Evaluación de la gestión de fondos de inversión de renta variable en condiciones de información limitada

The main purpose of this article is to propose a performance measure suitable for equity mutual funds in a limited information environment. A new performance measure is suggested, the risk adjusted net selectivity which allows to evaluate the effective management payout according to the level of risk assumed by the fund, a measure that can also be defined as the difference between the Sharpe's rations of the fund and the market portfolio.