Análise do desempenho recente dos fundos ações Ibovespa ativo e ações IBrX ativo

Abstract

The investment fund industry in Brazil has faced a huge growth in the last twenty years. To get an idea of how strong this growth has been, in 1994, there was 924 investment funds in Brazil, corresponding to a net worth of R$ 46 billion. In the end of 2013, there was 14.151 funds, which amounted to a net worth of over R$ 3,7 trillion. Despite this large recent growth, experts say there is still much room for growth of investment funds in Brazil, pointing that, while in Brazil the average equity of the funds is approximately US$ 151 million, in the United States it is US$ 1,627 million. This paper aims to conduct a general study on the investment funds in Brazil, analyzing their main objectives and advantages, its management and administration and major fees charged to investors. It will also study the main indices that serve as reference for analyzing the performance of the funds, and also the official classification of investment funds and the assets that each class of fund should prioritize in their patrimony. It will also be examined whether investment funds classified as “Ações Ibovespa Ativo” and “Ações IBrX Ativo” obtained in the period 2004-2013, more than their benchmarks (Bovespa Index and IBrX, respectively) return.