Top-performing Tax-saving Mutual Funds or ELSS for Investment in 2023

Introduction

Investing in tax-saving mutual funds or Equity-Linked Saving Schemes (ELSS) is an excellent way to save taxes and grow wealth over the long term. ELSS funds invest primarily in equity and equity-related instruments, and they offer tax benefits under Section 80C of the Income Tax Act. These funds have a lock-in period of three years, making them suitable for long-term investors who are willing to stay invested for the duration of the lock-in period. In this article, we will discuss the top-performing tax-saving mutual funds or ELSS for investment in 2023.

Mirae Asset Tax Saver Fund

Mirae Asset Tax Saver Fund is a top-performing tax-saving mutual fund that has consistently outperformed its benchmark index and peers. The fund has a diversified portfolio, and it invests in companies that have strong fundamentals and growth prospects. The fund has given returns of over 25% in the last year and has a five-year CAGR of over 20%.

Axis Long-Term Equity Fund

Axis Long Term Equity Fund is another top-performing tax-saving mutual fund that has delivered consistent returns over the years. The fund invests in high-growth companies and has a well-diversified portfolio across sectors. The fund has given returns of over 24% in the last year and has a five-year CAGR of over 19%.

Aditya Birla Sun Life Tax Relief 96

Aditya Birla Sun Life Tax Relief 96 is a top-performing ELSS fund that has delivered consistent returns over the years. The fund has a well-diversified portfolio, and it invests in companies that have strong fundamentals and growth prospects. The fund has given returns of over 21% in the last year and has a five-year CAGR of over 17%.

HDFC Tax Saver Fund

HDFC Tax Saver Fund is a top-performing ELSS fund that has consistently outperformed its benchmark index and peers. The fund has a well-diversified portfolio, and it invests in companies that have strong fundamentals and growth prospects. The fund has given returns of over 20% in the last year and has a five-year CAGR of over 16%.

ICICI Prudential Long-Term Equity Fund

ICICI Prudential Long Term Equity Fund is another top-performing ELSS fund that has consistently delivered strong returns over the years. The fund has a well-diversified portfolio, and it invests in companies that have strong fundamentals and growth prospects. The fund has given returns of over 23% in the last year and has a five-year CAGR of over 17%.

Conclusion

Investing in tax-saving mutual funds or ELSS is an excellent way to save taxes and grow wealth over the long term. These funds have a lock-in period of three years, which makes them suitable for long-term investors who are willing to stay invested for the duration of the lock-in period. In this article, we have discussed the top-performing tax-saving mutual funds or ELSS for investment in 2023. Investors should do their due diligence before investing in any fund and consult with their financial advisor before making any investment decisions.