Should I split my investment and invest in five schemes?

I am planning to invest Rs 10,000. I am ready to take a high risk. Should I split my investment of Rs 10,000 into two funds (Rs 5,000 each) or is it better to split it into five schemes? Which is better?
--Krishnakumar Ese

Ankita Narsey, a mutual fund advisor, responds:

If you have a high risk profile, you can just pick one fund to avoid the disadvantages of overdiversification. You can pick a smallcap fund like Franklin India Smaller Companies Fund, provided your investment horizon is five to seven years. You could do weekly STP in the smallcap fund to avoid the risk of timing the market.