Performance e Foco do Gestor em Fundos Multimercados

Abstract

Resumo O objetivo principal com este artigo foi analisar a relação entre o foco do gestor e a performance dos fundos de investimentos multimercados. Com base em estudos anteriores, o modelo de pesquisa também considerou o foco da família administradora. A base de dados foi composta por 2.942 fundos no período de janeiro de 2012 a dezembro de 2015. Observou-se que o foco da família de fundos apresentou relação positiva com o desempenho, assim como o foco do gestor em fundos multimercados; porém, essa relação não foi persistente para diferentes medidas de performance como variável dependente. Com base nesses resultados, evidenciaram-se, nesta pesquisa, variáveis que podem ser utilizadas por cotistas de fundos de investimentos para a alocação de seus recursos no mercado financeiro.Palavras-chave: Investidores institucionais. Gestão ativa. Economia de escala. Abstract The aim of this research is to analyze the relationship between managers’ focus and the performance of multimarket investment funds. Grounded in previous research, the quantitative model of this study also involves the focus of funds families. The database is comprised of 2,942 investment funds in the period from january 2012 to december 2015. We observed that both managers’ focus and families’ focus in the category of multimarket funds have a positive effect on the performance of investment funds. Nevertheless, the positive effect of these variables is not consistent among different indexes of performance. Based on these results, this research discloses some variables that investors can use in order to allocate their financial resources in the capital market.Keywords: Institutional investors. Active management. Economies of scale.

Fundos de investimento multimercado: a liberdade de ação do gestor importa?

“…Managers may try to benefit from the asymmetry of information existing in the investment fund industry (Moreira, Tavares & Malaquias, 2017). Performance measures can be manipulated (Goetzmann, Ingersoll, Spiegel, & Welch, 2007), and there are several studies, such as Roquete, Maranho, Klötzle, and Pinto (2016), that try to understand the abnormal movement of resources prior to the half-yearly closing, which can be interpreted as the manager's attempt to inflate stocks, even if artificially, in the period before the measurement of the performance rate.…”

“…Fund managers may use privileged information gained due to the market's information asymmetry for their own benefit (Moreira, Tavares, & Malaquias, 2017). Although the regulation provides on stating the funds' level of risk, the numerous performance and risk measures can be manipulated, leading to conflict of interest between investors and managers (Goetzmann, Ingersoll, Spiegel & Welch, 2007).…”