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Rentabilidad de los Fondos de Pensiones en España. 2001-2011

Author

Listed:
  • Fernandez, Pablo

    () (IESE Business School)

  • Aguirreamalloa, Javier

    (IESE Business School)

  • Corres, Luis

    (IESE Business School)

Abstract

En el periodo comprendido entre diciembre del 2001 y diciembre de 2011, la rentabilidad del IBEX 35 fue del 4,3%, y la de los bonos del Estado a diez años, del 5,13%. De entre los 532 fondos de pensiones con diez años de historia, solo 2 superaron la rentabilidad de los bonos del Estado a diez años; solo 3 superaron el 4% de rentabilidad; y 191 tuvieron una rentabilidad promedio negativa. A su vez, los 191 fondos con rentabilidad negativa tenían, en diciembre de 2011, 1,7 millones de partícipes y un patrimonio de 6.246 millones de euros. El decepcionante resultado global de los fondos se debe a las elevadas comisiones, a la composición de la cartera, y a la gestión activa. Este documento también incluye una clasificación de las gestoras de fondos y realiza un análisis de por qué no es razonable la discriminación fiscal a favor de los fondos. En muchos casos, los inversores perdieron la desgravación fiscal con la que el Estado les indujo a invertir en fondos de pensiones en menos de cinco años. Obviamente, el Estado tiene alguna responsabilidad en las pérdidas que millones de contribuyentes han sufrido y siguen sufriendo.

Suggested Citation

  • Fernandez, Pablo & Aguirreamalloa, Javier & Corres, Luis, 2012. "Rentabilidad de los Fondos de Pensiones en España. 2001-2011," IESE Research Papers D/947, IESE Business School.
  • Handle: RePEc:ebg:iesewp:d-0947
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    References listed on IDEAS

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    1. Xiaohong Huang & Ronald Mahieu, 2012. "Performance Persistence of Dutch Pension Funds," De Economist, Springer, vol. 160(1), pages 17-34, March.
    2. Lakonishok, Joseph & Shleifer, Andrei & Vishny, Robert W., 1992. "The Structure and Performance of the Money Management Industry," Scholarly Articles 10498059, Harvard University Department of Economics.
    3. Allan Timmermann & David Blake, 2005. "International Asset Allocation with Time-Varying Investment Opportunities," The Journal of Business, University of Chicago Press, vol. 78(1), pages 71-98, January.
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    Keywords

    fondos pensiones; fondos inversión; rentabilidad partícipes; benchmark;

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