Abstract
In this article we analyze the effect of net funding (difference between new investments and redemptions occurring in the period) on the turnover of Brazilian equity fund portfolios. Turnover indicates the level of change in equity allocations in the period and in this study the proxy used was the Churn Rate. The database has 1,461 funds. The main results suggest a positive effect of net funding on turnover in equity portfolios of the sample funds. A moderation relationship could also be observed in the relationship between funding and turnover when considering funds that can invest abroad.
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