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Am I going in right direction by minimising the number of MF scheme

I am Deepak 29 years old. I have buy 7 mutual schemes - DSP BlackRock Micro Cap Fund - Regular Plan(1000), Birla Sun Life Frontline Equity Fund(1000), ICICI Prudential Focused Bluechip Equity Fund (G)-1000, Canara Robeco Emerging Equities Fund - Regular Plan - 1000, Tata Balanced Fund - Regular Plan - 1500, Mirae Asset Emerging Bluechip Fund - Regular Plan - 1000. As there are so many mutual fund schemes I have purchased now I am going to close Canara Robeco Emerging Equities Fund - Regular Plan - 1000, and put all the amount of this scheme in DSP BlackRock Micro Cap Fund - Regular Plan(1000) and will continue with only DSP BlackRock Micro Cap Fund - Regular Plan(1000); is am doing right thing? Because both the schemes are under small & mid cap category so instead of keeping both I will keep only one i.e., DSP BlackRock Micro Cap Fund. Also for Large cap category I have purchased Birla Sun Life Frontline Equity Fund (3000) & ICICI Prudential Focused Bluechip Equity Fund (G) - (1000) so I am going close one of them and continue with only one scheme kindly suggest which I should continue. My intention is to keep minimum schemes and take advantage of cumulative amount. Is I am going in right direction?

Oct 26, 2016 by Deepak, Thane  |   Mutual Fund

All the 7 funds selected by you for your monthly SIP are good funds.

It is always ideal to keep the number of funds as less as possible. More than the number of funds, performance of the funds in your portfolio is more important.

Since you have chosen all the good funds from different categories, you can continue with them. Else, minimize few if they are from the same category. We are not giving you fund specific suggestion as your fund selection is fine.

Thanks for writing to us.

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