Am I investing in the right mutual funds?

I am an NRI and wish to get your insights on my portfolio/investment. I have some regular MFs (due to lack of knowledge when I started last year and to meet minimum balance/TRV of premium account In India) but after understanding I have done some direct MF investments also. My risk appetite is high and the goal is to save money for child's education and future need.
The details of MFs are:
Mirae Asset Large Cap Fund (regular; lumpsum): Rs 1 lakh
SBI Balanced Advantage Fund (regular, lumpsum): Rs10 lakh
Axis Bluechip Fund (regular, 6 months STP completed): Rs 3 lakh
SBI Focussed Equity Fund (DIRECT, lumpsum): Rs 3 lakh
Parag Parikh Flexi cap (DIRECT, lumpsum): Rs 3 lakh
SBI Contra Fund (DIRECT, lumpsum): Rs 1 lakh

Any thoughts or suggestions to improve the portfolio/diversify? Will it be good to invest in two additional funds (which has a good yield in the last one year) like HDFC Flexi Cap Fund and ICICI Prudential Equity & debt? I have an investment horizon of 20 years.
--DS


You need to hire a mutual fund advisor or financial planner. You are choosing schemes randomly without thinking about your goals, investment horizon and risk profile. For example, you stated that your risk profile is aggressive but your portfolio doesn’t reflect that. You also need to gain more knowledge about investing in mutual funds before taking care of your investments on your own. For instance, choosing schemes based on their performance in the previous year is not a sound strategy. Some mutual fund categories may perform better in different market phases. You can’t chase returns and jump from one scheme to the other. That is why you decide on your allocation strategy based on your investment objectives and risk appetite. Also, you need to have a target for your long-term goals like children's higher education. This will help you to achieve your goals without difficulty. Work with real numbers and inflation and taxes. Talk to a professional in detail and you will be able to maximize returns and achieve your goals.