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Sandeep Singh, from the Hindustan Times wrote a great article today outlining the mathematical reality that 2 of 3 funds in India have delivered below 1% returns over the last 12 months.

While these returns are not funny, the language he uses is. Indians like calling investment funds "schemes". Maybe that's because thats what they, like tulips, turned out to be!

Singh highlights that "of the 170 equity schemes that have been in existence for more than a year, only 18 schemes (around 10 per cent) delivered returns of more than 10 per cent. Only a third of the schemes have outperformed Sensex which itself has grown by a mere 1.1 per cent over the past one year."

*Full Disclosure: I recently covered my short position in IFN.
KM