Top 3 Best performing ELSS (Tax Saving) Mutual Funds for 2024 | Fincash.com

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Top 3 Best Tax Saving ELSS Mutual Funds for 2024

Updated on July 21, 2024 , 6535 views

Best elss Funds or Equity Linked Savings Schemes (Tax Saving) are equity diversified Mutual Funds that majorly invest in equity-linked instruments (like shares and stocks) to provide Market-linked returns. Typically, 80% of the fund corpus is invested in equity and the remaining in debt instruments. Best ELSS funds are also known as the tax saving Mutual Funds as they offer tax benefits under Section 80C of the income tax Act. Moreover, the ELSS Mutual Funds are open-ended, which means that the investors can subscribe in these funds as and when they want. However, before Investing in these tax saving Mutual Funds, it is suggested to consider a list of best ELSS funds.

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Top 3 ELSS Funds To Invest In 2024

Fund	NAV	Net Assets (Cr)	3 MO (%)	6 MO (%)	1 YR (%)	3 YR (%)	5 YR (%)	2023 (%)
Motilal Oswal Long Term Equity Fund Growth	₹47.7848 ↓ -0.06	₹3,710	9.8	26.6	53.5	23.2	23.8	37
Nippon India Tax Saver Fund (ELSS) Growth	₹127.203 ↓ -0.48	₹15,917	12.8	23.2	42.8	22.3	19.5	28.6
DSP BlackRock Tax Saver Fund Growth	₹135.339 ↓ -0.55	₹16,284	16.5	25.8	46.6	21.1	23.5	30
Note: Returns up to 1 year are on absolute basis & more than 1 year are on CAGR basis. as on 23 Jul 24

1. SBI Magnum Tax Gain Fund

To deliver the benefit of investment in a portfolio of equity shares, while offering deduction on such investment made in the scheme under section 80C of the Income-tax Act, 1961. It also seeks to distribute income periodically depending on distributable surplus. Investments in this scheme would be subject to a statutory lock-in of 3 years from the date of allotment to avail Section 80C benefits.

SBI Magnum Tax Gain Fund is a Equity - ELSS fund was launched on 7 May 07. It is a fund with Moderately High risk and has given a CAGR/Annualized return of 13.9% since its launch. Ranked 31 in ELSS category. Return for 2023 was 40% , 2022 was 6.9% and 2021 was 31% .

Below is the key information for SBI Magnum Tax Gain Fund

SBI Magnum Tax Gain Fund Growth
Launch Date	7 May 07
NAV (23 Jul 24)	₹425.922 ↓ -1.26 (-0.29 %)
Net Assets (Cr)	₹25,738 on 30 Jun 24
Category	Equity - ELSS
AMC	SBI Funds Management Private Limited
Rating	☆☆
Risk	Moderately High
Expense Ratio	1.79
Sharpe Ratio	3.24
Information Ratio	0
Alpha Ratio	0
Min Investment	500
Min SIP Investment	500
Exit Load	NIL

Growth of 10,000 investment over the years.

Date	Value
30 Jun 19	₹10,000
30 Jun 20	₹8,902
30 Jun 21	₹14,117
30 Jun 22	₹14,163
30 Jun 23	₹18,737
30 Jun 24	₹29,399

SBI Magnum Tax Gain Fund SIP Returns

Total investment amount is ₹300,000
expected amount after 5 Years is ₹570,326.
Net Profit of ₹270,326 Invest Now

Returns for SBI Magnum Tax Gain Fund

Returns up to 1 year are on absolute basis & more than 1 year are on CAGR (Compound Annual Growth Rate) basis. as on 23 Jul 24

Duration	Returns
1 Month	1.8%
3 Month	11.5%
6 Month	26%
1 Year	53%
3 Year	27.3%
5 Year	25.2%
10 Year
15 Year
Since launch	13.9%

Historical performance (Yearly) on absolute basis

Year	Returns
2023	40%
2022	6.9%
2021	31%
2020	18.9%
2019	4%
2018	-8.3%
2017	33%
2016	2.1%
2015	3.2%
2014	49.1%

Fund Manager information for SBI Magnum Tax Gain Fund

Name	Since	Tenure
Dinesh Balachandran	10 Sep 16	7.81 Yr.

Data below for SBI Magnum Tax Gain Fund as on 30 Jun 24

Equity Sector Allocation

Sector	Value
Financial Services	24.18%
Industrials	15.05%
Consumer Cyclical	10.21%
Energy	9.05%
Health Care	7.1%
Basic Materials	6.51%
Technology	6.25%
Utility	5.72%
Communication Services	3.12%
Consumer Defensive	2.53%
Real Estate	0.69%

Asset Allocation

Asset Class	Value
Cash	9.38%
Equity	90.62%

Top Securities Holdings / Portfolio

Name	Holding	Value	Quantity
GE T&D India Ltd (Industrials) Equity, Since 30 Sep 16 \| GET&D	5%	₹1,358 Cr	9,105,622 ↓ -563,542
HDFC Bank Ltd (Financial Services) Equity, Since 30 Jun 07 \| HDFCBANK	5%	₹1,287 Cr	7,643,253 ↑ 1,500,000
Mahindra & Mahindra Ltd (Consumer Cyclical) Equity, Since 31 Dec 16 \| M&M	4%	₹979 Cr	3,415,083
ICICI Bank Ltd (Financial Services) Equity, Since 31 Jan 17 \| ICICIBANK	3%	₹890 Cr	7,416,237
Bharti Airtel Ltd (Communication Services) Equity, Since 31 Mar 17 \| BHARTIARTL	3%	₹803 Cr	5,563,576
State Bank of India (Financial Services) Equity, Since 31 May 06 \| SBIN	3%	₹793 Cr	9,335,639
Torrent Power Ltd (Utilities) Equity, Since 31 Jul 19 \| TORNTPOWER	3%	₹774 Cr	5,168,579 ↓ -1,012,943
Reliance Industries Ltd (Energy) Equity, Since 30 Apr 06 \| RELIANCE	3%	₹763 Cr	2,437,574
GAIL (India) Ltd (Utilities) Equity, Since 30 Nov 21 \| GAIL	3%	₹697 Cr	31,764,696 ↓ -428,859
Oil & Natural Gas Corp Ltd (Energy) Equity, Since 31 Jan 23 \| ONGC	3%	₹686 Cr	25,000,000

2. HDFC Tax Saver Fund

The fund plans to provide long term growth of capital.

HDFC Tax Saver Fund is a Equity - ELSS fund was launched on 31 Mar 96. It is a fund with Moderately High risk and has given a CAGR/Annualized return of since its launch. Ranked 27 in ELSS category. Return for 2023 was 33.2% , 2022 was 10.5% and 2021 was 35.3% .

Below is the key information for HDFC Tax Saver Fund

HDFC Tax Saver Fund Growth
Launch Date	31 Mar 96
NAV (23 Jul 24)	₹1,335.42 ↓ -3.56 (-0.27 %)
Net Assets (Cr)	₹15,674 on 30 Jun 24
Category	Equity - ELSS
AMC	HDFC Asset Management Company Limited
Rating	☆☆
Risk	Moderately High
Expense Ratio	1.84
Sharpe Ratio	3.12
Information Ratio	1.93
Alpha Ratio	8.43
Min Investment	500
Min SIP Investment	500
Exit Load	NIL

Growth of 10,000 investment over the years.

Date	Value
30 Jun 19	₹10,000
30 Jun 20	₹7,975
30 Jun 21	₹12,121
30 Jun 22	₹13,105
30 Jun 23	₹16,790
30 Jun 24	₹24,586

HDFC Tax Saver Fund SIP Returns

Total investment amount is ₹300,000
expected amount after 5 Years is ₹518,033.
Net Profit of ₹218,033 Invest Now

Returns for HDFC Tax Saver Fund

Returns up to 1 year are on absolute basis & more than 1 year are on CAGR (Compound Annual Growth Rate) basis. as on 23 Jul 24

Duration	Returns
1 Month	2.9%
3 Month	13.2%
6 Month	22.4%
1 Year	46.1%
3 Year	26.3%
5 Year	21.4%
10 Year
15 Year
Since launch

Historical performance (Yearly) on absolute basis

Year	Returns
2023	33.2%
2022	10.5%
2021	35.3%
2020	5.8%
2019	3.7%
2018	-10.9%
2017	38.7%
2016	7.6%
2015	-6.2%
2014	56.4%

Fund Manager information for HDFC Tax Saver Fund

Name	Since	Tenure
Roshi Jain	13 Jan 22	2.47 Yr.
Dhruv Muchhal	22 Jun 23	1.03 Yr.

Data below for HDFC Tax Saver Fund as on 30 Jun 24

Equity Sector Allocation

Sector	Value
Financial Services	41.45%
Health Care	12.35%
Technology	10.43%
Consumer Cyclical	9.34%
Industrials	6.16%
Communication Services	5.53%
Real Estate	2.29%
Utility	1.96%
Energy	0.99%
Consumer Defensive	0.9%
Basic Materials	0.78%

Asset Allocation

Asset Class	Value
Cash	7.51%
Equity	92.17%
Debt	0.32%

Top Securities Holdings / Portfolio

Name	Holding	Value	Quantity
HDFC Bank Ltd (Financial Services) Equity, Since 31 Mar 15 \| HDFCBANK	10%	₹1,566 Cr	9,300,000
ICICI Bank Ltd (Financial Services) Equity, Since 31 Oct 09 \| ICICIBANK	10%	₹1,547 Cr	12,900,000 ↑ 400,000
Axis Bank Ltd (Financial Services) Equity, Since 31 Oct 18 \| AXISBANK	8%	₹1,265 Cr	10,000,000 ↑ 600,000
Cipla Ltd (Healthcare) Equity, Since 31 Oct 09 \| CIPLA	5%	₹800 Cr	5,400,000
Bharti Airtel Ltd (Communication Services) Equity, Since 30 Nov 19 \| BHARTIARTL	5%	₹765 Cr	5,300,000
HCL Technologies Ltd (Technology) Equity, Since 30 Sep 20 \| 532281	5%	₹730 Cr	5,000,000 ↑ 300,000
SBI Life Insurance Company Limited (Financial Services) Equity, Since 31 Jan 22 \| SBILIFE	4%	₹642 Cr	4,300,000
Kotak Mahindra Bank Ltd (Financial Services) Equity, Since 31 Dec 23 \| KOTAKBANK	4%	₹631 Cr	3,500,000 ↑ 100,000
Infosys Ltd (Technology) Equity, Since 30 Sep 08 \| INFY	4%	₹580 Cr	3,700,000 ↑ 500,000
State Bank of India (Financial Services) Equity, Since 31 Dec 06 \| SBIN	3%	₹501 Cr	5,900,000 ↓ -300,000

3. JM Tax Gain Fund

The investment objective is to generate long-term capital growth from a diversified and actively managed portfolio of equity and equity related securities and to enable investors a deduction from total income, as permitted under the Income Tax Act, 1961 from time to time. However, there can be no assurance that the investment objectives of the Scheme will be realized. The Scheme does not guarantee/indicate any returns.

JM Tax Gain Fund is a Equity - ELSS fund was launched on 31 Mar 08. It is a fund with Moderately High risk and has given a CAGR/Annualized return of 10.2% since its launch. Ranked 18 in ELSS category. Return for 2023 was 30.9% , 2022 was 0.5% and 2021 was 32.2% .

Below is the key information for JM Tax Gain Fund

JM Tax Gain Fund Growth
Launch Date	31 Mar 08
NAV (23 Jul 24)	₹48.4907 ↓ -0.27 (-0.55 %)
Net Assets (Cr)	₹161 on 30 Jun 24
Category	Equity - ELSS
AMC	JM Financial Asset Management Limited
Rating	☆☆☆
Risk	Moderately High
Expense Ratio	2.43
Sharpe Ratio	2.63
Information Ratio	0.79
Alpha Ratio	8.78
Min Investment	500
Min SIP Investment	500
Exit Load	NIL

Growth of 10,000 investment over the years.

Date	Value
30 Jun 19	₹10,000
30 Jun 20	₹8,935
30 Jun 21	₹14,283
30 Jun 22	₹14,168
30 Jun 23	₹18,523
30 Jun 24	₹27,569

JM Tax Gain Fund SIP Returns

Total investment amount is ₹300,000
expected amount after 5 Years is ₹556,833.
Net Profit of ₹256,833 Invest Now

Returns for JM Tax Gain Fund

Returns up to 1 year are on absolute basis & more than 1 year are on CAGR (Compound Annual Growth Rate) basis. as on 23 Jul 24

Duration	Returns
1 Month	1.4%
3 Month	14.9%
6 Month	27.2%
1 Year	47%
3 Year	23.4%
5 Year	24.1%
10 Year
15 Year
Since launch	10.2%

Historical performance (Yearly) on absolute basis

Year	Returns
2023	30.9%
2022	0.5%
2021	32.2%
2020	18.3%
2019	14.9%
2018	-4.6%
2017	42.6%
2016	5.2%
2015	-0.6%
2014	54.9%

Fund Manager information for JM Tax Gain Fund

Name	Since	Tenure
Asit Bhandarkar	31 Dec 21	2.5 Yr.
Gurvinder Wasan	1 Dec 22	1.58 Yr.
Chaitanya Choksi	18 Jul 14	9.96 Yr.

Data below for JM Tax Gain Fund as on 30 Jun 24

Equity Sector Allocation

Sector	Value
Industrials	23.36%
Financial Services	16.43%
Basic Materials	16.36%
Consumer Cyclical	14.23%
Technology	10.32%
Consumer Defensive	5.84%
Communication Services	5.38%
Real Estate	3.37%
Health Care	2.41%
Utility	1.99%

Asset Allocation

Asset Class	Value
Cash	0.31%
Equity	99.69%

Top Securities Holdings / Portfolio

Name	Holding	Value	Quantity
HDFC Bank Ltd (Financial Services) Equity, Since 31 Dec 11 \| HDFCBANK	4%	₹7 Cr	39,131
ICICI Bank Ltd (Financial Services) Equity, Since 31 Mar 22 \| ICICIBANK	4%	₹6 Cr	50,975
Larsen & Toubro Ltd (Industrials) Equity, Since 30 Nov 10 \| LT	3%	₹6 Cr	15,500
Infosys Ltd (Technology) Equity, Since 31 Aug 18 \| INFY	3%	₹4 Cr	27,465 ↑ 5,000
Power Finance Corp Ltd (Financial Services) Equity, Since 30 Nov 22 \| PFC	3%	₹4 Cr	87,625 ↓ -18,000
Tata Motors Ltd Class A (Consumer Cyclical) Equity, Since 31 Jul 23 \| TATAMTRDVR	2%	₹4 Cr	57,500
Bharti Airtel Ltd (Communication Services) Equity, Since 31 Mar 24 \| BHARTIARTL	2%	₹4 Cr	25,000
Voltas Ltd (Industrials) Equity, Since 31 Jan 24 \| VOLTAS	2%	₹4 Cr	24,500
Varun Beverages Ltd (Consumer Defensive) Equity, Since 30 Nov 23 \| VBL	2%	₹4 Cr	22,000
Cummins India Ltd (Industrials) Equity, Since 31 Oct 21 \| CUMMINSIND	2%	₹4 Cr	9,000 ↓ -500

Disclaimer:
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.