Many good fund managers are beating the Sensex and the Nifty by a long margin. I am also seeing many individuals (yes the kind of people I meet is skewed) beating the index, and many times by a big margin.
This is also because when I see my own portfolio (or my families portfolio) there is no style purity. There are large cap stocks, there is small cap, there are micro caps, some IPO applications, …and the overall impact is a huge out-performance of the indices!
However going forward it may not be so easy. Of course index funds have to drop rates (asset management charges) to the same levels as it is abroad. How will they do it? I know not, but they will be forced to do it, and soon they will all drop rates.. read on!
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