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Consumers showcased their resilience in July, secured by impressive economic indicators. According to the Commerce Department's latest report, retail sales witnessed a remarkable seasonally adjusted rise of 0.7% month-over-month, surpassing the Dow Jones estimate of 0.4%. Core retail sales, which experienced an impressive 1% month-over-month rise against the projection of 0.4%, represent the strongest monthly gain since January. Such a resurgence in consumer spending indicates an encouraging overall economic landscape.
The second-quarter GDP report has brought forth promising news regarding economic growth. The latest data reveals that the economy has experienced a steady expansion, with an annualized growth rate of 2.1%, surpassing the previous quarter's 2%. This indicates positive contributions from both consumers and businesses.
AI-driven advancement drove the overall stock market to reach a higher level. A prominent player in artificial intelligence, NVIDIA Corporation (NVDA - Free Report) stood out for its impressive earnings performance. Its shares have skyrocketed by an astounding 180% this year. This surge not only surpassed the majority of S&P 500 companies but also propelled Nvidia into an exclusive group, with a market valuation exceeding $1 trillion.
Thus, amid the current encouraging market scenario, exploring growth mutual funds presents an appealing option. These funds focus on investing in companies that demonstrate strong potential for revenue and earnings growth. With resilient economic indicators and thriving innovation in the tech sector, growth mutual funds provide investors with a strategic avenue to contribute to ongoing economic momentum and capitalize on exceptional opportunities through leading-edge technological advancements.
From an investment standpoint, we have selected three growth mutual funds, which are expected to hedge one's portfolio against any economic downturn and provide attractive returns. Mutual funds, in general, reduce transaction costs and diversify the portfolio without commission charges mostly associated with stock purchases (read more: Mutual Funds: Advantages, Disadvantages, and How They Make Investors Money).
These mutual funds, by the way, boast a Zacks Mutual Fund Rank #1 (Strong Buy)or 2 (Buy), have positive three-year and five-year annualized returns, minimum initial investments within $5000, and carry a low expense ratio.
Loomis Sayles Growth Fund (LGRRX - Free Report) invests in equity securities such as common stocks, convertible securities and warrants. LGRRX also invests in large-cap companies and diversifies its investments across a broad spectrum of sectors and industries.
Aziz V. Hamzaogullari has been the lead manager of LGRRX since May 19, 2010. Most of the fund's holdings were in companies like NVIDIA Corp. (7.2%), Meta Platforms, Inc. (7.2%), and Visa Inc. (6%) as of Mar31, 2023.
LGRRX's 3-year and 5-year returns are 12.1% and 14.2%, respectively. The annual expense ratio is 0.92% compared with the category average of 0.99%. LGRRX has a Zacks Mutual Fund Rank #1.
To see how this fund performed compared to its category and other 1 and 2 Ranked Mutual Funds, please click here.
Nuveen Winslow Large-Cap Growth ESG Fund (NWCAX - Free Report) invests most of its assets in equity and non-equity securities of U.S. companies. NWCAX advisors evaluate each company's ESG performance compared to their peers as part of its evaluative process.
Justin H. Kelly has been the lead manager of NWCAX since May 14, 2009. Most of the fund's holdings were in companies like Microsoft Corp. (11.9%), Apple Inc. (6.3%), and NVIDIA Corp. (4.8%) as of Apr 30, 2023.
NWCAX's 3-year and 5-year returns are 9% and 12.8%, respectively. The annual expense ratio is 0.91% compared with the category average of 0.99%. NWCAX has a Zacks Mutual Fund Rank #1.
T. Rowe Price Growth Stock Fund (TRSAX - Free Report) seeks investments in companies that can pay increasing dividends through strong cash flow. TRSAX invests in common stocks of well-established growth companies.
Joseph B. Fath has been the lead manager of TRSAX since Jan 15, 2014. Most of the fund's holdings were in companies like Microsoft Corp. (13.1%), Apple Inc. (10%), and Amazon.com, Inc. (5.1%) as of Mar 31, 2023.
TRSAX's 3-year and 5-year returns are 4.8% and 9.1%, respectively. The annual expense ratio is 0.92% compared with the category average of 0.99%. TRSAX has a Zacks Mutual Fund Rank #1.
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Buy 3 Growth Mutual Funds for Exceptional Returns
Consumers showcased their resilience in July, secured by impressive economic indicators. According to the Commerce Department's latest report, retail sales witnessed a remarkable seasonally adjusted rise of 0.7% month-over-month, surpassing the Dow Jones estimate of 0.4%. Core retail sales, which experienced an impressive 1% month-over-month rise against the projection of 0.4%, represent the strongest monthly gain since January. Such a resurgence in consumer spending indicates an encouraging overall economic landscape.
The second-quarter GDP report has brought forth promising news regarding economic growth. The latest data reveals that the economy has experienced a steady expansion, with an annualized growth rate of 2.1%, surpassing the previous quarter's 2%. This indicates positive contributions from both consumers and businesses.
AI-driven advancement drove the overall stock market to reach a higher level. A prominent player in artificial intelligence, NVIDIA Corporation (NVDA - Free Report) stood out for its impressive earnings performance. Its shares have skyrocketed by an astounding 180% this year. This surge not only surpassed the majority of S&P 500 companies but also propelled Nvidia into an exclusive group, with a market valuation exceeding $1 trillion.
Thus, amid the current encouraging market scenario, exploring growth mutual funds presents an appealing option. These funds focus on investing in companies that demonstrate strong potential for revenue and earnings growth. With resilient economic indicators and thriving innovation in the tech sector, growth mutual funds provide investors with a strategic avenue to contribute to ongoing economic momentum and capitalize on exceptional opportunities through leading-edge technological advancements.
From an investment standpoint, we have selected three growth mutual funds, which are expected to hedge one's portfolio against any economic downturn and provide attractive returns. Mutual funds, in general, reduce transaction costs and diversify the portfolio without commission charges mostly associated with stock purchases (read more: Mutual Funds: Advantages, Disadvantages, and How They Make Investors Money).
These mutual funds, by the way, boast a Zacks Mutual Fund Rank #1 (Strong Buy)or 2 (Buy), have positive three-year and five-year annualized returns, minimum initial investments within $5000, and carry a low expense ratio.
Loomis Sayles Growth Fund (LGRRX - Free Report) invests in equity securities such as common stocks, convertible securities and warrants. LGRRX also invests in large-cap companies and diversifies its investments across a broad spectrum of sectors and industries.
Aziz V. Hamzaogullari has been the lead manager of LGRRX since May 19, 2010. Most of the fund's holdings were in companies like NVIDIA Corp. (7.2%), Meta Platforms, Inc. (7.2%), and Visa Inc. (6%) as of Mar31, 2023.
LGRRX's 3-year and 5-year returns are 12.1% and 14.2%, respectively. The annual expense ratio is 0.92% compared with the category average of 0.99%. LGRRX has a Zacks Mutual Fund Rank #1.
To see how this fund performed compared to its category and other 1 and 2 Ranked Mutual Funds, please click here.
Nuveen Winslow Large-Cap Growth ESG Fund (NWCAX - Free Report) invests most of its assets in equity and non-equity securities of U.S. companies. NWCAX advisors evaluate each company's ESG performance compared to their peers as part of its evaluative process.
Justin H. Kelly has been the lead manager of NWCAX since May 14, 2009. Most of the fund's holdings were in companies like Microsoft Corp. (11.9%), Apple Inc. (6.3%), and NVIDIA Corp. (4.8%) as of Apr 30, 2023.
NWCAX's 3-year and 5-year returns are 9% and 12.8%, respectively. The annual expense ratio is 0.91% compared with the category average of 0.99%. NWCAX has a Zacks Mutual Fund Rank #1.
T. Rowe Price Growth Stock Fund (TRSAX - Free Report) seeks investments in companies that can pay increasing dividends through strong cash flow. TRSAX invests in common stocks of well-established growth companies.
Joseph B. Fath has been the lead manager of TRSAX since Jan 15, 2014. Most of the fund's holdings were in companies like Microsoft Corp. (13.1%), Apple Inc. (10%), and Amazon.com, Inc. (5.1%) as of Mar 31, 2023.
TRSAX's 3-year and 5-year returns are 4.8% and 9.1%, respectively. The annual expense ratio is 0.92% compared with the category average of 0.99%. TRSAX has a Zacks Mutual Fund Rank #1.
Want key mutual fund info delivered straight to your inbox?
Zacks' free Fund Newsletter will brief you on top news and analysis, as well as top-performing mutual funds, each week. Get it free >>