Equity Mutual Funds in Spain (Fondos de Inversión de Renta Variable Nacional 1991-2006)

Abstract

During the last 3, 5, 10 and 15 years, the average return of the equity mutual funds in Spain was 600 basis points smaller than the average return of the Spanish Index ITBM. Nevertheless, on December 31, 2006, 348,000 investors in the 120 existing equity mutual funds had 10.7 billion euros. Only one of the 43 equity mutual funds with 10-year history outperformed the benchmark.

Note: Downloadable document is in Spanish.

Keywords: Spain, equity mutual funds, fondos de inversión, CNMV, INVERCO, benchmark, apreciación de los fondos, TER

JEL Classification: G12, G31, M21