Abstract Mutual fund, which has become a popular domestic investment tool possess a lot of advantages. However, how on earth investors could choose the fund that worth investing is often confusing. This research begins from the qualities of mutual fund itself and it¡¦s manager. I¡¦ll discuss the influence that the type of fund, achievement in the past, scale of fund, turnover rate, risks and investors¡¦ age, sex, schooling record and experiences would have on its achievement. Hoping through these different sides of thinking would provide a direction for investors when choosing Mutual fund. This research was done in the period from January, 1997 to January, 2002, after excluding some of the survivorship bias, we sift through the whole information in the five years, and we acquire 59 open type that would be used as sample fund in this research. We adopt Jensen-performance-estimated model and 4-factor model as achievement measure standard. By setting tests of Pearson Correlation Coefficients and Durbin-Watson, plus OLS, we estate mate Jensen-performance-estimated model and 4-factor model, and the result of its alpha would be cross-analyzed with the multiple linear regression model, thus we¡¦ll clearly see the relation of quality between mutual fund and their managers. Before going on the cross-analysis, in order to seek for the best estimating method, we test heteroscedasticity by residual pattern and Breusch-Pagan Test. Since it comes out there is no heteroscedasticity, we still conduct the process by OLS to observe how the relation between the qualities of mutual fund itself and that of managers will affect on fund achievement. We found 4-factor model is more convincing among all other achievement evaluation model though the results vary from types of model. In the achievement index, a positive and remarkable difference type of fund is from Jensen index,, which coincided with Dahlquist, Engstrom, and Soderlind(2000)¡BJia-ling Hong(2000). Under 4-factor model, global fund and region ones appear obvious negative related, but high-tech types and general are not convincing at all. Besides, the influence of reward in the past and the scale of it shows the conclusion that two model are related positively in achievement side of short and long term, but negative in scale. Moreover, the risks can¡¦t explain the achievement difference, and turnover-rate doesn¡¦t affect achievement directly, the outcome coincided with the prove of Ippolito(1989) . Finally, which this research shows that the types results vary from managers personal qualities, but most of them can¡¦t explain the achievement differences. We only catch that under Jensen index, managers who get their MBA degree abroad tends to have positive relation in achievement of fund.