Impacto da taxa de administração na performance de fundos de investimento em renda fixa

Abstract

This work is a study on the impact of the administration fee on fixed income investment funds. The purpose of this work is to verify if the collection of the management fee of fixed income investment funds is justified by the performance of the fund. That is, this study intends to accept or rule out the hypothesis that the fixed income fund investor can dispense with high management fees to optimize his earnings. The data available on the information platform of ANBIMA were used, where a total of 2,132 funds were collected and analyzed, whose profitability and management fee data refer to the year 2015. As a measure of performance, it was decided to use the Sharpe Index, and, for the risk-free rate, the Selic rate. This is a quantitative, descriptive and documentary research. The results show that the incidence of administration rate is not positively related to a good fund performance. When calculating the correlation between the variables, the result obtained indicates that the lower the performance of the fund, the higher the administration rate. By analyzing and interpreting the collected data, and the performance measure applied to the analysis of these data, it is possible to conclude that, in 2015, the funds exempt from the administration rate obtained better average results when compared to funds with the incidence of the administration fee.