It's only when the tide goes out that you discover who's been swimming naked.

- Warren Buffett [Images]

Though we can't say whether the tide has actually receded, some funds have definitely lost their shirt (at the very least) in the recent stock market fall.

Here are five funds that were butchered on Dalal Street [Get Quote] between May 10 and May 22, 2006.

Taurus Discovery Stock

Loss: 25.04%

This does not come as a surprise. With its investments spread over a few select stocks, the fund behaves more like a stock than a diversified equity fund. As you know, a diversified equity fund is supposed to invest in various stocks of various sectors.  

Till May 22 this year, the fund was down 10.49% when, on an average, other diversified equity funds gave a return of 9.97%. 

Canemerging Equities

Loss: 22.27%

A concentrated portfolio led by mid- and small-cap stocks has come in the way of this fund's emergence as a credible option. This fund has more than half of the investment allocated to only five stocks. Moreover, more than 75% is invested in mid- and small-cap stocks.

This fund is bound to see wild gyrations.

Magnum COMMA

Loss: 21.99%

Huge exposure to metal stocks has led this new fund down.

However, in its short existence, Magnum COMMA has done well. The six month's return of 28.32% places the fund in the top quartile* of the diversified equity funds' category. We hope it's not a fullstop for Magnum COMMA.

BoB Diversified

Loss: 21.70%

Another fund that seems to have paid a price for maintaining a concentrated portfolio. Launched in March last year, the fund started life as a laggard.

LIC [Get Quote] MF Equity

Loss: 21.50%

Tough to beat this fund's inconsistency. The recent bull run had made the fund's return look somewhat respectable on a standalone basis.

But a 4.03% annualised return since launch way back in February 1993 proves that it has regularly lost its shirt in tough times such as these.

* Quartile represents quarter of the number in question. So if there are 100 funds being discussed, the top quartile would be the top 25.