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Este trabalho final de mestrado procura analisar se a gestão ativa de fundos de investimento europeus cria valor. Para tal, primeiramente, identificaram-se as equipas de gestão com melhor performance num determinado conjunto de fundos de investimento. Seguidamente, averiguou-se se um eventual portefólio, constituído pelos fundos com destaque positivo relativamente às competências dos gestores, teria potencial para apresentar retornos anormais positivos. A motivação para este trabalho centra-se na tentativa de compreender a razão pela qual existem cada vez mais investidores dispostos a apostar numa estratégia passiva. As principais conclusões retiradas desta dissertação refletem-se na possibilidade de obtenção de retornos anormais positivos, através do investimento num portefólio constituído por fundos com registo de desempenho positivo por parte da equipa de gestão. Este trabalho vem reforçar a necessidade de se apurar, de facto, quais são os fundos/equipas de gestão que, através de estratégias de investimento ativas, apresentam retornos anormais positivos, distinguindo-se daqueles que apresentam retornos idênticos ou inferiores a estratégias passivas de investimento.
This master’s dissertation search for analyse whether the active management of European investment funds creates value. To this end, firstly, management teams with better performance were identified in a given set of investment funds. Then, it was investigated whether an eventual portfolio, consisting of funds with a positive highlight regarding the manager’s skills, would potentially present positive abnormal returns. The motivation for this work is centred on trying to understand why there are increasingly more investors willing to bet on a passive strategy. The main conclusions drawn from this dissertation consist on the possibility of obtaining positive abnormal returns by investing in a portfolio of funds with a record of positive performance by the management team. This work reinforces the need to determine, in fact, which are the funds/management teams that, through active investment strategies, present abnormal positive returns, distinguishing from those that present identical or inferior returns to passive investment strategies.
This master’s dissertation search for analyse whether the active management of European investment funds creates value. To this end, firstly, management teams with better performance were identified in a given set of investment funds. Then, it was investigated whether an eventual portfolio, consisting of funds with a positive highlight regarding the manager’s skills, would potentially present positive abnormal returns. The motivation for this work is centred on trying to understand why there are increasingly more investors willing to bet on a passive strategy. The main conclusions drawn from this dissertation consist on the possibility of obtaining positive abnormal returns by investing in a portfolio of funds with a record of positive performance by the management team. This work reinforces the need to determine, in fact, which are the funds/management teams that, through active investment strategies, present abnormal positive returns, distinguishing from those that present identical or inferior returns to passive investment strategies.
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Equipa de gestão Competências Gestão ativa Fundo de investimento Avaliação de desempenho Management team Skills Active management Investment fund Portfolio Evaluation of performance