Impacto da Pandemia de COVID-19 na performance dos fundos imobiliários lastreados em Shoppings

Abstract

During the recent period of maturation of the Brazilian capital market, the excessive growth of Real Estate Investment Funds (FIIs, however, this expansion was put to the test by the COVID19 pandemic. The use of the lockdown to contain the virus caused greater impacts on sectors of FIIs linked to commerce. Therefore, within a general perspective for FIIs, this study sought to identify the impacts caused by the pandemic on the performance of real estate funds with assets backed in shopping malls, evaluating the effect of the lockdown on behavior this specific segment of FIIs. Therefore, this study evaluates the performance of FIIs - measured through the Sharpe ratio, Treynor index and Jensen's Alpha - using the Real Estate Investment Funds Index (IFIX) as a proxy for the theoretical portfolio market, leading to a descriptive analysis of (non)parametric correlation (Spearman and Pearson) and analysis of variance (ANOVA) of the obtained data. The results indicated a strong influence of the lockdown on the performance of funds. Furthermore, it was identified that the performance of FIIs backed by shopping malls may be associated with the administration fees charged by managers, since the FIIs with lower collections of this fee stood out – ABCP11 and FVPQ11. Limitations of the study are the small number of FIIs analyzed, the achievement of negative returns in the performance indices (Sharpe and Treynor), as well as the impossibility of using Jensen's alpha, making performance comparisons between the FIIs and their managers impossible.