New Delhi, July 19 -- Active equity mutual funds have outperformed their respective benchmark indices in both long-term annualised returns and downside protection, according to an analysis by Capitalmind Financial Services Private Limited.

The analysis compares the equal-weighted average performance of direct active funds in the large-cap, mid-cap, small-cap and flexi-cap categories that have been live since 2013 with their respective benchmark indices.

The return gap between active funds and benchmarks was the widest in the small-cap category. The average active small-cap fund delivered an annualised return of 20.1%, compared with 16.1% for the Nifty Smallcap 250 TRI benchmark.

Flexi-cap funds also recorded a noticeable lead, with the...