In terms of returns to investors, most of the equity focused mutual funds have underperformed their respective benchmark S&P BSE indices, for the one year ended December last year, says a report. The findings are a part of S&P Dow Jones Indices’ scorecard SPIVA, which tracks the performance of actively managed Indian mutual funds against their benchmarks over one-year, three-year, five-year and 10-year periods. For the one-year ended December 29, about 59.4 per cent of large-cap equity funds and 72.1 per cent of mid and small-cap funds underperformed their respective indices. The SPIVA scorecard also revealed that 34 per cent of the composite bond funds underperformed S&P BSE India bond index over one year. Meanwhile, 53 per cent of the equity large-cap funds underperformed the S&P BSE 100 benchmark index over the three-year period, while 80 per cent of mid/small-cap funds underperformed S&P BSE MidCap index.
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