I have following existing investments for my various future goals. Could you please help me? Should I continue with these funds or any suggestion to change/update with new funds? Note: All investments are doing through direct funds only. 

Mirae Asset Tax Fund -- 5000

Parag Parikh Tax Fund -- 5000

Axis Growth Opportunities Fund -- 5000

Tata Digital India Fund -- 4000

Nippon Nifty Midcap150 Index Fund – 1000

Ans: Please continue. Six funds are sufficient. You need not need increase funds; you may increase amount as required in these schemes only.

Ans:

Large and Midcaps: 

• Axis Growth Opportunities Fund – Growth
• Tata Large and Midcap Fund - Growth 

Large Caps: 

• LIC MF Large Cap Fund – Growth
• Mirae Asset Large Cap Fund - Growth 

Ans: Redeem deactivate funds and invest in the schemes where you have already invested

Ans: Considering your current portfolio and investment strategy, here are some recommendations to modify and optimize your mutual fund investments:

Shift from Direct Funds to Regular Funds: Consider switching from direct funds to regular funds, as they provide professional guidance and emotional support through a certified financial advisor or mutual fund distributor (MFD). Regular funds also offer similar returns without the need for active monitoring.
Diversify into Diversified Equity Funds: Instead of thematic funds like SBI Infrastructure and Tata Resource & Energy Fund, which carry higher risk due to their focused approach, consider diversifying into diversified equity funds. These funds invest across various sectors and companies, providing better risk-adjusted returns over the long term.
Consolidate SIPs into Fewer Funds: Review your SIPs and consider consolidating them into fewer funds to simplify your investment portfolio and reduce administrative hassle. Focus on quality diversified equity funds with a proven track record of consistent performance.
Consider Large Cap Funds: Include large-cap funds in your portfolio for stability and capital preservation. These funds invest in established companies with a track record of stable earnings and dividends, offering relatively lower risk compared to mid-cap and small-cap funds.
Evaluate Tax Planning Funds: Assess the necessity of tax-saving funds (ELSS) like Mirae Asset Tax Saver. While they offer tax benefits under Section 80C of the Income Tax Act, ensure they align with your overall investment objectives and risk profile.
Monitor and Rebalance Regularly: Regularly monitor your mutual fund investments and rebalance your portfolio periodically to align with your financial goals, risk tolerance, and market conditions. Seek professional guidance from a certified financial planner or mutual fund distributor to make informed decisions.
Stay Invested for the Long Term: Maintain a long-term perspective and avoid frequent churning of your portfolio based on short-term market fluctuations. Stay disciplined and committed to your investment strategy to achieve your financial objectives over time.
By following these recommendations and working closely with a qualified financial advisor or mutual fund distributor, you can optimize your mutual fund portfolio for better risk management and long-term wealth creation.