Should I sell the Axis Long Term Equity Fund?

I have investments in Axis Long Term Fund. I started investing in 2014. I don’t need an ELSS fund anymore to claim deductions under Section 80C. The fund is also not giving proper returns since the last two years. Should I exit from this fund?
-–Boruah Abhijit

Investments in ELSS funds help you to save income taxes. You can save taxes of up to Rs 1.5 lakh in a financial year under Section 80C. If you don’t want to save taxes under Section 80C by investing in ELSS funds, there is no need to invest in them. However, it is not necessary to sell your investments in ELSS funds. You can continue to hold your investments in these schemes like any other equity schemes as long as they are performing well. It is true that Axis Long Term Equity Fund has been under performing for a while. This is mainly because the value investment strategy has been doing well in the market. Axis was known for its growth strategy. However, it will not be wise to write off the growth strategy because of the rough patch in the last two years. It is likely to stage a comeback once the uncertainties that have been impacting the market sentiment. Now that you know the reason for the performance, you can make an informed decision.