For the first time since 2018, many equity mutual fund schemes in India are showing negative one-year rolling returns, according to data from Elara Capital. Despite strong inflows and concentrated bets in equity, funds have struggled to outperform amid market volatility and earnings uncertainty. This unusual outcome has sparked discussion about the adequacy of existing portfolio strategies and whether retail investors should scale back risk or pivot to other asset classes. Fund managers warn that near-term headwinds remain, and selective stock picking may be more crucial than broad market exposure.