Data snooping is common in empirical finance studies. In this paper, we adopt the SPA test of Hansen (2005) and the stepwise SPA test of Hsu, Hsu, and Kuan (2010) to examine the significance of fund performance. These tests are free of data snooping bias. Our empirical study shows there is no fund significantly outperforms the monthly returns of Taiwan stock index, MSCI and Taiwan 50 indices. Only 1 to 2 mutual funds have significantly higher Sharpe ratios than these indices. Moreover, there are less than 3% funds that have abnormal returns in Fama and French's three factor model.