If you're looking for a Mutual Fund Equity Report fund category, then a potential option is T. Rowe Price Mid-Cap Growth Adviser (PAMCX Quick QuotePAMCX - Free Report) . PAMCX bears a Zacks Mutual Fund Rank of 3 (Hold), which is based on nine forecasting factors like size, cost, and past performance.

History of Fund/Manager

T. Rowe Price is responsible for PAMCX, and the company is based out of Baltimore, MD. T. Rowe Price Mid-Cap Growth Adviser made its debut in June of 1992, and since then, PAMCX has accumulated about $298 million in assets, per the most up-to-date date available. The fund is currently managed by Brian W. H. Berghuis who has been in charge of the fund since June of 1992.

Performance

Obviously, what investors are looking for in these funds is strong performance relative to their peers. This fund carries a 5-year annualized total return of 6.3%, and is in the middle 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 2.64%, 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, PAMCX's standard deviation comes in at 21.99%, compared to the category average of 18.57%. Over the past 5 years, the standard deviation of the fund is 19.38% compared to the category average of 16.38%. This makes the fund more volatile than its peers over the past half-decade.

Risk Factors

With a 5-year beta of 1.02, the fund is likely to be as volatile as the market average. 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. PAMCX's 5-year performance has produced a negative alpha of -2.59, which means managers in this portfolio find it difficult to pick 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 primarily on equities that are traded in the United States.

Right now, 90.89% of this mutual fund's holdings are stocks, which have an average market capitalization of $20.41 billion. The fund has the heaviest exposure to the following market sectors:

1. Technology
2. Industrial Cyclical
3. Health
4. Other

Expenses

As competition heats up in the mutual fund market, costs become increasingly important. Compared to its otherwise identical counterpart, a low-cost product will be an outperformer, all other things being equal. Thus, taking a closer look at cost-related metrics is vital for investors. In terms of fees, PAMCX is a no load fund. It has an expense ratio of 1.03% compared to the category average of 1.15%. From a cost perspective, PAMCX is actually cheaper than its peers.

Investors need to be aware that with this product, the minimum initial investment is $2,500; each subsequent investment needs to be at least $100.

Bottom Line

Overall, T. Rowe Price Mid-Cap Growth Adviser ( PAMCX ) has a neutral Zacks Mutual Fund rank, and in conjunction with its comparatively similar performance, average downside risk, and lower fees, this fund looks like a somewhat average choice for investors right now.

This could just be the start of your research on PAMCXin the Mutual Fund Equity Report category. Consider going to www.zacks.com/funds/mutual-funds for additional information about this fund, and all the others that we rank as well for additional information. If you are more of a stock investor, make sure to also check out our Zacks Rank, and our full suite of tools we have available for novice and professional investors alike.