Though all equity diversified funds that offer a tax break are classified as equity linked savings schemes, or ELSS, all funds are not the same.

For one, you need to check the market cap of the fund. For instance, Mirae Asset Tax Saver has around 72% of its portfolio in large caps, HSBC Tax Saver has around 34% in mid and small caps, and Edelweiss ELSS has 44% of its portfolio in mid and small caps. Depending on what market cap you are comfortable with and which fits in with your portfolio, search for a fund accordingly. For instance, if your portfolio is packed with large-cap funds, you can opt for an ELSS which tilts towards smaller fare.

On similar lines, check whether the fund manager takes big bets or prefers going with a diversified portfolio, and see where your comfort level lies.

For example, the top 10 stocks in JM Tax Gain corner over 51% of the portfolio. The portfolio is completely invested in around 30 stocks. Edelweiss ELSS has just around 32% of its portfolio in the top 10 stocks and sports a portfolio of around 64 stocks.

So check how concentrated the top holdings are and how tight the portfolio is.