Mutual funds are investment vehicles managed by asset management firms to create value for shareholders through investing in different assets. Fixed income funds, equity funds, and balanced funds are common types of mutual funds. Asset managers are hired to manage these funds and are evaluated based on their ability to generate returns compared to competitors and benchmarks. The board of directors oversees the fund manager's performance. The main goal of the study was to determine if Philippine fixed income fund managers are generating alpha (excess returns) for their clients.