Managers

A handful of houses administer most of the industry's net assets, and the gestor side is more concentrated still. Administrator is the fund's legal and registry manager; gestor makes the investment decisions. One house can be both, so the two tables must never be added together.

The load-bearing limit is on the next screen: these are league tables of the named subset of the industry, not of the industry. The coverage percentages below say how large that subset is, and nothing here is estimated to close the gap. Industry-wide concentration measured without needing names is on Industry Structure.

Name Coverage — Read This First

admin_name and gestor_name come straight from CVM's cadastral files (cvm_fund_registry, migration 11). They are sparsely populated, and every table on this page is built on them, so each table covers only the named slice of the industry — the percentages above say how large that slice is.

Nothing here is estimated, imputed or bucketed into an "unknown" catch-all. A fund with no registry name is simply not ranked, and a rank with no name behind it renders as a blank row. If the two percentages above are low, read these league tables as a ranking of the named subset, not of the market. Coverage improves only when the cadastral ingest runs (Pipeline Ops, cad).

Top Administrators by Net Assets

Ranked at the latest monthly period. Every fund the administrator has reporting in that month is counted; a family whose newest filing is older is not carried forward, so an administrator concentrated in a lagging family will look smaller here than it is.

Top Gestores by Net Assets

The investment-decision side of the same universe, on the same period and the same coverage caveat. A house appearing in both tables is playing two roles, not holding the assets twice.

Administrators by Net Flow

Who gathered and who lost money in the month, rather than who is simply large. Ranked descending, so outflows sit at the bottom of the table.

Net flow is an FI-only measure — captc_mes and resg_mes exist for FI alone — so an administrator whose book is entirely FII, FIDC or FIP shows blank here, meaning "not reported", not "flat".

Administrator Universe

From dim_administrator, ranked by number of mandates. This view sums each fund's most recent observation, so its net assets are latest-available per fund and are a different (and staler) number from the ranking table above, which pins every house to one period. The two are not meant to reconcile.

Active counts cvm_fund_registry.is_active, derived from CVM's own status field; a fund with no status recorded is not counted as active.

Gestor Universe

From dim_gestor, same construction and the same latest-per-fund caveat. gestor_id is a CPF when the gestor is a natural person and a CNPJ when it is a firm — carried straight from the cadastral file, unreformatted, for drill-through. Individual funds behind any of these mandates can be looked up on Fund Explorer.