A mutual fund, also referred to as an open-end fund, is an investment company that spreads its money across a diversified portfolio of securities-including stocks, bonds or money market instruments. Mutual fund investors make money either by receiving dividends and interest from their investments, or by the rise in value of the securities. Mutual fund is a mechanism for pooling the resources by issuing units to the investors and investing funds in securities in accordance with objectives as disclosed in offer document. Sondhi and Jain (2006) found his study that the majority of the sample scheme had generated positive alpha values out of which some funds had exhibited statistically significant alpha values, implying that the investment managers had added value to the portfolios by their stock selection abilities. The study under consideration is based on the performance outcomes of Ten public as well as Ten private sector mutual fund schemes