An investment of one rupee in DSP BlackRock Micro Cap Fund, Franklin India Smaller Companies (Franklin Small Cos) or Reliance Small Cap Fund in 2012 would have grown 3.7 times in five years. A similar investment in the Nifty or Sensex would have yielded a return of 60 per cent. Several actively-managed mutual fund (MF) schemes have beaten the benchmark indices by a huge margin in the past one, three and five years as well. MF schemes, particularly the ones focused on small- and mid-caps, have generated superior returns across various time frames. Other best-performers include thematic schemes such as