Best mutual fund schemes to invest for 20 years

I have started investing via SIP of Rs 13,000 every month as below:

Rs 5,000 in Axis Long Term Equity Fund,
Rs 5,000 in Reliance Tax Saver (ELSS) Fund,
Rs 3,000 in Aditya Birla SL Tax Relief 96 Fund

My goal is to invest for next 20 years (retirement, child education and marriage purpose). Are my investments good? Also, I will soon invest in more schemes. Please help me with good mutual fund schemes. My age is 26 years.
-- Prsna Kr

Dinesh Rohira, founder and CEO, 5nance.com, responds:

We appreciate your effort of starting your investment at the early age which will surely help you to compound wealth over a long period, and we recommend you to continue with the same. Currently, your investment is completely into ELSS category which have a dual benefit of taxation and wealth creation. However, you have not quantified your objective in value terms which is required while giving in-depth advisory.

On scheme level, we will recommend you to continue with Axis Long Term Equity Fund and Aditya Birla SL Tax Relief 96, but stop fresh investment in Reliance Tax Saver Fund which has comparatively underperformed by a huge margin. If your objective is wealth creation, then we will recommend you to divert this corpus in quality midcap scheme (like L&T Midcap Fund ) as you have a long term view.


Further, as you wish to add new investments, we will recommend you to invest in other diversified equity funds depending on your investment objective and risk profile as your current investment is into ELSS category only.