Abstract
This study analyzes the relationship between portfolio distribution, management, and composition indicators and the performance of fixed-income funds in Brazil. It provides support to investors when making decisions regarding their investments. A sample composed of 1039 Brazilian fixed-income funds from January 2011 to December 2019 was analyzed using a panel data analysis methodology and considering robust standard errors. The performance fee charged by funds was found to be the variable that most helped increase the performance of Brazilian fixed-income funds. In addition, portfolios characterized by a higher proportion of fixed-income assets, less experienced management, managers concurrently responsible for a large number of funds, and greater net assets contributed substantially to improved fund performance, by generating the best risk-adjusted returns.
Highlights
The growth of investment funds in Brazil is linked with the growth of the country’s overall financial market
According to a survey by ANBIMA (Associação Brasileira das Entidades dos Mercados Financeiros e de Capitais, 2018), the total net equity allocated to investment funds reached the historical mark of R$ 4.78 trillion in 2018
The results indicate that the performance fee charged by the funds was the variable that most helped to increase the performance of Brazilian fixed-income funds
Summary
The growth of investment funds in Brazil is linked with the growth of the country’s overall financial market. According to a survey by ANBIMA (Associação Brasileira das Entidades dos Mercados Financeiros e de Capitais, 2018), the total net equity allocated to investment funds reached the historical mark of R$ 4.78 trillion in 2018
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