Majority of Indian Large-Cap equity mutual funds failed to beat the benchmark, with 88 per cent of actively managed funds underperforming the S&P BSE 100 in 2022, according to new study by S&P Dow Jones Indices released on Tuesday. In the same period, the benchmark for Indian Equity Mid-/Small-Cap funds -- the S&P BSE 400 MidSmallCap index -- rose 2 per cent in 2022, and 55 per cent of active managers underperformed the index over that period.