Out of 44 products analysed by the research house, three were awarded a highly recommended rating and nine recommended.
Ausbil Emerging Leaders, Celeste Australian Small Companies and Eley Griffiths Group Small Companies were all highly recommended.
BT Midcap, Concise Midcap, Fairview Emerging Companies, Grant Samuel Australian Smaller Companies, Ironbark Karara Australian Small Companies, Legg Mason Small Companies, Perennial Value Smaller Companies, UBS Small Companies and Zurich Small Companies were recommended.
As part of the review, Zenith also examined the issue of fund capacity.
"In the relatively small Australian equities market, capacity is an important point to consider when selecting a managed fund," Zenith investment analyst Angela Burmeister said.
"The reason this is important is simple: high levels of funds under management (FUM) can limit the ability of the manager to enter or exit a stock at the desired market price, impairing performance.
"Excessive FUM levels are particularly pertinent in the small-cap sector, given the inherently lower liquidity of these stocks."
