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Rentabilidad de los fondos de inversión de renta variable nacional en España (1991-2006)

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  • Fernandez, Pablo

    () (IESE Business School)

  • Carabias, Jose M.

    (IESE Business School)

  • Miguel, Lucia

    (IESE Business School)

Abstract

La rentabilidad media de los fondos de inversión en renta variable nacional durante los tres, cinco, diez y quince últimos años fue inferior a la del ITBM (Indice Total de la Bolsa de Madrid) en más de un 6%. De los 43 fondos con diez años de historia, sólo uno (Bestinver Bolsa, que hizo honor a su nombre) consiguió una rentabilidad superior a la del ITBM. Veinticuatro de estos fondos tuvieron todos los años una rentabilidad inferior a la del ITBM. Sólo dos de los 99 fondos con tres años de historia consiguieron una rentabilidad superior al ITBM (Bestinver Bolsa y Metavalor). Si la rentabilidad de cada fondo de inversión en los últimos quince años no hubiera sido la realmente obtenida, sino la del ITBM, la apreciación de los fondos en el período 1991-2006 habría sido de 13.753 millones de euros en lugar de los 6.480 millones de euros que obtuvieron. El total de comisiones y gastos repercutidos en este período ascendió a unos 1.400 millones de euros. El resto se debe a comisiones ocultas y a decisiones de inversión mejorables.

Suggested Citation

  • Fernandez, Pablo & Carabias, Jose M. & Miguel, Lucia, 2007. "Rentabilidad de los fondos de inversión de renta variable nacional en España (1991-2006)," IESE Research Papers D/695, IESE Business School.
  • Handle: RePEc:ebg:iesewp:d-0695
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    More about this item

    Keywords

    fondos de inversión; rentabilidad partícipes; benchmark; apreciación fondos;

    JEL classification:

    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • G31 - Financial Economics - - Corporate Finance and Governance - - - Capital Budgeting; Fixed Investment and Inventory Studies
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

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