Abstract
The investment style has become a prominent concept in investment management. The researcher highlights the significance of selecting the right style benchmarks and the use of unsuitable style benchmarks an erroneous decision. This study extends and applies new measures of portfolio performance of the mutual funds, which are primarily based on the characteristics of the equity stocks (book-to-market, price to earnings, market capitalization, dividend yield, and momentum). The technique of style analysis specifically, is the portfoliobased style analysis of the open-ended equity mutual funds of Pakistan. The data has been taken from the Mutual Fund Association of Pakistan from 2010 to 2014. The findings relate to adding a new factor of price to earnings in a model, so the net effect is tested from multivariate regression analysis. All the portfolios are found to be negative and significant for the price to earnings. It is appropriate by making portfolios regarding style analysis of equity mutual funds in Pakistan. Decision-makers of the mutual funds should carefully account for all the factors, to benefit from the returns of the funds regarding investing, financing and valuation decision.
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