When markets are good, mutual fund managers feel invincible - many bets deliver, and stocks rise as expected on strong quarterly results. When markets are falling however, like now, all bets are off - a stock strong in fundamentals turns red on FII exits, seling pressure, or simply rumors on audits, as happened to Diip Buildcon last week. There are no guarantees. 

The largecap mutual fund performance in the past six months proves this. Once high performing funds like Escorts Leading Sector Fund - Growth and Escorts Leading Sector Fund - Growth Direct delivered 9%+ returns in one year, but have taken a beating in the last six months with negative returns. The Reliance Top 200 Fund is similarly struggling and in the red. 

That's not to say there aren't outperformers. Edelweiss' Diversified Edge Fund has been a top performer, as has the Kotak Classic Equity Scheme. Both of these funds saw 6.5%+ returns in the past six months. For the full MF screener, click here.