The performance of open-end Brazilian fixed income mutual funds for retail clients

• Ano de defesa: 2013
• Autor(a) principal: Weintraub, Abraham Bragança de Vasconcellos
• Orientador(a): Ridolfo Neto, Arthur
• Tipo de documento: Dissertação
• Tipo de acesso: Acesso aberto
• Idioma: eng
• Palavras-chave em Inglês: Financial research; Investment's performance; Mutual funds; Statistical modeling; Electronic platforms of investment (tesouro direto)
• Link de acesso: http://hdl.handle.net/10438/11275

From a financial perspective, this dissertation analyzes the Brazilian mutual fund industry performance for an average retail client. The most representative funds for the local population, that are the fixed income open-end ones, will be selected and their performance will be measured aiming to answer if clients of this industry obtained a proper return over their investments in the period between August 2010 and August 2013. A proper return will be understood as the preservation of the purchasing power of the individual´s savings, what is achieved with a positive performance of a mutual fund after discounting taxes, administrative fees and inflation. After obtaining an answer for the previous question, this dissertation will explore a possible alternative solution: Tesouro Direto, that is an example of a financial approach that could foster the disintermediation between savings and investments through electronic channels. New electronic platforms, with a broader scope, could be utilized to increase the efficiency of funding productive investments through better remunerating Brazilian savings. Tesouro Direto may point towards a new paradigm.