Do I need to modify my portfolio to create wealth?

I am 31 years old. Please suggest if my mutual fund portfolio will help me in achieving my long-term goal of wealth creation. I am investing in the following mutual fund schemes for the last three months through SIPs:

Motilal Oswal Multicap 35 Fund - Regular (G): Rs 3,500
L&T India Value Fund (G): Rs 3,000
SBI Magnum Multicap Fund - Regular (G): Rs 2,000
Mirae Asset India Equity Fund (G): Rs 1,500

Do I need to modify my portfolio if I need to create wealth in the long term?

-- Duwarakesh Chandran

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

Although three months is also a reasonable period to examine a mutual fund scheme, it should not be the standard approach. You should give enough time to your mutual fund investments before analysing it. It will not be prudent to evaluate equity schemes on a short-term basis.

The mutual fund schemes you have selected are top rated within its category and they have managed to perform consistently over a long term. Since your objective is not measured in terms of rupee value, it will be a bit difficult to ascertain whether your current portfolio will meet your objective. Nevertheless, these are good mutual fund schemes for a long-term investment.