FPIs Outperform Mutual Funds on Rupee Returns Despite Massive $27B Outflow
Foreign portfolio investors (FPIs) posted a 7.7% rupee‑denominated return in 2025, beating mutual funds’ 4.4% gain, even though they withdrew a record $27 billion from Indian equities. Their edge came from a portfolio tilted toward large‑cap Nifty stocks, which outperformed mid‑ and small‑cap indexes.