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Top 5 Best Tax Saving ELSS Mutual Funds for FY 23 - 24

Updated on June 1, 2023 , 7346 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 5 ELSS Funds To Invest In FY 23 - 24

Fund	NAV	Net Assets (Cr)	3 MO (%)	6 MO (%)	1 YR (%)	3 YR (%)	5 YR (%)	2022 (%)
HDFC Long Term Advantage Fund Growth	₹595.168 ↑ 0.28	₹1,318	1.2	15.4	35.5	20.6	17.4
BOI AXA Tax Advantage Fund Growth	₹105.01 ↑ 0.70	₹739	8	0.7	16.1	27.7	13.4	-1.3
PGIM India Tax Savings Fund Growth	₹25.83 ↑ 0.04	₹494	7.5	1.5	14.5	27.7	13	4.7
Mahindra Mutual Fund Kar Bachat Yojana Growth	₹20.1837 ↑ 0.12	₹567	7.5	1.7	14.7	27	11.9	2
Principal Tax Savings Fund Growth	₹351.448 ↑ 1.57	₹967	7.1	-0.1	12.3	25.9	10.8	4.3
Note: Returns up to 1 year are on absolute basis & more than 1 year are on CAGR basis. as on 14 Jan 22

*List of ELSS Tax saving mutual funds having net assets > 250 Crore and haing best CAGR returns in last 5 yr

1. HDFC Long Term Advantage Fund

To generate long term capital appreciation from a portfolio that is predominantly in equity and equity related instruments

HDFC Long Term Advantage Fund is a Equity - ELSS fund was launched on 2 Jan 01. It is a fund with Moderately High risk and has given a CAGR/Annualized return of 21.4% since its launch. Ranked 23 in ELSS category. .

Below is the key information for HDFC Long Term Advantage Fund

HDFC Long Term Advantage Fund Growth
Launch Date	2 Jan 01
NAV (14 Jan 22)	₹595.168 ↑ 0.28 (0.05 %)
Net Assets (Cr)	₹1,318 on 30 Nov 21
Category	Equity - ELSS
AMC	HDFC Asset Management Company Limited
Rating	☆☆☆
Risk	Moderately High
Expense Ratio	2.25
Sharpe Ratio	2.27
Information Ratio	-0.15
Alpha Ratio	1.75
Min Investment	500
Min SIP Investment	500
Exit Load	NIL

Growth of 10,000 investment over the years.

Date	Value
31 May 18	₹10,000
31 May 19	₹11,024
31 May 20	₹8,456
31 May 21	₹14,816

HDFC Long Term Advantage Fund SIP Returns

Total investment amount is ₹300,000
expected amount after 5 Years is ₹470,047.
Net Profit of ₹170,047 Invest Now

Purchase not allowed

Returns for HDFC Long Term Advantage Fund

Returns up to 1 year are on absolute basis & more than 1 year are on CAGR (Compound Annual Growth Rate) basis. as on 14 Jan 22

Duration	Returns
1 Month	4.4%
3 Month	1.2%
6 Month	15.4%
1 Year	35.5%
3 Year	20.6%
5 Year	17.4%
10 Year
15 Year
Since launch	21.4%

Historical performance (Yearly) on absolute basis

Year	Returns
2022
2021
2020
2019
2018
2017
2016
2015
2014
2013

Fund Manager information for HDFC Long Term Advantage Fund

Name	Since	Tenure

Data below for HDFC Long Term Advantage Fund as on 30 Nov 21

Equity Sector Allocation

Sector	Value

Asset Allocation

Asset Class	Value

Top Securities Holdings / Portfolio

Name	Holding	Value	Quantity

2. BOI AXA Tax Advantage Fund

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 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% .

Below is the key information for BOI AXA Tax Advantage Fund

BOI AXA Tax Advantage Fund Growth
Launch Date	25 Feb 09
NAV (02 Jun 23)	₹105.01 ↑ 0.70 (0.67 %)
Net Assets (Cr)	₹739 on 30 Apr 23
Category	Equity - ELSS
AMC	BOI AXA Investment Mngrs Private Ltd
Rating	☆☆☆
Risk	Moderately High
Expense Ratio	2.54
Sharpe Ratio	0.12
Information Ratio	0.12
Alpha Ratio	2.28
Min Investment	500
Min SIP Investment	500
Exit Load	NIL

Growth of 10,000 investment over the years.

Date	Value
31 May 18	₹10,000
31 May 19	₹9,208
31 May 20	₹8,648
31 May 21	₹15,134
31 May 22	₹15,930
31 May 23	₹18,489

BOI AXA Tax Advantage Fund SIP Returns

Total investment amount is ₹300,000
expected amount after 5 Years is ₹426,080.
Net Profit of ₹126,080 Invest Now

Returns for BOI AXA Tax Advantage Fund

Returns up to 1 year are on absolute basis & more than 1 year are on CAGR (Compound Annual Growth Rate) basis. as on 14 Jan 22

Duration	Returns
1 Month	2.3%
3 Month	8%
6 Month	0.7%
1 Year	16.1%
3 Year	27.7%
5 Year	13.4%
10 Year
15 Year
Since launch	17.9%

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	1.01 Yr.

Data below for BOI AXA Tax Advantage Fund as on 30 Apr 23

Equity Sector Allocation

Sector	Value
Financial Services	36.97%
Industrials	10.94%
Consumer Defensive	9.81%
Basic Materials	9.14%
Health Care	6.44%
Utility	5.55%
Energy	5.02%
Consumer Cyclical	3.56%
Technology	2.9%
Real Estate	1.98%
Communication Services	0.69%

Asset Allocation

Asset Class	Value
Cash	6.92%
Equity	93.01%
Debt	0.07%

Top Securities Holdings / Portfolio

Name	Holding	Value	Quantity
ICICI Bank Ltd (Financial Services) Equity, Since 31 Oct 18 \| ICICIBANK	7%	₹49 Cr	529,340
HDFC Bank Ltd (Financial Services) Equity, Since 31 Dec 10 \| HDFCBANK	6%	₹45 Cr	265,000
State Bank of India (Financial Services) Equity, Since 31 Oct 21 \| SBIN	6%	₹45 Cr	770,000
Canara Bank (Financial Services) Equity, Since 31 Aug 22 \| CANBK	4%	₹28 Cr	895,000
Reliance Industries Ltd (Energy) Equity, Since 30 Nov 18 \| RELIANCE	3%	₹22 Cr	91,009
NTPC Ltd Shs Dematerialised (Utilities) Equity, Since 30 Apr 22 \| NTPC	3%	₹22 Cr	1,260,000
ITC Ltd Shs Dematerialised (Consumer Defensive) Equity, Since 31 May 22 \| ITC	3%	₹20 Cr	473,223
Larsen & Toubro Ltd (Industrials) Equity, Since 31 Dec 22 \| LT	2%	₹18 Cr	76,000 ↑ 5,000
Balrampur Chini Mills Ltd (Consumer Defensive) Equity, Since 30 Apr 22 \| BALRAMCHIN	2%	₹18 Cr	432,000
Axis Bank Ltd (Financial Services) Equity, Since 31 Jan 22 \| AXISBANK	2%	₹18 Cr	204,000

3. PGIM India Tax Savings Fund

"The primary objective of the Scheme is to generate long-term capital appreciation by predominantly investing in equity & equity related instruments and to enable eligible investors to avail deduction from total income, as permitted under the Income Tax Act, 1961 as amended from time to time. However, there is no assurance that the investment objective shall be realize"

PGIM India Tax Savings Fund is a Equity - ELSS fund was launched on 11 Dec 15. It is a fund with Moderately High risk and has given a CAGR/Annualized return of 13.5% since its launch. Return for 2022 was 4.7% , 2021 was 37.5% and 2020 was 17.9% .

Below is the key information for PGIM India Tax Savings Fund

PGIM India Tax Savings Fund Growth
Launch Date	11 Dec 15
NAV (02 Jun 23)	₹25.83 ↑ 0.04 (0.16 %)
Net Assets (Cr)	₹494 on 30 Apr 23
Category	Equity - ELSS
AMC	Pramerica Asset Managers Private Limited
Rating	Not Rated
Risk	Moderately High
Expense Ratio	2.46
Sharpe Ratio	0.04
Information Ratio	0.4
Alpha Ratio	0.99
Min Investment	500
Min SIP Investment	500
Exit Load	NIL

Growth of 10,000 investment over the years.

Date	Value
31 May 18	₹10,000
31 May 19	₹10,476
31 May 20	₹8,545
31 May 21	₹14,542
31 May 22	₹15,983
31 May 23	₹18,368

PGIM India Tax Savings Fund SIP Returns

Total investment amount is ₹300,000
expected amount after 5 Years is ₹426,080.
Net Profit of ₹126,080 Invest Now

Returns for PGIM India Tax Savings Fund

Returns up to 1 year are on absolute basis & more than 1 year are on CAGR (Compound Annual Growth Rate) basis. as on 14 Jan 22

Duration	Returns
1 Month	3.6%
3 Month	7.5%
6 Month	1.5%
1 Year	14.5%
3 Year	27.7%
5 Year	13%
10 Year
15 Year
Since launch	13.5%

Historical performance (Yearly) on absolute basis

Year	Returns
2022	4.7%
2021	37.5%
2020	17.9%
2019	8.2%
2018	-6.4%
2017	39.3%
2016	1.7%
2015
2014
2013

Fund Manager information for PGIM India Tax Savings Fund

Name	Since	Tenure
Bhupesh Kalyani	1 Apr 23	0.08 Yr.
Vinay Paharia	1 Apr 23	0.08 Yr.
Anandha Padmanabhan Anjeneyan	1 Apr 23	0.08 Yr.
Ojasvi Khicha	1 Apr 23	0.08 Yr.

Data below for PGIM India Tax Savings Fund as on 30 Apr 23

Equity Sector Allocation

Sector	Value
Financial Services	31.62%
Consumer Cyclical	9.55%
Industrials	8.64%
Technology	8.53%
Consumer Defensive	7.92%
Energy	7.09%
Health Care	7%
Basic Materials	6.85%
Utility	3.49%
Communication Services	2.03%
Real Estate	0.79%

Asset Allocation

Asset Class	Value
Cash	6.49%
Equity	93.51%

Top Securities Holdings / Portfolio

Name	Holding	Value	Quantity
HDFC Bank Ltd (Financial Services) Equity, Since 31 Dec 15 \| HDFCBANK	8%	₹37 Cr	222,200
Reliance Industries Ltd (Energy) Equity, Since 31 Aug 17 \| RELIANCE	7%	₹35 Cr	144,750
ICICI Bank Ltd (Financial Services) Equity, Since 31 Jan 16 \| ICICIBANK	6%	₹27 Cr	298,500
Larsen & Toubro Ltd (Industrials) Equity, Since 30 Sep 17 \| LT	5%	₹23 Cr	95,664
Infosys Ltd (Technology) Equity, Since 31 Dec 15 \| INFY	4%	₹20 Cr	161,129
Axis Bank Ltd (Financial Services) Equity, Since 30 Nov 21 \| AXISBANK	4%	₹19 Cr	218,000
Housing Development Finance Corp Ltd (Financial Services) Equity, Since 31 Oct 17 \| HDFC	3%	₹17 Cr	61,500 ↑ 14,800
ITC Ltd Shs Dematerialised (Consumer Defensive) Equity, Since 31 Aug 17 \| ITC	3%	₹17 Cr	400,000
State Bank of India (Financial Services) Equity, Since 31 Oct 18 \| SBIN	2%	₹10 Cr	178,174 ↓ -116,000
HCL Technologies Ltd (Technology) Equity, Since 31 Aug 20 \| HCLTECH	2%	₹10 Cr	96,100

4. Mahindra Mutual Fund Kar Bachat Yojana

The investment objective of the Scheme is to generate long-term capital appreciation through a diversified portfolio of equity and equity related securities. The Scheme does not guarantee or assure any returns.

Mahindra Mutual Fund Kar Bachat Yojana is a Equity - ELSS fund was launched on 18 Oct 16. It is a fund with Moderately High risk and has given a CAGR/Annualized return of 11.1% since its launch. Return for 2022 was 2% , 2021 was 39.4% and 2020 was 14.1% .

Below is the key information for Mahindra Mutual Fund Kar Bachat Yojana

Mahindra Mutual Fund Kar Bachat Yojana Growth
Launch Date	18 Oct 16
NAV (02 Jun 23)	₹20.1837 ↑ 0.12 (0.58 %)
Net Assets (Cr)	₹567 on 30 Apr 23
Category	Equity - ELSS
AMC	Mahindra Asset Management Company Pvt. Ltd.
Rating	Not Rated
Risk	Moderately High
Expense Ratio	2.38
Sharpe Ratio	0.05
Information Ratio	-0.04
Alpha Ratio	1.32
Min Investment	500
Min SIP Investment	500
Exit Load	NIL

Growth of 10,000 investment over the years.

Date	Value
31 May 18	₹10,000
31 May 19	₹10,186
31 May 20	₹8,257
31 May 21	₹13,900
31 May 22	₹15,210
31 May 23	₹17,341

Mahindra Mutual Fund Kar Bachat Yojana SIP Returns

Total investment amount is ₹300,000
expected amount after 5 Years is ₹405,518.
Net Profit of ₹105,518 Invest Now

Returns for Mahindra Mutual Fund Kar Bachat Yojana

Returns up to 1 year are on absolute basis & more than 1 year are on CAGR (Compound Annual Growth Rate) basis. as on 14 Jan 22

Duration	Returns
1 Month	4%
3 Month	7.5%
6 Month	1.7%
1 Year	14.7%
3 Year	27%
5 Year	11.9%
10 Year
15 Year
Since launch	11.1%

Historical performance (Yearly) on absolute basis

Year	Returns
2022	2%
2021	39.4%
2020	14.1%
2019	4.5%
2018	-9.8%
2017	24.8%
2016
2015
2014
2013

Fund Manager information for Mahindra Mutual Fund Kar Bachat Yojana

Name	Since	Tenure
Manish Lodha	21 Dec 20	2.36 Yr.
Fatema Pacha	16 Oct 20	2.54 Yr.

Data below for Mahindra Mutual Fund Kar Bachat Yojana as on 30 Apr 23

Equity Sector Allocation

Sector	Value
Financial Services	31.8%
Consumer Cyclical	12.81%
Technology	12.71%
Basic Materials	10.5%
Industrials	9.56%
Health Care	5.78%
Energy	5.22%
Consumer Defensive	3.92%
Real Estate	2.54%
Utility	1.5%

Asset Allocation

Asset Class	Value
Cash	3.65%
Equity	96.35%

Top Securities Holdings / Portfolio

Name	Holding	Value	Quantity
ICICI Bank Ltd (Financial Services) Equity, Since 31 May 19 \| ICICIBANK	9%	₹52 Cr	567,120
HDFC Bank Ltd (Financial Services) Equity, Since 31 Dec 16 \| HDFCBANK	9%	₹52 Cr	307,676
Infosys Ltd (Technology) Equity, Since 29 Feb 20 \| INFY	6%	₹36 Cr	286,807
Reliance Industries Ltd (Energy) Equity, Since 31 Mar 18 \| RELIANCE	5%	₹30 Cr	122,154
Axis Bank Ltd (Financial Services) Equity, Since 31 Jan 21 \| 532215	4%	₹21 Cr	249,631
Bajaj Finance Ltd (Financial Services) Equity, Since 30 Nov 21 \| BAJFINANCE	3%	₹19 Cr	31,000
Larsen & Toubro Ltd (Industrials) Equity, Since 31 Aug 18 \| LT	3%	₹17 Cr	71,542
Hindustan Unilever Ltd (Consumer Defensive) Equity, Since 30 Apr 20 \| HINDUNILVR	3%	₹17 Cr	68,112
Tata Consultancy Services Ltd Shs Dematerialised (Technology) Equity, Since 31 May 19 \| TCS	3%	₹16 Cr	49,286
Maruti Suzuki India Ltd (Consumer Cyclical) Equity, Since 28 Feb 18 \| MARUTI	3%	₹15 Cr	17,376

5. Principal Tax Savings Fund

To build a high quality growth-oriented portfolio to provide long-term capital gains to the investors, the scheme aims at providing returns through capital appreciation.

Principal Tax Savings 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 15.7% since its launch. Ranked 8 in ELSS category. Return for 2022 was 4.3% , 2021 was 32.1% and 2020 was 18.9% .

Below is the key information for Principal Tax Savings Fund

Principal Tax Savings Fund Growth
Launch Date	31 Mar 96
NAV (02 Jun 23)	₹351.448 ↑ 1.57 (0.45 %)
Net Assets (Cr)	₹967 on 30 Apr 23
Category	Equity - ELSS
AMC	Principal Pnb Asset Mgmt. Co. Priv. Ltd.
Rating	☆☆☆☆
Risk	Moderately High
Expense Ratio	2.44
Sharpe Ratio	-0.02
Information Ratio	-0.1
Alpha Ratio	0.31
Min Investment	500
Min SIP Investment	500
Exit Load	NIL

Growth of 10,000 investment over the years.

Date	Value
31 May 18	₹10,000
31 May 19	₹10,041
31 May 20	₹8,002
31 May 21	₹13,338
31 May 22	₹14,688
31 May 23	₹16,482

Principal Tax Savings Fund SIP Returns

Total investment amount is ₹300,000
expected amount after 5 Years is ₹395,578.
Net Profit of ₹95,578 Invest Now

Returns for Principal Tax Savings Fund

Returns up to 1 year are on absolute basis & more than 1 year are on CAGR (Compound Annual Growth Rate) basis. as on 14 Jan 22

Duration	Returns
1 Month	3.9%
3 Month	7.1%
6 Month	-0.1%
1 Year	12.3%
3 Year	25.9%
5 Year	10.8%
10 Year
15 Year
Since launch	15.7%

Historical performance (Yearly) on absolute basis

Year	Returns
2022	4.3%
2021	32.1%
2020	18.9%
2019	2.5%
2018	-9.2%
2017	48.8%
2016	6.2%
2015	2.7%
2014	49.4%
2013	8.5%

Fund Manager information for Principal Tax Savings Fund

Name	Since	Tenure
Sudhir Kedia	29 Oct 19	3.51 Yr.
Rohit Seksaria	1 Jan 22	1.33 Yr.

Data below for Principal Tax Savings Fund as on 30 Apr 23

Equity Sector Allocation

Sector	Value
Financial Services	35.72%
Consumer Cyclical	12.73%
Industrials	11.18%
Technology	10.08%
Consumer Defensive	6.56%
Energy	6.46%
Basic Materials	4.4%
Health Care	3.77%
Communication Services	1.2%
Real Estate	0.62%

Asset Allocation

Asset Class	Value
Cash	7.24%
Equity	92.76%

Top Securities Holdings / Portfolio

Name	Holding	Value	Quantity
ICICI Bank Ltd (Financial Services) Equity, Since 31 Oct 09 \| ICICIBANK	7%	₹71 Cr	770,000
Reliance Industries Ltd (Energy) Equity, Since 31 Dec 21 \| RELIANCE	6%	₹62 Cr	258,000
HDFC Bank Ltd (Financial Services) Equity, Since 31 Jul 09 \| HDFCBANK	6%	₹57 Cr	335,117
Housing Development Finance Corp Ltd (Financial Services) Equity, Since 30 Jun 08 \| HDFC	5%	₹44 Cr	157,000
Infosys Ltd (Technology) Equity, Since 31 Jan 09 \| INFY	4%	₹42 Cr	333,000 ↑ 15,000
State Bank of India (Financial Services) Equity, Since 30 Apr 05 \| SBIN	4%	₹39 Cr	683,000
Axis Bank Ltd (Financial Services) Equity, Since 30 Sep 17 \| 532215	3%	₹29 Cr	334,000
Tata Consultancy Services Ltd Shs Dematerialised (Technology) Equity, Since 30 Apr 14 \| TCS	3%	₹25 Cr	78,000
Ashok Leyland Ltd Shs Dematerialised (Industrials) Equity, Since 31 Aug 20 \| 500477	2%	₹24 Cr	1,630,000
Polycab India Ltd (Industrials) Equity, Since 30 Nov 20 \| 542652	2%	₹21 Cr	67,000 ↓ -6,000

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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.