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Rentabilidad de los fondos de inversión en España. 1991-2008

Author

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  • Fernandez, Pablo

    () (IESE Business School)

  • Bermejo, Vicente

    (IESE Business School)

Abstract

La rentabilidad promedio de los fondos de inversión en los últimos 3, 5, 10 y 15 años (2,52%; 1,88%; 0,91% y 2,96%) fue inferior a la inflación y a la inversión en bonos del Estado a cualquier plazo. A pesar de estos resultados, los 2.936 fondos existentes tenían un patrimonio de 168 millardos de euros en diciembre de 2008. Sólo 18 de los 1.025 fondos con diez años de historia obtuvieron una rentabilidad superior al benchmark utilizado (sólo uno de ellos obtuvo una rentabilidad superior a la del IBEX 35: 10,4%). 269 fondos proporcionaron a sus partícipes una rentabilidad ¡negativa! Sólo uno de los 306 fondos con 15 años de historia tuvo una rentabilidad promedio superior a la inversión en renta fija del Estado español a 10 años (10%) y a la inversión en el IBEX 35 (11,6%). En estos 15 años, la rentabilidad del ITBM fue del 12,9%; la de una cartera con las acciones que pagaron más dividendo, del 19%, y la de una cartera con las empresas con menor cotización/valor contable; del 25%. En el período 1991-2008, los fondos destruyeron 102 millardos de euros de sus partícipes. El total de comisiones y gastos repercutidos en este período ascendió a 36 millardos de euros.

Suggested Citation

  • Fernandez, Pablo & Bermejo, Vicente, 2009. "Rentabilidad de los fondos de inversión en España. 1991-2008," IESE Research Papers D/788, IESE Business School.
  • Handle: RePEc:ebg:iesewp:d-0788
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    References listed on IDEAS

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    More about this item

    Keywords

    fondos 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
    • M21 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Economics - - - Business Economics

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