An established fund in the ELSS category, it has steadfastly maintained a large-cap bias amid different market phases. Consistency of returns and an ability to contain downside have helped it retain four to five-star ratings for much of the last eight years.

Franklin India Taxshield Fund returns in the last one year show a slowdown relative to the category and benchmark. The fund's year-to-year returns don't always beat its more aggressive peers, but its performance adds up to very handsome returns over the long term.

Franklin India Taxshield Fund is a Fund which allocates a minimum 60 per cent to large caps, it has pegged up this exposure even higher, to 80 per cent in the last one year. Mid and small-caps now make up less than 20 per cent of the portfolio. The fund also avoids momentum stocks and sticks to bottom-up fundamentals-based investing. Though this fund is from a growth style fund house, it tends to be quite valuation-conscious. It doesn't take cash calls and remains fully invested through cycles.

Franklin India Taxshield Fund has underperformed its benchmark significantly in the last one year, which has also hurt three-year returns. However, in the five-year period, it has outperformed the benchmark by 3 percentage points. In the past, outpacing the benchmark in 12 of the last 15 years, this fund has proved more adept at containing losses in bear markets than riding bull phases to the hilt.

Go for Franklin India Taxshield Fund if you like a less bumpy ride in choppy markets.