This is not acceptable. I don’t go by 3 years which is a short period of time but an EM like India where new winners are created every year .. fund managers should atleast be beating the benchmarks in mid/ small category. A country with nominal GDP of 12-15% has more opportunities in financial markets for fund managers to outperform than country with 3-5% nominal GDP. Money will simply move into low cost passive which is just too early in cycle for a developing country like India. ( chart courtesy Sp global)