Should I consider change in schemes due to portfolio overlap

You have selected very good funds from mid/small cap category - Congratulations! We think, you can continue with your selection without worrying too much about portfolio overlap etc. Though there could be a good overlap between stock selection in these funds but you should rely more on the capability of the fund manager to deliver alpha on your investments and in this case you have chosen funds which are managed by one of the best set of fund managers. The other reason of continuance is your ability to sustain high risk in anticipation of getting higher return.

Yes, it is a good idea to diversify your investments in large cap and diversified funds. Among large cap, you can select from SBI Blue Chip Fund, ICICI Prudential Top 100 Fund or Birla Sun Life Top 100 Fund. Among diversified funds, you can select from ICICI Prudential Value Discovery Fund, Mirae Asset India Opportunities Fund, Kotak Select Focus Fund or SBI Magnum Multi-cap Fund

Currently, you are investing Rs 25,000 per month through SIPs and assuming a conservative annual return of 12.5%, you can expect a corpus of Rs 1.32 Crores after 15 years against your investment of Rs 45 Lakhs!

Happy investing for the long term and thanks for writing to Advisorkhoj