HIGH PORTFOLIO TURNOVER AND PERFORMANCE OF EQUITY MUTUAL FUNDS

Pedro Luiz Albertin Bono Milan () and William Eid Junior ()
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Pedro Luiz Albertin Bono Milan: Fundação Getúlio Vargas - EAESP-FGV

Brazilian Review of Finance, 2014, vol. 12, issue 4, 469-497

Abstract: The active portfolio management aims to outperformance a market portfolio return, however, there is a great discussion among academics and practitioners about the real possibilities to outperformance the market portfolio return by an actively portfolio management. This paper shed light on Brazilian market, pursuing the impact of a high portfolio turnover rate in the performance of equity mutual investment funds. The study evidence high turnover rates negatively affecting the performance of the funds. Furthermore, the performance fee and the size effect are important aspects to acces better performance.

Keywords: equity mutual funds; active portfolio management; portfolio turnover rate; performance; equity mutual funds; active portfolio management; portfolio turnover rate; performance (search for similar items in EconPapers)
JEL-codes: G1 G11 G12 (search for similar items in EconPapers)
Date: 2014
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Persistent link: https://EconPapers.repec.org/RePEc:brf:journl:v:12:y:2014:i:4:p:469-497

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