Resumo

CAYON FALLON, EDGARDO; DI SANTO ROJAS, TOMÁS RICARDO  e  RONCANCIO PENA, CAMILO. EVIDENCE OF ACTIVE MANAGEMENT OF PRIVATE VOLUNTARY PENSION FUNDS IN COLOMBIA: A PERFORMANCE ANALYSIS USING PROXY ETFs. estud.gerenc. [online]. 2010, vol.26, n.115, pp.13-38. ISSN 0123-5923.

The purpose of this study is to find evidence that shows that either active management of private pension funds in Colombia actually adds value to the investors or, on the contrary, investors would achieve better results if they invested in passively managed products such as, for example, an ETF (Exchange Trade Fund). After conducting a review of data available from 30 different private pension funds in Colombia and 30 ETFs that had similar investment goals to these portfolios, our findings reveal that, using common performance indicators, a Colombian investor would have a better ROI by investing in passively managed products (ETFs) than in portfolios currently offered by voluntary pension funds in Colombia.

Palavras-chave : Portfolio performance; active management; voluntary pension market in Colombia.

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