The purpose of this thesis is to examine if domestic actively managed mutual funds can deliver abnormal risk-adjusted returns relative to their benchmark index. The sample includes 77 Norwegian equity mutual funds from 1996 to 2020. All the data have been retrieved from the Morningstar Direct database. In general, we apply established methodologies, including work by Jensen, Fama-French, and Carhart. We run a regression of fund returns over the sample period, where fund performance is measured

The purpose of this thesis is to examine if domestic actively managed mutual funds can deliver abnormal risk-adjusted returns relative to their benchmark index. The sample includes 77 Norwegian equity mutual funds from 1996 to 2020. All the data have been retrieved from the Morningstar Direct database. In general, we apply established methodologies, including work by Jensen, Fama-French, and Carhart. We run a regression of fund returns over the sample period, where fund performance is measured by alpha. Our null hypothesis is that actively managed mutual funds are not able to generate risk-adjusted returns above the stated benchmark returns. We do not have sufficient evidence to reject the null hypothesis based on the alphas and the regression statistics.