Should I continue with Reliance (Nippon India) Mutual Fund?

My mutual fund advisor has invested my money in three mutual funds- Reliance fund, HDFC fund and ICICI fund. HDFC and ICICI have managed to remain just above the loss level. Their return is less than 1%. The Reliance fund is down by 7%. My advisor isn’t taking any action and keeps saying that it is a temporary phase and Reliance has commitments from Nippon group, etc. My returns are already down by 6% in a year now. What should I do? Should I continue with the Reliance fund?
--H S De

Ankita Tanna Narsey, Founder, Oaktree Financial Advisors, responds:

You have not mentioned the schemes’ your advisor has chosen from the mutual fund houses. However, I agree with your advisor’s view on the current market situation. You should not panic due to a temporary underperformance of a particular scheme. If you have invested in equity mutual funds, you need to give it sufficient time to show results. You need to stay invested for a minimum of five to seven years to get decent returns.

ETMutualFunds.com adds: Reliance Mutual Fund is now Nippon India Mutual Fund. The fund house and its schemes were renamed after Nippon Life Insurance of Japan completed the acquisition of 75% stake in Reliance Nippon Life Asset Management from Reliance Capital. Should investors be concerned about the change? For more, read:Reliance Mutual Fund is Nippon India Mutual Fund now. Should you exit?