Resumen

The purpose of this study is to find evidence that shows that either active management of private pension funds in Colombia actually adds value to the investors or, on the contrary, investors would achieve better results if they invested in passively managed products such as, for example, an ETF (Exchange Trade Fund). After conducting a review of data available from 30 different private pension funds in Colombia and 30 ETFs that had similar investment goals to these portfolios, our findings reveal that, using common performance indicators, a Colombian investor would have a better ROI by investing in passively managed products (ETFs) than in portfolios currently offered by voluntary pension funds in Colombia.

The objective of the present proposal is to provide, from the perspective of financial risk, useful information to the clients of the Colombian mortgage market. This is done with the purpose of giving the client a complete understanding of the implied financial risks in inflation adjusted mortgages. Our proposal is that by using historical VaR it is possible to measure and quantify the risk incurred by the users of the Colombian mortgage market.