O desempenho de fundos de renda fixa e o índice de renda de mercado (IRF-M)

this article analyses the employment of the fixed income index (irf-m), based on the yields of brazilian treasury bills, to measure the performance of fixed income mutual funds. the irf-m is tested as an alternative benchmark to the one-day inter-bank offering rate (cdi), which represents floating rate securities. 212 funds in the non-leveraged and multi-index (asset) categories are analyzed. the results indicate that the irf-m marginally improves the models' explanatory power, but its economic impact is still relatively low when compared to the cdi rate.