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Ans: It's commendable that you've been consistent with your SIP investments over the past 1.5 years! Let's take a closer look at your investment choices and the recent addition of SBI Contra Fund:

Motilal ELSS Fund and Parag ELSS Fund are Equity Linked Savings Schemes (ELSS), which offer tax benefits under Section 80C of the Income Tax Act. These funds primarily invest in equities and have a lock-in period of three years.
Nippon Small Cap Fund invests in stocks of small-cap companies, which have the potential for high growth but also come with higher risk due to their volatile nature.
SBI Contra Fund follows a contrarian investment strategy, aiming to invest in stocks that are currently out of favor in the market but have the potential for a turnaround in the future.
Adding SBI Contra Fund to your portfolio introduces a diversification element. The contrarian approach of this fund can complement the growth-oriented strategy of small-cap and ELSS funds.

However, it's essential to assess whether SBI Contra Fund aligns with your overall investment objectives, risk tolerance, and investment horizon. Consider factors such as the fund's investment philosophy, historical performance, fund manager expertise, and portfolio composition.

As always, it's wise to regularly review your investment portfolio and make adjustments as needed to ensure it remains aligned with your financial goals. If you're uncertain about the suitability of SBI Contra Fund or any other investment, consider consulting a Certified Financial Planner for personalized advice.

Overall, by diversifying your portfolio across different asset classes and investment strategies, you're positioning yourself well to navigate various market conditions and achieve your long-term financial objectives. Keep up the good work with your SIP investments, and continue to stay informed and proactive in managing your portfolio.