Do I need to change my mutual fund portfolio?

economictimes.indiatimes.com:

I have been investing varying amounts in seven different mutual fund schemes. Here are the details of my investments:Quant Tax Plan: Rs. 3500 per month Quant Small Cap Fund: Rs 2500 per monthMirae Asset Tax Saver Fund: Rs 2000 per month UTI Small Cap Fund: Rs 2000 per month Axis Small Cap Fund: Rs 1000 per monthAxis Long Term Equity Fund :Rs 500 per month Tata Small Cap Fund: Rs 1000 per month (started this month) Do I need to modify any of these investments? If yes, what adjustments would you suggest? Also, I'm looking to increase my SIP contribution by Rs 2,000 per month. Given my current portfolio and your understanding of the market, could you provide some suggestions on where this additional investment should be allocated? --Raghav Kapoor You are investing in three tax saving schemes and four small cap schemes. Investing a small amount in too many schemes doesn’t offer you the benefits of optimal diversification or maximise returns. Adding too many schemes often results in duplication of portfolios and over diversification. It also dilutes the overall returns.

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You have not shared your goals or risk profile. Hope you are not chasing returns. Always remember that past performance may not be repeated in future. Also, you will find it extremely difficult to handle losses and volatility in a bad phase in the market unless you have made allocation based on your investment objectives. Take an online quiz to assess your risk profile and invest in mutual funds that match the profile. Tax saving schemes help you to save taxes under Section 80C of the income tax act. You can claim a tax deduction of up to Rs 1.5 lakh in a