Resumen
This paper applies the method known as data envelopment analysis (DEA) to acess the performance of investment funds in Brazil during the period 2012-2014, evaluating a representative sample that is framed in the "Free Shares" category. The results show evidence of improved performance of funds with less equity, and a loss of efficiency and deterioration of performance over the period. The productivity of the fund market was analyzed using the Malmquist index, which showed an average productivity loss total of 15% in the period. In order to validate the DEA model, the study compared the results with those obtained by applying the Omega measure, showing that there is a relationship between the efficiency determined by this measure and the proposed model.