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Four-fifths of Indian large-cap funds have underperformed when compared to benchmark indices in 2020, a report said on Thursday. In the equity-linked saving schemes (ELSS) and mid/small-cap funds, the performance was marginally better with the underperformance of 65 per cent and 67 per cent as against the benchmarks, S&P Indices Versus Active (SPIVA) said. S&P Dow Jones Indices' associate director for global research and design Akash Jain said the performance was worse if one were to consider the recovery after the markets hit the trough in April. "During this recovery period, we saw that the second half of 2020 has been a particularly challenging period for Indian equity active funds where 100 per cent of the Large Cap funds, 80 per cent of the ELSS funds and 53 per cent of the Mid-/Small-cap funds underperformed their respective benchmarks," he said. Overall, 2020 had extraordinary volatility and India joined the rest of the world in this aspect, Jain added. There was a ...