Análise do grau de atratividade de fundos de renda fixa: uma abordagem multicriterial da estrutura de oferta ultilizando DEA

Abstract

This article discusses the attractive rate of the fixed-income funds of the three greatest retail banks in Brazil. Using the offer framework characteristics of the fixed-income funds and each annual return, separated by risk strata, and applying the DEA (Data Envelopment Analysis) methodology with the goal to measure the competitive condition of each fund in terms of attractiveness, through a cost/ benefit analysis. Despite of the differences in terms of attractiveness it was not noticed, in the results, differences that could be attributed to the institutions, to the types (short term, referential and fixedincome) or to the terms (short or long). To conclude, the best performance in terms of offer framework and returns is related to the individual characteristics of funds, it was not found any advantage that could be attributed to a group (asset manager, type or term).