The fund industry recorded net redemptions of 13.1 bln reais in December 2015, its second highest negative result of the year, behind only November, reflecting, among other factors, the charging of withholding income tax on investments. The Fixed Income and Balanced / Mixed types were responsible for more than half of the total redemptions and the Pension Funds were the only ones to record net sales in the period. Among the structured funds, the Private Equity type recorded net inflow for the sixth consecutive month, contributing to the largest net sales for these funds since 2012, when the ANBIMA base was complete, with 23.6 bln reais.