A Systematic Literature Review on Performance Evaluation of Asset-Based Mutual Funds

This study provides a systematic literature review on the performance evaluation of asset-based mutual funds, such as equity, debt and hybrid schemes. The review aims to reveal trends, seminal works, journals and the spread of geography of publications from 1998 to 2024 based on 247 Scopus-indexed documents. The research uses the theory-context-characteristics-method (TCCM) framework to analyze theoretical frameworks, context, characteristics and methods in mutual fund performance. Major theoretical models cited are modern portfolio theory and behavioural finance, and common factors include fund size, risk-adjusted returns and portfolio turnover ratios. The study identified gaps in regional diversity, specifically underrepresentation from Africa and Latin America, and little discussion of disruptive technologies such as blockchain and robo-advisors. Far-reaching future investigations should apply data analytics, artificial intelligence (AI) and environmental, social and governance (ESG) components when studying investors’ behaviour and choices in neglected markets.