Performance dos fundos de investimento de renda fixa de crédito privado do Banrisul: uma análise comparativa

Abstract

The growing search for more profitable investments in a scenario of economic recovery and the maintenance of the basic interest rate at its lowest level represents a challenge for third party asset managers to distribute mutual funds with more attractive returns. The main objective of this article was to analyze the performance of Banrisul's private credit fixed income mutual funds with the market’s four main competitors. General data, portfolio composition and profitability data of Banrisul's main funds and competition were collected from the administrators, the Brazilian Securities Commission (CVM) and ANBIMA (Brazilian Association of Financial and Capital Markets Entities). The survey allowed the funds to be classified according to its benchmark returns (CDI), identifying a correlation between the private credit concentration of portfolios, fees charged by funds and performance over the past five years. The results indicated that the portfolio composition of Banrisul-managed private credit fixed income funds had an impact on the performance of these funds, generating a return below the benchmark. Among the surveyed funds, it was possible to identify correlation between concentration in private assets and performance. The survey also found that, overall, the mutual fund industry has reduced exposure to privately issued assets by one-third since 2014.