Over half of large-caps underperform benchmarks

The latest Spiva India scorecard, produced by index provider Asia Index, reveals that over the one-year period ended June 30, 2017, 53% of large-cap equity funds and 57% of mid & small-cap ones underperformed their respective benchmark indices. The underperformance increases for large-cap funds over a 10-year period (59%), but decreases somewhat for mid- and small-caps (50%). ELSS funds had a better track record, with 38% and 41% of the schemes underperforming their benchmarks over 1-year and 10-year periods, respectively. For a 1-year period, 37% of government bond funds and 74% of composite bond funds underperformed their benchmarks. For a