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Rentabilidad de los fondos de inversión en España. 1991-2007

  • Fernandez, Pablo

    ()

    (IESE Business School)

  • Bermejo, Vicente

    (IESE Business School)

En los últimos 10 y 16 años, la rentabilidad promedio de los fondos de inversión fue inferior a la inversión en bonos del estado a cualquier plazo. En los últimos 10 años la rentabilidad promedio de los fondos fue inferior a la inflación. A pesar de estos resultados, el 31 de diciembre de 2007, 8.264.240 partícipes tenían un patrimonio de €238,7 millardos en los 2.907 fondos de inversión existentes. A lo largo de 2007 el número de partícipes descendió en 555.569 y el patrimonio descendió un 6,1%. Sólo 30 de los 935 fondos con 10 años de historia obtuvieron una rentabilidad superior al benchmark utilizado; sólo 2 de ellos obtuvieron una rentabilidad superior a la del Índice Total de la Bolsa de Madrid. Si la rentabilidad de cada fondo de inversión en los últimos 16 años no hubiera sido la realmente obtenida, sino el benchmark de su categoría, la apreciación de los fondos en el periodo 1992-2007 habría sido €180 millardos en lugar de los €80 millones que obtuvieron. El total de comisiones y gastos repercutidos en este periodo ascendió a €34 millardos.

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Paper provided by IESE Business School in its series IESE Research Papers with number D/737.

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Length: 30 pages
Date of creation: 03 Mar 2008
Date of revision:
Handle: RePEc:ebg:iesewp:d-0737
Contact details of provider: Postal: IESE Business School, Av Pearson 21, 08034 Barcelona, SPAIN
Web page: http://www.iese.edu/

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