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Will these mutual funds help us to achieve our goals?

If you have any mutual fund queries, message on ET Mutual Funds on Facebook. We will get it answered by our panel of experts.

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Last Updated: Sep 03, 2019, 03.17 PM IST|Original: Sep 03, 2019, 03.17 PM IST
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My wife and I have been investing in these mutual funds through SIP since January 2017;
Franklin India Taxshield Fund: Rs 5,000
L&T Midcap Fund: Rs 10,500
Axis Long Term Equity Fund: 10,000
Aditya Birla Sun Life Tax Relief 96: Rs 5,000
SBI Bluechip Fund: Rs 2,000
SBI Magnum Midcap Fund: Rs 3,500
ICICI Prudential Equity & Debt Fund: Rs 3,000
Aditya Birla Sun Life Frontline Equity Fund: Rs 3,000
Aditya Birla Sun Life Equity Fund: Rs 4,000
Franklin India Smaller Companies Fund: Rs 4,000

Our total investment is Rs 50,000 per month. My goals are: retirement corpus in 25 years, corpus for child’s foreign education in the next 16 years and his marriage corpus in the next 20 years. Will we achieve our goals?
--Lakshay Soni

Rishabh Parakh, Founder, Money Plant Consultancy, responds:

You have an overall diversified portfolio which includes a sizeable percentage in tax savings schemes. Also, the good part is that you are clear about your long-term financial goals. But the missing point is you have not fixed the amount need to meet each goal. You have to mention the desired amount for each goal in order to link your schemes with it. It will help you track and monitor the difference between your goals and gaps and how much more investment you need to make to meet your target.

Since all your goals have a good long-term period, a healthy mix of index funds, mid cap, multi cap and some small cap is advisable. The other thing you can check in your portfolio is the ELSS part, if your section 80C limit is already exhausted by other investments like PPF, PF etc. If yes, the same ELSS amount can be shifted to other schemes without lock-in period and more specifically to mid cap or multi cap schemes.

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