Dormant Funds

Open-ended funds that file every month and through which nothing moves: zero subscriptions, zero redemptions, for three consecutive complete months. Two populations hide inside that description, and the quotaholder count tells them apart.

Empty shells have no investor at all — a registered, filing vehicle holding nobody's money, already paid for and kept ready. Parked capital has investors but no money moving: the exclusive-fund and closed-structure profile, and capital that has simply stopped. Neither is wrongdoing, and both are worth counting, because a fund that exists without doing anything is invisible to every metric built on flows.

This is a different condition from the FIDC zombie growth screen on Suspicious Deal Screens, which flags funds still taking money against a deteriorating book. The market calls both "zombies"; they are opposites.

The Definition, Stated

A fund is on this page when, over the 3 complete months ending at

2026-09-01 (from 2026-07-01 ):

• it filed in every month of the window — a fund that filed once and went silent is not filing, which Pipeline Ops owns, not this page;
• its reported subscriptions and redemptions sum to exactly zero — not "small";
• its flows and quotaholder count were reported in every month. A month with an unreported flow is unknown, and unknown disqualifies the fund rather than being counted as zero.

max_investors = 0 across the window makes it an empty shell; anything above zero, parked capital. FI only: the monthly fact table carries flows for the open-ended family alone, and "subscription" is not the same act in a closed-end listed vehicle. Three months is a floor — a longer window would raise the bar, not lower it.

For scale is the count of registered companhias abertas not marked cancelled — the honest denominator for "empresas na bolsa". It is not a ticker count: one issuer can carry several tickers, and the cash tape also lists ETFs, BDRs and FIIs.

Thirty-Six Months of Stillness

The same screen evaluated at every month-end, each looking back three months. A month the industry has not fully published yet is absent, not carried forward. Watch the parked-capital line against the FI net-flow chart on FI Industry: capital stops moving before it leaves.

Where the Money Is Standing Still

The largest parked-capital funds by net assets at the window's last month. Quotaholders is the maximum across the window. Names come from the CVM registry and fall back to the CNPJ where the registry has none.

By Administrator

Coverage first. admin_name comes from CVM's cadastral file and is sparsely populated. The ranking below covers only the hits the registry names; the tile says how many it cannot. A short list means a sparse registry, not few administrators.

The Empty Shells

Every fund that filed all three months with zero flow and no quotaholder. Ordered by whatever net assets the filing still reports — most read zero. The headline tile carries the true total; this table shows up to 100.

An empty table means no fund matched the definition at the latest complete month — not that the screen failed to run. If the tiles read zero across the board, check that the FI monthly slice actually landed on Pipeline Ops before concluding every fund in Brazil is busy.