O impacto das oscilações da Selic no deslocamento de investimentos em fundos ICVM 555 no período de 2016 a 2020.

One of the great challenges for investors is to identify how, when, and where to invest for a greater return on the money invested and with the lowest possible risk. Following this reasoning, the objective of this paper was to identify the investment funds governed by CVM (Securities and Exchange Commission of Brazil) Instruction No. 555 that were most sensitive to Selic Rate variations in the period from January 2016 to March 2020. The oscillations in the funds are analyzed by the series that capture the displacement of investments: net fundraising, investments, redemptions, and the number of shareholders. The classification established by the Brazilian Association of Financial and Capital Markets Entities was used as a reference, among fixed income, stock, multimarket, and exchange-traded funds. The methodology relied on documental analysis of secondary data, descriptive statistics, Spearman's non-parametric correlation analysis, and Granger's causality test. The results found reveal that total net fundraising in multimarket funds, number of multimarket fund shareholders, number of foreign exchange fund shareholders, total investments in fixed income funds, total investments in multimarket funds, and total redemptions in multimarket funds are the series that are directly preceded by oscillations in the Selic rate, in the period analyzed, indicating that this could help forecast their future movements. [ABSTRACT FROM AUTHOR]