Revista de Administração do Gestor - Universidade Gama Filho
Revista de Administração do Gestor - Universidade Gama Filho
Revista de Administração do Gestor - Universidade Gama Filho
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1. IntRodução<br />
<strong>Revista</strong> <strong>de</strong> <strong>Administração</strong> <strong>do</strong> <strong>Gestor</strong><br />
best managers of stock funds in the january/1997 to<br />
february/2004 period. The obtained results confirm the<br />
initial expectation that active management in Brazil has<br />
not ad<strong>de</strong>d value to the funds, the same way it occurs in<br />
other countries, consi<strong>de</strong>ring global average of industry.<br />
Otherwise, more <strong>de</strong>tailed analysis permitted us verify<br />
that some managers have achieved exceptional results<br />
in the portfolio management. Our contribution with this<br />
work is to show these information to potential investors,<br />
permitting they can make a process in or<strong>de</strong>r to choice<br />
the best managers in market. In addiction, we hope be<br />
contributing for the general improvement of this market<br />
sector, consi<strong>de</strong>ring that information is essential raw<br />
material for the investment process in capital market.<br />
KeywoRds: Investment, Performance, Funds<br />
A indústria <strong>do</strong>s fun<strong>do</strong>s <strong>de</strong> investimento tem conquista<strong>do</strong> espaço<br />
relevante no merca<strong>do</strong> financeiro e <strong>de</strong> capitais brasileiro ao longo<br />
<strong>do</strong>s últimos anos, ten<strong>do</strong> alcança<strong>do</strong> a marca <strong>de</strong> R$ 520 bilhões em<br />
recursos administra<strong>do</strong>s (posição em fevereiro <strong>de</strong> 2004, segun<strong>do</strong><br />
a Associação Nacional <strong>do</strong>s Bancos <strong>de</strong> Investimentos - ANBID).<br />
Os fun<strong>do</strong>s <strong>de</strong> investimento em títulos e valores mobiliários (FITVm)<br />
apresentavam em fevereiro <strong>de</strong> 2004, um patrimônio líqui<strong>do</strong> total<br />
da or<strong>de</strong>m <strong>de</strong> R$ 34 bilhões. Segun<strong>do</strong> a classificação da ANBID,<br />
<strong>de</strong>sse montante 75% referem-se a fun<strong>do</strong>s <strong>de</strong> ações com gestão<br />
passiva, isto é, tais gestores limitam-se a replicar um índice <strong>de</strong><br />
benchmark <strong>do</strong> merca<strong>do</strong>, a exemplo <strong>do</strong> Ibovespa ou IBx-50, ambos<br />
calcula<strong>do</strong>s pela Bolsa <strong>de</strong> Valores <strong>de</strong> São Paulo (Bovespa).<br />
Já os fun<strong>do</strong>s <strong>de</strong> ações com gestão ativa, apresentavam um<br />
patrimônio líqui<strong>do</strong> total aproxima<strong>do</strong> <strong>de</strong> R$ 8,5 bilhões. Os<br />
gestores <strong>de</strong>sse tipo <strong>de</strong> fun<strong>do</strong> <strong>de</strong> investimento buscam superar<br />
Vol. 1, n. 1, pág. 33-54, jun. 2011<br />
35
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