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Poor performance of mutual funds in Spain. 1991-2007

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  • Fernandez, Pablo

    ()
    (IESE Business School)

  • Bermejo, Vicente J.

    (IESE Business School)

  • Bilan, Andrada

    (IESE Business School)

Abstract

Over the past 10 and 16 years, the average return on mutual funds in Spain was lower than the average return on government bonds at any term. Over the past 10 years, the average return on the funds was lower than inflation. In spite of these results, on December 31, 2007, 8,264,240 investors held 238.7 billion euros in the 2,907 mutual funds then in existence. During 2007, the number of shareholders fell by 555,569 and the value of their assets, by 6.1%. Only 30 of the 935 mutual funds with a 10-year history outperformed the benchmark and only two of them outperformed the overall index of the Madrid Stock Exchange (ITBM). If in the past 16 years every mutual fund had achieved the benchmark return for its category, the gain in value would have been 180 billion euros, instead of the actual figure of 80 billion euros. Total fees and other expenses for the period amounted to 34 billion euros.

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Bibliographic Info

Paper provided by IESE Business School in its series IESE Research Papers with number D/746.

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Length: 27 pages
Date of creation: 23 Apr 2008
Date of revision:
Handle: RePEc:ebg:iesewp:d-0746

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Postal: IESE Business School, Av Pearson 21, 08034 Barcelona, SPAIN
Web page: http://www.iese.edu/
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Keywords: mutual funds; return to shareholders; benchmark; appreciation of the funds:;

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