Abstract
This study was conducted to analyze and compare the performance of different types of mutual funds in Pakistan, and concluded that equity funds outperform income funds. These funds are further classified into broker backed and institutional backed funds for detail analysis. Findings showed that within equity funds, broker backed category shows better performance than institutional funds. On the other hand, among income funds, institutional funds are outperforming broker backed funds. Further, it has been found empirically that fund managers are able to time their investments with the conditions in the market, and possesses significant timing ability. This study further concludes that equity fund managers possess significant market timing ability and institutions funds managers are able to time their investments, but brokers operated funds did not show market timing ability.