Tag Archives: Brazil

SPIVA® Latin America Mid-Year 2018 Results

Last week, the SPIVA Latin America Mid-Year 2018 Scorecard was released. The scorecard tracks the performance of active mutual funds in Brazil, Chile, and Mexico through the end of June 2018. Exhibit 1 shows how managers fared against their respective category benchmarks for one-, three-, and five-year lookback periods. In the short- and long-term periods, Read more […]

Other Strategies for Fixed Income in Brazil

Over the past 10 years, the highest overnight reference rate from the Brazilian Central Bank has been 14.25% from July 2015 through September 2016. In an attempt to hold back the depreciation of the Brazilian real and to keep inflation within the target range, the reference rate dropped 775 bps to 6.50% at the end Read more […]

Performance Analysis of Liquidated Funds in Brazil – Part II

In this blog, we estimate the impact of survivorship bias on the performance of active equity funds in Brazil compared with the benchmark, the S&P Brazil BMI. We do so by replicating the outperformance report from the SPIVA® Year-End 2017 Latin America Scorecard, while removing all the liquidated and merged funds. We noted in a Read more […]

Introducing the Persistence Scorecard for Latin America

Following similar studies performed by S&P Dow Jones Indices on active funds in the U.S. and Australia, we introduce the Persistence Scorecard to the Latin America region. The two aforementioned studies have demonstrated that top-performing active funds have little chance of repeating that success in subsequent years. To determine if similar conclusions can be made Read more […]

Performance Analysis of Liquidated Funds in Brazil

Since 2015, S&P Dow Jones Indices has been reporting on the performance of actively managed equity funds in Brazil through the S&P Indices Versus Active (SPIVA®) Latin America Scorecard. Aside from the performance of the funds, we observed that a significant number of Brazilian equity funds have liquidated or merged within the past five years. Read more […]

SPIVA® Latin America – Active Versus Passive in Latin America

The SPIVA Latin America Year-End 2017 Scorecard, which tracks the performance of active funds in Brazil, Chile, and Mexico relative to category benchmarks, was recently released. To ensure that the report is as relevant as possible to market participants, the S&P/BMV IRT, the total return version of the S&P/BMV IPC, is being introduced as the Read more […]

Feliz Año Nuevo From Latin America

After Donald Trump became the 45th president of the U.S., the Dow® hit the 20,000 mark for the first time in history, there was a total solar eclipse, along with massive hurricanes, floods in Colombia, earthquakes in Mexico, a referendum in Catalonia, and the New England Patriots made an historic comeback in Super Bowl LI, Read more […]

Sustainability Landscape in Brazil

At the annual ABRAPP (Associação Brasileira das Entidades Fechadas de Previdência Complementar, the organization representing pension fund managers in Brazil) conference, sustainability was one of the headline topics.  The conference allowed for in-depth discussions with Brazilian institutional investors, regulators, officials from B3 (formerly known as Bovespa and now the largest exchange in Latin America), trade Read more […]

Comparing Active and Passive in Latin America – SPIVA® Latin America

The SPIVA Latin America Mid-Year 2017 Scorecard was released this week.  The report covers Brazil, Chile, and Mexico in selected fund categories.  In line with the rest of the world, widespread gains were seen in both fixed income and equity markets in Latin America in the first six months of 2017. The recent rise in Read more […]

A View of Central Banks in Latin America

On June 22, 2017, Mexico’s Central Bank (Banxico) made another hike in its policy rate, saying that it was consistent with the efficient convergence process of the 3% inflation objective.  For Banxico, this is the fourth adjustment of the year, and the 19th since Banxico started a rising rates cycle in late 2015.  With all Read more […]