Should I exit DSP BlackRock Tax Saver Fund?

My SIP portfolio is given below:

Sundaram Select Midcap Fund (Rs 2,000, from January 2015)
Canara Robeco Emerging Equities Fund (Rs 1,000, from January 2016)
DSP BlackRock Micro Cap Fund (Rs 1,000)
SBI Bluechip Fund (Rs 1,000)
Aditya Birla Sun Life Top 100 (Rs 1,000)
DSP BlackRock Tax Saver Fund (from August 2017)

My risk profile is moderate to aggressive. The SIPs are not linked to any specific goal but my main objective is wealth creation. I am also planning to invest a lumpsum tactically during falls. I want to know if this is the right mix of schemes.

I have some concerns about my investments:

Should I continue with Canara Robeco Emerging Equities Fund? The fund manager of the scheme has left recently.
DSP and BlackRock are parting ways. And DSPBR Tax Saver has been underperforming the benchmark since 10 months. How long should I wait? If it continues to underperform, which fund should I switch to?

-- Sameer Parvati

Suresh Sadagopan, Founder, Ladder7 Financial Advisories, responds:

There are too many schemes in your portfolio. You may look at just two schemes for your SIPs. Here are my suggestions:

ICICI Prudential Nifty Next Fifty Fund: Rs 4,000

SBI Small & Midcap Fund (SBI Small Cap Fund) : Rs 2,000

These schemes are just my suggestions and you may consider some other good schemes.

You may not be able to do anything about DSP BlackRock Tax Saver Fund, as there will be a lock-in period. In any case, we should not read too much into short-term underperformance and should give it time to catch up. Even good funds have their periods of underperformance, that is normal. However, I would not get too much worried about joint-venture partners parting ways as DSP Mutual Fund is a seasoned player with a good standing and should be able to weather the turbulence as well.