration, improving financial literacy, and managing risk preferences to enhance investment decision-making quality and financial well-being. The study contributes to behavioral finance literature and offers practical implications for fintech developers and policymakers in emerging markets.

Research of stock portfolio performance based on market to book value (PBV) and market capitalization are still a debate and pro kontra. The purpose of this research is to analyze the performance of stock portfolio based on PBV and market capitalization. The samples of this study Jakarta Islamic Indeks (JII)  during periode 2020-2022. Total Observation of 60 was determined by purposive sampling method. Performance of stock portfolio based on PBV is devided by 2 format stock portfolios, namely: PBV high and PBV low. For market capitalization is devided by 2 format stock portfolio namely : big market capitalization and small market capitalization. All of them are measured by Risk  Adjusted Return (index of Sharpe and Treynor). The result of these research is stock portfolio performance namely PBV low is outperform than PBV high, big market capitalization and small market capitalization which measured by index Sharpe and index Treynor during periode 2020 – 2022 at Jakarta Islamic Indeks (JII). The implication of this study suggests to perform of  stock performance namely PBV low which havethe  potential high earning growth because PBV less than one, means undervalued.

Stock Prices Fluctuation affected by market conditions indicates that the company is not doing well. Fluctuations in the share price of Sinarmas Sekuritas Indonesia are influenced by unstable market conditions. The aim of this study is to find out whether the stocks which have been recommended by PT. Sinarmas Sekuritas Indonesia 2021 is superior or inferior. The data used in this study were in the form of secondary data contained in the Market Outlook published by PT. Sinarmas Sekuritas Indonesia, which consisted of 33 stocks during the research period. Moreover, this type of research used case studies. The result of the study shows that the value of the regression constant is negative with a significance value smaller than the significance level of 0.05. Thus, it can be concluded that the performance of PT Sinarmas Sekuritas Indonesia's stock portfolio for the January–December 2021 period is inferior which shows that the performance of the portfolio with the index has bad performance. In addition, companies whose shares have good performance are expected to maintain their company's performance, while companies that have bad performance can improve their company's performance.