New Delhi, July 30 -- Active large-cap mutual funds are designed to give fund managers the flexibility to generate "alpha" returns above the benchmark index through stock selection and portfolio management strategies.

However, over the years, the gap between large-cap funds and the Nifty 50 TRI has narrowed, raising questions about the category's ability to consistently outperform its benchmark.

So, let's look at the performance of large-cap funds, along with expert views on the changing alpha landscape.

From 2000 to 2009, large-cap funds delivered notable outperformance compared with the Nifty 50 TRI.

Over three-year daily rolling returns, large-cap funds generated an average return of 25.8%, compared with 21.3% for the Nifty 50 TRI,...