Estudo do comportamento dos fundos de investimento no Brasil na pandemia de covid-19
Data
2022-02-10
Autores
Silva, Victoria Galan [UNIFESP]
Orientadores
Cazzari, Roberto Bomgiovani [UNIFESP]
Tipo
Trabalho de conclusão de curso de graduação
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Resumo
Este trabalho teve como objetivo analisar o comportamento dos fundos de investimento do Brasil no início da pandemia de COVID-19, a partir de um modelo baseado em retornos ajustados ao risco e análise da mudança de estilo de investimento dos fundos. Neste estudo, foi observado o desempenho dos fundos de ações, cambiais, multimercado e renda fixa ao longo de três fases iniciais da pandemia: a primeira, quando a doença estava limitada à China (1 de janeiro a 30 de janeiro de 2020), a segunda, quando a doença de propagou globalmente (31 de janeiro a 8 de março de 2020) e a terceira, caracterizada pelo contágio mundial (9 de março a 24 de maio). Os resultados obtidos mostram que cada classe de fundo teve resultados diferentes, sendo a classe de ações a mais atingida e a de renda fixa a menor variabilidade, apresentando resultados positivos em todos as fases analisadas. Por meio do estilo de investimento, observou-se uma transição para opções mais seguras, confirmando fuga para ativos de menor risco.
This work aims to analyze the behavior of investment funds in Brazil during the COVID-19 pandemic. For this purpose, it was used a model based on risk-adjusted returns and analysis of the change in the investment style of funds. In this study, the performance of equity, foreign exchange, multimarket and fixed income funds are observed over the three initial phases of the pandemic: the first, when the disease was limited to China (from January 1st to January 30, 2020), the second, when the disease spread globally (from January 31 to March 8, 2020) and the third, characterized by worldwide contagion (from March 9 to May 24, 2020). The results obtained show that each class of funds had different results, with the equity class being the most affected and the fixed income presenting less volatility and positive results for all the phases analyzed. Through investment style analysis, it was observed a transition to relatively safer options, confirming escape to lower risk assets classes.
This work aims to analyze the behavior of investment funds in Brazil during the COVID-19 pandemic. For this purpose, it was used a model based on risk-adjusted returns and analysis of the change in the investment style of funds. In this study, the performance of equity, foreign exchange, multimarket and fixed income funds are observed over the three initial phases of the pandemic: the first, when the disease was limited to China (from January 1st to January 30, 2020), the second, when the disease spread globally (from January 31 to March 8, 2020) and the third, characterized by worldwide contagion (from March 9 to May 24, 2020). The results obtained show that each class of funds had different results, with the equity class being the most affected and the fixed income presenting less volatility and positive results for all the phases analyzed. Through investment style analysis, it was observed a transition to relatively safer options, confirming escape to lower risk assets classes.
Descrição
Citação
SILVA, Victoria Galan. Estudo do comportamento dos fundos de investimento no Brasil na pandemia de Covid-19. 2022. Trabalho de Conclusão de Curso (Bacharelado em Ciências Atuariais) - Universidade Federal de São Paulo, Escola Paulista de Política, Economia e Negócios, Osasco, 2022.