Both the funds that you have selected are multi cap funds. The mandate of such funds is to buy stocks across the entire market-cap spectrum in order to generate alpha. Managers of multi-cap funds are also allowed to invest in both value and growth stocks in their quest for beating their benchmark or category average. Value Research's fund classification defines multi-cap funds as those that have allocated between 40-60 per cent of their assets to large-cap companies over the last three years. These funds can also have more volatility and risk, because of which these should be part of the satellite component of your portfolio holdings and complement the core funds.
The performance of both the funds is poor, when compared to its peers, you should consider cutting your loess in these two funds and exit them. You can consider investing in HDFC Equity or Quantum Long Term Equity as replacements in the multi cap category. However, if these were your only investments, you will be better of investing in broad equity diversified funds such as large-cap funds. You can invest in DSPBR Top 100 Equity or Franklin India Bluechip, both are large-cap funds with a performance history and track record. The lesson for you from this investment lies in the importance of fund selection. You should spend time in selecting good funds and then track their performance regularly.