(Prather, 2012) examined on Portfolio Risk Management Implications of Mutual Fund Investment Objective Classifications in the United States he examined whether risk is homogeneous within investment classification and heterogeneous between classes after controlling for potential load effects. The study revealed that significant risk differences exist even after controlling for the load structure of the fund and that those risk differences can have significant implications for portfolio risk management.(Kumar, 2011) examined the Performance evaluation of open ended schemes of mutual funds in India it was noted that Mutual funds provide opportunities for small investors to participate in the capital market without assuming a very high degree of risk.(Yong & Ruzita, 2012) examined fund characteristics and fund performance in Malaysian mutual funds. The study showed that higher risk fund provides higher return thus investors should focus on and select fund based on his/her preferred risk level.(Vyas, 2012) explained the attention on number of factors that highlights investors’ perception about mutual funds, in India. The study research objective was to find investors’ knowledge of risk in investment and risk analysis. It was found that maximum number of investors did not analyze risk in their investment and they were dependent upon their broker and agent for this work.(Biplob, 2017) evaluated the performance of 15 close-ends Bangladeshi mutual funds traded in DSE (Dhaka Stock Exchange) based on monthly net asset value using risk adjusted performance measures suggested by Jensen, Treynor, and Sharpe, the study found that over the research period (from 2013 to 2017) 12 out of 15 funds got superior return compared to benchmark index return.(Abdullah & Abdullah, 2009) researched on the performance of Malaysian unit trusts investing in domestic versus international markets in Malaysia with a total of 26 local funds and 23 internationally invested funds, it is found that the risk-adjusted performance of internationally diversified funds is not significantly different from the performance of well-diversified domestic funds.(Narayanasamy & Rathnamani, 2013) evaluated the performance of selected equity large cap mutual funds schemes in terms of risk-return relationship in India. The study concluded that all the funds have performed well in the high volatile market movement expect one of the funds in the study.(Foran & O’Sullivan, 2014) examined the role of liquidity risk on the performance of United Kingdom mutual funds the study found that systematic liquidity risk is positively priced in the cross-section of fund performance although controlling for momentum effects weakens the robustness of this finding somewhat, the results further reveal a strong role for stock liquidity level and systematic liquidity risk in fund performance evaluation models.(Goldman, Sun & Zhou, 2016) studied the effect of management design on the portfolio concentration and performance of mutual funds in the United States. It was found out that when a mutual fund’s portfolio is concentrated in one or two stocks within each of the 10 industry sec¬tors that were analysed in the study, its performance improves-after controlling for the impact of the portfolio’s the fund’s investment objectives. It was revealed that there is a negative and significant relationship between setting of equity income objectives and financial performance of mutual funds.(Bryant & Liu, 2010) researched on the management structure, fund risk and performance of mutual fund managers in the United States the study indicated that when fund managers manage multiple funds simultaneously, the risk of one of the managed funds is significantly increased, minimizing the inherit benefits of mutual fund stock diversification. The study thus concluded that the more time that a manager devotes to an individual fund the more likely the fund will reduce its risk exposure.(Gusni, Silviana and Hamdani, 2018) investigated on factors affecting equity mutual fund performance in Indonesia the study found that general skill of equity mutual fund managers to time the market correctly had no effect on the equity mutual funds’ performance.(Biplob, 2017) evaluated the performance of 15 close-ends Bangladeshi mutual funds traded in DSE (Dhaka Stock Exchange) based on monthly net asset value using risk adjusted performance measures suggested by Jensen, Treynor, and Sharpe, the study found that timing skill was not also evident for mutual fund market for Bangladesh.(Ashraf & Sharma, 2014) analysed the performance of equity mutual funds industry against risk free rate over a period of five years, of a sample consisting 10 growths oriented- open ended- equity mutual fund schemes belong to 5 public and 2 private mutual fund companies. The study revealed that out of 10 schemes 3 have underperform the market, 7 are found to have lower total risk than the market and all the schemes have given returns higher than risk free rates.(Dietze, Oliver & Macro, 2009) conducted a research to evaluate the risk-adjusted performance of European investment grade corporate bond mutual funds. Sample of 19 investment-grade corporate bond funds was used for the period of 5 years (July 2000 – June 2005). Funds were evaluated on the basis of single-index model and several multi-index and asset-class-factor models. Results indicated that the risk-adjusted performance of larger and older funds, and funds charging lower fees was higher.(Sharma, Khan  & Srivastava 2016) examined Mutual Funds in India: Evolution, Significance and Need for Study in Reference to ELSS Mutual Funds. The ELSS mutual funds have to build up the procedures and train their employees so as to build and sustain a healthy and long-term relationship with the investors and with tax payers in particular. The tax payers are usually burdened with tax related procedures and paper work, so, a little help from the ELSS mutual fund providers will go a long way in putting the tax payers at ease and gain their confidence for investment in ELSS mutual funds.(Vasantha, Maheswari & Subashini, 2013) evaluated the performance of selective open ended equity diversified Mutual fund in the Indian equity market the study found that the risk appetite of an investor plays an important role in the selection of mutual fund.