Mutual Fund is a diversified investment; it refers to a trust which pools the savings of a huge number of investors who share a common financial goal. The money collected from the investors is invested in the securities based on the fund’s objective. Wrong investment of fund manager may put the investors in financial crisis, sometimes leading to their bankruptcy. The study is based on the performance of mutual fund by considering various published journal papers. As a result, from the investor’s point of view, it is important not only to know how the portfolio managers perform, but also to understand investment policies. Similarly, at the macro level it is worth examining the performance of fund managers as a whole to see whether they provide value added to portfolio or they are just full benefits from investors. And the superior performance in the past does not necessarily mean that it will continue into the future. This is because superior performance may be due to either a manager’s skill or good luck. Therefore, it is interesting to understand the characteristics of funds and to know the performance and this helps investors to understand how to select their schemes.