Ask ET Mutual Funds: Should I invest in SBI Magnum Balanced Fund?

I need advice on mutual fund investing. I am already investing Rs 1,500 in Axis Long Term Equity Fund and Rs 3,000 in ICICI Prudential Long Term Equity Fund (Tax saving). I am now looking for another MF investment. I was planning to invest in SBI Magnum Balanced Fund. Should I go ahead? Also, am I investing in the right funds?
--Prakash Mayavanshi

Shilpa Wagh, Chief Financial Coach, Wagh Financials, responds:

You have not mentioned your investment horizon. If you have an investment horizon of five to six years, you can consider investing in balanced funds. You may consider investing in ICICI Prudential Balanced Fund, SBI Magnum Balanced Fund and HDFC Balanced Fund.

You should consider investing in DSP Tax Saver instead of ICICI Prudential Long Term Equity (tax savings).


(If you have any mutual fund queries, message ET Mutual Funds on Facebook. We will get it answered by our panel of experts.)