There are plenty of choices in the Mutual Fund Equity Report category, but where should you start your research? Well, one fund that might be worth investigating is Vanguard Total Stock Market Index Institutional (VITSX Quick QuoteVITSX - Free Report) . The fund does not have a Zacks Mutual Fund Rank, though we have been able to explore other metrics like performance, volatility, and cost.

History of Fund/Manager

Vanguard Group is based in Malvern, PA, and is the manager of VITSX. The Vanguard Total Stock Market Index Institutional made its debut in July of 1997 and VITSX has managed to accumulate roughly $230.26 billion in assets, as of the most recently available information. The fund's current manager, Gerard O'Reilly, has been in charge of the fund since November of 2000.

Performance

Obviously, what investors are looking for in these funds is strong performance relative to their peers. This fund has delivered a 5-year annualized total return of 16.09%, and is in the top third among its category peers. If you're interested in shorter time frames, do not dismiss looking at the fund's 3-year annualized total return of 19.86%, which places it in the top third during this time-frame.

When looking at a fund's performance, it is also important to note the standard deviation of the returns. The lower the standard deviation, the less volatility the fund experiences. The standard deviation of VITSX over the past three years is 18.35% compared to the category average of 15.02%. Looking at the past 5 years, the fund's standard deviation is 16.33% compared to the category average of 13.2%. This makes the fund more volatile than its peers over the past half-decade.

Risk Factors

Investors should note that the fund has a 5-year beta of 1.03, which means it is hypothetically as volatile as the market at large. Another factor to consider is alpha, as it reflects a portfolio's performance on a risk-adjusted basis relative to a benchmark-in this case, the S&P 500. VITSX has generated a negative alpha over the past five years of -1.02, demonstrating that managers in this portfolio find it difficult to pick securities that generate better-than-benchmark returns.

Holdings

Examining the equity holdings of a mutual fund is also a valuable exercise. This can show us how the manager is applying their stated methodology, as well as if there are any inherent biases in their approach. For this particular fund, the focus is largely on equities that are traded in the United States.

The mutual fund currently has 97.91% of its holdings in stocks, and these companies have an average market capitalization of $310.15 billion. The fund has the heaviest exposure to the following market sectors:

1. Technology
2. Finance
3. Retail Trade

Expenses

For investors, taking a closer look at cost-related metrics is key, since costs are increasingly important for mutual fund investing. Competition is heating up in this space, and a lower cost product will likely outperform its otherwise identical counterpart, all things being equal. In terms of fees, VITSX is a no load fund. It has an expense ratio of 0.03% compared to the category average of 0.77%. Looking at the fund from a cost perspective, VITSX is actually cheaper than its peers.

Investors need to be aware that with this product, the minimum initial investment is $5 million; each subsequent investment needs to be at least $1.

Bottom Line

Your research on the Mutual Fund Equity Report segment doesn't have to stop here. You can check out all the great mutual fund tools we have to offer by going to www.zacks.com/funds/mutual-funds to see the additional features we offer as well for additional information. Want to learn even more? We have a full suite of tools on stocks that you can use to find the best choices for your portfolio too, no matter what kind of investor you are.