This paper explores the relationship between mutual fund performance and age of fund. We analyze a sample of long-established mutual funds; comparing raw returns, objective adjusted, and market adjusted returns at different age progressions. Through statistical analysis, we find there is no significant relationship between fund age and raw returns as well as objective adjusted return. However, a strong negative correlation between fund age and market adjusted return is evident. As fund age progresses, market adjusted returns deteriorate. We also discover a significant positive relationship between manager tenure and fund performance.