New Delhi, Jan. 2 -- It would not be an exaggeration to say that calendar year 2025 was a forgettable year for equity investors. Benchmark Nifty 50 delivered a modest return of 10.5%. Broader mid and small-cap segments even underperformed. The Nifty Midcap 150 rose by just 5.4%, while the Nifty Smallcap 250 fell by 6% last year.

Even though the domestic macro picture remained solid and flows from domestic institutional investors (DIIs) were the highest ever at $90.1 billion, according to Motilal Oswal Financial Services, the domestic market delivered an unimpressive show due to record foreign money outflow amid US-tariff-related uncertainty and geopolitical issues.

Nevertheless, many equity mutual funds delivered decent returns last yea...