Institutional Mutual Funds cater to institutional investors and are different from retail mutual funds in several important aspects including a closer relationship between the fund manager and the better informed institutional investors who use sophisticated investment criteria, large and discrete inflow of funds, and much higher minimum initial and subsequent investment. There is a substantial amount of literature on retail mutual fund characteristics and performance, but despite their differences from retail funds, Institutional Mutual Funds have received little attention. In this study, Institutional Mutual Fund performance was evaluated in the nine different styles based on Morningstar’s style box and compared to those of their counterparts using established traditional models and appropriate benchmarks. The results suggest institutional funds tend to outperform retail funds in the large-cap categories in all measures; the evidence is mixed for midcap and small-cap categories.