Mešťan, MichalŠčerba, KamilIštok, MichalŠafár, LeošSopko, Jakub2026-04-242026-04-2420262319-7064https://dx.doi.org/10.21275/SR26205192135https://repo.umb.sk/handle/123456789/1419In: International Journal of Science and Research. Raipur : Rajesh K. Deshmukh, 2026. ISSN 2319-7064. Vol. 15, no. 2 (2026), pp. 499-505.This paper examines whether equity mutual funds domiciled across European Union countries deliver systematically different outcomes for individual investors. Using a cross-country dataset, we analyze performance through quarterly fund returns and benchmark-adjusted alpha, focusing on full distributions rather than averages. Results show that raw returns differ across countries, with larger markets exhibiting more stable distributions and smaller or peripheral markets displaying higher volatility and downside risk. After adjusting for benchmarks, however, cross-country differences compress markedly. Alpha distributions cluster around zero, indicating that persistent outperformance is uncommon. A small group of Northern and core countries shows a slightly higher incidence of positive alpha, though effects remain modest. Overall, findings suggest that EU quity mutual funds can generate positive returns, but consistent market beating is rare and concentrated. Common market exposure and implementation costs dominate investor outcomes, implying that country domicile matters less for alpha than for raw return volatility across markets.enCC BY Creative Commons Attribution 4.0. Internationalinfo:eu-repo/semantics/openAccesspodielové fondymutual fundsvýnosyrevenueshodnotenie výkonnostiperformance evaluationArticle