respectively, thanks to a bias towards big caps early in 2013.
Globally asset managers have had a better run. Equity funds in the United States and Japan, two countries that have seen a rally in shares, have on average outperformed their respective broad market indexes, according to Lipper data.
However in Indonesia, another country dogged by a weakening currency, funds have lagged, posting an average rise of 3.2 percent compared to the 4.5 percent rise in the IDX Composite Index.
"It's very disappointing that the flagship equity funds in India have fared so poorly," said Dhirendra Kumar, CEO of mutual fund tracker Value Research. "SEBI scrutiny has put asset managers on their toes and performance this year does not win them any favours with the regulator."