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Mutual Funds

Mutual Funds are classified into five categories by the role they play in a mutual fund portfolio. For instance, the Growth part of the portfolio can be further divided into three sub-categories: Conservative, Stable and Aggressive. Balanced funds, ELSS and large-cap equity funds offer Conservative Growth and lend stability to the portfolio. They are best for investors looking for reasonable returns and have an investment horizon of 4-5 years.

The Stable Growth category comprises the large and midcap funds, multicap schemes and the more aggressive ELSS funds. These carry a higher risk but also offer higher returns than the Conservative Growth portfolio. The Aggressive Growth category is a mix of mid and small-cap funds and aggressive tax saving schemes. They are meant for investors with a higher risk appetite.

The Income category has short-term debt funds and income schemes. These offer safe returns but are more tax efficient and liquid than bank fixed deposits. Liquid funds also fall in this category.

Mutual funds are all about diversification. But very few consider geographical diversification and international funds are rarely analysed in detail in India. So, the section on global funds may be quite useful. It tells you where the funds invest and the kind of global exposure you get from investing in it.

For newbie investors, the book has a detailed section on how to read a fund report and make sense of the numbers that populate the document. Of particular use is the chapter on how to build a mutual fund portfolio. The first step is setting your goals, then choosing the appropriate funds and tracking their performance.

The book also guides you on the benefits of using the free online mutual fund portfolio tracker. It's a sophisticated tool that allows the investor to not only keep track his portfolio but also analyses it for him. The Portfolio Manager keeps track of dividends and bonuses that accrue on your holdings. The icing on the cake is the capital gains calculator that adds up the short-term and long-term gains you make every time you sell a mutual fund.

Best Tax Saver Mutual Funds or ELSS Mutual Funds for 2015

1.ICICI Prudential Tax Plan

2.Reliance Tax Saver (ELSS) Fund

3.HDFC TaxSaver

4.DSP BlackRock Tax Saver Fund

5.Religare Tax Plan

6.Franklin India TaxShield

7.Canara Robeco Equity Tax Saver

8.IDFC Tax Advantage (ELSS) Fund

9.Axis Tax Saver Fund

10.BNP Paribas Long Term Equity Fund

You can invest Rs 1,50,000 and Save Tax under Section 80C by investing in Mutual Funds

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