Fundos de investimentos em ações brasileiros: um estudo sobre gestão ativa

Abstract

This study has the goal of making an analysis of Brazilian equities mutual funds performance between 2010 and 2021 in order to understand the many variable that can be relevant to the profitability of the different kinds of strategies of these funds. There is a considerable debate within the academy and the financial market players about the hability of portfolio manangers and investor to perform better than the investments indexes, while making an active investing, according the Efficient Markets Hypothesis (EMH); once there are some investors who create value over its benchmarks along the time, it’s relevant to make an investigation about the reasons why some may have better profitabilty than others. Therefore, data collected from Anbima and CVM were used to creat an econometric model for the performance analysis of the Ibovespa Index between 01/01/2010 and 01/01/2021. Along the study, the output found was that independent asset managements and those who didn’t belong to any of the five main brazilian financial institutions, whose funds were classified as Anbima Ações Livres, with greatest assets under management and largest track record tend to have a better performance. On the other hand, funds of the five biggest brazilian financial institutions with the strategy classification of Anbima Índice Ativo, tend to have worst results.