Should I add more schemes to my mutual fund portfolio?

Should I add more schemes to my mutual fund portfolio?

tax6I am 24 years old. I have a very high risk appetite (aggressive). My horizon is more than five years and beyond for medium to long term goals and retirement. Current SIP portfolio: All are direct funds. Rs 1,000 in Aditya Birla Sun Life Equity Advantage fund from December, 2017. Rs 1,000 in SBI Small Cap Fund from June, 2018. Rs 1,500 in Mirae Asset India Equity will start from January, 2019 (this month).

My goals include everything from buying a house to wedding and holiday abroad. But for now, I want my portfolio to grow as much possible. Kindly suggest if I am on the right track and any other schemes to be added or replaced with existing ones? I have an FD of Rs 50,000 and one LIC Jeevan Labh policy of Rs 2 lakh sum assured.
–Anant Sureka

If your risk profile is aggressive, you should be ideally investing mostly in mid cap and small cap schemes to achieve your long-term financial goals. However, you are currently investing in a large & mid cap scheme, small cap scheme, and multi cap scheme. The first two schemes are meant for aggressive investors because of their exposure to mid cap and small cap stocks. You can add the multi cap scheme to your portfolio if you want to diversify your portfolio or reduce the overall risk in the portfolio.

You should ideally try to quantify every financial goal and then invest a fixed amount every month to achieve every goal.

If you are totally new to mutual funds and find it hard to take care of your investments on your own, you should seek a reliable mutual fund advisor near you.

Also, If you have financial dependents or liabilities, you should buy a term insurance cover for an adequate life insurance cover for you. Do not buy small covers with expensive insurance plans. Online term insurance has very low premium. You can buy a large cover by paying a small premium.

[“source=economictimes.indiatimes”]