Resumen

DUTTO, Martín; MICEO, Romina M.; ARMBRUSTER, Christian  y  NARVAEZ, Marcos. Fee structures and outcomes in the investment fund industry of the United States. SaberEs [online]. 2021, vol.13, n.2, pp.195-212. ISSN 1852-4418.

Abstract. Within the Investment Fund Industry, it is possible to distinguish two different fee structures, depending on the incentives and the management style they adopt. On the one hand, the "Asset Funds" charge a fixed percentage of the total assets under management. On the other hand, the “Mixed Funds” add a percentage for performance, when the Fund exceeds in return its Reference Index. Therefore, through an econometric model, the performance obtained by a sample of Stock Funds was compared between the months of January 2007 and June 2017 in gross and net terms. The first comparison was made without adjusting for risk level; and the second, adjusted accordingly, using the simple CAPM model and the expanded version of Fama and French. The main results showed that, under none of the three models, the Mixed showed a statistically significant difference over the Assets in net terms. While, in gross terms, the result was less decisive; only under simple CAPM did the seconds outnumber the first. This allows us to conclude that, for the sample considered, the performance of the Mixed Funds did not show a statistically significant difference over that of the Assets.

Palabras clave : Return; Capital Asset Pricing Model (CAPM); Risk.

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