PL Wealth Management has reported that nearly 74 per cent of equity mutual fund schemes underperformed their benchmark indices last month amid huge market volatility.
In its latest study on mutual fund performance analysis, the company said that of the 291 diversified open-ended equity diversified funds (excluding thematic funds), only 76 have outperformed their benchmark indices.
Interestingly, none of the 32 large-cap schemes have beaten their benchmark index. Similarly, only 3 of the 29 multi-cap funds and 4 of the 31 large and mid-cap funds have outperformed their benchmark.
The outperformance in small-cap funds was the highest, at 86 per cent. Of the 29 small-cap funds, 25 schemes have managed to beat their benchmark.
It was followed by Equity-Linked Savings Schemes and Focused Funds, which outperformed their respective benchmarks by 32 per cent and 29 per cent, respectively, in January.
The assets under the management of equity mutual funds were down four per cent sequentially to ₹29.47 lakh crore, compared to ₹30.57 lakh crore in December.