I am 33 years and unfortunately have started investing in mutual funds without learning the details. I just looked for the funds which have given good returns for last 3-5 years and are of low risk category (according to some websites where I could compare performances). Now I understand there is a lot to understand before investing in mutual funds. I have started SIP in HDFC Top200, hdfc-prudence, idfc prem eqity-A, birla sunlife dividend yield plus, uti dividend yield, hdfc taxsaver, sbi magnum taxgain in ratio– 3:1:2:1:2:2:2 (all in growth option, except taxgain, which is dividend reinvestment). I have not made detailed plan for generation of money for future but thought that in any case the ultimate aim is to accumulate enough money for purchasing a flat, provide for educational expenses for my child and his marriage, and to have enough for my (and for my wife) retired life. I will retire at 60yrs. Each month I can invest about 15k(excluding provident fund where I save 3k permonth). Given this, can you tell me whether my current portfolio is good or bad? What changes are required?
Also after continuing SIP for 9 months, I find performance of magnum taxgain not that good. So I am considering to stop that. However some people advise that instead of chasing return, one should consider longterm prospect. I am confused: should I discontinue magnum taxgain or not?
I have started reading one book (though it explains MFs less and stocks more), but hope others here will help me gain some insight. Thanks.