Which mutual fund schemes can triple my money in three years?

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I am 29 years old. At present I am investing Rs 16,000 via monthly SIP in the following mutual funds for last four months:
SBI Small Cap Fund - Rs 3,000
Mirae Asset Emerging Bluechip Fund - Rs 3,000
L&T Midcap Fund - Rs 5,000
ABSL Pure Value Fund - Rs 5,000

I have a high risk profile. I want to further invest Rs 4,000 in aggressive schemes. I plan to continue my investments for 15 years at least. I also want to invest Rs 4,000 every month in an ELSS. Which ELSS should I choose? My purpose of investing in mutual funds is purely investment and I want to gain good returns.

Also I have around Rs 1-1.5 lakh which I intend to invest as a lumpsum. From this, I need to make Rs 3-4 lakh in three years. Kindly advise me for the same.
--- Rahul Varshney

Gaurav Monga, a certified financial planner, responds:


You can invest in Invesco India Tax Plan which is a good scheme in the ELSS category. All the open-ended mutual fund schemes have the option of lumpsum investment. An investment growing to 2.5-3 times in three years would mean generating annualized returns between 40-45 per cent which is very ambitious. At times one-year returns of smallcap schemes may reflect this kind of returns, but to generate this return consistently for three years will be very tough. You need to understand the risk associated while targeting this kind of a return. Therefore, its advisable to have more rational approach towards investing.
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