This fund's performance is not consistent: excellent numbers in 2012 and 2014, but an underperformance in 2013 and a significant underperformance in 2015.

In fact, the fund has run into rough weather and its 1-year performance of -25.11% is way below the category average of -16.45%.

However, in the long run, as can be seen in the table below, the fund delivers.

Nevertheless, this sporadic performance is a prime reason why Morningstar's senior fund analyst Kavitha Krishnan has assigned a Neutral rating to Reliance Tax Saver. She does point out to the fact that the fund is capable of delivering admirably when things fall into place, but such instances are not frequent. And she would like to see it make a strong case for itself before she upgrades it.

Having said that, the fund manager is bold enough to stick to his investment mandate even when market conditions are not conducive towards an aggressive, small/mid-cap-focused approach. Neither is fund manager Ashwani Kumar afraid of taking concentrated bets.

The latest portfolio reveals that little over half the portfolio is in mid and small caps bets and the topmost holding - TVS Motor, has an exposure of 10%.

• Fund Manager: Ashwani Kumar
• Fund Category: Equity Linked Savings Scheme (equity tax planning)
• Portfolio: A concentrated fund with a sizable exposure to mid-caps
• Investment Process: The fund manager looks for companies that he views as attractive growth opportunities at a reasonable price.