As for Pension Funds, there is a limited amount of studies related to the strategy theme. This work contributes to the construction of the Brazilian Pension Fund's strategy. Using an exploratory research based in a Multiple Case Study, this article aims to propose a model capable of guiding the Funds strategies' analysis. Based in concepts such as competitiveness, competition and competitive advantage, a theoretical model was built. Because of the specific characteristics of that industry, Governance and Social Responsibility concepts were added. Based in this proposed model, relevant factors to the strategies' formulation and competitive advantages to each one of the studied cases were established, enabling the authors to suggest a dynamic competition' behavior pattern for that industry. According to the conceived pattern, a classification of the studied Funds was also proposed, allowing one to verify that Pension Funds present different perceptions about competition, following different general strategic orientations.
Pension funds; Business strategy; Analysis model; Strategy types; Multiple case study
