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Smallcap index hit record high but why did 93% smallcap MFs underperformed?

Smallcap index hit record high but why did 93% smallcap MFs underperformed?
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small cap funds: 15 small cap funds underperform their benchmarks in three years

SBI Small Cap Fund, the third largest scheme in the small cap category based on assets managed, failed to beat its respective benchmark in a three year period. The scheme offered 24.81% against 30.90% by its benchmark (S&P BSE 250 Small Cap - TRI). The scheme manages assets of Rs 24,861 crore. ....

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