The study links investment styles with performance, nature of ownership, fund size and fund age. The study brings to light that investment style affects fund performance in the long-term. Further, the investment style is influenced by fund size as evidenced through hypothesis testing. The study developed a methodology to quantify investment style of equity funds; Classified investment styles; Identified major investment styles of select equity funds in the Indian context; Analysed performance of select equity funds in terms of return, risk, ownership, fund size and fund age; Formulated hypotheses and tested association (relationship) and regression (effect) to ascertain the relationship and effect of investment style and performance of equity mutual funds respectively over the chosen time frame.