Top 10 Best SIP Mutual Funds to invest in India in 2021

In this post, I will publish my Top 10 Best SIP Mutual Funds to invest in India in 2021 for my blog readers. If you are a reader of my blog for a long, then you know very well that I publish my Top 10 Best SIP Mutual Funds to invest in India on yearly basis.

Let me recap of what I have recommended last year.

Top 10 Best SIP Mutual Funds to invest in India in 2020

If you remember, last year I stayed away from active fund recommendations and adopted the passive funds (Index Funds) and the reasons are as below:-

I want to share few of my Tweets of past where I hinted and shared why I am adopting the Index Funds.

By adopting the Index investing, you are ending the search for BEST MUTUAL FUND COMPANY and BEST FUND MANAGER. The only risk you can’t avoid is market risk, which you have to manage by proper asset allocation between debt and equity (I mean at the portfolio level).

However, adopting Index investing requires a lot of patience. Because even though many claims to be patience, they take knee jerk reaction when the market starts to fall.

The negativity of Index Funds is that there is no downside protection as the fund manager has to replicate the index. He can’t take his call and make sure to keep in cash mode during the market fall. Hence, the Index Funds will fall equally like Index.

During this phase, many investors start to compare the Index Funds with Active Funds (which may be managed the downside protection well) leading to come out from Index Funds.

However, if one did the proper asset allocation with debt and equity (within equity also) with respect to their goals, then we can easily protect such a downfall at the portfolio level.

Paying a higher fee for active funds is justified only if the fund manager generates more than ONE PERCENT compare to Index Funds CONSISTENTLY. If it is not possible, then there is no point in adopting the active funds.

It is a proven record that no Fund Manager on this EARTH can beat the Index consistently. Hence, few years of underperformance may cost in a big way than the few years overperformance.

Willing to share the quotes of few whom I admire a lot:-

“The winning formula for success in investing is owning the entire stock market through an index fund, and then doing nothing. Just stay the course.”
– John C. Bogle, The Little Book of Common Sense Investing

“If I had to summarize my views on investing, it’s this: Every investor should pick a strategy that has the highest odds of successfully meeting their goals. And I think for most investors, dollar-cost averaging into a low-cost index fund will provide the highest odds of long-term success.” – Morgan Housel, The Psychology of Money (Timeless Lessons on Wealth, Greed and Happiness)

It is the toughest task for ME and YOU to find such a RAREST of RARE SPECIES (FUND MANAGER) who can generate CONSISTENTLY more than 1% higher returns than the BENCHMARK.

How to choose the Best Index Funds?

When you decided to invest in Index Funds, you have to just concentrate on three aspects of the funds and they are as below.

# Expense Ratio:-Lower the Expense ratio is better for me.

# Tracking Error:-It is nothing but how much is the fund deviated in terms of returns with respect to the Index it is benchmarked. Lower the tracking error means better the fund performance.

# AUM:-Higher the AUM means better the advantage for the fund manager to manage the liquidity issues.

Basics of Investing Mantras

Now before jumping to investing, you must have an idea of what are the basics of investing. I repeat this exercise on yearly basis in my blog post. But still find the same type of questions from the readers. Hence, to give you the clarity, I am writing once again.

As per me, before jumping into investment, one must aware of how well they are preapred for emergencies. Emergencies may be like loss of life, meeting with an accident, hospitalization or sudden income loss or job loss.

Hence, at first cover yourself with proper Life Insurance (Term Life Insurance where the coverage should be at least 15-20 times of your yearly income). Refer my post “Top 5 Best Online Term Insurance Plans in India 2020“. You must have your own health insurance (rather than relying on employer provided health insurance). Refer my post “Top 5 Best Health Insurance Plans in India 2020” and “Top 5 Super Top-up Health Insurance Plans in India 2020“. Buy around 15 to 20 times of your monthly salary corpus as accidental insurance. Then finally create an emergency fund of at least 6-24 months of your monthly commitment.

Once these basics are done, then think of investing. If your basics are not done properly, then whatever the investment building you are creating may tumble at any point of time. Let us move on and understand the basics of investing.

You must have a proper Financial Goal

I noticed that many investors simply invest in mutual funds just because they have some surplus money. The second reason may be someone guided that mutual funds are best in the long run compared to Bank FDs, PPF, RDs, or even LIC endowment products.

If you have clarity like why you are investing, when you need the money and how much you need money at that time, then you will get better clarity in selecting the product. Hence, first, identify your financial goals.

You must know the current cost of that goal. Along with that, you must also know the inflation rate associated with that particular goal. Remember that each financial goal has its own inflation rate. For example, education or marriage cost of your kid’s is different inflation that the inflation rate of household expenses.

By identifying the current cost, time horizon and inflation rate of that particular goal, you can easily find out the future cost of that goal. This future cost of the goal is your target amount.

I have written a separate post on how to set your financial goals. Read the same at “Financial Goals – How to set before jumping into investing?

Asset Allocation is MUST

Next step is to identify the asset allocation. Whether it is a short-term goal or long-term goal, the proper asset allocation between debt and equity is a must. I personally suggest the below-shared asset allocation strategy. Remember that it may differ from individual to individual. However, the basic idea of asset allocation is to protect your money and smoothly sail to reach the financial goals.

If the goal is below 5 years-Don’t touch equity product. Use the debt products of your choice like FDs, RDs or Debt Funds.

If the goal is 5 years to 10 years-Allocate debt:equity in the ratio of 60:40.

If the goal is more than 10 years-Allocate debt:equity in the ratio of 40:60.

While choosing a debt product, make sure that the maturity period of the product must match your financial goals. For example, PPF is the best debt product. However, it must match your financial goals. If the PPF maturity period is 13 years and your goal is 10 years, then you will fall short of meeting your financial goals.

Return Expectation

Next and the biggest step is the return expectation from each asset class. For equity, you can expect around 10% to 12% return. For debt, you can expect around 6% to 7% returns.

When your expectations are defined, then there is less probability of deviating or taking knee-jerk reactions to the volatility.

Portfolio Return Expectation

Once you understand how much is your return expectation from each asset class, then the next step is to identify the return expectation from the portfolio.

Let us say you defined the asset allocation of debt:equity as 40:60. Return expectation from debt is 6% and equity is 10%, then the overall portfolio return expectation is as below.

(60% x 10%) + (40% x 6%)=8.4%.

How much to invest?

Once the goals are defined with the target amount, asset allocations are done, return expectation from each asset class is defined, then the final step is to identify the amount to invest each month.

There are two ways to do it. One is a constant monthly investment throughout the goal period. Second is increasing some fixed % each year up to the goal period. Decide which suits best to you.

I Hope the above information will give you clarity before jumping into equity mutual fund products.

How many mutual funds are enough?

How many mutual funds do we have? Is it 1, 3, 5 or more than 5? The answer is simple…you don’t need more than 3-4 funds for investing in mutual funds. Whether your investment is Rs.1,000 a month or Rs.1 lakh a month. With a maximum of 3-4 funds, you can easily create a diversified equity portfolio.

Having more funds does not give you enough diversification. Instead, in many cases, it may create your portfolio overlapping and leads to underperformance.

Taxation of Equity Mutual Funds for 2020-21

Remember that Equity Funds and Debt funds are taxed differently. Hence, you must understand the taxation part as well before jumping into investment. I tried to explain the same in the below image.

Mutual Fund Taxation FY 2020-21

The rate of taxation is as below for the FY 2020-21 is as below.

Mutual Fund Taxation FY 2020-21

Below is the DDT Rates applicable to Mutual Funds after the Budget 2020.

DDT for Mutual Funds FY 2020-21

I hope the taxation part is clear to all of you. If you still have doubt, then refer my latest post ” Mutual Fund Taxation FY 2020-21 (AY2021-22)“.

Top 10 Best SIP Mutual Funds to invest in India in 2021

Now let us move on and share with you my Top 10 Best SIP Mutual Funds to invest in India in 2021.

Best SIP Mutual Funds to invest in India in 2021 -Large Cap

Last year I recommended two Large Cap Index Funds. I am retaining the same funds for this year too.

# UTI Nifty Index Fund-Direct-Growth

# HDFC Index Fund Sensex Plan-Direct-Growth

Best SIP Mutual Funds to invest in India in 2021 -Mid Cap

Last year, I recommended two Nifty Next 50 Index Funds over the 2019 active funds. This year also, I am retaining the same funds for my recommendations in Mid Cap Funds. I have given the reasons for my I am not adopted the separate Mid Cap but adopting the Nifty Next 50 as my Mid Cap consideration as below.

Refer to the below image shared by Mirae Asset AMC.

Nifty Next 50 Vs Nifty Mid Cap

Nifty Next 50 is actually an essence of both large cap and mid cap. Because of this, it acts with the same volatility like mid cap. Hence, I am suggesting Nifty Next 50 as my mid cap fund than particular Mid Cap Active or Index Funds.

I am continuing my last year choices :-

# ICICI Pru Nifty Next 50 Index Fund-Direct-Growth

# UTI Nifty Next 50 Index Fund-Direct-Growth

If you are not fond of this idea, then you can choose active funds also. My recommendation from active funds in mid cap category are:-

# HDFC Mid Cap Opp Fund-Direct-Growth

# Franklin India Prima Fund-Direct-Growth

Personally, I am creating a blend of Nifty 50 and Nifty Next 50 with 50:50 or 70:30 to fill the gap of Large Cap and Mid Cap with these two categories of Index Funds.

However, those who already invested in active mid cap funds can continue and slowly move to Nifty Next 50.

Best SIP Mutual Funds to invest in India in 2021 -Multi-Cap

Last year I recommended Parag Parikh Long Term Equity Fund and Axis Multi-Cap Fund. I am retaining both funds as usual.

# Parag Parikh Long Term Equity Fund-Direct-Growth

# Axis Multi Cap Fund–Direct-Growth

Best SIP Mutual Funds to invest in India in 2021 -Small Cap

I personally not recommending any Small Cap to my clients. However, if you know how to time the market and play with your money, then you can experiment with these two funds which last year also I recommended.

# DSP Small Cap Fund-Direct-Growth

# Frankin India Smaller Companies Fund-Direct-Growth

Best SIP Mutual Funds to invest in India in 2021 – Equity Oriented Balanced Funds or Aggressive Hybrid Fund

Last year I recommended HDFC Hybrid Equity Fund and Franklin India Equity Hybrid Fund. This year too, I am retaining the same funds due to their consistent long-term performance.

# HDFC Hybrid Equity Fund-Direct-Growth

# Franklin India Equity Hybrid Fund-Direct-Growth.

You may have a look at ICICI Pru Equity and Debt Fund or Mirae Asset Hybrid Equity Fund.

Finally, my list of Top 10 Best SIP Mutual Funds to invest in India in 2021 is as below.

Top 10 Best SIP Mutual Funds to invest in India in 2021

Even though in the above post, I have shared ELSS Funds, I don’t think they are the right products to choose from just because of tax benefits. I have written a detailed post on why you have to ignore ELSS Funds “Mutual Funds for Tax Saving – Why you must avoid?“.

What is my style of construction Equity Portfolio?

I have listed all the funds above. However, I suggest constructing the portfolio as below within your equity portfolio.

50% Large Cap Index+30% Nifty Next 50+20% Hybrid Funds

50% Large Cap Index+30% Nifty Next 50+20% Multi Cap Funds

50% Large Cap Index+20% Nifty Next 50+30% Hybrid Funds

50% Large Cap Index+20% Nifty Next 50+30% Multi Cap Funds

Disclosure:-I have investments in HDFC Index Fund Sensex Plan and HDFC Hybrid Fund as equity part of my daughter’s educational goal. Also, I have investments in UTI Nifty Index Fund, ICICI Pru Nifty Next 50 Index Fund, and HDFC Hybrid Fund as equity part of my retirement goal.

Conclusion:-These are my selections but it does not mean they must be universal selections. Hence, if you have a different opinion, then you can adopt so. You also noticed that I have not changed my recommendations from what I recommended last year. I hardly change my stance. In the end, investing is a BORING and LONG TERM journey 🙂 Best of LUCK!!

Refer our latest posts:-

182 thoughts on “Top 10 Best SIP Mutual Funds to invest in India in 2021”

  1. Dear Basu,

    Thanks for taking time to respond.

    I agree, low volatility comes with low returns too and takes away the essence of equities :-).

    I read an article recently where back testing of low volatility index seems to provide returns similar to Nifty but at lower risks. Your opinion please?

    1. Dear Madhu,
      It again depends on past data. However, we have to be ready to accept lower volatility and lower returns rather than assuming past will repeat in future.

  2. Dear Basu,

    What is your view on UTI low volatility index fund please? How may this add to risk adjusted returns of a mf portfolio with Nifty Index Fund(50%), Nifty Next 50 Index (25%), Large cap oriented flexi cap (25%) for a goal 15 years away.

    Thanks for your advise.

    1. Dear Madhu,
      Low volatility obviously comes with the cost of low return. If you are comfortable, then go ahead.

  3. Dear Sir,
    Thanks for the great article on Index funds and asset allocation.
    I have the below query…

    I have ongoing SIP’s in the following funds. My investment objective is retirement and timeframe is 12 years. Could you please review and advise if these are still good to continue SIP’s in?

    1.Aditya Birla Sun life Tax Relief ’96 Fund
    2.HDFC Hybrid Equity Fund
    3.Axis mid cap Fund
    4.SBI Large cap Fund

    Your advise is highly appreciated. Thank you.

    1. Sir, I am presently investing in PPFC, But it has been stopped for New Invest Lumsum & SIPs. What will be the remedy / Alternative . Kindly suggest please.

  4. Basu, Do you have recommendation for Debt funds to use in Debt portion of the portfolio for long term goals. Apart from PPF/EPF, i have no debt funds in my portfolio. Which category of debt to choose, Gilt /Money market/Medium term funds ?

    1. Dear Rakesh,
      I can udnerstand your eagerness. However, I stuck with financial planning work. Hence, the delay. I will write it soon.

  5. Dear Sir,
    Thanks for your reply
    Sorry for my mistake , It means
    – ICICI Pru equity & debt fund ( Aggressive Hybrid )
    – HDFC Hybrid equity fund ( Aggressive Hybrid )
    Is it good combination as mentioned ?

  6. Dear Sir,
    Thanks for your great article to understand about asset allocation.
    Here I have one query…
    For Kids education Goal (11Y away) E: D (60:40)

    1. ICICI Pru equity & debt fund (60 %)
    2. ICICI Nifty next50 (40 %)
    1. HDFC Index sensex fund (60 %)
    2. HDFC equity & debt fund (40 %) , But Its performance consistency is lower ,Is it correct ?

    Debt : (40%)
    1. PPF
    which MF combination will be better to choose ?


  7. Anil Goud Polagani

    Hi Basu,

    As choice for geographic diversification is to reduce overall portfolio volatility. Can you please guide me “Is it good choice to add international fund in the portfolio[20%]” in detail manner.

  8. Anil Goud Polagani

    Hi Basu,

    Thanks for your guidance. Its mean a lot to me your help in my indexing journey.

    Part of my portfolio construction would like to add one international passive fund[20%] to my existing Sensex+Nifty Next 50 portfolio. Kindly help me to pick a one as different geographic options are available with different benchmarks & also relatively most are relatively newly launched funds so tracking error is also not available.

    Here’s my shot-listed Funds, please help me to pick only one… Long term view as above 15 Years in SIP mode

    Motilal Oswal S&P 500 Index Fund – [S&P 500]
    ICICI Nasdaq 100 Index Fund – [Nasdaq 100]

    HDFC Dev World Indexes FOF – [MSCI World Index]
    Motilal Oswal MSCI Top100 Select Index Fund – [MSCI Top100 Select Index]

    Mirae Asset SP500 TOP 50 FOF – [SPX500 TOP 50 Index]

  9. Ok Basavaraj. I have already executed SIP for myself and my sibling trust this ok. After executing the SIP i heard from someone that one should not be investing in multiple schemes of same MF. Since i have two schemes of UTI for one should i cancel and look for someone else.

    UTI Nifty Index Fund-Direct-Growth
    UTI Nifty Next 50 Index Fund-Direct-Growth
    Parag Parikh Long Term Equity Fund-Direct-Growth

    HDFC Index Fund Sensex Plan-Direct-Growth
    ICICI Pru Nifty Next 50 Index Fund-Direct-Growth
    Parag Parikh Long Term Equity Fund-Direct-Growth

  10. Sure Basavaraj but you suggest redeeming all funds and investing in the funds that you have mentioned large/small etc above.

  11. Thankyou Basavaraj . The only thing is when the market be high since one day it goes up and next down and not a consistent market. I believe once i redeem the funds i should invest in the funds suggested by you. In mutual fund do we get any indexation benefits or it is 10% of the difference that needs to be paid as LTCG. Appreciate your prompt response.

  12. Basavaraj,

    Thanks for your valueable inputs. I had invested some amount thru SIP in the below funds couple of years back have stopped SIP since then. Should i be exiting the below funds do advise if your answer instead of exiting all funds in one go from a taxation perspective can one look at certain funds now and others over the years.

    1)Aditya Birla Sun Life Tax Relief’96 Fund-DIRECT
    2) Aditya Birla Sun Life Frontline Equity Fund
    -Growth-Direct Plan
    3) Axis Long Term Equity Fund – Direct
    4) DSP Top 100 Equity Fund – Direct Plan
    5) Franklin India TAXSHIELD – Direct Plan
    6) Franklin India BLUECHIP FUND – Direct Plan
    7) ICICI Prudential Long Term Equity Fund
    (Tax Saving) – Direct Plan – Growth
    8) ICICI Prudential Bluechip Fund – Direct
    Plan – Growth
    9) ICICI Prudential Value Discovery Fund –
    Direct Plan – Growth
    10) IDFC Flexi Cap Fund-Growth-(Direct Plan
    11) Mirae Asset Emerging Bluechip Fund –
    Direct Plan – Growth
    12) Mirae Asset Large Cap Fund – Direct Plan –
    13) SBI Blue Chip Fund – Direct Plan –
    14) SBI Equity Hybrid Fund Direct Growth

    1. Dear Anand,
      The best time to clear your mess is when the market is all-time high (without bothering the 10% tax of LTCG).

    1. Dear Lakshman,
      Investing in India through passive mode is different than investing in USA through Indian passive funds. Majority of these international funds have huge tracking error and not tax effecient.

  13. Dear Sir,

    Kindly give me some clarity….
    I am NRI , Working in middle east. Can I use Gilt fund / arbitrage fund as debt portion. ( Retirement goal – 15 years) Is it advice to use tax wise ??

    1. Dear Venkat,
      If your retirement withdrawal is going to be in India, then you can use a combination of Gilt and Ultra Short Term.

      1. Dear Sir,
        My asset allocation 60 : 40 (E:D) ,15 y Retirement Goal

        Please , It is Constant Maturity Gilt Fund ? and the dept. portion combination suppose to be 50 % of Gilt (SBI) + 50 % Ultra short term ( ICICI ultra short term )
        Thanks in advance.

        1. Dear Venkat,
          Yes, you can use so and in fact more than debt fund, you can include PPF and for the remaining portion, you can use debt funds mentioned by you.

  14. Sir,
    Thanks a lot for a lucid explanation.
    I am first time investor in equity and i have done a SIP of INR 10,000 per month in HDFC NIFTY 50 for 15 years. This is for my long term plan for my Child marriage. Request for your valuable opinion.
    I am planning to invest INR 5000 /month for 15 years in the Motilal Oswal S/P 500 INDEX fund. This is for my retirement. Request your valuable opinion.

  15. Hello Sir,

    Have been following you since you started! on all social platforms. I am looking to Invest 20Lakh Lumpsum in MFs with Horizon of 5yrs atleast. Below is my plan, request your review please (I am ready for 75% equity with this fund)

    1. 25% – ICICI Prudential blue chip fund Direct Growth
    2. 25% – HDFC Index Sensex Direct Plan Growth
    3. 25% – HDFC Nifty50 Equal Weight Index Fund Direct Growth
    4. 25% – SBI Magnum Income Direct Plan Growth

    1. Dear Abhimanyu,
      If your time horizon is around 5 years, then better to stay away from equity and be content with debt products.

  16. Hello sir, I have selected below fund to start SIP 1.HDFC index fund sensex plan 2.UTI Nifty Next 50 3.Parag parikh long term equity plan. My query is that should I use mycams to start invest in HDFC and PP and for UTI at UTI app OR use third party app like quvera OR by registering at Individual AMC website/App

    1. Dear Sanjeev,
      For time being you can use the platforms like MFU or respective AMC websites. However, from December 31st onwards try to use MF Central.

  17. Hi Basu

    How do Index funds account for dividend and bonus shares received from the companies they have invested in. All things being equal, should the dividend and bonus not result in higher returns from an index fund compared to the Index it is tracking?

    1. Dear Prashant,
      All Mutual Funds (including Index Funds) reinvest dividends and bonus and hence the benchmark also considered TRI not just Index.

  18. Hello Sir,
    This blog has been really educative on personal financing. I have stopped all my active funds sip and gradually moving towards index funds.
    My asset allocation is currently 50:50 (equity:debt).
    For the debt part – I am mainly using FDs and some PPF.
    For equity – I am planning to invest 1lakh as below for a period of 10-15 yrs-

    Large cap (40%): UTI Nifty (15K) + HDFC Sensex (15K) + Axis blue-chip (10K)
    Midcap (15%): UTI Next 50 (15K)
    Multicap (30%): Parag Parikh Flexicap (15K) + Axis Flexi (15K)
    US Index(15%): Motilal Nasdaq 100 (15 K)

    I think, I have too many overlaps in the large-cap section. Do you recommend any updates to this list?

    Thank you !

  19. Hi Basu

    Thanks for the informative post. Could you pls help me with 2 questions:

    (1) What is your view on foreign exposure – perhaps S&P 500. Would you recommend any Index funds in this category or believe that the foreign holding in Parag Parikh Flexicap fund is enough (I presume this is the fund you are recommending in your post)?

    (2) HDFC Mid cap seems to have a very large AUM for midcap space which could result in inefficiencies. Why do you prefer this over Axis Midcap which has given stellar return in the last 2 years. I am more inclined to go for active managed funds in the mid cap space rather than next 50, however remain undecided. Do you think it is wise to split the planned investment into Next50, HDFC midcap and Axis midcap?

    1. Dear Prashant,
      1) Due to high tracking error and taxation in India, better to avoid.
      2) As I told above, better to switch to index funds.

  20. Sir,

    Can you please suggest an online platform ( Preferably web based not APP ) that facilitates multiple direct fund investment for NRI’s

    Thanks and regards

  21. Hi Basu,
    Its been nice experience to read your blogs. My age is 39 Years and I am investing 3K in following funds through SIP from last 12 years.

    1. Nippon India Multi Cap Fund – Retail Plan (G) (Earlier it was known as Reliance equity opportunities fund).
    2. IDFC Sterling Value Fund (Earlier it was known as IDFC Small & Midcap Fund).

    Addition to this I am investing 1.5 LPA in NSC every year & I have some units in HDFC Midcap Opportunities fund Direct plan- Growth (Bought lump sum in Corona period last year).

    I can invest 5 to 10K more per month but in doubt should I continue SIP in HDFC Midcap opportunities fund or any other fund/scheme to opt. My investment horizon is another 10-15 years.

    1. Dear KD,
      Why NSC for debt? What asset allocation you are following? Do you not feel you have higher exposure to mid cap space?

      1. Dear Basu,

        This is just because I had too much time horizon to invest in midcap. Will shift to large cap when i reach near to my Goal. (Higher education/Marriage of my kids & wealth creation). I want to invest 10k P.m. Should i got for Large cap? what can be perfect fund for this.
        Investing in NSC from last 5 years. Now i complete investing circle. need not to put fresh money into this.

        1. Dear KD,
          I understood your logic. However, relying on one market cap especially mid or small is too risky. Hence, I suggest you around 50% of your allocation should be towards large cap (refer my choices in the above post).

  22. Hi Basu,

    Currently I have ICICI Prodential Bluechip Growth Fund , SIP as 2500rs. I wantto invest in one more fund, my goal is 10 years. Please suggest.


  23. Anil Goud Polagani

    Thanks for your Inputs. Really would like to appreciate for taking time & put your Ideas to your blog. It was one of the best blog I have went through & Thanks for the knowledge being shared via your blog.

    After reading your blog I got more clear overview about how to build a portfolio, so I have set my plan as below & started my Equity Journey today with my first transaction.

    My Goal as Retirement Corpus–> I am 30 Years old IT employee & I wish to retire in next 15 Years[So I set my Investment horizon to 15 Years]

    I have made up my mind to set asset allocation as debt:equity in the ratio of 30:70

    During building my portfolio I have made up Equity asset allocation of 70% for below funds via SIP mode every month contributing 15K.

    In that case I have selected as below

    Category Fund Name Weight-age
    Large-Cap Fund HDFC Index Fund – Sensex Plan – Direct Plan 40%
    Mid-Cap Fund UTI Nifty Next 50 Index Fund Direct Plan Growth Option 30%
    Flexi-Cap Fund Parag Parikh Flexi Cap Fund Direct Plan Growth Option 30%

    But got blocked up in choosing Debt Asset allocation 30% so please help me with below query

    Should EPF Monthly contribution needs to be considered as Debt part of asset allocation ? So, In-that case currently Mandatory Rs.5,112/Month is being contributed by my employer to my EPF A/c, with current corpus of 3.5 Lacks. So do I Ignore constructing Debt part portfolio of 30% & build my portfolio only with equity.

    Or please suggest how to take it forward for Debt part of 30%

    1. Dear Anil,
      I personally feel going beyond 60% in equity is risky. However, it is up to you to take a call. Regarding the equity portfolio, I am fine. Regarding debt, yes as it is a retirement goal, you have to consider EPF also as part of debt holding and EPF contribution also debt monthly investment. To arrive at the desired allocation between equity to debt, if the current allocation is tilted heavily towards debt (EPF) means you can allocate all your surplus towards equity up to the time you reach your desired allocation of equity to debt.

      1. Anil Goud Polagani

        Thanks for your reply.

        I will restructure my asset allocation to 40% Debit : 60% Equity & also periodically restructure it increasing allocation in Debt & reducing in Equity .

        As said till I reach above desired allocation, I will allocate all[100%] of my investments towards equity & once it is balanced, then I will start balancing all my investments based on above asset allocation.

        Can you share your view how often/at which period should I restructure my asset allocation before reaching my retirement.

        And also

        Can you suggest any platform/tool where I can track all above Mutual Funds with different AMCs performance/SIP returns to have overview once in 6 Months.

        1. Anil Goud Polagani

          Can you share your view how often & at which time or period I should restructure my asset allocation before reaching my retirement.

          And also

          Can you suggest any platform/tool where I can track all above Mutual Funds with different AMCs performance/SIP returns to have overview once in 6 Months.

          1. Dear Anil,
            Usually, I suggest once a year review and slowly reduce your equity exposure as you progress towards the near of the goal. Why to use different platforms? There are many platforms that offer direct funds for free. You can use them.

  24. Dear Basu Sir,
    I am 45 yr old and and have 15 year time investment horizon. i was investing in RD Rs.3000 pm. of late, i am not happy with falling returns of RD and its interest rates. Instead i want to invest this 3000 for some other instruments for next 15 years expecting a decent return of around 10%. Goal is to save money for my children welfare. Kindly suggest me sir
    Thank you in advance.

      1. Thank You Sir,
        I have learnt a lot of financial literacy from your blog. Not only that, i am following your blog and advises from last 5 yrs and i have benefited a lot. Your articles are easy to understand and follow. Very grateful to you. Every minute of spent time reading your blog is really worth it .


  25. Hi Basu,

    I have 2 goals. One is for retirement corpus and other for a house downpayment.

    1. For retirement corpus, I am investing  –
    7.2k(current epf and vpf contribution)
    50k in ppf yearly
    5k in mutual fund
    -2.5k in hdfc index sensex direct plan
    -1.5k in parag parikh flexi fund
    -1k in axis bluechip direct growth.
    The time horizon for this goal is 20 years.

    2. For house down payment, I havent started investment yet. I will start from next month. The time horizon is 6-7years and the corpus i am planning to build is 35 to 40 lacs for this goal. I am planning to invest 20k in RD every month and 10k in mutual funds. Since the duration is 6-7 years, i have allocated 1/3rd to equity mutual fund and 2/3rd to debt (RD).
    Out of this 10k, i am planning to invest
    5k in mirae asset large cap fund,
    3k parag or axis flexi cap
    2k in hdfc hybrid fund.

    Please let me know if my plan is in the right direction or any changes are required.

    1. Dear Bhaskar,
      1) What asset allocation you are following between debt to equity? Why Axis fund when you already owning a large cap sensex fund?
      2) RDs are not suitable for goals more than 3 years. Hence, use debt funds. I am not fan of active funds. Better to stick to above suggested passive funds.

      1. Hi Basu,

        Thanks for the reply.

        1) I am contributing to vpf and ppf for tax saving purpose. I started investing in mf recently. As of now, Debt to equity allocation is 70:30. I am planning to change allocation to 40:60 debt to equity in the coming months. I will move from axis blue chip to hdfc hybrid.

        2) Is it ok to invest in Index funds and debt funds for 6-7 years time horizon? pls suggest.

        1. Dear Bhaskar,
          1) In that case, whatever you are investing, move to equity as you are already heavy on debt.
          2) I have mentioned the asset allocation to be followed for 6-7 yrs goals also. Refer to the above post.

          1. Hi Basu,

            Can you please suggest, which type of debt fund is suitable for 6-7 years time horizon? This is for debt part

  26. Dear Sir,

    Based on your suggestions and related articles, I have started investing monthly 40K (in equal proportion i.e around 13k in each fund) in these funds this FY onwards and planning to do so till my retirement (i.e. in 15 years).
    a) Kotak Small cap Growth direct plan –
    b) Axis Mid cap Growth direct plan
    c) Canara Robecco Bluechip equity Growth direct plan
    The goal is for my retirement for me & my wife (homemaker) and for my son’s higher education who is in 1st grade now. Own house & No loans. Medical & life insurance covered adequately. Also 60K investment monthly being done in my VPF (on top of EPF) as I am bit risk averse.
    Question : 1) Is my selection of funds good and can I expect decent (around 12%) returns long term?
    2) How frequently I need to change/adjust my selection of MF. I believe frequent changes (every 1/2 years) also affect their growth I believe. Please suggest. Thanks.

      1. Having invested around 40k monthly from Sep 2013 to Aug 2018 without any slippage in the prominent MFs, I have found the returns are pathetic (around 8%). I am keeping the allocation such as 60% debt and 40% equity for now but worried my returns can be low. Please suggest. Thanks.

          1. Sorry for the late reply sir as I got stuck with my other issues.

            With my debt based investment (VPF), I may get around 6% post tax guaranteed returns. With my equity investments, I am expecting 12% with the above MFs. Probably I will revisit these MF list after 3/5 years as changing them every year might return expected returns. Please advice.

            1. Dear Ramesh,
              In case of VPF, if your contribution to EPF is more than Rs.2,50,000 a year, then considering around 6% is the best way. Otherwise, everything is tax-free in case of VPF. Regarding equity, I prefer a conservative approach of 10% return expectation.

              1. Thanks a lot Sir for the valuable inputs.

                Considering my risk appetite, future retirement/son’s education needs,
                a) do you suggest any change in my asset allocation (Debt vs equity) and/or
                b) any change in the MF schemes I have selected now for next 3/4 years?
                Please advice.

                1. Dear Ramesh,
                  a) Refer to the goal time horizon-based asset allocation suggested above.
                  b) Don’t change funds often. If you go with Index fund, changing the funds so often will resolve automatically.

                  1. Thanks a lot sir. Very valuable suggestions and inputs. Appreciate your service to all of us. Thanks

  27. Hello Basu Bro,
    You actually inspired me to invest in MF and cleared all doubts related to investing. I started my SIP in 2016 and stopped in 2019, because I lost my job. As per your suggestion I started (in 2016) in the following MFs (70/30, equity to debt ratio):
    1. ABSL Frontline Eq
    2. Franklin India Prima Fund and
    3. IDFC Low duration Fund
    1 & 2 together 70% of total money.
    Now I got some low salary job and can resume my SIP, but I can only save Rs 2000 every month. My goal is long-term (10 yrs or more), just make more money, wealth creation. Now, I need your suggestion on the following:
    1. I want to change 1 to UTI Nifty Index (UTINI) fund. How can I do that. Should I sell all units and buy UTINI fund for that money? or any tips?
    2. I am thinking of selling 3 and with that money buy UTINI fund. Because I don’t want debt funds. I have PPF, which was started in 2014. Please advice here!
    3. As I can save only Rs 2000 per month, I will invest the whole in UTINI after switching.
    4. After I get a good job I can resume fund 2.
    Thanks for your reply.

    1. Dear Raja,
      1) Yes, sell and move to new one.
      2) Reduce your equity exposure to 60% and use debt funds if only required. Otherwise, fill as a priority with PPF or EPF.
      3) Instead of one fund, use Nifty and Nifty Next 50 as a combination.

      1. Dear Basu bro,
        Thanks for your reply.
        1. I will move to new UTINI next month.
        2. Sorry, I don’t understand what you mean by ‘Reduce your equity exposure to 60% and use debt funds……’. You mean to say don’t sell the debt funds and leave it as it is? Or to resume investing in it (after getting a better job!)?
        3. You suggest me to invest in one largecap UTINI and one midcap UTI Next 50 (as per your ratio written in this blog). But I already have one midcap Franklin India Prima Fund. Or do you advice to sell Franklin India Prima and move to UTI Next 50?
        Regards, Raja.

          1. Hello Basu,
            Thanks for your reply. Now I understand what you mean. Al most 4 yrs, I have not changed any of my MFs now I think I should review and change. So asked your help. I will sell and invest in the 3 following MFs (only equity!):
            1. (50%) UTI Nifty Index Fund
            2. (30%) UTI Nifty Next 50 (OR) HDFC Mid Cap Opp Fund?
            3. (20%) HDFC Hybrid Equity Fund (OR) Parag Parikh Long Term Equity Fund?
            Can you advice on 2 and 3. I mean which fund to select, any preference?
            Regards, Raja.

              1. Dear Basu,
                Thanks! One more question:
                1. I plan to change to MF Utility. At the moment I invest via Finzipp (previously known as invezta). Finzipp is not free, but until now they have not charged any fees from me! Do you find any advantage of MFU over Finzipp?
                2. Can you also give just a short tip of how to know whether a MF performs good or bad? Just to look the returns ?
                Thanks again.

                1. Dear Raja,
                  1) Cost is the main advantage of MFU over Finzipp. However, many complain that MFU is not so user-friendly.
                  2) When you select Index Funds, the comparison of performance not all arise as you just have to check whether the fund is matching the returns of index or not.

                  1. Dear Basu,
                    Thanks for your suggestions! I plan to invest directly via MF website. I think I can manage with 3 logins. I assume we can invest lumpsum in your recommended MFs. After few months will resume SIP in those MFs.

  28. Dear Sir,
    Kindly advise us best debt instrument portfolio for Retirement / child education Goal.

    And I would like to request you to create a Blog for Debt Portfolio. Please ..!!!!

    Thanks in advance.

  29. Hi Basu,
    Thanks for giving such valuable tips!
    I have currently following investments in MF:-
    1). Axis Blue-chip- SIP-Rs.5000/- ( 5 yrs)
    2). SBI Focused Equity-SIP-Rs. 3000/- ( 5yrs)
    I am planning to new MF in my portfolio. My Time horizon will going to be 5-7 yrs.
    MIDCAP- ICICI PUR nifty 50-SIP Rs.5000/-
    Parag Parikh Ling term equity-Lumpsum-Rs.50000/-
    DSP =small cap fund direct fund-SIP- Rs.2000/-

    Please share your advise on above funds. Any new funds suggestions are welcome.

      1. Okay. Thanks for your prompt response.
        For debt part, I am currently investing in PPF, FD and Debt funds.
        My asset allocation ratio is 66:34 b/w debt and equity. I am looking to increase my exposure towards equity.
        Please share your views regarding my above mentioned equity funds selection.

        1. Dear Pooja,
          I don’t think FDs are best for your 5-7 years goal and also if PPF is not maturing within 5-7 years, then what is the use? Regarding equity, do you think its wise to adopt active funds? I suggest you think of the above shared passive funds.

          1. Okay . Thanks.
            My PPF savings are meant for my very long term goals/child’s higher education.
            I am now thinking to invest 50% in UTI Nifty Index, 30% in ICICI Pru Nifty next 50 and remaining 20% in HDFC hybrid equity fund for my equity portion.
            Also I am currently having Axis blue-chip and SBI Focused equity.
            What are your views about this.

  30. Hi Basu,

    This is a very informative article and really appreciate the breakdown also given by you.
    For my retirement goal after 21 years i am investing 9k monthly. out of which 6k (approx 65 percent is in equity)
    and remaining 35 percent i.e. 3k is in debt funds which is VPF as suggested in your article.
    For my 6k in equity for mutual funds i have divided as below :
    HDFC Index Fund Sensex Plan-Direct-Growth – 3000
    UTI Nifty Next 50 Index Fund-Direct-Growth – 1800
    Franklin India Equity Hybrid Fund-Direct-Growth – 1200

    But considering the recent situation of Franklin Mutual fund company. Do you suggest to continue with the same hybrid equity or is it better to sell and invest in some other hybrid fund.

    Thanks in advance!

      1. Hi Basu,

        Thanks for the reply. I had already started Franklin Hybrid fund last month. SO you suggest to withdraw the amount and put it in HDFC hybrid from this month onwards. By the way my monthly SIP date is 15th April.

          1. Hi Basu,

            Thanks for the quick reply. Just another question i had.
            Is increasing the SIP by 10 percent every year a good idea?

              1. Hi Basu,

                Just another thing. ETF’s are getting popular now. Could you please help us with an article to understand how they are different from index funds which has been your recommendation.
                Thanks in advance!

  31. Hello Sir,

    This was a thorough and really helpful article. Looking forward to more such knowledge. I have my goals set beyond 10 years. I invest in PPF 50k each year.
    My mutual fund allocation is as below
    Icici Prudential Long Term Equity Fund – 5000 sip (started in 2017)
    Axis long term equity direct plan – 5000 (started last year)
    Mirae asset tax saver fund – 5000 (started last year)
    I am willing to invest 15-20k more each month as I am married now.

      1. Yes sir realising the wrong direction now. If needed I can stop the icici one or just continue with these but add 2-3 more from your suggested options. Please guide from hereon.

  32. Hello Basavaraj Tonagatti sir
    I am start to invest in mutual funds sip and lump sum from may 2009. Till date my return is 12.5%cagr
    My investment goal is 15 year
    How should I invest in large cap ,mid cap and multi cap funds.
    My current scheams are as below
    Sbi focused fund
    Mirae asset emerging equity
    Invesco india growth opportunities fund
    Axis mid cap fund
    Axis small cap fund
    Portfolio allocation is large cap 47%,mid cap 35%and 18%small cap ,my debt equity allocation is 40:60
    Plese suggest me best fund and equity debt allocation for next 15years
    Thank you

  33. Hello Basavaraj Tonagatti
    I am 39 years old and starting to invest in mutual funds sip from next month.
    My investment goal is 10 years.
    How should I invest in large cap ,mid cap and multi cap funds.
    Plese suggest few funds also.

  34. Basu,

    When i am calculating Target goal corpus and Monthly investment required for each goal,

    1. Should i use fixed Asset allocation like using FV,PMT excel function to find Target corpus and Monthly required amount to be invested for the goal.
    2. Should i use Variable asset allocation for each year to find Target corpus and Monthly required amount to be invested for the goalabove.

    Kindly advise which 1 to follow.

      1. Thanks Basu,

        All my goals are greater than 10+ years from now and not going to change yearly AA. So i will choose option 1.(fixed AA).

        I am using Unified portfolio for all the goals, Should i treat the last goal(Retirement) Asset allocation for the unified portfolio.

  35. Hi Basu,

    Your recommendations are very great. I am new to mutual funds but your article helped me to understand things in best possible way. I am planning the same way you suggested in form of SIPs. Apart from that, currently I have excess amount of 3-4 lakh to invest. My all investment are planned for long term(10-15 Yrs).
    Can you please suggest me the ways to invest my money in lump sum way?
    Also you didn’t mentioned about direct stock investments. Should one consider that as well if he is investing sufficient amount in SIPs in above manner?

    Thanks in Advance

  36. Hi Sir,

    I am following your blogs from an year on-wards but I am starting new investment as a fresher for long term goal of 12-15 years(I am 29 years old ) for children education. I am planning for 60:40 allocation of equity: debt(used PPF and others)
    For equity need your suggestion(60:30:20)
    1.UTI nifty index & Hdfc nifty sensex(large)
    2.Paragh long term equity(flexi/multi) vs ICIC nifty next 50 index
    3. HDFC hybrid equity vs mirae asset hybrid equity vs franklin hybrid

      1. Thank you sir..This really helps.

        As you have mentioned above nifty next 50 is good over active mid cap fund ?? Any reason behind,in terms of volatility or any other factors

  37. Any reason for choosing Hdfc hybrid equity over Mirae Asset Hybrid Equity Fund? Because after the merge hdfc performance reduced bit? If we starting new which hybrid fund is better? allocation 50(large):20(multi):30(hybrid)

  38. Hi Sir,

    I’ve been following your account for almost 7 years now. And I follow No other blog :). I recently did a reshuffle of my MF portfolio and below are my funds.

    HDFC Index Sensex – 3500
    UTI Index – 3500
    Axis bluechip – 3000
    Mirae emerging bluechip – 2500
    icici nifty next 50 – 3000
    axis small cap – 3500
    HDFC hybrid – 3000

    1) does my portfolio looks good for long term ( greater than 10 yrs). is there anything i need to add more amount to?

    2) I’m an OCI and planning to move my direct debit to NRE account. Can I redeem from MF into NRE account and is it tax free?

      1. Hi,

        Thanks for you reply.

        My debt allocation is all here in my country of residence (Australia) and in PPF (india – 30K-50K per year)

        Mutual Fund is all the equity allocation

        large :small/mid : hybrid ( 50:30:20)

        happy to take more risk as i’m planning to invest for more than 15 years.

        1. Dear Priyanka,
          Stop the fresh investment in existing funds. Follow the strategy like one large cap, one mid cap and one flexi cap in the ratio of 50:30:20. Once the existing funds complete one year, then move to the funds. You have to change the funds also by referring the above post.

          1. Hi,

            All these are new funds and SIP has been scheduled to start from 1st march 2021. is there any fund I need to not go ahead?

  39. Hi Basu,

    I started reading your blog recently. Very useful and simple to understand for novice people like me.

    I wanted to invest on PPF for its security but the returns is very low that makes me think twice. (My savings account itself gives 7% interest). i invested in ICICI Pru Guaranteed Wealth Protector Plan with 7 years Pay term and ICICI GILT fund as well in SIP mode. I also decided to invest on IDFC Government Securities Fund in SIP mode as well.

    I allocated some fund to invest on Equity but a bit reluctant to proceed. If i have to reallocate to this fund to Debt funds, what would be your advise? increase the SIP on already invested funds or start something new? if new what would you suggest?

  40. Hi sir,

    Instead of one large cap fund and mid cap fund , Can i choose a single fund which is of Large-Mid cap category?

  41. Hello Sir,

    Starting this year I decided to Invest in mutual funds.

    My investments are as follows –

    Motilal Oswal S&P 500 Index Fund Direct-Growth
    Axis Blue-chip Fund Direct – Growth
    Mirae asset Hybrid equity fund Direct – Growth

    Please suggest if I should modify anything here? I am planning to add 2 more funds to the portfolio, I would appreciate if you can recommend anything to balance Risk:Return ration

    Thank You for helpful post.

      1. Hello Sir,

        I am planning to invest in these funds for a short term (1-3 years for starters)

        Asset allocation here is 90% equity and rest in debt

        I researched on internet and picked few funds which meet my expectations but I am open to suggestions if you can let me know if I need to add anything. Will appreciate your help.

  42. Hello sir

    I have been following your blogs for around 4 years now . I started my portfolio with all Active Direct Funds , how ever I am seeing more popularity of index fund since last 1 year since I read your blog for 2020.
    How do you suggest one to shift from active Fund to Index Fund .
    1) should one stop SIP In active fund and redirect same SIP amount in an INDEX fund
    2) should one STP active fund to Index fund within Same AMC.

  43. Hi Sir,

    I am a long time reader of your blog. Thank you for this write up. Would you please share the list of best debt mutual funds?

  44. How about NIFTY ETFs considering the expense ratio of index funds?
    We can buy/sell ETFs instantly during market hours no need to wait for EOD for NAV calculation.
    What do you think? Which is the best index funds or NIFTY ETFs?

    1. Dear Niranjan,
      You can BUY or SELL only when there are SELLERS or BUYERS at your price. Considering the volume traded in the Indian market, I don’t think it is right to enter into ETF. We have to wait.

  45. Starting new thread as can’t reply to earlier message.
    It’s for long term (more than 10 years)
    Equity :debt =65:35
    Each has 3 funds with specific objective.

    1. Dear Shah,
      Do you think you have overlapped in Large Cap by investing in Nifty Index and having SBI Bluechip? Regarding mid-cap, I stick to Nifty Next 50 for simplicity. In debt, if your goal is more than 10 years or 15 years, then use PPF and rest in Liquid Fund or Gilt Funds (if you are ready for volatility) rather than experimenting on other categories of debt funds.

  46. Hi Sir, Thanks for your valuable and free guidance in today’s chaotic as well trap based investment blogs environment.

    As a diversification of equity share of portfolio, would you suggest any other non-indian market index funds / mutual funds?

    For example – 1. EDEILWEISS Greater China offshore fund 2.motilal oswal nasdaq 100 funds of funds or any other US bluechip fund

    1. Dear Aniket,
      Nowadays it turned to be fashion to have exposure to the global market. But look at your portfolio at first and identify what % of the additional impact it will give you (post-tax). Merely they are performing well does not mean I have to jump.

      1. Hi Sir,

        I am actively following your blogs on mutual funds. I have investments in below mutual funds via SIP from last 4 years. My investment horizon is 10 years.
        I have also invested some amount of money in debt area PPF/FD.

        Below is investment in funds under SIP of 3,000 per month from last 4 years

        Large Cap

            * ICICI Prudential Focused Blue Chip Equity Growth (Large Cap) (3 star)

            * SBI Blue Chip Fund Direct Growth  (Large Cap) (3 star)

        Large and Mid Cap

            * Mirae Asset Emerging Blue Chip Direct Growth  (Large and Mid Cap) (5 star)

        Mid Cap

            * HDFC Mid Cap Opportunities Fund Direct Growth (Mid Cap) (3 star)

        Balanced Fund

            * HDFC Hybrid Equity Fund Direct Growth (before HDFC Balanced Fund) (Balanced Fund) (3 star)

        Small Cap

            * Franklin Temptation Smaller Companies Direct Growth  (Small Cap) (2 star)

        I see that most of the above Funds are not performing well from past 2 to 3 years and are rated as 2 out of 5 or 3 out of 5 except for Mirae Asset Emerging Blue Chip Fund.

        Can you suggest what action to be taken?

        Should I stop SIPs of above funds and start investing 3,000 in below new Funds in SIP which is doing consistently good in last 3 years?

        Large Cap and Index

            * AXIS Blue Chip Fund Direct Growth (Large Cap)  (5 star)
            * HDFC Index Fund Sensex Plan-Direct-Growth  (Large Cap)  (5 star)


        Multi Cap

            * Parag Parikh Long Term Equity Fund (now called as Parag Parikh Flexi Cap Fund)  (Multi Cap)  (5 star)

         Large and Mid Cap

            * Mirae Asset Emerging Blue Chip Direct Growth  (Large and Mid Cap) (5 star)

        Mid Cap

            * AXIS Mid Cap Fund Direct Growth  (Mid Cap)  (5 star)


        Small Cap

            * AXIS Small Cap Fund Direct Growth  (Small Cap)  (5 star)



            * Mirae Asset Tax Saver Fund Direct Growth  (ELSS) (5 star)

        1. Dear Amith,
          What is the asset allocation between debt to equity? Ideally, it should be between 40:60. Better you stop fresh investment in the above existing investments of what you did and start towards my recommendations.

  47. Virendra Pratap Singh

    Do you recommend topping up of the SIP in MFs recommended by y
    ou when the market is down.
    You say 4 MFs are enough but still showing 10.
    Why recommend ELSS when you despise them?

    1. Dear Virendra,
      I am not a believer in market timing. Hence, I do not suggest such a strategy but a believer in asset allocation as per your time horizon and risk appetite. I think you did not read my blog post fully. I never told that one must have all the above-mentioned 10 funds. Instead, refer to the last part of the post where I mentioned how I construct a portfolio. Regarding ELSS, there are still few investors who feel ELSS is a great tool to save tax. It is for them 🙂

  48. Nice article. I have been following your blogs for quite some time now. Would it be possible for you to comment on my MFs:
    IDBI Nifty Index fund (25%)
    Axis Blue chip fund (20%)
    Motilal Oswal Midcap 30 Fund (20%)
    HDFC Short Term fund (5%)
    L&T Resurgent India Bond (15%)
    IDFC Government Securities Fund – Investment Plan (15%)

  49. HDFC may be the biggest AMC but for last 3 yesrs performance Can you site even a single fund in Top 3 performance in their respective category , l am not sure why you sre suggesting any scheme from this fund house

    1. Dear Sanjiv,
      Don’t keep your LOVE or HATE towards AMCs or Fund Managers. It is a one-sided affair 🙂
      Coming back to why I am recommending, when it comes to their Index Fund, which I recommended, I already cleared in the above post for the reasons to select (In Index Funds AMC or Fund Managers are least important) and when it comes to the recommendation of HDFC Hybrid Equity, I always look for consistency and stability of the fund rather than zoom up or down in returns or AUM (Along with other factors).

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