HIGH PORTFOLIO TURNOVER AND PERFORMANCE OF EQUITY MUTUAL FUNDS
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Abstract
The active portfolio management aims to outperformance a market portfolio return, however, there is a great discussion among academics and practitioners about the real possibilities to outperformance the market portfolio return by an actively portfolio management. This paper shed light on Brazilian market, pursuing the impact of a high portfolio turnover rate in the performance of equity mutual investment funds. The study evidence high turnover rates negatively affecting the performance of the funds. Furthermore, the performance fee and the size effect are important aspects to acces better performance.
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Long Paper
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