Am I investing in the right mutual fund schemes?

I am investing in the following mutual fund schemes:

L&T Emerging Businesses Fund - Direct Plan: Rs 5,000, from 29-12-2017
IDFC Tax Advantage (ELSS) Fund - Direct Plan (G): Rs 2,000 from 01-11-2017
BOI AXA Tax Advantage Fund - Direct Plan (G): Rs 2,000 from 01-11-2017
IDBI Equity Advantage Fund - Direct Plan (G): Rs 2,000 from 23-08-2017
Kotak Standard Multicap Fund - Direct Plan (G): Rs 5,000 from 07-08-2017

I am investing in three ELSSs. I have a long investment horizon of 10 years and I am investing for saving taxes and creating wealth. Am I investing in the right mutual fund schemes?

-- Uttam Mohanty

Manish Saluja, Chief Financial Planner, Prime Wealth Advisors, responds:

Your selection of mutual fund schemes are good and all best performing funds are in your basket. But from an asset allocation point of view, you need to add some good largecap and midcap mutual fund schemes to your portfolio. You may replace IDBI Equity Advantage Fund with Principal Emerging Bluechip Fund.