Análisis financiero comparativo entre fondos de inversión y fondos de pensión complementaria voluntaria en Costa Rica
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During the last years, the pension system in Costa Rica has been in decline. It has reached to the point that it has become unstable and has generated distrust in the contributors. In despite of this situation, there is another financial option to make long-term savings, which are the investment funds. They have unique conditions that fit in with different investor profiles. For this reason, the following research question arises: Is an investment fund better than a complementary-voluntary pension fund in Costa Rica, taking into consideration the variables of yield, term, risk and costs? To provide a solution to the previous question, a comparative financial analysis was carried out between the investment funds and complementary-voluntary pension funds in Costa Rica. This investigation was developed under a mixed approach methodology, since it includes qualitative variables (risk, term and cost) and a quantitative variable (yield) that were analyzed using the KPI’s of average, standard deviation and coefficient of variation, This was done through an exploratory study of the unit of analysis which corresponds to both the investment fund (income and growth) and the voluntary-complementary pension fund active in Costa Rica for June, 2019. It has been determined that, in general terms, investment funds show a higher yield in comparison with the voluntary-complementary pension funds. Being the opened investment funds in colones the ones that have the highest yield over the last 10 years. Nevertheless, the yield of the pension funds has remained stable in the same period. By last, is highly recommended to the financial customer to use the investment funds as an option for long-term saving and to be constantly monitoring changes that may affect the yield and other financial variables.
Proyecto de graduación (Licenciatura en Finanzas) Instituto Tecnológico de Costa Rica, Escuela de Administración de Empresas, 2019.