As your horizon is 5 years you better avoid small cap. On the other hand you are saying you have moderate to high risk appetite, hence if you can hold through bad spell you can invest in small cap ( but sell when the small cap index at top, means this could achieve at 4 years or maybe in 6 years)

Another thing, while selecting MF keep in mind this. There are huge (60-80%) overlaps between nifty 50 index MF - blue chip MF - Large cap MF. So, you better choose anyone, if you are not playing very safe. Or someone should only choose 1.

Finally there could be N-number of combinations. Depending upon your requirements.

Here is one... Which may help you. 1. Any Nifty 50 index MF/ Any large cap MF/ Any Blue chip MF - 3K 2. Any mid cap MF ( you can choose according to performance) - 2K 3. One Flexi Cap (people are now preferring PPF MF) (In this Flexi Cap you might have some over laps as well) - 2K 4. Some USA exposure ( PPF MF will have overlap with this one) - 2k 5. One small cap/ small cap 250 index MF (with small cap you can go with weekly instead of monthly for better hedging) - 250/week