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The paper examines the mutual fund industry in Pakistan in its growth period of 2006-2010, a period characterized by both bull and bearish markets. Analysis on fund type reveals the strong growth of Islamic funds in spite of lackluster performance as compared to conventional funds. Income funds suffer as a consequence of a hardly developed bond market and very high t-bill rates resulting in negative excess returns during the period. For stock funds, the market indices and size turn out to be significant factors indicating the preference for large cap funds of managers. No fund manages to outperform the market with consistently either negative or insignificant alphas.