How did small-cap funds give returns of 14.8% but investors still lost 1.6%?

Small-cap funds delivered a 14.8% CAGR from March 2013-June 2020, DSP Mutual Fund reported, noting that investors still lost 1.6% in that period. DSP said ₹17,000 crore flowed into small caps in 2013-2017, when they boomed, and another ₹27,000 crore was invested in 2018-2020, when they tanked. Since many investors weren't invested throughout the seven years, some saw negative returns.