CVM Funds

CVM Rule 175 changed where a fund lives

Until 2023 the Brazilian fund registry lived in a single cadastral file where each fund was one row. CVM Rule 175 reorganized it into three levels: the fund, the share classes inside it, and the subclasses inside each class. In practice, what an investor buys, and what carries its own tax ID, net assets and quota value, is the class, not the fund.

The consequence is that the old cadastral file was emptied during the migration: today it holds tens of thousands of cancelled records and almost no operating fund. Tools and integrations still reading that file show a snapshot of the past. This lookup uses the current fund and share-class registry, which is where the more than 36,000 active funds actually are.

• Fund, class and subclass are three distinct registry levels.
• The CNPJ on your statement is usually the share class's.
• One fund may hold several classes, each with its own net assets.
• The legacy registry is now almost entirely cancelled funds.

How the return and the CDI percentage are calculated

Every open-ended fund that files daily reports sends the CVM, each business day, its quota value, net assets and shareholder count. The return shown here compares the last quota of one month with the last quota of the reference month before it, always anchored on the most recent closed month. That avoids comparing a fund measured to mid-month against an index measured over a full month.

The CDI percentage uses exactly the same months: the accumulated CDI for the period comes from the Central Bank's monthly series, and the figure shown is the ratio between the fund's return and the CDI's. A fund at 100% of CDI matched the benchmark over the period. Volatility is the annualized standard deviation of daily returns, and the worst drawdown is the largest distance between a quota peak and the trough that followed inside the window.

It is worth knowing what the quota value already includes and what it does not: it is net of management and performance fees, and gross of income tax and of the semi-annual come-cotas withholding. Two identical quotas can turn into different redemptions depending on holding period and tax regime.

• Window anchored on the last closed month, to match the CDI.
• Quota net of fees, gross of income tax.
• Volatility annualized from daily returns.
• Series showing capital-event jumps are discarded.

What this lookup does not answer

Not every fund has a return series here, and that is not a registry gap. Real estate, private equity and receivables funds do not file daily quota reports: they report through monthly, quarterly and annual filings with a different structure. For those, the record shows registry data, net assets and service providers, but no daily return.

The dataset is a local copy of CVM Open Data, refreshed when the tool is republished, and the registry date is shown at the top of the screen. Registry status, net assets and service providers change, so any consequential decision deserves a check at the source. This result is informational and not a recommendation: past performance does not guarantee future results, and high returns almost always came with high risk.

• FII, FIP and FIDC funds have no daily quota series.
• The registry date in use is visible at the top of the tool.
• The current registry does not publish management fees.
• Registry data and history do not replace the fund regulation.