However, majority of large-cap equity funds lagged BSE 100 Index over the same period, the S&P Indices Versus Active Funds (SPIVA) scorecard, which tracks performance of actively managed mutual funds against their benchmarks said.
"RBI's accommodative stance coupled with the interplay of global and domestic macroeconomic factors led to a mixed sentiment in the capital market," Asia Index Global Research and Design Associate Director Utkarsh Agrawal said.
"Debt funds generated fewer equal and asset-weighted returns than their respective benchmark indices, across all time horizons," he added.
ELSS Funds have delivered a return of 21.62 per cent for one year, 2.86 per cent for three years and 11.43 per cent for five years. In comparison, S&P BSE 200 gave negative return of 0.18 per cent for one year period, 13.32 per cent for three years and 7.49 per cent for five-year period.
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Mid-cap and small-cap equity funds, provided return of 58.14 per cent, 17.78 per cent and 37.93 per cent for one, three and five year periods, respectively.
"Over one, three, and five-year periods ended December 2015, 36 per cent, 47 per cent and 57 per cent of large-cap equity funds in India underperformed the S&P BSE 100, respectively," the report noted.
Besides, majority of debt funds have underperformed their respective indices over five-year period ended December 2015.
In 2015, net investment by domestic mutual funds in the equity market stood at over Rs 72,000 crore, while foreign investors pumped in Rs 17,800 crore into equities.