Abstract

ANDREU-SANCHEZ, Laura; ORTIZ-LAZARO, Cristina  and  SARTO-MARZAL, José Luis. Internationalization of the spanish industry of investment funds and changes of categories. Innovar [online]. 2010, vol.20, n.37, pp.195-206. ISSN 0121-5051.

This article shows the evolution of investment funds from the perspective of portfolio composition. During the period from 1999-2006 there was a significant increase in international diversification, both at the level of participants due to the growth of the international funds as well as at the level of managers, in so far as they increasingly incorporate larger percentages of international assets into their portfolios. The dynamism of the investment fund industry induces frequent changes of categories. Theoretically, these changes arise from modification of the investment policy. However, it is empirically shown that investment funds can abandon a category for reasons more related to marketing.

Keywords : investment funds; portfolio composition; international diversification; investment vocations.

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