We calculate the alpha of a survivorship bias-free sample of Swedish-registered actively managed emerging market equity mutual funds (with at least 10 years of return data), using long-short and long-only versions of several asset pricing models: the CAPM, the Fama-French three-factor model, the Carhart four-factor model, the Fama-French five-factor model and a six-factor model that adds the momentum factor to a modified Fama-French five-factor model. We find that our sample of mutual funds has statistically significant negative alpha (on a 5% level) using the CAPM, the Fama-French three-factor model and the long-only Fama-French three-factor model and non-statistically significant negative alpha for all other asset pricing models. It is reasonable to assume that our sample overestimates the performance of the universe of Swedish-registered actively managed emerging market equity mutual funds, so it is reasonable to assume that the universe of Swedish-registered actively managed emerging market equity mutual funds likely has negative alpha. We also find that our sample of mutual funds has statistically significant factor loadings on the market factor (positive load), the SMB factor (negative load) and the CMA factor (negative load). Our asset pricing models explain 97% to 98% of the mutual fund returns. The distributions of alphas and SMB factor loadings are fairly normally distributed, but the other factor loadings are not normally distributed.