Fundos de investimento imobiliário: um framework para análise na tomada de decisão de investimento

Abstract

The approach to the Real Estate Investment Fund (REIF) theme aimed to identify and analyze its main characteristics and variables. The search for knowledge on the subject involved the use of scientific research techniques to identify theoretical references and registration, accounting and financial information on the subject. Publications originating from academia and the market, aimed at the study of variables capable of explaining the profitability of an REIF, were also researched. These variables, according to the frequency they were identified, were given weight to characterize their degree of importance in the process of choosing a fund by the investor. All this information was entered into a framework that assesses the fund's quality and performance, forming a ranking of points. The purpose of this tool is to generate relevant information to help investors choose the candidate fund to integrate their investment portfolio. The collected data were organized into analysis groups according to the source of origin. Based on these groups, scenario simulations and projections of results were carried out through the creation of hypothetical investment portfolios. The portfolios were built with selected assets based on the scoring ranking produced by the framework and their results were compared with the IFIX. This study did not seek to exhaust the subject. On the contrary, it sought to instigate discussion of the topic, proposing a practical application of knowledge formed from academic works and publications in the market. Finally, it was evident from the perspective of investment analysis that the level of success, translated here into greater investor capacity to obtain returns higher than a benchmark, is directly linked to the quantity and quality of information available for decision-making.