A fund that has managed to beat its benchmark through markets ups and downs in seven out of the eight years since launch, it has retained a four-five-star rating almost all its life. Religare Invesco Tax Plan usually invests 40-50 per cent of its assets in mid- and small-cap stocks, with the remaining in large caps. But it has significantly raised its large-cap allocations in the second half of 2015, with large caps now making up 68 per cent of the portfolio. This should help contain downside should there be a correction in the valuations of mid- or small-cap stocks. Designed to own some of the house's best large-cap and mid-cap ideas, the fund prefers quality businesses with healthy growth prospects. But it is careful about not going overboard on valuations. It does not take tactical cash or sector calls.

The year-to-year returns of this fund show it to be equally good at navigating both bull and bear markets. This is quite an achievement, given that the portfolio does have a half-and-half allocation to mid-cap stocks. It managed to contain downside to levels much lower than its benchmark during 2008 and 2011 and has outpaced it by big margins both in 2010 and 2014. The last one year has seen the fund widen its margin of outperformance against both the benchmark and the category.

It's a good choice for investors who are looking for a hands-free approach to tax planning.