Fundos de pensão como formadores de poupança interna: uma alternativa para o financiamento da atividade econômica

The production of domestic savings and the amplification of the productive investment are the conditions to reach and to maintain rates of economical growth compatible with social development. The pension funds, with the available resources to invest, make possible to leverage the development of a nation, as they channel these resources for the country's productive sector. At this perspective, this study intends to analyze the performance of the investments in variable income of these funds, here considered productive investments, through the Capital Asset Pricing Model (CAPM). This model is predisponent to explain the behavior of the prices of the titles and to supply mechanisms of evaluation of the investment accomplished - in relation to the risk and return of the portfolio. Starting from the proposed methodology, it was verified that the investments in stocks incurred in superior returns than the expected ones, generating, by one hand, a larger aggregated value to the fund, and by the other, an increment of the intern savings of the country, backed by the application of resources in the productive section.