Economics Bulletin, v. 36, n. 2. Abstract: This article investigates the survivorship bias of a sample of 1119 equity mutual funds in Brazil between 2004 and 2013. There is indication that survivorship bias increases when very small funds and those that did not have share prices for at least 12 contiguous months are not discarded. Results indicate that the sample with non-surviving funds frequently presented average returns lower than a sample with only surviving funds in a given year. Association to a large financial conglomerate and longevity may also favor fund survivorship.