Any investors hoping to find a Mutual Fund Equity Report fund could think about starting with Vanguard Mid-Cap Growth Fund (VMGRX Quick QuoteVMGRX - Free Report) . VMGRX has a Zacks Mutual Fund Rank of 1 (Strong Buy), which is based on nine forecasting factors like size, cost, and past performance.

History of Fund/Manager

VMGRX finds itself in the Vanguard Group family, based out of Malvern, PA. Vanguard Mid-Cap Growth Fund debuted in December of 1997. Since then, VMGRX has accumulated assets of about $3.11 billion, according to the most recently available information. The fund's current manager is a team of investment professionals.

Performance

Obviously, what investors are looking for in these funds is strong performance relative to their peers. VMGRX has a 5-year annualized total return of 8.34% and it sits in the bottom third among its category peers. Investors who prefer analyzing shorter time frames should look at its 3-year annualized total return of 4.19%, which places it in the bottom 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, VMGRX's standard deviation comes in at 24.01%, compared to the category average of 24.43%. Looking at the past 5 years, the fund's standard deviation is 21.41% compared to the category average of 21.75%. This makes the fund less volatile than its peers over the past half-decade.

Risk Factors

Investors should note that the fund has a 5-year beta of 1.11, so it is likely going to be more volatile than 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. VMGRX's 5-year performance has produced a negative alpha of -3.64, which means 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.

This fund is currently holding about 88.26% stock in stocks, which have an average market capitalization of $23.43 billion. The fund has the heaviest exposure to the following market sectors:

1. Technology
2. Non-Durable
3. Other
4. Services
5. Retail Trade

This fund's turnover is about 68%, so the fund managers are making more traders than comparable funds in a given year.

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, VMGRX is a no load fund. It has an expense ratio of 0.35% compared to the category average of 1.14%. From a cost perspective, VMGRX is actually cheaper than its peers.

While the minimum initial investment for the product is $3,000, investors should also note that each subsequent investment needs to be at least $1.

Bottom Line

Overall, Vanguard Mid-Cap Growth Fund ( VMGRX ) has a high Zacks Mutual Fund rank, and in conjunction with its comparatively weak performance, average downside risk, and lower fees, this fund looks like a great potential choice for investors right now.

For additional information on this product, or to compare it to other mutual funds in the Mutual Fund Equity Report, make sure to go to www.zacks.com/funds/mutual-funds for additional information. And don't forget, Zacks has all of your needs covered on the equity side too! Make sure to check out Zacks.com for more information on our screening capabilities, Rank, and all our articles as well.