If you're looking for a Mutual Fund Equity Report fund category, then a possible option is Vanguard Growth Index Investor (VIGRX Quick QuoteVIGRX - 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 VIGRX. Since Vanguard Growth Index Investor made its debut in November of 1992, VIGRX has garnered more than $563.21 million in assets. The fund's current manager, Gerard O'Reilly, has been in charge of the fund since November of 2000.

Performance

Investors naturally seek funds with strong performance. VIGRX has a 5-year annualized total return of 21.32% and it sits in the top third among its category peers. But if you are looking for a shorter time frame, it is also worth looking at its 3-year annualized total return of 26.47%, 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. Over the past three years, VIGRX's standard deviation comes in at 19.36%, compared to the category average of 15.78%. The fund's standard deviation over the past 5 years is 17.4% compared to the category average of 14%. 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 1.06, so it is likely going to be more volatile than the market at large. Alpha is an additional metric to take into consideration, since it represents a portfolio's performance on a risk-adjusted basis relative to a benchmark, which in this case, is the S&P 500. The fund has produced a positive alpha over the past 5 years of 3.32, which shows that managers in this portfolio are skilled in picking securities that generate better-than-benchmark returns.

Holdings

Exploring 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 mostly on equities that are traded in the United States.

As of the last filing date, the mutual fund has 93.53% of its assets in stocks, with an average market capitalization of $552.57 billion. The fund has the heaviest exposure to the following market sectors:

1. Technology
2. Retail Trade

With turnover at about 12%, this fund is making fewer trades than comparable funds.

Expenses

Costs are increasingly important for mutual fund investing, and particularly as competition heats up in this market. And all things being equal, a lower cost product will outperform its otherwise identical counterpart, so taking a closer look at these metrics is key for investors. In terms of fees, VIGRX is a no load fund. It has an expense ratio of 0.17% compared to the category average of 0.99%. So, VIGRX is actually cheaper than its peers from a cost perspective.

Investors need to be aware that with this product, the minimum initial investment is $0; each subsequent investment has no minimum amount.

Bottom Line

For additional information on the Mutual Fund Equity Report area of the mutual fund world, make sure to check out www.zacks.com/funds/mutual-funds. There, you can see more about the ranking process, and dive even deeper into VIGRX too for additional information. If you want to check out our stock reports as well, make sure to go to Zacks.com to see all of the great tools we have to offer, including our time-tested Zacks Rank.