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4 Best Tax Saving ELSS Mutual Funds FY 23 - 24
ELSS (Equity Linked Saving Scheme) is one of the best tax-saving options that help you save a lot of money on income tax along with earning Capital appreciation on investments.
Tax Saving ELSS funds allow tax exemptions up to INR 1,50,000 under Section 80C of the Income Tax Act. Therefore, by Investing in these tax saving Mutual Funds, even the investors in the highest tax bracket of 30% can avail tax exemptions of around INR 46,000 for a particular financial year along with earning good returns.
ELSS are Market-linked investments, you are suggested to carry out investments in these funds wisely so as to avert long-term losses and risks.
Benefits of Investing in ELSS Funds FY 23 - 24
- ELSS mutual funds provide tax exemptions up to INR 1,50,000.
- The returns are much higher than the returns offered by other Tax Saving Investment options.
- ELSS have the shortest lock-in period of 3 years, which is comparatively much less than other tax saving investments.
- ELSS funds offer an option to invest via SIP, so the investors can easily manage their ELSS investment by investing small amounts monthly.
All the above-mentioned factors make ELSS one of the best tax saving options.
If you are planning to invest, then SIP (Systematic Investment plan) is one of the Best ways to invest money in ELSS. The regular investment habit keeps your Portfolio disciplined and balanced. Also, the hassle of arranging money for a lump sum at the last moment of the tax calendar is eliminated. In SIP, you can fix the investment amount, which can be as low as Rs. 500, and a date where your money will be auto-deducted from your Bank account to ELSS funds.
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Top 4 Best performing Tax Saving ELSS Mutual Funds
(ELSS Scheme) Seeking to provide long term capital appreciation by predominantly investing in equities and to facilitate the subscribers to seek tax benefits as provided under Section 80 C of the Income Tax Act, 1961. However, there can be no assurance that the investment objective of
the scheme will be realized. Canara Robeco Equity Tax Saver is a Equity - ELSS fund was launched on 2 Feb 09. It is a fund with Moderately High risk and has given a Below is the key information for Canara Robeco Equity Tax Saver Returns up to 1 year are on To generate long-term capital appreciation through investments made primarily in equity and equity related securities of companies. ICICI Prudential Long Term Equity Fund (Tax Saving) is a Equity - ELSS fund was launched on 19 Aug 99. It is a fund with Moderately High risk and has given a Below is the key information for ICICI Prudential Long Term Equity Fund (Tax Saving) Returns up to 1 year are on The Scheme seeks to generate long-term capital growth from a diversified portfolio of predominantly equity and equity-related securities across all market capitalisations. The Scheme is in the nature of diversified multi-cap fund. The Scheme is not providing any assured or guaranteed returns.(There can be no assurance that the investment objectives of the Scheme will be realized.) BOI AXA Tax Advantage Fund is a Equity - ELSS fund was launched on 25 Feb 09. It is a fund with Moderately High risk and has given a Below is the key information for BOI AXA Tax Advantage Fund Returns up to 1 year are on The investment objective of the Scheme is to seek to generate long term capital growth from a diversified portfolio of predominantly equity and equity related securities. There can be no assurance that the investment objective of the scheme will be realised. IDFC Tax Advantage (ELSS) Fund is a Equity - ELSS fund was launched on 26 Dec 08. It is a fund with Moderately High risk and has given a Below is the key information for IDFC Tax Advantage (ELSS) Fund Returns up to 1 year are on Fund NAV Net Assets (Cr) 3 MO (%) 6 MO (%) 1 YR (%) 3 YR (%) 5 YR (%) 2022 (%) Since launch (%) Canara Robeco Equity Tax Saver Growth ₹114.87
↓ -0.18 ₹4,559 -4 0.3 -0.4 16.8 14.4 -0.2 19 ICICI Prudential Long Term Equity Fund (Tax Saving) Growth ₹593.16
↓ -3.05 ₹10,241 -3.8 0.9 0.3 14.5 11.1 2.3 19 BOI AXA Tax Advantage Fund Growth ₹98.88
↓ -0.05 ₹693 -4.4 2.9 1.1 18.6 12.5 -1.3 17.9 IDFC Tax Advantage (ELSS) Fund Growth ₹100.13
↑ 0.01 ₹4,026 -2.5 3.6 1.1 20.6 11.7 4.2 17.7 Note: Returns up to 1 year are on absolute basis & more than 1 year are on CAGR basis. as on 7 Feb 23 100 Crore sorted on annualized returns since launch / inception.
1. Canara Robeco Equity Tax Saver
CAGR/Annualized return of 19% since its launch. Ranked 36 in ELSS category. Return for 2022 was -0.2% , 2021 was 35.1% and 2020 was 27.4% . Canara Robeco Equity Tax Saver
Growth Launch Date 2 Feb 09 NAV (07 Feb 23) ₹114.87 ↓ -0.18 (-0.16 %) Net Assets (Cr) ₹4,559 on 31 Dec 22 Category Equity - ELSS AMC Canara Robeco Asset Management Co. Ltd. Rating ☆ Risk Moderately High Expense Ratio 2.11 Sharpe Ratio -0.26 Information Ratio 0.31 Alpha Ratio -4.89 Min Investment 500 Min SIP Investment 500 Exit Load NIL Growth of 10,000 investment over the years.
Date Value 31 Jan 18 ₹10,000 31 Jan 19 ₹10,100 31 Jan 20 ₹11,432 31 Jan 21 ₹14,213 31 Jan 22 ₹19,054 31 Jan 23 ₹18,623 Returns for Canara Robeco Equity Tax Saver
absolute basis & more than 1 year are on CAGR (Compound Annual Growth Rate) basis. as on 7 Feb 23 Duration Returns 1 Month -0.7% 3 Month -4% 6 Month 0.3% 1 Year -0.4% 3 Year 16.8% 5 Year 14.4% Since launch 19% 10 Year 15 Year Historical performance (Yearly) on absolute basis
Year Returns 2022 -0.2% 2021 35.1% 2020 27.4% 2019 10.7% 2018 2.7% 2017 32% 2016 0% 2015 0.6% 2014 45.2% 2013 5.3% Fund Manager information for Canara Robeco Equity Tax Saver
Name Since Tenure Vishal Mishra 26 Jun 21 1.52 Yr. Shridatta Bhandwaldar 1 Oct 19 3.25 Yr. Data below for Canara Robeco Equity Tax Saver as on 31 Dec 22
Equity Sector Allocation
Sector Value Financial Services 34.13% Consumer Cyclical 13.34% Basic Materials 9.69% Technology 9.47% Industrials 9.47% Health Care 5.99% Consumer Defensive 5.03% Energy 4.21% Communication Services 2.15% Real Estate 1.5% Utility 1.5% Asset Allocation
Asset Class Value Cash 3.52% Equity 96.48% Top Securities Holdings / Portfolio
Name Holding Value Quantity ICICI Bank Ltd (Financial Services)
Equity, Since 31 Aug 18 | ICICIBANK8% ₹356 Cr 3,991,000 HDFC Bank Ltd (Financial Services)
Equity, Since 30 Nov 08 | HDFCBANK8% ₹355 Cr 2,182,184
↑ 145,000 Infosys Ltd (Technology)
Equity, Since 31 Jul 18 | INFY6% ₹295 Cr 1,956,310 State Bank of India (Financial Services)
Equity, Since 30 Nov 20 | SBIN5% ₹221 Cr 3,595,000
↑ 265,000 Reliance Industries Ltd (Energy)
Equity, Since 30 Nov 19 | RELIANCE4% ₹192 Cr 753,500
↑ 10,000 Axis Bank Ltd (Financial Services)
Equity, Since 31 Dec 20 | AXISBANK4% ₹192 Cr 2,053,000 UltraTech Cement Ltd (Basic Materials)
Equity, Since 30 Apr 21 | ULTRACEMCO2% ₹108 Cr 155,000
↑ 6,000 Tata Consultancy Services Ltd (Technology)
Equity, Since 30 Jun 20 | TCS2% ₹105 Cr 323,712 Hindustan Unilever Ltd (Consumer Defensive)
Equity, Since 31 Oct 16 | HINDUNILVR2% ₹99 Cr 386,690 Bharti Airtel Ltd (Communication Services)
Equity, Since 30 Nov 21 | BHARTIARTL2% ₹98 Cr 1,215,000 2. ICICI Prudential Long Term Equity Fund (Tax Saving)
CAGR/Annualized return of 19% since its launch. Ranked 30 in ELSS category. Return for 2022 was 2.3% , 2021 was 33.7% and 2020 was 13.6% . ICICI Prudential Long Term Equity Fund (Tax Saving)
Growth Launch Date 19 Aug 99 NAV (07 Feb 23) ₹593.16 ↓ -3.05 (-0.51 %) Net Assets (Cr) ₹10,241 on 31 Dec 22 Category Equity - ELSS AMC ICICI Prudential Asset Management Company Limited Rating ☆☆ Risk Moderately High Expense Ratio 1.88 Sharpe Ratio -0.11 Information Ratio -0.37 Alpha Ratio -2.02 Min Investment 500 Min SIP Investment 500 Exit Load NIL Growth of 10,000 investment over the years.
Date Value 31 Jan 18 ₹10,000 31 Jan 19 ₹9,673 31 Jan 20 ₹10,778 31 Jan 21 ₹12,102 31 Jan 22 ₹16,378 31 Jan 23 ₹16,335 Returns for ICICI Prudential Long Term Equity Fund (Tax Saving)
absolute basis & more than 1 year are on CAGR (Compound Annual Growth Rate) basis. as on 7 Feb 23 Duration Returns 1 Month -1.7% 3 Month -3.8% 6 Month 0.9% 1 Year 0.3% 3 Year 14.5% 5 Year 11.1% Since launch 19% 10 Year 15 Year Historical performance (Yearly) on absolute basis
Year Returns 2022 2.3% 2021 33.7% 2020 13.6% 2019 8.8% 2018 0.5% 2017 26% 2016 3.9% 2015 4.3% 2014 50.8% 2013 10.2% Fund Manager information for ICICI Prudential Long Term Equity Fund (Tax Saving)
Name Since Tenure Harish Bihani 5 Nov 18 4.16 Yr. Sharmila D’mello 31 Jul 22 0.42 Yr. Data below for ICICI Prudential Long Term Equity Fund (Tax Saving) as on 31 Dec 22
Equity Sector Allocation
Sector Value Financial Services 36.27% Technology 14.06% Consumer Cyclical 12.34% Industrials 7.32% Communication Services 6.67% Health Care 6.41% Consumer Defensive 6.26% Energy 4.55% Basic Materials 1.5% Real Estate 1.27% Asset Allocation
Asset Class Value Cash 3.34% Equity 96.66% Top Securities Holdings / Portfolio
Name Holding Value Quantity ICICI Bank Ltd (Financial Services)
Equity, Since 31 Dec 18 | ICICIBANK9% ₹919 Cr 10,319,495 Infosys Ltd (Technology)
Equity, Since 30 Jun 16 | INFY6% ₹614 Cr 4,068,993 Axis Bank Ltd (Financial Services)
Equity, Since 30 Nov 18 | AXISBANK6% ₹580 Cr 6,216,605
↓ -400,000 Bharti Airtel Ltd (Communication Services)
Equity, Since 30 Nov 17 | BHARTIARTL5% ₹514 Cr 6,374,762 HDFC Bank Ltd (Financial Services)
Equity, Since 31 Jul 17 | HDFCBANK5% ₹482 Cr 2,961,891 Avenue Supermarts Ltd (Consumer Defensive)
Equity, Since 29 Feb 20 | DMART4% ₹423 Cr 1,038,565 SBI Cards and Payment Services Ltd Ordinary Shares (Financial Services)
Equity, Since 31 Mar 21 | SBICARD4% ₹406 Cr 5,100,548 Reliance Industries Ltd (Energy)
Equity, Since 31 May 20 | RELIANCE4% ₹379 Cr 1,488,761 HCL Technologies Ltd (Technology)
Equity, Since 31 May 19 | HCLTECH4% ₹375 Cr 3,604,981
↓ -100,000 Maruti Suzuki India Ltd (Consumer Cyclical)
Equity, Since 28 Feb 18 | MARUTI3% ₹325 Cr 387,132
↑ 72,049 3. BOI AXA Tax Advantage Fund
CAGR/Annualized return of 17.9% since its launch. Ranked 13 in ELSS category. Return for 2022 was -1.3% , 2021 was 41.5% and 2020 was 31.2% . BOI AXA Tax Advantage Fund
Growth Launch Date 25 Feb 09 NAV (07 Feb 23) ₹98.88 ↓ -0.05 (-0.05 %) Net Assets (Cr) ₹693 on 31 Dec 22 Category Equity - ELSS AMC BOI AXA Investment Mngrs Private Ltd Rating ☆☆☆ Risk Moderately High Expense Ratio 2.54 Sharpe Ratio -0.3 Information Ratio 0.6 Alpha Ratio -5.83 Min Investment 500 Min SIP Investment 500 Exit Load NIL Growth of 10,000 investment over the years.
Date Value 31 Jan 18 ₹10,000 31 Jan 19 ₹8,154 31 Jan 20 ₹10,084 31 Jan 21 ₹12,419 31 Jan 22 ₹17,256 31 Jan 23 ₹17,207 Returns for BOI AXA Tax Advantage Fund
absolute basis & more than 1 year are on CAGR (Compound Annual Growth Rate) basis. as on 7 Feb 23 Duration Returns 1 Month -1.8% 3 Month -4.4% 6 Month 2.9% 1 Year 1.1% 3 Year 18.6% 5 Year 12.5% Since launch 17.9% 10 Year 15 Year Historical performance (Yearly) on absolute basis
Year Returns 2022 -1.3% 2021 41.5% 2020 31.2% 2019 14.6% 2018 -16.3% 2017 57.7% 2016 -1.2% 2015 2.1% 2014 44% 2013 9.1% Fund Manager information for BOI AXA Tax Advantage Fund
Name Since Tenure Alok Singh 27 Apr 22 0.68 Yr. Data below for BOI AXA Tax Advantage Fund as on 31 Dec 22
Equity Sector Allocation
Sector Value Financial Services 38.39% Consumer Cyclical 13.78% Industrials 11% Basic Materials 9.71% Consumer Defensive 7.59% Health Care 6.01% Energy 4.22% Technology 3.48% Utility 3.03% Real Estate 1.88% Communication Services 0.74% Asset Allocation
Asset Class Value Cash 0.17% Equity 99.83% Top Securities Holdings / Portfolio
Name Holding Value Quantity State Bank of India (Financial Services)
Equity, Since 31 Oct 21 | SBIN7% ₹47 Cr 770,000 ICICI Bank Ltd (Financial Services)
Equity, Since 31 Oct 18 | ICICIBANK7% ₹47 Cr 529,340 HDFC Bank Ltd (Financial Services)
Equity, Since 31 Dec 10 | HDFCBANK6% ₹43 Cr 265,000
↑ 21,000 Canara Bank (Financial Services)
Equity, Since 31 Aug 22 | CANBK4% ₹30 Cr 895,000 Reliance Industries Ltd (Energy)
Equity, Since 30 Nov 18 | RELIANCE3% ₹23 Cr 91,009 NTPC Ltd (Utilities)
Equity, Since 30 Apr 22 | NTPC3% ₹21 Cr 1,260,000 Axis Bank Ltd (Financial Services)
Equity, Since 31 Jan 22 | AXISBANK3% ₹19 Cr 204,000 UltraTech Cement Ltd (Basic Materials)
Equity, Since 30 Apr 22 | 5325382% ₹16 Cr 23,000
↑ 4,000 Balrampur Chini Mills Ltd (Consumer Defensive)
Equity, Since 30 Apr 22 | BALRAMCHIN2% ₹16 Cr 396,000 ITC Ltd (Consumer Defensive)
Equity, Since 31 May 22 | ITC2% ₹16 Cr 473,223 4. IDFC Tax Advantage (ELSS) Fund
CAGR/Annualized return of 17.7% since its launch. Ranked 3 in ELSS category. Return for 2022 was 4.2% , 2021 was 49.2% and 2020 was 18.7% . IDFC Tax Advantage (ELSS) Fund
Growth Launch Date 26 Dec 08 NAV (07 Feb 23) ₹100.13 ↑ 0.01 (0.01 %) Net Assets (Cr) ₹4,026 on 31 Dec 22 Category Equity - ELSS AMC IDFC Asset Management Company Limited Rating ☆☆☆☆☆ Risk Moderately High Expense Ratio 1.95 Sharpe Ratio 0.03 Information Ratio 0.72 Alpha Ratio -0.51 Min Investment 500 Min SIP Investment 500 Exit Load NIL Growth of 10,000 investment over the years.
Date Value 31 Jan 18 ₹10,000 31 Jan 19 ₹8,614 31 Jan 20 ₹9,289 31 Jan 21 ₹10,943 31 Jan 22 ₹16,319 31 Jan 23 ₹16,535 Returns for IDFC Tax Advantage (ELSS) Fund
absolute basis & more than 1 year are on CAGR (Compound Annual Growth Rate) basis. as on 7 Feb 23 Duration Returns 1 Month -0.7% 3 Month -2.5% 6 Month 3.6% 1 Year 1.1% 3 Year 20.6% 5 Year 11.7% Since launch 17.7% 10 Year 15 Year Historical performance (Yearly) on absolute basis
Year Returns 2022 4.2% 2021 49.2% 2020 18.7% 2019 1.9% 2018 -9.4% 2017 53.4% 2016 0.4% 2015 6.9% 2014 42.2% 2013 15% Fund Manager information for IDFC Tax Advantage (ELSS) Fund
Name Since Tenure Daylynn Pinto 20 Oct 16 6.2 Yr. Data below for IDFC Tax Advantage (ELSS) Fund as on 31 Dec 22
Equity Sector Allocation
Sector Value Financial Services 28.12% Consumer Cyclical 15.31% Industrials 12.65% Basic Materials 9.92% Technology 9.43% Health Care 6.36% Energy 3.8% Consumer Defensive 3.34% Communication Services 2.8% Utility 1.36% Asset Allocation
Asset Class Value Cash 6.9% Equity 93.1% Top Securities Holdings / Portfolio
Name Holding Value Quantity ICICI Bank Ltd (Financial Services)
Equity, Since 31 May 16 | ICICIBANK8% ₹339 Cr 3,800,000 State Bank of India (Financial Services)
Equity, Since 30 Jun 20 | SBIN5% ₹215 Cr 3,500,000 Infosys Ltd (Technology)
Equity, Since 31 Jul 15 | INFY5% ₹204 Cr 1,350,000 HDFC Bank Ltd (Financial Services)
Equity, Since 30 Sep 14 | HDFCBANK4% ₹171 Cr 1,050,000 Reliance Industries Ltd (Energy)
Equity, Since 31 Jul 18 | RELIANCE4% ₹153 Cr 600,000
↑ 50,000 Axis Bank Ltd (Financial Services)
Equity, Since 30 Apr 21 | AXISBANK3% ₹131 Cr 1,400,000 Bharti Airtel Ltd (Communication Services)
Equity, Since 31 Jan 20 | BHARTIARTL3% ₹113 Cr 1,400,000 Tata Motors Ltd (Consumer Cyclical)
Equity, Since 31 May 20 | TATAMOTORS3% ₹101 Cr 2,600,000 Mahindra & Mahindra Ltd (Consumer Cyclical)
Equity, Since 31 Jul 20 | M&M2% ₹100 Cr 800,000 Jindal Steel & Power Ltd (Basic Materials)
Equity, Since 31 Mar 18 | JINDALSTEL2% ₹99 Cr 1,700,000
↓ -50,000
All efforts have been made to ensure the information provided here is accurate. However, no guarantees are made regarding correctness of data. Please verify with scheme information document before making any investment.
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