There exist several mutual fund characteristics as potential determinants of mutual fund performance. The objective of this study is to examine the impact of various micro and macro variables on the returns of Pakistani mutual funds. For this purpose, data of 119 mutual funds from 2010 to 2019 were taken to estimate five different models based on different categories of funds. The results show that exchange rate, interest rate, money supply, and GDP growth rate have a negative significant impact on mutual fund returns whereas, and risk-return co-efficient, Sharpe ratio, and fund size show a positive significant impact on the returns Supervisor:- Dr. Farhat Mahmood