Table 6: Estimates of the modified French Fama model R2AFF 0.04 (-1.46) 0.03 (0.95) 0.55* ( 2.77) 0.04 (0.76) -0.01 (0.21 ) 0.41AIF 0.003 (0.20) -0.03 (-1.37) 0.39* (2.96) - 0.002 (-0.35) 0.006 (0.01) 0.33AMZ -0.02 (-0.54) 0.016 (0.14) 0.61* (2.38) 0.006** (1. 75 ) - 0.007 (-0.63) 0.35ASFL -0.02 (-0.27) 0.02 (0.28) 0.41 ** (1.79) 0.001 (0.08) 0.004 (0.16) 0.37asmo -0.03 (-1.67) 0.04 (1.55) 0.71* (4.70) -0.001 (-0.23) -0.01 (-1.46) 0.55BSJ 0.02 (0.46) 0.04 (0.76) 1.005* (3.33) 0.003 (0.39) 0.02*** (1.76) 0.33CDF -0.03 (-1.05) 0.02 (0.57) 0.85* (4.32) -0.001 (-0.27) -0.004 (-0.43) 0.54CMFL 0.02 (0.62) -0.03 (- 0.77) 0.85* (3.37) -0.004 (-0.52) -0.006 (-0.06) 0.39DMMF -0.01 (-0.74) 0.001 (0.06) 0. 25 (2.56) 0.002 (0.49) -0.003** (-1.76) 0.36FBGF -0.03 (-2.01) 0.03 (1.89) 0.57* (5, 59) 0.002 (0.61) -0.006 (-1.44 ) 0.74GA -0.007 (-0.22) -0.03 (-0.67) 1.82* (3.00) 0.005** ( -1.75) 0.083 (0.22) 0.57JSIF -0.008 (-0.53) 0.01 (0.99) 0.36 (3.02) -0.002 ( -0.49) 0.005*** (1.83) 0.42JSLF -0.002 (-0.08) -0.04 (-0.82) 1.17* (5.58) -0.006 (0.09) -0.07 (-0, 73) 0.60MBF -0.007 (-0.02) 0.002 ( 0.068) 0.66** (2.56) 0.01** (1.71) -0.008 (-0.74) 0.46MBPSF -0 .02 (-0.029) -0.04 (-2.39) 0.49 (1.260) 0.001 (0.34) -0.033** (1.89 ) 0.49 ...... half of the paper . ..... I'm doing well in high market conditions. Mutual funds are expected to be used for risk hedging purposes and this sector is expected to outperform in low market conditions. The need is for authorities to take concrete measures to improve mutual funds. 5.1 Limitations The empirical estimation results show mixed performance of mutual funds which does not match the performance of mutual funds in other emerging markets like India. Data represents a major limitation in this research sample. There are currently 69 open-end and 22 closed-end mutual funds available to investors, but only 28 out of 91 mutual funds have five or more years of data, the remaining funds have a period of less than five years which does not meet the requirements for analysis. Second, cross-national analysis would provide more insight into this issue.