In recent years, the Brazilian capital market has undergone several transformations and experienced great growth. Within the universe of investment products, funds are an important allocation vehicle based on two factors: greater capacity for diversification and professional management as a service. That said, investors’ allocation movements, whether reacting to the fund’s performance or economic intemperates, have impacts on management directly, by punishing losers and rewarding winners, as well as indirectly, by changing their allocation depending on the economic scenario faced. Based on preliminary analyses, we have seen that investment flows are correlated to movements in macroeconomic variables, demonstrating the existence of indications that investors change their allocations depending on the conjuncture. On the management side, when testing the behavior of volatility before and after the payment of performance fees, we saw a phenomenon across the industry of a reduction in average volatility, with greater impact for those funds that pay performance fees, which can characterize a practice known as earnings management.