Summary
The SPIVA India Scorecard measures the performance of actively managed funds relative to benchmarks over various time horizons, encompassing equity and bond funds while providing statistics on outperformance rates, survivorship rates and fund performance dispersion.
Year-End 2024 Highlights
2024 was characterized by contrasting outcomes for active managers in India. In the Indian Equity Large-Cap category, a majority of funds failed to beat their benchmark, with 60% of actively managed funds underperforming the S&P India LargeMidCap, and a similar trend was observed in the Indian Equity Mid/Small Cap category. Indian ELSS funds, on the other hand, achieved majority outperformance. The vast majority of active India Composite Bond funds and Indian Government Bond funds underperformed. Exhibit 1 summarizes the results across all our reported categories.

Indian Equity Large-Cap Funds
- The S&P India LargeMidCap finished the year up 15.9%, and 60% of actively managed Indian Equity Large-Cap Funds underperformed, closely aligning with the long-term average of 61%.
- Underperformance rates were significantly higher over the three- and five-year periods, at 75% and 93%, respectively.
- Active managers produced relatively better results over the 10-year period, with the underperformance rate dropping to 74%.
Indian ELSS Funds
- The S&P India BMI gained 17.6% in 2024, and just 45% of Indian ELSS funds underperformed the index.
- Fund performance deteriorated over the 10-year period, as 84% of funds underperformed the benchmark.
- Indian ELSS funds achieved the second-highest long-term survival rate across all categories in our SPIVA India Scorecard, with 73% of them still surviving after 10 years.