Análise da rentabilidade dos fundos de investimentos sustentáveis brasileiros no período 2010-2016.

This article analyzed whether the equity funds focusing on sustainable companies provided a long-term return, above the market indexes. The results indicated that: a) although the ISE have performed above the IBOVESPA in the period, the analyzed funds were able to generate results above the IBOVESPA only in the period 2010 to 2014 (period, in which the IBOVESPA showed negative returns); b) the risk of the funds was lower than in the IBOVESPA in all periods; c) the management fees practiced by the managers were very high for the level of return presented. The results were consistent with other researches on the subject, since they indicated: i) that the sustainable investments presented defensive characteristics, with returns above the market in moments of crisis and below the market in moments of economic growth; ii) a negative relationship between sustainable and risk; iii) that sustainable investments presented positive risk-adjusted performance. [ABSTRACT FROM AUTHOR]