Canara Robeco Tax Saver Fund
Canara Robeco Tax Saver Fund manages Rs 4,500 core. The scheme had a great run from 2018 to 2021. However, it failed to beat its benchmark and category in 2022. It has been an above average performer in three, five, seven, and 10 years. A look at the portfolio reveals that the scheme has invested mostly in giant (59%) and large cap (21%) stocks. It has 21% investments in mid cap stocks and negligible investments in small cap stocks. The fund manager may be playing it safe, considering the uncertainties and volatility in the stock market. It is betting mostly on financial stocks (over 30%) and IT stocks (10%). The portfolio comprises good companies. It has invested in 63 stocks, but it’s top five holdings account for 29%, and top 10 stocks account for over 43%. It shows the conviction of the fund manager. The portfolio turnover is 36%, which shows that the scheme follows a buy and hold strategy.
Mirae Asset Tax Saver Fund
Mirae Asset Tax Saver Fund manages Rs 14,042 crore. The scheme had a great run since 2016. It has performed better than the category and benchmark in this period. However, it failed to beat its benchmark and category in 2022. The scheme has invested in 64 stocks. Most of its investments in giant stocks (62%), and large cap stocks (9%). It has 20% investments in mid cap stocks and 5% in small cap stocks. Top three sectors account for 52%, top 10 stocks account for 46% – it shows the conviction of the fund. The scheme’s portfolio turnover is higher at 78%.
DSP Tax Saver Fund
DSP Tax Saver Fund manages Rs 10,317 crore. The scheme is known for its conservative approach. It has beaten both its benchmark and category in 2021 and 2022. However, it failed to beat its benchmark and category in 2020. It is ranked among toppers in the category in, five, seven, and 10 year horizons. The portfolio is in line with the category. It has invested in 59 stocks. Top five stocks account for 32%, and top 10 stocks for 44%. The portfolio turnover is low at 39%.
Quant Tax Plan
Mutual fund investors are in love with Quant Mutual Fund schemes. Quant Tax Plan is in great demand these days. You should remember that Quant Mutual Fund follows a quant-based investment model to invest and the approach may not suit traditional investors. On a trailing return basis, the scheme has been the topper in three, five, seven, 10 year horizons. However, you should remember that the fund follows a dynamic investment philosophy. If you subscribe to the philosophy, you may consider investing in it.These are part of our recommended tax saving schemes to invest in 2023. If you want to see the complete list, read Best ELSS funds to invest in 2023.
