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High Portfolio Turnover And Performance Of Equity Mutual Funds

Author

Listed:
  • Pedro Luiz Albertin Bono Milan

    (Fundação Getúlio Vargas - EAESP-FGV)

  • William Eid Junior

Abstract

The active portfolio management aims to outperformance a market portfolio return, however, there is a great discussion among academics and practitioners about the real possibilities to outperformance the market portfolio return by an actively portfolio management. This paper shed light on Brazilian market, pursuing the impact of a high portfolio turnover rate in the performance of equity mutual investment funds. The study evidence high turnover rates negatively affecting the performance of the funds. Furthermore, the performance fee and the size effect are important aspects to acces better performance.

Suggested Citation

  • Pedro Luiz Albertin Bono Milan & William Eid Junior, 2014. "High Portfolio Turnover And Performance Of Equity Mutual Funds," Brazilian Review of Finance, Brazilian Society of Finance, vol. 12(4), pages 469-497.
    • Handle: RePEc:brf:journl:v:12:y:2014:i:4:p:469-497
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    More about this item

    Keywords

    equity mutual funds; active portfolio management; portfolio turnover rate; performance; ; equity mutual funds; active portfolio management; portfolio turnover rate; performance;
    All these keywords.

    JEL classification:

    • G1 - Financial Economics - - General Financial Markets
    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates

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